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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21152

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

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

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2017

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

 

Chairman’s Letter to Shareholders 4
   
Portfolio Managers’ Comments 5
   
Fund Leverage 11
   
Common Share Information 12
   
Risk Considerations 14
   
Performance Overview and Holding Summaries 16
   
Portfolios of Investments 22
   
Statement of Assets and Liabilities 66
   
Statement of Operations 68
   
Statement of Changes in Net Assets 70
   
Statement of Cash Flows 73
   
Financial Highlights 76
   
Notes to Financial Statements 85
   
Additional Fund Information 100
   
Glossary of Terms Used in this Report 101
   
Reinvest Automatically, Easily and Conveniently 103

 

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Chairman’s Letter to Shareholders

Dear Shareholders,

Asset prices steadily climbed during 2017, propelled by a “Goldilocks” economic scenario that enabled markets to sidestep geopolitical tensions, natural disasters, terrorism events and political noise. The U.S. economy continued to run not too hot, not too cold, with steady growth and low levels of unemployment, inflation and interest rates. Corporate earnings have been healthy and recession risk appeared low. At the same time, growth across the rest of the world has improved as well, leading to upward revisions in global growth projections.

Yet, a global synchronized recovery also brings the prospect of higher inflation. Central banks have to manage the delicate balance between too-loose financial conditions, which risks economies overheating, and too-tight conditions, which could trigger recession. The nomination of Jerome Powell for Chairman of the U.S. Federal Reserve (Fed) is largely expected to maintain the course set by Chair Janet Yellen after her term expires in February 2018, and the much anticipated tax overhaul, passed at the end of December, may likely boost economic growth but could complicate the Fed’s job of managing interest rates in the years ahead.

Negotiations surrounding the budget showdown are in the forefront, as Congress debates the U.S. debt ceiling limit and spending related to the military, disaster relief, the Children’s Health Insurance Program and immigration policy. In addition, the ongoing “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks may impact key trade and political partnerships. Tensions with North Korea may continue to flare.

The magnitude of the market’s bullishness during 2017 has been somewhat surprising, but gains may not be so easy in the coming years. Nobody can predict market shifts, and that is why Nuveen encourages you to talk to your financial advisor to ensure your investment portfolio is appropriately diversified for your objectives, time horizon and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
January 22, 2018

 

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Portfolio Managers’ Comments

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

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, and Christopher L. Drahn, CFA, discuss key investment strategies and the six-month performance of these six Nuveen Funds. Dan has managed the Nuveen Georgia and North Carolina Funds since 2007. Steve assumed portfolio management responsibility for the Maryland and Virginia Funds in 2016. Chris has managed the Missouri Fund since 2011 and assumed responsibility for the Minnesota Fund in 2016.

What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2017?

Investor confidence that the Federal Reserve would continue to raise the target federal funds rate sent short-term interest rates higher in this reporting period, while longer-term rates fluctuated in a range against a backdrop of low inflation expectations and robust demand for longer-dated bonds. As yields on the short end of the yield curve increased more than those on the long end, the yield curve flattened.

In this environment, our trading activity continued to focus on pursuing the Funds’ investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. While the supply available in each state varied, to the extent possible, the Funds’ positioning emphasized intermediate and longer maturities, lower rated credits 

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

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

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

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

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

 

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Portfolio Managers’ Comments (continued)

and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.

NKG bought a mix of high- and middle-grade credit qualities across a number of sectors. We bought two health care credits and two utility bonds, which had mid-range credit ratings, and one local appropriation bond and one local general obligation (GO) bond, which had high grade credit ratings. All of the bonds we bought were intermediate maturities except for the two health care issues, which were longer-dated. Nearly all of the purchases in NKG were funded from the proceeds from called and maturing bonds. We sold one bond at a loss to buy a more attractive long-term opportunity.

NMY was an active buyer during the reporting period, participating in several new issues, including bonds issued for health care organization MedStar Health, continuing care retirement community (CCRC) Ingleside at King Farm, redevelopment project Howard County Downtown Columbia, Baltimore transit-oriented development Metro Centre at Owings Mills and regional transportation system Washington D.C. Metropolitan Transit Authority, which is dual exempt in both Maryland and Virginia. On the secondary market, the Maryland Fund bought Guam Section 30 bonds, which are backed by the revenue generated primarily from income taxes paid by U.S. military who live on the island, and industrial development revenue bonds for CNX Marine Terminals Inc. To fund these purchases, we used the cash from called and maturing bonds, as well as the proceeds from exiting several positions. NMY sold some hospital bonds, including Maryland Mercy Medical Center in Baltimore, which offered a low book yield and was sold at a loss to harvest a tax loss that can be used to offset future capital gains. We also took advantage of prevailing market conditions to sell some lower coupon structure bonds when prices were attractive to do so. NMY continued to reduce its exposure to insured Puerto Rico bonds during the reporting period. Despite the Commonwealth’s deteriorating outlook, we found opportunities to sell the Fund’s insured Puerto Rico bonds at reasonable prices relative to the credit risk profile and outlook. We also sold some of NMY’s American Airlines stock to buy municipal bonds. The Maryland Fund received American Airlines stock when the Fund’s holding of bonds issued by Puerto Rico Ports Authority for American Airlines was converted into equity as a result of a restructuring in bankruptcy after its merger with US Airways, which was completed in December 2013. Over time, we expect to sell these shares and reinvest the proceeds into municipal bonds.

In NMS, our purchases were concentrated in the long end of the yield curve, namely 20- to 30-year maturities, from across the credit spectrum. Some of the larger buys in this reporting period included bonds issued for Bethel University, Fairview Health Services and St. Paul Park Presbyterian Homes. These additions were funded mainly with the proceeds from bonds that were called or maturing. We also trimmed the Minnesota Fund’s longer maturity, lower coupon bond structures to reallocate into higher coupon structures that we believed to be better long-term opportunities from a risk/reward standpoint. While we were generally comfortable with the Fund’s overall credit quality and sector positioning, NMS’s allocation to AA rated bonds declined somewhat as a result of call activity, the sale of lower coupon structures, and less buying of AA rated paper in this reporting period. Conversely, our purchases of single A rated bonds lifted the Fund’s weighting in the A rated category over this reporting period. On a sector basis, while the Fund’s weighting in U.S. guaranteed bonds did rise over this reporting period, the increase was due to refunding activity rather than active buying in the sector.

 

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NOM bought bonds primarily in the 15- to 30-year maturity range, including insured St. Louis Airport bonds, two lower investment grade health care credits (Cape Girardeau Southeast Missouri Hospital and Hannibal Regional Hospital) and two higher grade health care bonds (Mercy Health and BJC Health System). We added these names using the cash collected from called and maturing bonds, as well as from selling some small positions.

Buying in NNC was reasonably active throughout this reporting period. The North Carolina Fund purchased three health care credits, two higher quality local GOs, two public higher education bonds, two local appropriation bonds, one water and sewer issue and one state appropriation credit. Most of our purchases were in the intermediate range. We funded our buying almost entirely from maturity and call proceeds. We also sold a small position at a loss to reinvest the cash into a more attractive long-term opportunity.

We considered NPV to be well positioned heading into the reporting period, which was advantageous because new supply of the lower credit quality, higher yielding bonds that we favor was relatively light in Virginia during this reporting period. We bought bonds issued for Interstate 66 toll road, a new deal that came to market in this reporting period, which later rallied strongly and was a positive contributor to performance. Other new issues we added during this reporting period were AA rated Washington D.C. Metropolitan Transit Authority bonds and A rated Lynchburg Centra Health bonds. We also bought some high grade GOs and appropriation-backed bonds issued for Arlington County, Fairfax County and the city of Norfolk, to help keep the Fund fully invested. NPV had only one new issue purchase with a lower rating, a non-rated credit for Richmond Multi-family Housing.

Secondary market purchases included Marymount University and a CCRC, Suffolk VA United Church Homes. Marymount saw an upgraded outlook during the reporting period and the Suffolk VA United Church Homes operates three CCRC campuses and has enjoyed stabilized occupancy. We made NPV’s purchases using the proceeds from called and maturing bonds, as well as from selling some 3% coupon structures when prices were favorable to do so in the marketplace and selling some short-dated, high grade paper. Like the Maryland Fund, the Virginia Fund also trimmed its insured Puerto Rico exposure during the reporting period. Some of the Puerto Rico credits we sold were zero coupon bonds, which allowed us to buy longer duration bonds when possible (for example, Suffolk VA United Church Homes and bonds issued for Interstate 66 Toll Road) to help keep the Fund’s duration profile steady.

As of November 30, 2017, NKG, NMY and NPV continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Funds perform during the six-month reporting period ended November 30, 2017?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended November 30, 2017. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.

For the six-month reporting period ended November 30, 2017, the total return at common share NAV for NMY, NMS and NPV outperformed the return for their respective state’s S&P Municipal Bond Index as well as the national S&P Municipal Bond Index, while NOM outperformed the national S&P Municipal Bond Index but underperformed the S&P Municipal Bond Missouri Bond Index. NKG underperformed both the national S&P Municipal Bond Index and the S&P Municipal Bond Georgia Index, while NNC underperformed the S&P Municipal Bond Index but outperformed the S&P Municipal Bond North Carolina Index.

 

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Portfolio Managers’ Comments (continued)

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

Duration and yield curve positioning was favorable across all six Funds in this reporting period. As the municipal yield curve flattened, short and short-intermediate bonds suffered negative returns while longer-intermediate and long bonds performed well. The six Funds held overweight allocations to the outperforming longer bonds, which contributed positively to performance. NKG, NMY, NNC and NPV also benefited, although to a lesser extent, from underweight allocations to the weaker-performing shorter maturity bonds.

Credit ratings allocation was also a positive driver of performance for the Funds in this reporting period. Lower rated bonds outperformed their high grade counterparts, and all six Funds continued to emphasize lower credit qualities over high quality bonds. NKG and NNC benefited most from their underweight allocations to AAA rated paper and overweight allocations to the single A bucket. NMY’s underweight to AAA, overweights to single A and BBB, and exposure to non-rated bonds added value. Most of the lower ratings buckets helped NMS, particularly single A, BBB, BB and non-rated. NOM was helped by overweights to BBB and BB rated bonds, as well as its underweight to AAA rated credits. NPV’s overweight to BBB rated bonds contributed the most, with a smaller boost from its single A exposure.

Sector allocations produced mixed results in this reporting period. Both NKG and NNC were hurt by the overall sector allocations. In the Georgia Fund, an overweight allocation to local GOs was detrimental, as was the Fund’s exposure to the health care sector. The North Carolina Fund benefited from an underweight to the public power sector, but the relative gain was offset by the Fund’s health care holdings, which detracted from performance. The other four Funds’ sector allocations were positive contributors to performance. NMY was aided by an underweight to GOs and overweight to health care. Non-rated bonds were also advantageous to the Maryland Fund, specifically two land-backed bonds (East Baltimore Research Park, a research campus near Johns Hopkins University, and Baltimore Harbor Point, a mixed-use waterfront development) that performed well in this reporting period. In addition, NMY’s exposure to housing bonds helped, as their longer durations benefited in the flattening yield curve environment. In NMS, an overweight to health care and an underweight to state GOs were the most beneficial, while NOM’s sector level outperformance was driven mainly by an overweight to health care. The largest positive sector contributor to NPV was the overweight to toll roads, followed by an underweight to GOs and an overweight to health care.

Looking at individual credit selection, NKG benefited the most from selections in higher coupon bonds offering mid-range credit quality and longer durations, while holdings in shorter dated, high grade paper detracted. NMY’s best performing holdings were CNX Marine Terminals Inc., several CCRCs (Vantage House, Charlestown Community and Oak Crest Village) and two land-backed bonds (East Baltimore Research Park and Baltimore Harbor Point), while selections in Virgin Islands paper, Puerto Rico bonds and any shorter dated, higher grade credits generally lagged. NMY and NPV held small positions in energy supplier FirstEnergy that performed well. The company seeks to exit the power generation business, which had increased uncertainty about its financial

 

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health, but the bonds rallied more recently, as the outlook brightened on talk of regulatory relief. NNC’s selections in shorter-dated, high quality paper underperformed, while longer-dated bonds with lower credit ratings performed well. Like NKG, NNC also benefited from its selection in bonds with higher coupon structures. NPV’s strongest performing credits included Marymount University bonds and our selection in Guam-issued bonds. Generally speaking, Puerto Rico bonds performed poorly, but the Puerto Rico holdings we sold were good performers for NPV.

An Update Involving Puerto Rico

As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.

In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan’s horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten-year term. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of November 2017, Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.

In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive destruction. Rebuilding is expected to take months and some parts of Puerto Rico may need years to fully recover. Puerto Rico’s Oversight Board has said it will approve budgetary adjustments up to an amount of $1 billion to fund emergency relief efforts. Though it’s too early to accurately assess the long-term economic impact of the storms, recovering from the tragic damage caused by the hurricanes will likely prolong the restructuring process that was already underway under PROMESA.

In terms of Puerto Rico holdings, shareholders should note that NMY, NOM and NPV had exposure to Puerto Rico debt, 2.51%, 0.25% and 2.33%, respectively, at the end of the reporting period, consisting of mostly insured bonds. NKG, NMS and NNC did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.

 

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Portfolio Managers’ Comments (continued)

Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. Thus, the current net asset value of a Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017. The change of valuation methodologies due to that combination had little or no impact on the net asset value of each Fund’s shares.

 

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, 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. Regulatory leverage had a positive impact on the performance of the Funds over the reporting period. The use of leverage through inverse floating rate securities had a negligible impact on the performance of the Funds over the reporting period.

As of November 30, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Effective Leverage*     38.89 %   37.57 %   37.83 %   35.95 %   38.90 %   36.56 %
Regulatory Leverage*     36.47 %   36.85 %   37.83 %   35.95 %   38.90 %   33.25 %

 

* 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.

THE FUNDS’ REGULATORY LEVERAGE

As of November 30, 2017, 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   $ 82,000,000   $   $ 82,000,000  
NMY   $ 197,000,000   $   $ 197,000,000  
NMS   $ 52,800,000   $   $ 52,800,000  
NOM   $ 18,000,000   $   $ 18,000,000  
NNC   $ 154,000,000   $   $ 154,000,000  
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 iMTP, VMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.

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

 

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of November 30, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.

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

 

    Per Common Share Amounts  
Monthly Distribution (Ex-Dividend Date)     NKG     NMY     NMS     NOM     NNC     NPV  
June 2017   $ 0.0470   $ 0.0525   $ 0.0635   $ 0.0560   $ 0.0440   $ 0.0460  
July     0.0470     0.0525     0.0635     0.0560     0.0440     0.0460  
August     0.0470     0.0525     0.0635     0.0560     0.0440     0.0460  
September     0.0440     0.0500     0.0600     0.0530     0.0440     0.0460  
October     0.0440     0.0500     0.0600     0.0530     0.0440     0.0460  
November 2017     0.0440     0.0500     0.0600     0.0530     0.0440     0.0460  
Total Distributions from Net Investment Income   $ 0.2730   $ 0.3075   $ 0.3705   $ 0.3270   $ 0.2640   $ 0.2760  
                                       
Yields                                      
Market Yield*     4.03 %   4.76 %   4.93 %   4.24 %   4.09 %   4.29 %
Taxable-Equivalent Yield*     5.95 %   7.00 %   7.60 %   6.26 %   6.01 %   6.32 %

 

* 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 32.3%, 32.0%, 35.1%, 32.3%, 32.0% and 32.1% for Georgia, Maryland, Minnesota, Missouri, North Carolina and Virginia, respectively. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.

Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of November 30, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NMY, NMS and NPV had positive UNII balances while NKG, NOM and NNC had negative UNII balances for financial reporting purposes.

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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. 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.

 

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COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NMS was authorized by the Securities and Exchange Commission (SEC) to issue additional common shares through an equity shelf program (Shelf Offering). Under this program NMS, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. Under the Shelf Offering, the Fund was authorized to issue additional common shares as shown in the accompanying table.

 

  NMS  
Additional authorized common shares 500,000  

During the current reporting period, NMS sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share as shown in the accompanying table.

 

  NMS  
Common shares sold through Shelf Offering 173,280  
Weighted average premium to NAV per common share sold 5.02 %

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

COMMON SHARE REPURCHASES

During August 2017, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of November 30, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

  NKG NMY NMS NOM NNC NPV  
Common shares cumulatively repurchased and retired 732,500 130,000  
Common shares authorized for repurchase 1,055,000 2,335,000 570,000 235,000 1,640,000 1,795,000  

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

 

      NMY  
Common shares repurchased and retired     2,500  
Weighted average price per common share repurchased and retired   $ 12.55  
Weighted average discount per common share repurchased and retired     13.27 %

OTHER COMMON SHARE INFORMATION

As of November 30, 2017, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.

 

    NKG     NMY     NMS     NOM     NNC     NPV  
Common share NAV $ 13.54   $ 14.44   $ 14.98   $ 13.69   $ 14.73   $ 14.33  
Common share price $ 13.11   $ 12.61   $ 14.61   $ 15.00   $ 12.90   $ 12.86  
Premium/(Discount) to NAV   (3.18 )%   (12.67 )%   (2.47 )%   9.57 %   (12.42 )%   (10.26 )%
6-month average premium/(discount) to NAV   (4.62 )%   (11.30 )%   3.48 %   11.84 %   (10.89 )%   (8.86 )%

 

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Risk Considerations

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

Nuveen Georgia Quality Municipal Income Fund (NKG)

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

Nuveen Maryland Quality Municipal Income Fund (NMY)

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

Nuveen Minnesota Quality Municipal Income Fund (NMS)

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

 

14
NUVEEN


Nuveen Missouri Quality Municipal Income Fund (NOM)

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

Nuveen North Carolina Quality Municipal Income Fund (NNC)

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

Nuveen Virginia Quality Municipal Income Fund (NPV)

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

 

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15


 

NKG  
Nuveen Georgia Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NKG at Common Share NAV 0.09%   5.85% 2.16% 4.23%  
NKG at Common Share Price 0.80%   5.53% 1.79% 5.04%  
S&P Municipal Bond Georgia Index 0.23%   4.29% 2.30% 4.01%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 157.1%
Short-Term Municipal Bonds 0.4%
Other Assets Less Liabilities 2.2%
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 159.7%
Floating Rate Obligations (2.3)%
VMTP Shares, net of deferred offering costs (57.4)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
Tax Obligation/General 24.6%
Tax Obligation/Limited 13.6%
U.S. Guaranteed 12.5%
Health Care 12.1%
Education and Civic Organizations 10.5%
Water and Sewer 10.1%
Utilities 8.8%
Transportation 7.3%
Other 0.5%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 20.9%
AA 53.5%
A 21.6%
BBB 2.4%
BB or Lower 0.0%
N/R (not rated) 1.6%
Total 100%

 

16
NUVEEN


 

NMY  
Nuveen Maryland Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NMY at Common Share NAV 0.67%   8.14% 2.53% 4.84%  
NMY at Common Share Price (1.28)%   7.59% 0.44% 5.26%  
S&P Municipal Bond Maryland Index 0.02%   3.97% 2.15% 3.85%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 157.7%
Common Stocks 0.3%
Other Assets Less Liabilities 2.2%
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 160.2%
Floating Rate Obligations (1.8)%
VMTP Shares, net of deferred offering costs (58.4)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
Health Care 23.5%
Tax Obligation/Limited 14.6%
Tax Obligation/General 12.0%
U.S. Guaranteed 11.0%
Education and Civic Organizations 7.3%
Housing/Multifamily 5.4%
Transportation 5.2%
Water and Sewer 5.0%
Other 16.0%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 21.2%
AA 25.4%
A 21.6%
BBB 18.5%
BB or Lower 2.9%
N/R (not rated) 10.2%
N/A (not applicable) 0.2%
Total 100%

 

NUVEEN
17


 

NMS  
  Nuveen Minnesota Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NMS at Common Share NAV 1.81%   9.11% 3.56% 6.35%  
NMS at Common Share Price (7.45)%   (5.48)% 1.11% 6.96%  
S&P Municipal Bond Minnesota Index 0.31%   4.44% 2.40% 4.19%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 160.6%
Other Assets Less Liabilities 0.2%
Net Assets Plus VMTP Shares, net of deferred offering costs 160.8%
VMTP Shares, net of deferred offering costs (60.8)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
Education and Civic Organizations 17.1%
Health Care 17.1%
Utilities 13.6%
U.S. Guaranteed 11.8%
Tax Obligation/General 10.5%
Long-Term Care 9.1%
Tax Obligation/Limited 7.9%
Other 12.9%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 14.7%
AA 27.1%
A 27.2%
BBB 8.6%
BB or Lower 7.1%
N/R (not rated) 15.3%
Total 100%

 

18
NUVEEN


 

NOM  
  Nuveen Missouri Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NOM at Common Share NAV 0.48%   6.37% 3.17% 5.19%  
NOM at Common Share Price (5.34)%   (9.57)% 1.96% 5.79%  
S&P Municipal Bond Missouri Index 0.63%   5.31% 2.80% 4.51%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 150.7%
Other Assets Less Liabilities 4.8%
Net Assets Plus MFP Shares, net of deferred offering costs 155.5%
MFP Shares, net of deferred offering costs (55.5)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
Health Care 23.9%
Education and Civic Organizations 14.9%
Tax Obligation/Limited 14.9%
Long-Term Care 9.2%
Water and Sewer 9.0%
Tax Obligation/General 9.0%
U.S. Guaranteed 8.5%
Other 10.6%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 13.4%
AA 31.4%
A 28.4%
BBB 12.2%
BB or Lower 5.3%
N/R (not rated) 9.3%
Total 100%

 

NUVEEN
19


 

NNC  
  Nuveen North Carolina Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NNC at Common Share NAV 0.09%   6.20% 2.66% 4.81%  
NNC at Common Share Price (1.00)%   3.33% 0.45% 5.04%  
S&P Municipal Bond North Carolina Index 0.08%   3.94% 2.14% 4.06%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 159.1%
Other Assets Less Liabilities 4.6%
Net Assets Plus VMTP Shares, net of deferred offering costs 163.7%
VMTP Shares, net of deferred offering costs (63.7)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
U.S. Guaranteed 19.1%
Education and Civic Organizations 17.5%
Transportation 16.4%
Health Care 15.1%
Tax Obligation/Limited 12.8%
Water and Sewer 7.4%
Other 11.7%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 27.6%
AA 47.6%
A 15.2%
BBB 7.7%
BB or Lower 0.0%
N/R (not rated) 1.9%
Total 100%

 

20
NUVEEN


 

NPV  
  Nuveen Virginia Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of November 30, 2017

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, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NPV at Common Share NAV 0.80%   8.04% 2.43% 4.88%  
NPV at Common Share Price (0.89)%   4.73% 0.00% 5.04%  
S&P Municipal Bond Virginia Index 0.06%   4.77% 2.43% 3.97%  
S&P Municipal Bond Index 0.46%   5.00% 2.60% 4.33%  

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

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

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

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 150.8%
Short-Term Municipal Bonds 0.8%
Other Assets Less Liabilities 0.7%
Net Assets Plus Floating Rate Obligations & VRDP Shares, net of deferred offering costs 152.3%
Floating Rate Obligations (2.6)%
VRDP Shares, net of deferred offering costs (49.7)%
Net Assets 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 24.6%
U.S. Guaranteed 14.3%
Tax Obligation/Limited 13.8%
Health Care 13.7%
Education and Civic Organizations 8.4%
Water and Sewer 4.6%
Consumer Staples 4.0%
Other 16.6%
Total 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 26.8%
AA 33.2%
A 12.1%
BBB 14.9%
BB or Lower 7.8%
N/R (not rated) 5.2%
Total 100%

 

NUVEEN
21

 



 

NKG    
  Nuveen Georgia Quality Municipal Income Fund  
  Portfolio of Investments November 30, 2017 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 157.1% (99.7% of Total Investments)            
      MUNICIPAL BONDS – 157.1% (99.7% of Total Investments)            
      Education and Civic Organizations – 16.5% (10.5% of Total Investments)            
$ 700   Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%, 9/01/21 – SYNCORA GTY Insured 2/18 at 100.00   A1 $ 702,065  
  1,600   Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured 7/21 at 100.00   AA   1,739,088  
  1,340   Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013B, 7.000%, 10/01/43 10/23 at 100.00   N/R   1,422,450  
  625   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 5/22 at 100.00   AA+   697,012  
  3,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36 3/26 at 100.00   A2   3,389,940  
  1,530   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Series 2017B, 5.000%, 7/01/37 7/27 at 100.00   A+   1,763,723  
  3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A, 5.000%, 10/01/43 10/23 at 100.00   AA+   3,388,470  
  2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   AA+   2,336,740  
      Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009, Tender Option Bond Trust 2015-XF0073:            
  730   15.243%, 9/01/32, 144A (IF) 9/19 at 100.00   AA+   898,455  
  1,150   15.267%, 9/01/35, 144A (IF) 9/19 at 100.00   AA+   1,400,343  
  1,325   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/30 10/22 at 100.00   Baa2   1,451,696  
  1,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32 10/21 at 100.00   Baa2   1,062,790  
  3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44 4/24 at 100.00   A–   3,258,510  
  21,000   Total Education and Civic Organizations         23,511,282  
      Health Care – 18.6% (11.8% of Total Investments)            
      Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:            
  205   5.250%, 12/01/22 (4), (5) 2/18 at 100.00   N/R    
  745   5.375%, 12/01/28 (4), (5) 12/17 at 100.00   N/R    
  715   Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 6/20 at 100.00   AA–   772,386  
     
Project, Series 2010, 5.000%, 6/15/40
           
  2,000   Development Authority of Fulton County Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   AA–   2,250,840  
      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   2,032,208  
  1,000   5.000%, 4/01/37 4/27 at 100.00   A   1,139,090  
  1,485   5.000%, 4/01/47 4/27 at 100.00   A   1,676,238  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  235   5.000%, 2/15/33 2/20 at 100.00   AA–   248,437  
  235   5.125%, 2/15/40 2/20 at 100.00   AA–   248,125  
  930   5.250%, 2/15/45 2/20 at 100.00   AA–   984,637  

 

22
NUVEEN


 

  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 2/27 at 100.00   AA– $ 3,629,100  
  5,500   5.250%, 2/15/45 2/27 at 100.00   AA–   6,474,710  
  1,620   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37 11/22 at 100.00   AA–   1,778,485  
      Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:            
  425   5.000%, 8/01/32 8/19 at 100.00   AA–   445,850  
  975   5.000%, 8/01/35 8/19 at 100.00   AA–   1,021,351  
  1,470   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/21 – AGM Insured 8/20 at 100.00   AA   1,589,335  
  2,300   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center, Series 2007, 5.000%, 10/01/33 2/18 at 100.00   A–   2,305,037  
  24,620   Total Health Care         26,595,829  
      Housing/Multifamily – 0.9% (0.5% of Total Investments)            
  1,205   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.500%, 11/01/35 11/23 at 100.00   BBB+   1,219,315  
      Tax Obligation/General – 38.8% (24.6% of Total Investments)            
  3,000   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41 7/25 at 100.00   AA   3,397,860  
  2,000   Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., Series 2012A, 5.000%, 1/01/31 1/22 at 100.00   AA   2,217,800  
  530   Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37 – AMBAC Insured (Alternative Minimum Tax) 2/18 at 100.00   AA+   531,267  
  1,000   Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/27 No Opt. Call   AA+   1,230,140  
  1,725   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Performing Arts Center, Refunding Series 2013, 5.000%, 1/01/21 No Opt. Call   AAA   1,900,277  
  2,000   DeKalb County, Georgia, General Obligation Bonds, Special Transportation, Parks and Greenspace and Libraries Tax District Series 2016, 5.000%, 12/01/27 12/26 at 100.00   Aa3   2,430,940  
      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   1,187,270  
  650   5.000%, 2/01/35 – AGM Insured 2/27 at 100.00   AA   752,843  
  1,135   Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2012B, 5.000%, 7/01/23 7/22 at 100.00   Aa2   1,279,372  
  2,000   Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2016, 5.000%, 7/01/35 7/26 at 100.00   Aa2   2,302,500  
  3,000   Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 4/01/44 4/25 at 100.00   AAA   3,434,250  
  3,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 2/25 at 100.00   AA   3,523,080  
  10   Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%, 3/15/31 3/21 at 100.00   Aaa   10,410  
  2,500   Georgia State, General Obligation Bonds, Refunding Series 2016E, 5.000%, 12/01/27 12/26 at 100.00   AAA   3,095,850  
  3,550   Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 2/25 at 100.00   AAA   4,251,693  
  3,500   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36 2/23 at 100.00   AAA   3,986,325  
  1,500   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 2/24 at 100.00   Aa3   1,666,935  

 

NUVEEN
23


 

NKG Nuveen Georgia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
$ 3,000   Henry County School District, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/27 8/26 at 100.00   AA+ $ 3,661,500  
      Lamar County School District, Georgia, General Obligation Bonds, Series 2017:            
  1,205   5.000%, 3/01/32 9/27 at 100.00   Aa1   1,445,530  
  345   5.000%, 3/01/33 9/27 at 100.00   Aa1   411,906  
      Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:            
  302   5.500%, 7/15/23 7/21 at 100.00   N/R   305,214  
  601   5.500%, 7/15/30 7/21 at 100.00   N/R   605,867  
  659   5.500%, 1/15/36 7/21 at 100.00   N/R   665,146  
  500   Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 2/28 at 100.00   Aa1   611,010  
  3,000   Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47 5/26 at 100.00   Aaa   3,486,450  
  2,260   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   Aa2   2,443,105  
      Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:            
  1,000   5.000%, 8/01/30 2/26 at 100.00   Aa1   1,184,250  
  1,035   5.000%, 8/01/31 2/26 at 100.00   Aa1   1,219,841  
  2,000   Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured 12/21 at 100.00   A1   2,215,300  
  48,007   Total Tax Obligation/General         55,453,931  
      Tax Obligation/Limited – 21.4% (13.6% 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+   1,407,162  
  1,260   5.000%, 12/01/36 12/27 at 100.00   AA+   1,494,108  
  3,250   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 7/25 at 100.00   Aa3   3,777,995  
      Atlanta Urban Redevelopment Agency, Georgia, Revenue Bonds, Downtown Parking Deck Project, Series 2017:            
  1,220   5.000%, 12/01/28 12/27 at 100.00   Aa1   1,502,747  
  1,230   5.000%, 12/01/29 12/27 at 100.00   Aa1   1,505,262  
      Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2007:            
  110   5.250%, 12/01/19 – AGC Insured 12/17 at 100.00   AA   110,342  
  350   5.250%, 12/01/20 12/17 at 100.00   AA   351,089  
  80   5.250%, 12/01/21 – AGC Insured 12/17 at 100.00   AA   80,245  
  1,080   5.000%, 12/01/23 – AGC Insured 12/17 at 100.00   AA   1,082,927  
      Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:            
  1,200   5.000%, 1/01/30 1/27 at 100.00   A2   1,391,472  
  1,525   5.000%, 1/01/31 1/27 at 100.00   A2   1,761,772  
  725   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41 7/23 at 100.00   A–   789,590  
      Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993:            
  90   5.500%, 10/01/18 – NPFG Insured No Opt. Call   A3   92,939  
  5,745   5.625%, 10/01/26 – NPFG Insured 10/19 at 100.00   A3   6,493,286  
  405   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 – NPFG Insured No Opt. Call   A+   471,254  
  3,020   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured No Opt. Call   A3   3,250,064  
      Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:            
  905   5.375%, 5/01/32 – AGC Insured 5/19 at 100.00   AA   946,675  
  1,165   5.500%, 5/01/38 – AGC Insured 5/19 at 100.00   AA   1,220,652  
  700   Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds, Series 2017A, 5.000%, 6/01/29 6/27 at 100.00   AA   840,504  

 

24
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 1,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41 7/26 at 100.00   AA+ $ 1,158,400  
  810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 12/22 at 100.00   Aa2   901,085  
  27,050   Total Tax Obligation/Limited         30,629,570  
      Transportation – 11.6% (7.3% of Total Investments)            
  2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/30 (Alternative Minimum Tax) 1/21 at 100.00   AA–   2,159,400  
  2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 1/22 at 100.00   AA–   2,236,140  
  2,810   Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax) 1/22 at 100.00   AA–   3,083,947  
      Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:            
  2,575   5.000%, 1/01/32 1/24 at 100.00   AA–   2,994,004  
  3,750   5.000%, 1/01/34 1/24 at 100.00   AA–   4,339,350  
  1,500   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 6/20 at 100.00   Baa3   1,720,785  
  14,635   Total Transportation         16,533,626  
      U.S. Guaranteed – 19.6% (12.5% of Total Investments) (6)            
  1,760   Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing LLC Project, Series 2009, 5.250%, 6/15/35 (Pre-refunded 6/15/19) 6/19 at 100.00   Aa2 (6)   1,856,800  
  1,500   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (6)   1,592,595  
  265   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (6)   281,411  
  5,100   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 (Pre-refunded 8/01/18) – AGM Insured 8/18 at 100.00   AA (6)   5,223,216  
  600   Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22) 1/22 at 100.00   Aa1 (6)   678,642  
      Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:            
  1,000   5.000%, 6/01/32 (Pre-refunded 6/01/18) 6/18 at 100.00   Aa2 (6)   1,018,420  
  275   5.000%, 6/01/37 (Pre-refunded 6/01/18) 6/18 at 100.00   N/R (6)   280,066  
  1,725   5.000%, 6/01/37 (Pre-refunded 6/01/18) 6/18 at 100.00   Aa2 (6)   1,756,775  
      Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:            
  765   5.000%, 2/15/33 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (6)   820,401  
  765   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (6)   822,459  
  3,015   5.250%, 2/15/45 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (6)   3,249,567  
      Georgia Higher Education Facilities Authority, Revenue Bonds, USG Real Estate Foundation I LLC Project, Series 2008:            
  25   6.000%, 6/15/28 (Pre-refunded 6/15/18) 6/18 at 100.00   AA (6)   25,622  
  125   6.000%, 6/15/28 (Pre-refunded 6/15/18) 6/18 at 100.00   AA (6)   128,109  
  1,000   Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26 (Pre-refunded 1/01/19) 1/19 at 100.00   AAA   1,037,060  
  4,900   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) (UB) 2/18 at 100.00   AAA   4,928,567  
  445   La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A, 5.500%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   Aa2 (6)   455,693  
  825   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) No Opt. Call   N/R (6)   880,168  
  1,000   Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.500%, 1/01/38 (Pre-refunded 1/01/19) 1/19 at 100.00   Aa1 (6)   1,041,830  

 

NUVEEN
25


 

NKG Nuveen Georgia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (6) (continued)            
      Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2008:            
$ 1,280   5.000%, 2/01/38 (Pre-refunded 2/01/18) – AGM Insured 2/18 at 100.00   A2 (6) $ 1,287,667  
  695   5.000%, 2/01/38 (Pre-refunded 2/01/18) – AGM Insured 2/18 at 100.00   A2 (6)   699,163  
  27,065   Total U.S. Guaranteed         28,064,231  
      Utilities – 13.8% (8.8% of Total Investments)            
  1,750   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 3/27 at 100.00   A   2,052,173  
  3,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43 1/23 at 100.00   A+   3,289,320  
  1,005   Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25 2/18 at 100.00   A   1,007,804  
      Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:            
  1,055   5.000%, 3/15/20 No Opt. Call   A   1,128,607  
  1,300   5.000%, 3/15/21 No Opt. Call   A   1,423,630  
  1,500   5.000%, 3/15/22 No Opt. Call   A   1,669,335  
      Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:            
  950   5.000%, 3/15/18 No Opt. Call   A+   959,785  
  2,000   5.000%, 3/15/22 No Opt. Call   A+   2,236,200  
  1,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32 No Opt. Call   A   929,400  
      Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A:            
  2,000   5.000%, 1/01/28 7/26 at 100.00   A   2,348,300  
  2,260   5.000%, 1/01/30 – BAM Insured 7/26 at 100.00   AA   2,642,279  
  18,320   Total Utilities         19,686,833  
      Water and Sewer – 15.9% (10.1% of Total Investments)            
  260   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – AGM Insured No Opt. Call   AA   349,994  
  5   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35 – AGM Insured 8/18 at 100.00   AA   5,117  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 5/24 at 100.00   AA+   580,000  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 5/26 at 100.00   AA+   583,520  
      DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:            
  6,000   5.250%, 10/01/32 – AGM Insured 10/26 at 100.00   AA   7,320,480  
  300   5.000%, 10/01/35 – AGM Insured 10/26 at 100.00   AA   353,076  
  5,350   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41 10/21 at 100.00   Aa3   5,949,468  
  1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33 1/23 at 100.00   AA   1,122,500  
  825   Milledgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured No Opt. Call   AA   884,796  
      Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A:            
  155   5.000%, 9/01/35 9/27 at 100.00   AA   184,038  
  535   5.000%, 9/01/37 9/27 at 100.00   AA   629,727  
  2,000   South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/30 1/24 at 100.00   AA   2,283,780  
  2,315   Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2016, 4.000%, 2/01/38 2/26 at 100.00   Aa2   2,455,521  
  19,745   Total Water and Sewer         22,702,017  
$ 201,647   Total Long-Term Investments (cost $216,631,435)         224,396,634  

 

26
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)            
      MUNICIPAL BONDS – 0.4% (0.3% of Total Investments)            
      Health Care – 0.4% (0.3% of Total Investments)            
$ 665   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 4/30/17 (4), (5) No Opt. Call   N/R $ 581,531  
$ 665   Total Short-Term Investments (cost $665,000)         581,531  
      Total Investments (cost $217,296,435) – 157.5%         224,978,165  
      Floating Rate Obligations – (2.3)%         (3,245,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (57.4)% (7)         (81,988,245 )
      Other Assets Less Liabilities – 2.2%         3,088,797  
      Net Assets Applicable to Common Shares – 100%       $ 142,833,717  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(5) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(7) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.4%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

 

NUVEEN
27


 

NMY Nuveen Maryland Quality Municipal Income Fund  
  Portfolio of Investments November 30, 2017 (Unaudited)

 

                   
  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 158.0% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 157.7% (99.8% of Total Investments)            
      Consumer Discretionary – 3.0% (1.9% of Total Investments)            
      Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:            
$ 2,800   5.000%, 9/01/39 9/27 at 100.00   BBB– $ 3,144,008  
  3,350   5.000%, 9/01/42 9/27 at 100.00   BBB–   3,752,770  
  1,685   5.000%, 9/01/46 9/27 at 100.00   BBB–   1,881,707  
  2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 2/18 at 100.00   N/R   1,200,000  
  9,835   Total Consumer Discretionary         9,978,485  
      Consumer Staples – 6.4% (4.1% of Total Investments)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  1,695   5.875%, 6/01/30 1/18 at 100.00   B–   1,614,132  
  595   5.875%, 6/01/47 1/18 at 100.00   B–   566,743  
  210   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   B–   209,296  
  13,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 1/18 at 100.00   N/R   1,897,610  
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
  1,970   5.250%, 6/01/32 1/18 at 100.00   N/R   1,969,961  
  2,915   5.625%, 6/01/47 1/18 at 100.00   N/R   2,844,603  
  2,000   New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1, 5.625%, 6/01/35 No Opt. Call   BBB   2,196,560  
  100   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 1/18 at 100.00   B3   95,191  
  3,270   Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 2/18 at 100.00   Ba1   3,181,645  
  2,000   Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37 1/18 at 100.00   BB+   2,004,920  
  1,500   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 1/18 at 100.00   BBB–   1,502,820  
  615   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 5/18 at 100.00   A3   616,113  
  2,850   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 6/27 at 100.00   N/R   2,899,561  
  32,720   Total Consumer Staples         21,599,155  
      Education and Civic Organizations – 11.6% (7.3% of Total Investments)            
  700   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%, 7/01/34 7/22 at 100.00   A–   767,256  
  2,300   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2017A, 5.000%, 7/01/37 7/27 at 100.00   A–   2,634,972  
  265   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street Academy, Series 2017A, 5.125%, 7/01/37, 144A 7/27 at 100.00   N/R   271,333  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2008A:            
  2,000   5.000%, 7/01/18 No Opt. Call   AA+   2,042,700  
  530   5.250%, 7/01/38 7/18 at 100.00   AA+   542,163  

 

 

 

28
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2012A:            
$ 1,145   5.000%, 7/01/30 7/22 at 100.00   AA+ $ 1,300,354  
  1,050   5.000%, 7/01/37 7/22 at 100.00   AA+   1,192,464  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2013B:            
  500   5.000%, 7/01/38 7/23 at 100.00   AA+   563,830  
  4,375   4.250%, 7/01/41 7/23 at 100.00   AA+   4,658,369  
  1,250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2012A, 5.000%, 10/01/39 10/22 at 100.00   A   1,376,825  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola University Maryland, Series 2014:            
  1,250   5.000%, 10/01/45 10/24 at 100.00   A   1,424,712  
  1,000   4.000%, 10/01/45 10/24 at 100.00   A   1,036,230  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012:            
  1,500   5.000%, 6/01/34 6/22 at 100.00   Baa1   1,643,685  
  3,000   5.000%, 6/01/47 6/22 at 100.00   Baa1   3,231,990  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2016:            
  175   5.000%, 6/01/36 6/26 at 100.00   Baa1   198,795  
  2,500   4.000%, 6/01/42 6/26 at 100.00   Baa1   2,547,325  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2017:            
  525   5.000%, 6/01/35 6/26 at 100.00   Baa1   596,248  
  1,000   5.000%, 6/01/42 6/26 at 100.00   Baa1   1,117,970  
  745   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/19 at 100.00   BB+   759,960  
  625   Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%, 7/01/29 7/22 at 100.00   A+   695,000  
  6,000   Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured No Opt. Call   A+   6,364,920  
  3,870   University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2017B, 5.000%, 4/01/20 No Opt. Call   AA+   4,168,106  
  36,305   Total Education and Civic Organizations         39,135,207  
      Energy – 0.7% (0.4% of Total Investments)            
  2,310   Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 9/20 at 100.00   BB–   2,435,941  
      Health Care – 37.2% (23.5% of Total Investments)            
      Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015:            
  990   4.000%, 7/01/32 7/25 at 100.00   BBB   1,006,167  
  2,470   4.250%, 7/01/35 7/25 at 100.00   BBB   2,531,058  
  1,500   5.000%, 7/01/45 7/25 at 100.00   BBB   1,627,755  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Series 2017B:            
  250   5.000%, 7/01/34 7/27 at 100.00   Baa3   277,060  
  4,820   5.000%, 7/01/38 7/27 at 100.00   Baa3   5,292,649  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A:            
  1,350   6.250%, 1/01/31 1/22 at 100.00   Baa3   1,528,159  
  375   6.125%, 1/01/36 1/22 at 100.00   Baa3   418,102  
  3,270   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2016A, 5.500%, 1/01/46 1/27 at 100.00   Baa3   3,714,720  

 

NUVEEN
29


 

NMY Nuveen Maryland Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 1,355   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System Issue, Series 2012, 5.000%, 7/01/24 7/22 at 100.00   A $ 1,535,920  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Health System Issue, Refunding Series 2013, 5.000%, 7/01/38 7/23 at 100.00   A   2,184,980  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2012A:            
  1,000   4.000%, 7/01/30 7/22 at 100.00   A1   1,053,330  
  1,775   5.000%, 7/01/37 7/22 at 100.00   A1   1,936,436  
  4,335   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 7/22 at 100.00   Baa1   4,460,151  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40 5/25 at 100.00   AA–   2,591,375  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2011A:            
  500   5.000%, 5/15/25 5/21 at 100.00   AA–   556,970  
  500   5.000%, 5/15/26 5/21 at 100.00   AA–   556,790  
  3,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2016, 5.000%, 7/01/47 7/26 at 100.00   A+   3,397,290  
  1,075   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health Issue, Series 2017, 5.000%, 7/01/34 7/27 at 100.00   A+   1,249,849  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2015:            
  1,500   4.000%, 7/01/35 7/25 at 100.00   A+   1,573,950  
  1,125   5.000%, 7/01/40 7/25 at 100.00   A+   1,268,302  
  2,975   4.125%, 7/01/47 7/25 at 100.00   A+   3,077,667  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2015, 5.000%, 8/15/38 2/25 at 100.00   A   2,808,150  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health Issue, Series 2017A:            
  5,000   5.000%, 5/15/42 5/27 at 100.00   A   5,637,400  
  1,000   5.000%, 5/15/45 5/27 at 100.00   A   1,124,900  
  2,850   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%, 7/01/31 7/22 at 100.00   BBB   3,070,419  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A:            
  90   5.000%, 7/01/36 7/26 at 100.00   BBB   99,153  
  1,350   5.000%, 7/01/38 7/26 at 100.00   BBB   1,482,070  
  585   4.000%, 7/01/42 7/26 at 100.00   BBB   589,639  
  7,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 7/24 at 100.00   A   8,206,125  
  4,260   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2017MD, 5.000%, 12/01/46 6/27 at 100.00   AA–   4,899,256  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A:            
  11,500   5.000%, 7/01/43 7/22 at 100.00   A   12,556,160  
  4,665   4.000%, 7/01/43 7/22 at 100.00   A   4,833,080  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35 7/25 at 100.00   A   1,135,320  
  5,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39 7/27 at 100.00   A   6,247,615  
  12,250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2014, 5.250%, 7/01/34 7/24 at 100.00   BBB   13,567,242  
  8,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MD, 5.000%, 12/01/40 12/21 at 100.00   AA–   8,896,800  

 

30
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
      Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015:            
$ 2,000   5.000%, 12/01/44 6/25 at 100.00   AA– $ 2,256,960  
  6,000   4.000%, 12/01/44 6/25 at 100.00   AA–   6,232,620  
  114,715   Total Health Care         125,481,589  
      Housing/Multifamily – 8.5% (5.4% of Total Investments)            
  1,970   Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory put 1/01/27) 1/20 at 102.00   AA+   2,101,143  
      Howard County Housing Commission, Maryland, Revenue Bonds, Columbia Commons Apartments, Series 2014A:            
  1,500   4.000%, 6/01/34 6/24 at 100.00   A+   1,549,920  
  2,550   5.000%, 6/01/44 6/24 at 100.00   A+   2,761,497  
  1,860   Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, Series 2016, 4.000%, 6/01/46 6/26 at 100.00   A+   1,912,694  
      Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013:            
  3,000   5.000%, 10/01/28 10/23 at 100.00   A+   3,357,840  
  2,000   4.625%, 10/01/28 10/23 at 100.00   A+   2,184,860  
  2,110   Maryland Community Development Administration, Multifamily Housing Revenue Bonds, Princess Anne Apartments, Series 2001D, 5.450%, 12/15/33 (Alternative Minimum Tax) 12/17 at 100.00   Aaa   2,111,899  
      Maryland Economic Development Corporation, Senior Student Housing Revenue Bonds, Towson University Project, Refunding Series 2017:            
  1,100   5.000%, 7/01/36 7/27 at 100.00   BBB   1,231,329  
  470   5.000%, 7/01/37 7/21 at 100.00   BBB   504,103  
      Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013:            
  500   5.000%, 6/01/27 6/23 at 100.00   Baa3   541,070  
  500   5.000%, 6/01/34 6/23 at 100.00   Baa3   528,980  
  1,500   Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%, 7/01/33 7/22 at 100.00   BBB–   1,594,965  
  495   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39 7/25 at 100.00   BBB–   542,985  
  1,385   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured 2/18 at 100.00   AA   1,379,612  
      Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, College Park Project, Refunding Series 2016:            
  875   5.000%, 6/01/30 – AGM Insured 6/26 at 100.00   AA   1,027,530  
  240   5.000%, 6/01/31 – AGM Insured 6/26 at 100.00   AA   280,843  
  2,405   5.000%, 6/01/35 – AGM Insured 6/26 at 100.00   AA   2,776,861  
  780   5.000%, 6/01/43 – AGM Insured 6/26 at 100.00   AA   898,700  
  1,500   Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing Development Bonds, Series 2014A, 3.875%, 7/01/39 7/24 at 100.00   Aaa   1,535,460  
  26,740   Total Housing/Multifamily         28,822,291  
      Housing/Single Family – 4.9% (3.1% of Total Investments)            
  3,000   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2009B, 4.750%, 9/01/39 9/18 at 100.00   Aa2   3,039,150  
  2,385   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36 3/26 at 100.00   Aa2   2,419,511  
  2,365   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32 9/23 at 100.00   Aa2   2,507,042  
      Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014C:            
  3,000   3.400%, 3/01/31 3/24 at 100.00   Aa2   3,069,810  
  1,165   3.750%, 3/01/39 3/24 at 100.00   Aa2   1,190,397  

 

NUVEEN
31


 

NMY Nuveen Maryland Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Single Family (continued)            
$ 1,000   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2014I, 3.450%, 12/15/31 12/24 at 100.00   Aaa $ 1,032,420  
  1,500   Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35 9/25 at 100.00   Aa2   1,544,475  
  200   Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative Minimum Tax) (UB) 3/18 at 100.00   Aa2   200,299  
  1,500   Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage Revenue Bonds, Series 2017A, 3.650%, 7/01/37 7/26 at 100.00   Aa2   1,537,935  
  16,115   Total Housing/Single Family         16,541,039  
      Industrials – 1.9% (1.2% of Total Investments)            
  5,895   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 6/20 at 100.00   Baa3   6,275,581  
      Long-Term Care – 6.5% (4.1% of Total Investments)            
      Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2016:            
  2,220   5.000%, 1/01/37 1/26 at 100.00   N/R   2,512,441  
  1,000   3.625%, 1/01/37 1/26 at 100.00   N/R   1,009,410  
  2,050   Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23 1/20 at 100.00   BBB   2,209,285  
  1,290   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2016, 5.000%, 4/01/46 4/27 at 100.00   N/R   1,322,779  
  1,710   Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding Series 2017, 5.000%, 4/01/36 4/27 at 100.00   N/R   1,779,717  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2016A:            
  2,125   5.000%, 1/01/36 7/26 at 100.00   N/R   2,440,733  
  4,090   5.000%, 1/01/45 7/26 at 100.00   N/R   4,638,183  
  2,480   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 2/18 at 100.00   A–   2,482,554  
  1,050   Prince George’s County, Maryland, Revenue Bonds, Collington Episcopal Life Care Community Inc., Series 2017, 5.250%, 4/01/37 4/27 at 100.00   N/R   1,125,905  
  1,000   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Refunding Series 2017, 5.000%, 11/01/35 11/24 at 103.00   N/R   1,107,070  
  1,000   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside King Farm Project, Series 2017A-1, 5.000%, 11/01/37 11/24 at 103.00   N/R   1,103,810  
  200   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 5.000%, 11/01/47 11/24 at 103.00   N/R   218,310  
  20,215   Total Long-Term Care         21,950,197  
      Tax Obligation/General – 19.0% (12.0% of Total Investments)            
      Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2017A:            
  1,000   5.000%, 10/15/32 10/27 at 100.00   AA   1,206,630  
  1,000   5.000%, 10/15/33 10/27 at 100.00   AA   1,201,810  
  2,000   Howard County, Maryland, General Obligation Bonds, Consolidated Public Improvement Project, Series 2017A, 5.000%, 2/15/23 No Opt. Call   AAA   2,320,440  
  3,100   Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding Series 2014A, 5.000%, 2/15/23 2/22 at 100.00   AAA   3,504,581  
  5,240   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured No Opt. Call   AA   3,541,087  
  1,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2016, 5.000%, 6/01/20 No Opt. Call   AAA   1,083,490  

 

32
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
$ 6,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Refunding First Series 2017C, 5.000%, 8/01/20 No Opt. Call   AAA $ 6,532,020  
  1,500   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2011B, 5.000%, 8/01/18 No Opt. Call   AAA   1,537,245  
  4,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2015A-2, 5.000%, 8/01/21 No Opt. Call   AAA   4,473,720  
  3,500   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2017A, 5.000%, 8/01/25 No Opt. Call   AAA   4,253,130  
  1,715   Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2014A, 5.000%, 11/01/18 No Opt. Call   AAA   1,772,418  
  4,000   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2015A, 5.000%, 7/01/18 No Opt. Call   AAA   4,085,880  
  4,930   Patterson Joint Unified School District, Stanislaus County, California, General Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured No Opt. Call   AA   1,939,216  
      Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2014A:            
  3,000   4.000%, 9/01/30 9/24 at 100.00   AAA   3,285,300  
  3,000   4.000%, 9/01/31 9/24 at 100.00   AAA   3,265,830  
  14,985   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/40 – AGM Insured No Opt. Call   AA   6,301,342  
      Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016:            
  5,000   5.000%, 6/01/27 6/26 at 100.00   AAA   6,113,650  
  3,400   5.000%, 6/01/35 6/26 at 100.00   AAA   4,015,332  
  1,645   Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2015, 5.000%, 6/01/23 No Opt. Call   AAA   1,920,011  
  7,000   Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/50 8/25 at 35.55   Aaa   1,851,290  
  77,015   Total Tax Obligation/General         64,204,422  
      Tax Obligation/Limited – 23.0% (14.6% of Total Investments)            
  990   Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North Project, Series 2010, 6.100%, 7/01/40 7/18 at 102.00   N/R   1,018,205  
  1,200   Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32 7/23 at 100.00   A+   1,347,888  
  60   Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured 3/18 at 100.00   A3   60,123  
      Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015:            
  525   5.000%, 6/15/30 6/24 at 100.00   BBB+   586,189  
  425   5.000%, 6/15/33 6/24 at 100.00   BBB+   469,493  
      Baltimore, Maryland, Special Obligation Bonds, East Baltimore Research Park Project, Series 2017A:            
  1,270   4.500%, 9/01/33 9/27 at 100.00   N/R   1,329,106  
  240   5.000%, 9/01/38 9/27 at 100.00   N/R   258,588  
      Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 2016:            
  1,895   5.000%, 6/01/36 6/26 at 100.00   N/R   1,969,379  
  250   5.125%, 6/01/43 6/26 at 100.00   N/R   260,568  
      Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:            
  56   5.600%, 7/01/20 – RAAI Insured 2/18 at 100.00   AA   56,174  
  450   5.700%, 7/01/29 – RAAI Insured 2/18 at 100.00   AA   451,431  

 

NUVEEN
33


 

NMY Nuveen Maryland Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:            
$ 5,350   5.000%, 7/01/30 7/20 at 100.00   A– $ 5,784,420  
  2,355   5.000%, 7/01/40 7/20 at 100.00   A–   2,504,543  
  2,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34 11/25 at 100.00   A   2,187,760  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  500   5.000%, 1/01/31 1/22 at 100.00   A   530,545  
  1,000   5.250%, 1/01/36 1/22 at 100.00   A   1,069,940  
      Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:            
  1,000   5.000%, 12/01/23 No Opt. Call   BBB+   1,128,810  
  280   5.000%, 12/01/24 No Opt. Call   BBB+   318,108  
  1,000   5.000%, 12/01/28 12/26 at 100.00   BBB+   1,133,830  
  2,275   5.000%, 12/01/32 12/26 at 100.00   BBB+   2,532,598  
  1,000   5.000%, 12/01/36 12/26 at 100.00   BBB+   1,100,270  
  1,420   Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center Project, Series 2014, 6.100%, 2/15/44 2/24 at 100.00   N/R   1,464,091  
      Howard County, Maryland, Special Obligation Bonds, Downtown Columbia Project, Series 2017A:            
  1,500   4.125%, 2/15/34, 144A 2/26 at 100.00   N/R   1,518,150  
  1,400   4.375%, 2/15/39, 144A 2/26 at 100.00   N/R   1,423,548  
  750   4.500%, 2/15/47, 144A 2/26 at 100.00   N/R   763,343  
  1,260   Huntington Beach Union High School District, Orange County, California, Certificates of Participation, Capital Project, Series 2007, 0.000%, 9/01/35 – AGM Insured No Opt. Call   AA   657,481  
      Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2016:            
  2,125   5.000%, 7/01/31 7/25 at 100.00   N/R   2,224,429  
  1,640   5.000%, 7/01/34 7/25 at 100.00   N/R   1,696,350  
  355   Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings Mills Project, Series 2017, 4.500%, 7/01/44 1/27 at 100.00   N/R   364,305  
      Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016:            
  7,045   5.000%, 5/01/33 5/26 at 100.00   AA   8,216,020  
  1,000   5.000%, 5/01/35 5/26 at 100.00   AA   1,158,100  
  5,100   5.000%, 5/01/46 5/26 at 100.00   AA   5,836,644  
  2,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32 No Opt. Call   A–   1,055,160  
  320   Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 1/26 at 100.00   N/R   319,021  
  6,197   Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34 2/18 at 100.00   N/R   6,218,999  
  2,303   Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35 7/18 at 100.00   N/R   2,308,873  
  1,100   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   1,102,761  
  2,100   Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 2/18 at 100.00   AA   2,136,351  
  2,830   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   A3   648,438  
      Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC:            
  765   5.500%, 7/01/28 – NPFG Insured No Opt. Call   A3   765,054  
  2,300   5.500%, 7/01/30 – AGM Insured No Opt. Call   AA   2,588,236  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/30, 144A 9/25 at 100.00   A   1,626,990  
  2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27 – FGIC Insured 2/18 at 100.00   A3   1,970,640  

 

34
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 10/24 at 100.00   AA $ 2,380,762  
  1,035   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2009A-1, 5.000%, 10/01/29 – AGM Insured 10/19 at 100.00   AA   1,078,387  
  2,000   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured No Opt. Call   AA   2,155,460  
  76,406   Total Tax Obligation/Limited         77,775,561  
      Transportation – 8.2% (5.2% of Total Investments)            
  110   Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 5.250%, 7/01/21 – FGIC Insured No Opt. Call   A1   116,148  
  520   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB   590,543  
      Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D:            
  2,000   5.000%, 9/30/28 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,336,660  
  1,270   5.000%, 9/30/31 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   1,458,125  
  5,825   5.000%, 3/31/46 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   6,511,127  
  2,200   5.000%, 3/31/51 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,446,752  
      Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Hospital, Series 2001:            
  1,300   5.000%, 7/01/27 – AMBAC Insured 1/18 at 100.00   N/R   1,303,588  
  1,000   5.000%, 7/01/34 – AMBAC Insured 1/18 at 100.00   N/R   1,002,700  
  445   Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 2/18 at 100.00   N/R   445,859  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  175   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   187,537  
  680   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   724,091  
  3,000   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   BBB   3,284,310  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:            
  20   5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax) 12/17 at 100.00   A3   21,057  
  70   5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) 12/17 at 100.00   A3   73,702  
  2,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33 7/27 at 100.00   AA–   2,393,260  
      Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:            
  1,500   5.000%, 7/01/29 7/27 at 100.00   AA–   1,827,525  
  2,500   5.000%, 7/01/30 7/27 at 100.00   AA–   3,031,600  
  24,615   Total Transportation         27,754,584  
      U.S. Guaranteed – 17.3% (11.0% of Total Investments) (5)            
      Baltimore, Maryland, General Obligation Bonds, Consolidated Public Improvements, Series 2011A:            
  1,000   5.000%, 10/15/29 (Pre-refunded 10/15/21) 10/21 at 100.00   AA (5)   1,122,490  
  1,200   5.000%, 10/15/30 (Pre-refunded 10/15/21) 10/21 at 100.00   AA (5)   1,346,988  
  2,000   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM) No Opt. Call   AA (5)   2,293,240  
  3,120   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM) No Opt. Call   AA (5)   3,644,503  
  2,375   Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s University, Series 2006, 5.625%, 9/01/38 (Pre-refunded 1/12/18) 1/18 at 100.00   BB+ (5)   2,376,568  
  2,230   Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Second Issue Series 2008, 5.000%, 9/01/22 (Pre-refunded 9/01/18) 9/18 at 100.00   AAA   2,290,500  

 

NUVEEN
35


 

NMY Nuveen Maryland Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (5) (continued)            
$ 2,445   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors Community Hospital, Refunding Series 2010, 5.750%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   Baa3 (5) $ 2,695,368  
  1,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   A (5)   1,620,390  
  2,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/40 (Pre-refunded 7/01/19) 7/19 at 100.00   A (5)   2,632,850  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010:            
  1,695   6.125%, 1/01/30 (Pre-refunded 1/01/21) 1/21 at 100.00   A (5)   1,919,842  
  5,070   6.250%, 1/01/45 (Pre-refunded 1/01/21) 1/21 at 100.00   A (5)   5,761,497  
  3,245   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM) No Opt. Call   N/R (5)   3,711,079  
  4,450   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   AA– (5)   4,806,089  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011, 6.000%, 7/01/41 (Pre-refunded 7/01/21) 7/21 at 100.00   A+ (5)   1,149,270  
  500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2011, 5.750%, 7/01/31 (Pre-refunded 7/01/21) 7/21 at 100.00   A+ (5)   570,315  
  4,155   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   A (5)   4,380,533  
      Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008:            
  7,075   5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   BBB (5)   7,099,055  
  3,950   6.000%, 1/01/43 (Pre-refunded 1/01/18) 1/18 at 100.00   BBB (5)   3,964,181  
  2,110   Maryland State, General Obligation Bonds, State & Local Facilities Loan, Second Series 2009B, 5.000%, 8/15/21 (Pre-refunded 8/15/19) 8/19 at 100.00   AAA   2,232,528  
  1,100   Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM) No Opt. Call   Aaa   1,233,254  
  1,610   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM) No Opt. Call   A3 (5)   1,706,214  
  54,330   Total U.S. Guaranteed         58,556,754  
      Utilities – 1.5% (1.0% of Total Investments)            
  2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) No Opt. Call   B1   1,977,900  
  1,300   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,435,603  
      Guam Power Authority, Revenue Bonds, Series 2014A:            
  600   5.000%, 10/01/39 10/24 at 100.00   AA   661,488  
  575   5.000%, 10/01/44 10/24 at 100.00   AA   632,057  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 2/18 at 100.00   CCC   392,375  
  5,205   Total Utilities         5,099,423  
      Water and Sewer – 8.0% (5.0% of Total Investments)            
  2,480   Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 5.000%, 7/01/38 1/24 at 100.00   AA   2,790,174  
  2,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   AA   2,187,880  
      Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A:            
  6,000   5.000%, 7/01/41 (UB) 1/27 at 100.00   AA–   6,947,040  
  2,000   5.000%, 7/01/46 (UB) 1/27 at 100.00   AA–   2,307,100  
  2,000   5.000%, 7/01/46, 144A 1/27 at 100.00   AA–   2,307,100  

 

36
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Water and Sewer (continued)            
$ 780   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured No Opt. Call   AA $ 843,328  
  2,500   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44 1/25 at 100.00   AA–   2,849,025  
  1,300   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35 7/24 at 100.00   A–   1,407,653  
  2,030   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   A–   2,274,899  
  2,645   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 7/26 at 100.00   A–   2,904,792  
  23,735   Total Water and Sewer         26,818,991  
$ 526,156   Total Municipal Bonds (cost $512,080,819)         532,429,220  

 

 

  Shares   Description (1)         Value  
      COMMON STOCKS – 0.3% (0.2% of Total Investments)            
      Airlines – 0.3% (0.2% of Total Investments)            
  17,607   American Airlines Group Inc., (6)       $ 888,977  
      Total Common Stocks (cost $453,869)         888,977  
      Total Long-Term Investments (cost $512,534,688)         533,318,197  
      Floating Rate Obligations – (1.8)%         (6,120,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (58.4)% (7)         (196,980,958 )
      Other Assets Less Liabilities – 2.2%         7,364,667  
      Net Assets Applicable to Common Shares – 100%       $ 337,581,906  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(5) 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. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(6) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(7) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.9%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

 

NUVEEN
37


 

NMS    
Nuveen Minnesota Quality Municipal Income Fund  
  Portfolio of Investments November 30, 2017 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 160.6% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 160.6% (100.0% of Total Investments)            
      Consumer Staples – 0.9% (0.5% of Total Investments)            
$ 700   Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds,American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27 6/20 at 100.00   BBB+ $ 745,773  
      Education and Civic Organizations – 27.5% (17.1% of Total Investments)            
  50   City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy Project, Series 2016A, 5.000%, 7/01/36 7/24 at 102.00   N/R   50,730  
  830   City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43 12/20 at 102.00   BBB–   873,285  
  250   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2015A, 5.250%, 7/01/40 7/25 at 100.00   BB+   264,735  
  1,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.600%, 11/01/30 11/18 at 102.00   BB+   1,038,330  
  570   Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44 8/22 at 102.00   BB+   617,903  
  100   Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of Performing Arts Project, Series 2016A, 5.000%, 7/01/47 7/26 at 100.00   N/R   95,540  
  2,200   Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44 7/24 at 100.00   BB+   2,237,950  
  1,575   Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   N/R   1,556,053  
  1,425   Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   BB   1,499,186  
      Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:            
  250   5.000%, 5/01/37 5/27 at 100.00   BBB–   279,833  
  1,500   5.000%, 5/01/47 5/27 at 100.00   BBB–   1,663,755  
  1,460   Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017, 4.000%, 3/01/41 3/27 at 100.00   Aa2   1,545,556  
  305   Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2016-8K, 4.000%, 3/01/43 3/26 at 100.00   Baa1   310,566  
  600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 2012-7S, 3.250%, 5/01/36 5/21 at 100.00   Aa3   603,456  
  500   Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Series 2016-8-N, 4.000%, 10/01/35 10/26 at 100.00   A1   536,895  
  2,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39 10/19 at 100.00   A2   2,102,520  
  705   Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44 9/24 at 100.00   BB+   720,320  
  450   Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33 12/21 at 100.00   BBB–   476,717  
  305   Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School Project, Series 2015, 5.000%, 8/01/22, 144A No Opt. Call   BB+   326,493  
  500   Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32 9/20 at 101.00   BB+   502,040  
  1,100   Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31 9/21 at 100.00   BBB–   1,235,806  

 

38
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
      Saint Paul Housing and 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 $ 375,016  
  510   5.375%, 7/01/50 7/25 at 100.00   BB   531,048  
  1,680   Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 7/23 at 100.00   BB+   1,720,958  
  390   Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 3/23 at 100.00   BBB–   397,550  
  1,000   Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 2016A, 5.000%, 10/01/41 10/26 at 100.00   N/R   927,720  
  800   St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 12/22 at 100.00   BBB–   846,632  
  500   University of Minnesota, General Obligation Bonds, Series 2014B, 4.000%, 1/01/34 1/24 at 100.00   Aa1   533,295  
  22,915   Total Education and Civic Organizations         23,869,888  
      Health Care – 27.4% (17.1% of Total Investments)            
  250   Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Refunding Series 2016, 4.000%, 3/01/32 3/26 at 100.00   N/R   255,525  
  180   City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2017, 5.000%, 4/01/41 4/27 at 100.00   BBB   197,856  
  1,000   Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 2/18 at 100.00   N/R   1,000,480  
      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   415,276  
  230   4.000%, 4/01/31 4/22 at 100.00   BBB   236,711  
  500   Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial Health Care, Series 2015, 4.000%, 9/01/35 9/25 at 100.00   Baa1   513,725  
      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   229,392  
  165   5.000%, 5/01/32 5/27 at 100.00   Baa1   188,527  
  300   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured 11/18 at 100.00   AA   313,965  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:            
  265   4.000%, 11/15/40 11/25 at 100.00   A+   277,304  
  1,000   5.000%, 11/15/44 11/25 at 100.00   A+   1,130,830  
  3,750   Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37 – AGC Insured 2/18 at 100.00   AA   3,769,574  
  710   Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A, 4.400%, 12/01/33 12/20 at 100.00   N/R   710,192  
      Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C:            
  240   4.500%, 12/01/25 12/20 at 100.00   N/R   246,278  
  190   4.750%, 12/01/27 12/20 at 100.00   N/R   195,710  
  160   5.000%, 12/01/28 12/20 at 100.00   N/R   164,834  
  310   5.400%, 12/01/33 12/20 at 100.00   N/R   319,827  
  30   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 5/20 at 100.00   A1   32,237  
  535   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 5/26 at 100.00   A1   566,362  
  4,000   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 7/25 at 100.00   A+   4,172,879  

 

NUVEEN
39


 

NMS Nuveen Minnesota Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 800   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 11/19 at 100.00   AA– $ 860,568  
      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+   257,527  
  240   4.000%, 11/15/37 11/27 at 100.00   A+   251,650  
  3,200   4.000%, 11/15/43 11/27 at 100.00   A+   3,347,071  
  1,435   5.000%, 11/15/47 11/27 at 100.00   A+   1,655,129  
  1,000   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 2/18 at 100.00   N/R   1,001,610  
      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   803,717  
  630   5.000%, 9/01/34 9/24 at 100.00   A   697,442  
  22,730   Total Health Care         23,812,198  
      Housing/Multifamily – 4.6% (2.9% of Total Investments)            
  1,700   Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments Project, Series 2010, 4.500%, 6/01/26 6/20 at 100.00   Aaa   1,780,529  
      Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:            
  355   5.050%, 8/01/31 8/21 at 100.00   AA+   379,871  
  1,700   5.450%, 8/01/41 8/21 at 100.00   AA+   1,815,022  
  3,755   Total Housing/Multifamily         3,975,422  
      Housing/Single Family – 1.9% (1.1% of Total Investments)            
  42   Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax) 1/18 at 100.00   AA+   41,741  
  160   Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31 7/21 at 100.00   Aaa   168,854  
  140   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 5.650%, 7/01/33 (Alternative Minimum Tax) 1/18 at 100.00   AA+   143,048  
  485   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 5.100%, 1/01/40 7/19 at 100.00   AA+   496,548  
  65   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43 1/23 at 100.00   AA+   65,777  
  50   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32 7/24 at 100.00   AA+   51,334  
  180   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 7/25 at 100.00   AA+   185,557  
  465   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax) 1/27 at 100.00   AA+   460,955  
  1,587   Total Housing/Single Family         1,613,814  
      Industrials – 2.4% (1.5% of Total Investments)            
      Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1:            
  1,400   4.500%, 6/01/33 6/21 at 100.00   A+   1,465,338  
  600   4.750%, 6/01/39 6/21 at 100.00   A+   632,520  
  2,000   Total Industrials         2,097,858  

 

40
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care – 14.6% (9.1% of Total Investments)            
$ 805   Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49 11/24 at 100.00   N/R $ 825,906  
  380   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39 11/24 at 100.00   Baa1   389,447  
  500   Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41 11/19 at 100.00   Baa1   520,575  
  875   Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43 3/20 at 100.00   N/R   878,964  
      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   182,016  
  850   5.250%, 1/01/46 1/23 at 100.00   N/R   881,731  
  500   Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A 8/22 at 100.00   N/R   505,345  
  1,350   Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012, 4.750%, 11/15/28 11/22 at 100.00   N/R   1,355,873  
  750   Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City Project,Series 2015, 5.250%, 11/01/45 5/23 at 100.00   N/R   776,340  
  500   Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc. Project, Refunding Series 2017A, 5.000%, 8/01/48 8/25 at 100.00   N/R   516,015  
  1,300   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 2.000%, 6/01/49 12/17 at 100.00   N/R   1,371,747  
  500   Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 5/23 at 100.00   N/R   501,730  
  1,166   Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 4/18 at 100.00   N/R   1,167,618  
  900   Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42 2/18 at 100.00   N/R   899,946  
  100   Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 11/20 at 100.00   N/R   100,477  
      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   504,815  
  350   4.125%, 9/01/35 9/24 at 100.00   N/R   352,338  
  585   Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 1/23 at 100.00   N/R   592,137  
  330   Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A, 6.000%, 5/01/47 5/19 at 102.00   N/R   347,233  
  12,416   Total Long-Term Care         12,670,253  
      Materials – 2.8% (1.8% of Total Investments)            
  2,650   Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax), 144A 10/22 at 100.00   BBB–   2,471,735  
      Tax Obligation/General – 16.8% (10.5% of Total Investments)            
  1,000   Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 2/27 at 100.00   AA+   1,076,210  
  300   Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/35 2/25 at 67.23   AA+   161,943  
  1,000   Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 2/25 at 100.00   Aa2   1,045,570  
  1,000   Delano Independent School District 879, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35 2/26 at 100.00   Aa2   969,860  

 

NUVEEN
41


 

NMS Nuveen Minnesota Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
      Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School Building Series 2015A:            
$ 940   0.000%, 2/01/37 No Opt. Call   Aa2 $ 407,311  
  1,075   0.000%, 2/01/38 No Opt. Call   Aa2   443,513  
  1,500   Independent School District 2310 Sibley East, Minnesota, General Obligation School Building Bonds, Series 2015A, 4.000%, 2/01/40 2/25 at 100.00   Aa2   1,565,430  
  500   Little Falls Independent School District 482, Minnesota, General Obligation Bonds, Series 2016A, 2.625%, 2/01/37 8/26 at 100.00   Aa2   439,565  
  1,500   Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/30 2/24 at 100.00   AA+   1,624,965  
  1,000   Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/38 (WI/DD, Settling 12/06/17) 2/28 at 100.00   AA+   1,079,660  
  350   Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 3.125%, 2/01/34 2/25 at 100.00   Aa2   348,450  
  1,000   Saint James Independent School District 840, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/45 2/26 at 100.00   AA+   1,061,440  
  280   Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, School Building Series 2017A, 3.125%, 2/01/31 2/26 at 100.00   Aa2   283,928  
  1,000   Sartell Independent School District 748, Stearns County, Minnesota, General Obligation Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 2/25 at 62.98   Aa2   469,070  
  1,605   Spring Lake Independent School District 16, Anoka County, Minnesota, General Obligation Bonds, Refunding School Building Series 2016A, 3.000%, 2/01/35 2/26 at 100.00   Aa2   1,556,625  
  1,970   Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation Bonds, School Building Series 2014A, 3.500%, 2/01/31 2/23 at 100.00   AAA   2,036,724  
  16,020   Total Tax Obligation/General         14,570,264  
      Tax Obligation/Limited – 12.7% (7.9% of Total Investments)            
  1,000   Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, Series 2015A, 4.000%, 2/01/41 2/23 at 100.00   A+   1,035,320  
  1,600   Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured 2/22 at 77.70   Aa2   1,096,144  
  125   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30 3/23 at 100.00   N/R   126,173  
  500   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29 3/24 at 100.00   N/R   520,615  
  2,230   Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31 8/21 at 100.00   AA   2,464,819  
  1,000   Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015A, 3.750%, 2/01/36 2/25 at 100.00   A1   1,029,090  
  750   Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2015B, 4.000%, 2/01/42 2/25 at 100.00   A1   779,318  
      Saint Cloud Independent School District 742, Stearns County, Minnesota, Certificates of Participation, Saint Cloud Area Public Schools, Series 2017A:            
  145   5.000%, 2/01/32 2/25 at 100.00   A1   166,978  
  500   4.000%, 2/01/38 2/25 at 100.00   A1   512,820  
      Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 2700 University at Westgate Station, Series 2015B:            
  455   4.875%, 4/01/30 4/23 at 100.00   N/R   462,671  
  895   5.250%, 4/01/43 4/23 at 100.00   N/R   904,272  
      Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:            
  500   5.000%, 9/01/26 3/20 at 102.00   N/R   525,925  
  500   5.000%, 3/01/29 3/20 at 102.00   N/R   523,375  

 

42
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 800   Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 11/24 at 100.00   A+ $ 829,576  
  11,000   Total Tax Obligation/Limited         10,977,096  
      Transportation – 2.4% (1.5% of Total Investments)            
  1,600   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 1/27 at 100.00   AA–   1,853,920  
  225   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax) 1/20 at 100.00   A+   232,103  
  1,825   Total Transportation         2,086,023  
      U.S. Guaranteed – 19.0% (11.8% of Total Investments) (4)            
  390   Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) 6/20 at 102.00   BBB– (4)   429,152  
  1,600   Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.750%, 2/01/24 (Pre-refunded 2/01/18) 2/18 at 100.00   Aa2 (4)   1,607,872  
  2,675   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 11/18 at 100.00   A+ (4)   2,808,375  
  1,000   Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20 (Pre-refunded 8/01/18) 8/18 at 100.00   N/R (4)   1,018,930  
      Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A:            
  1,000   5.000%, 1/01/20 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   AA (4)   1,002,810  
  1,000   5.000%, 1/01/21 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   AA (4)   1,002,810  
  470   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) 5/20 at 100.00   Aaa   508,399  
  2,215   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   Aaa   2,360,238  
  825   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29 (Pre-refunded 11/15/19) 11/19 at 100.00   N/R (4)   882,824  
  800   St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A, 5.000%, 8/01/30 (Pre-refunded 8/01/18) 8/18 at 102.00   A+ (4)   835,192  
  580   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) 11/25 at 100.00   A+ (4)   704,410  
  2,000   University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 (Pre-refunded 12/01/20) 12/20 at 100.00   Aa1 (4)   2,210,560  
  1,000   West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46 (Pre-refunded 9/01/19) 9/19 at 100.00   N/R (4)   1,090,000  
  15,555   Total U.S. Guaranteed         16,461,572  
      Utilities – 21.9% (13.6% of Total Investments)            
  500   Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 4.000%, 10/01/33 10/24 at 100.00   A2   526,215  
  965   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 10/26 at 100.00   A2   1,116,061  
  300   Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/18 – AGC Insured No Opt. Call   AA   300,849  
  500   Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2017, 5.000%, 1/01/41 1/27 at 100.00   A–   572,080  
  1,170   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/42 12/26 at 100.00   Aa3   1,363,237  
  500   Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 10/27 at 100.00   A–   524,860  

 

NUVEEN
43


 

NMS Nuveen Minnesota Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
      Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:            
$ 8,600   0.000%, 1/01/19 – NPFG Insured No Opt. Call   A+ $ 8,449,411  
  1,100   0.000%, 1/01/23 – NPFG Insured No Opt. Call   A+   983,895  
  3,070   0.000%, 1/01/24 – NPFG Insured No Opt. Call   A+   2,666,970  
  135   0.000%, 1/01/26 – NPFG Insured No Opt. Call   A+   109,582  
      Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:            
  1,000   4.000%, 1/01/40 1/24 at 100.00   Aa3   1,037,670  
  1,200   5.000%, 1/01/46 1/24 at 100.00   Aa3   1,361,580  
  19,040   Total Utilities         19,012,410  
      Water and Sewer – 5.7% (3.6% of Total Investments)            
      Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:            
  1,800   0.000%, 10/01/21 4/19 at 89.45   AA+   1,580,382  
  1,800   0.000%, 10/01/22 4/19 at 85.14   AA+   1,502,856  
  1,800   0.000%, 10/01/23 4/19 at 80.85   AA+   1,425,834  
  415   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 7/26 at 100.00   A–   455,761  
  5,815   Total Water and Sewer         4,964,833  
$ 138,008   Total Long-Term Investments (cost $133,877,076)         139,329,139  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (60.8)% (5)         (52,765,642)  
      Other Assets Less Liabilities – 0.2%         192,845  
      Net Assets Applicable to Common Shares – 100%       $ 86,756,342  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(5) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 37.9%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

 

44
NUVEEN


 

NOM    
Nuveen Missouri Quality Municipal Income Fund  
  Portfolio of Investments November 30, 2017 (Unaudited)

 

 

                   
  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 150.7% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 150.7% (100.0% of Total Investments)            
      Consumer Staples – 4.0% (2.7% of Total Investments)            
$ 1,055   Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) No Opt. Call   AA– $ 1,275,684  
      Education and Civic Organizations – 22.5% (14.9% of Total Investments)            
  300   Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 11/24 at 100.00   AA+   322,074  
  250   Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured 2/18 at 100.00   AA   250,730  
  410   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33 6/23 at 100.00   A1   458,052  
  750   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB+   819,825  
  600   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 10/22 at 100.00   BBB–   643,740  
  725   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   820,142  
  630   Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41 10/21 at 100.00   A–   694,739  
  510   Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 5.000%, 10/01/39 10/23 at 100.00   A–   568,446  
  700   Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35 10/18 at 103.00   BB+   740,747  
  1,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A, 4.000%, 10/01/42 10/25 at 100.00   AA–   1,047,190  
  550   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 11/21 at 100.00   AA+   607,255  
  125   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Refunding Series 2017, 4.000%, 4/01/34 4/27 at 100.00   A2   130,844  
  100   Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40 10/23 at 100.00   N/R   98,869  
  6,650   Total Education and Civic Organizations         7,202,653  
      Health Care – 36.0% (23.9% of Total Investments)            
  300   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/30 8/26 at 100.00   A   334,611  
  250   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 3/27 at 100.00   BBB–   274,203  
  170   Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Inc., Series 2017B, 4.400%, 12/01/34 12/25 at 100.00   N/R   169,194  
  250   Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   BBB+   278,298  
  200   Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31 2/21 at 100.00   A–   216,466  
  315   Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35 2/24 at 100.00   A–   343,485  
  1,000   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 1/25 at 100.00   AA   1,038,120  

 

NUVEEN
45


 

NOM Nuveen Missouri Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 540   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27 11/20 at 100.00   Baa1 $ 579,755  
  1,730   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/44 11/23 at 100.00   A2   1,889,868  
  415   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A, 5.000%, 11/15/32 11/25 at 100.00   A2   472,436  
  335   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 2/22 at 100.00   A1   363,378  
  290   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%, 11/15/42 11/22 at 100.00   AA–   299,727  
  300   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F, 4.250%, 11/15/48 11/24 at 100.00   AA–   314,709  
  425   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C, 4.000%, 11/15/47 11/27 at 100.00   AA–   440,904  
  500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 12/21 at 100.00   A+   553,635  
  500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 5.000%, 6/01/31 6/24 at 100.00   AA–   566,280  
  2,000   Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke’s Health System, Series 2010A, 5.000%, 11/15/30 11/20 at 100.00   A+   2,145,759  
  500   Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 11/25 at 100.00   N/R   503,245  
  720   Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28 12/20 at 100.00   BB+   764,064  
  10,740   Total Health Care         11,548,137  
      Housing/Single Family – 0.8% (0.5% of Total Investments)            
  240   Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 11/26 at 100.00   AA+   246,823  
      Long-Term Care – 13.9% (9.2% of Total Investments)            
  190   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33 5/25 at 100.00   N/R   186,987  
  250   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28 5/18 at 100.00   N/R   250,033  
  500   Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31 2/18 at 100.00   BBB–   501,270  
  100   Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 5/27 at 100.00   N/R   105,876  
  475   Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/32 2/18 at 100.00   BB+   475,546  
  250   Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39 8/24 at 100.00   BB+   266,070  
  250   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41 2/21 at 100.00   BBB   271,955  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A:            
  250   5.000%, 2/01/35 2/24 at 100.00   BBB   270,315  
  500   5.000%, 2/01/44 2/24 at 100.00   BBB   534,910  
  250   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 2/26 at 100.00   N/R   271,960  

 

46
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
      St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:            
$ 250   5.000%, 9/01/32 9/22 at 100.00   BBB+ $ 271,475  
  425   5.000%, 9/01/42 9/22 at 100.00   BBB+   455,294  
  430   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   BBB+   493,270  
  100   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 12/25 at 100.00   N/R   105,530  
  4,220   Total Long-Term Care         4,460,491  
      Tax Obligation/General – 13.6% (9.0% of Total Investments)            
  500   Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32 3/22 at 100.00   A+   530,035  
  340   Clay County Reorganized School District R-II Smithville, Missouri, General Obligation Bonds, Refunding Series 2015, 4.000%, 3/01/36 3/27 at 100.00   AA+   362,722  
  500   Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/32 3/24 at 100.00   AA+   538,880  
  1,340   Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 3/20 at 100.00   AA+   1,436,519  
  500   Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31 3/21 at 100.00   AA–   547,500  
  850   Saint Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Refunding Series 2017A, 4.000%, 3/01/30 3/26 at 100.00   AA   932,450  
  4,030   Total Tax Obligation/General         4,348,106  
      Tax Obligation/Limited – 22.4% (14.9% of Total Investments)            
  910   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 10/22 at 100.00   AA+   1,029,574  
  350   Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 6/24 at 100.00   N/R   355,075  
  250   Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 5.125%, 5/01/41 5/25 at 100.00   N/R   251,135  
  315   Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 2/18 at 100.00   N/R   202,079  
  430   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 1/22 at 100.00   A   451,100  
      Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:            
  180   4.875%, 3/01/33 3/23 at 100.00   BB+   182,270  
  115   5.000%, 3/01/38 3/23 at 100.00   BB+   115,941  
  485   Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23 12/21 at 100.00   Aa3   526,109  
  300   Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32 9/21 at 100.00   AA–   328,080  
  155   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26, 144A No Opt. Call   N/R   160,379  
  110   Kansas City, Missouri, Special Obligation Bonds, Downtown Arena Project, Refunding & Improvement Series 2016E, 4.000%, 4/01/36 4/25 at 100.00   AA–   115,116  
  325   Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 9/23 at 100.00   AA–   364,683  
  245   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34 6/23 at 100.00   A   252,431  

 

NUVEEN
47


 

NOM Nuveen Missouri Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 55   Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured 3/18 at 100.00   A $ 55,189  
  445   Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23 2/18 at 100.00   N/R   441,654  
  140   Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 5/21 at 100.00   N/R   140,734  
  530   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   A3   121,439  
  250   Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44, 144A 7/24 at 100.00   N/R   250,953  
  600   Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 4/25 at 100.00   Aa2   631,902  
      St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:            
  340   5.375%, 11/01/24 2/18 at 100.00   N/R   340,010  
  400   5.500%, 11/01/27 2/18 at 100.00   N/R   399,988  
  200   St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27 2/18 at 100.00   N/R   199,994  
  50   The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 11/26 at 100.00   N/R   51,319  
  215   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36 6/26 at 100.00   BBB   224,406  
  7,395   Total Tax Obligation/Limited         7,191,560  
      Transportation – 5.5% (3.7% of Total Investments)            
  335   Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured 10/23 at 100.00   AA   381,743  
      Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2017D:            
  220   5.000%, 7/01/34 – AGM Insured (Alternative Minimum Tax) 7/27 at 100.00   AA   252,824  
  100   5.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 7/27 at 100.00   AA   114,564  
  1,000   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured No Opt. Call   A–   1,023,850  
  1,655   Total Transportation         1,772,981  
      U.S. Guaranteed – 12.8% (8.5% of Total Investments) (4)            
  525   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39 (Pre-refunded 6/01/19) 6/19 at 100.00   AA– (4)   557,309  
  600   Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39 (Pre-refunded 3/01/18) 3/18 at 100.00   BBB (4)   606,762  
  345   Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 (Pre-refunded 3/01/20) 3/20 at 100.00   N/R (4)   368,746  
  600   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21) 4/21 at 100.00   A2 (4)   663,732  
  1,140   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 2/18 at 100.00   N/R (4)   1,252,928  
  100   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 9/22 at 100.00   BBB+ (4)   114,332  
  500   St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   547,955  
  3,810   Total U.S. Guaranteed         4,111,764  

 

48
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities – 5.6% (3.7% of Total Investments)            
$ 350   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A, 5.000%, 1/01/32 1/25 at 100.00   A $ 396,942  
  500   Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35 1/26 at 100.00   A   529,350  
      Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:            
  400   5.000%, 1/01/32 1/21 at 100.00   A2   428,676  
  425   5.000%, 1/01/37 1/21 at 100.00   A2   452,612  
  1,675   Total Utilities         1,807,580  
      Water and Sewer – 13.6% (9.0% of Total Investments)            
  250   Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017, 5.000%, 1/01/47 1/25 at 100.00   BBB+   263,218  
  475   Franklin County Public Water Supply District 3, Missouri, Certificates of Participation, Series 2017, 4.000%, 12/01/37 12/24 at 100.00   A+   492,903  
  125   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2016C, 5.000%, 5/01/46 5/26 at 100.00   AAA   144,965  
  2,000   Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42 5/22 at 100.00   AAA   2,219,779  
  500   Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 1/25 at 100.00   Aa3   567,060  
  585   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016C, 5.000%, 12/01/32 12/25 at 100.00   AA   670,720  
  3,935   Total Water and Sewer         4,358,645  
$ 45,405   Total Long-Term Investments (cost $45,695,152)         48,324,424  
      MuniFund Preferred Shares, net of deferred offering costs – (55.5)% (5)         (17,805,820 )
      Other Assets Less Liabilities – 4.8%         1,545,902  
      Net Assets Applicable to Common Shares – 100%       $ 32,064,506  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(5) MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 36.8%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM Escrowed to maturity.

See accompanying notes to financial statements.

 

NUVEEN
49


 

NNC  
  Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments November 30, 2017 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 159.1% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 159.1% (100.0% of Total Investments)            
      Education and Civic Organizations – 27.8% (17.5% of Total Investments)            
      Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013:            
$ 2,950   5.000%, 4/01/33 4/22 at 100.00   A– $ 3,221,312  
  1,000   5.125%, 4/01/43 4/22 at 100.00   A–   1,089,360  
  5,000   East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41 10/23 at 100.00   Aa2   5,633,050  
  2,310   East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29 4/26 at 100.00   Aa2   2,737,720  
  1,500   Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured 4/21 at 100.00   AA   1,621,380  
      North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014:            
  500   5.000%, 3/01/26 3/22 at 100.00   AA+   561,995  
  250   5.000%, 3/01/28 3/22 at 100.00   AA+   280,565  
  500   5.000%, 3/01/29 3/22 at 100.00   AA+   560,695  
  500   5.000%, 3/01/32 3/22 at 100.00   AA+   555,100  
  1,230   5.000%, 3/01/45 3/22 at 100.00   AA+   1,357,674  
  3,900   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B, 5.000%, 7/01/42 10/26 at 100.00   AA+   4,596,696  
  1,605   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Series 2015 A, 5.000%, 10/01/55 10/25 at 100.00   AA+   1,832,140  
      North Carolina Capital Facilities Finance Agency, Revenue Bonds, Johnson & Wales University, Series 2013A:            
  1,560   5.000%, 4/01/32 4/23 at 100.00   A–   1,745,827  
  1,000   5.000%, 4/01/33 4/23 at 100.00   A–   1,116,480  
  4,440   North Carolina Capital Facilities Finance Agency, Revenue Bonds, The Methodist University, Series 2012, 5.000%, 3/01/34 3/22 at 100.00   BBB   4,781,836  
      North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016:            
  5,000   4.000%, 1/01/37 7/26 at 100.00   AA   5,379,400  
  1,750   4.000%, 1/01/39 7/26 at 100.00   AA   1,877,313  
      North Carolina Central University, General Revenue Bonds, Refunding Series 2016:            
  2,915   5.000%, 10/01/23 No Opt. Call   A3   3,333,157  
  3,070   5.000%, 10/01/24 No Opt. Call   A3   3,563,349  
  1,360   5.000%, 10/01/25 No Opt. Call   A3   1,592,859  
  2,020   North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/23 at 100.00   Aa1   2,282,741  
  290   University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 – AMBAC Insured 2/18 at 100.00   A   290,832  
  800   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45 4/25 at 100.00   Aa3   914,656  
      University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:            
  2,070   5.000%, 4/01/32 4/24 at 100.00   Aa3   2,391,906  
  1,175   5.000%, 4/01/33 4/24 at 100.00   Aa3   1,355,480  
  1,385   5.000%, 4/01/35 4/24 at 100.00   Aa3   1,590,728  
  2,735   University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   Aa3   3,207,553  
  1,415   University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017, 5.000%, 4/01/31 (WI/DD, Settling 12/14/17) 4/28 at 100.00   Aa3   1,715,744  

 

50
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
      University of North Carolina, Greensboro, General Revenue Bonds, Series 2014:            
$ 1,000   5.000%, 4/01/32 4/24 at 100.00   Aa3 $ 1,163,170  
  3,065   5.000%, 4/01/39 4/24 at 100.00   Aa3   3,516,413  
  1,250   Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 10/25 at 100.00   Aa3   1,437,263  
  59,545   Total Education and Civic Organizations         67,304,394  
      Health Care – 24.0% (15.1% of Total Investments)            
  2,750   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2009A, 5.250%, 1/15/39 1/19 at 100.00   AA–   2,857,828  
  5,250   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series 2012A, 5.000%, 1/15/43 1/22 at 100.00   AA–   5,781,563  
  2,000   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 1/21 at 100.00   AA–   2,199,060  
  4,295   Nash Health Care Systems, North Carolina, Health Care Facilities Revenue Bonds, Series 2012, 5.000%, 11/01/41 5/22 at 100.00   BBB+   4,585,686  
  500   New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Refunding Series 2013, 5.000%, 10/01/26 10/23 at 100.00   A+   578,800  
  2,700   New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   A+   3,055,725  
      North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health Inc., Series 2010A:            
  4,750   5.250%, 11/01/40 11/20 at 100.00   AA–   5,215,785  
  5,000   5.000%, 11/01/43 11/20 at 100.00   AA–   5,447,350  
  2,680   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian Regional HealthCare System, Series 2011A, 6.500%, 7/01/31 7/21 at 100.00   BBB+   2,932,778  
  2,750   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Blue Ridge HealthCare, Refunding Series 2010A, 5.000%, 1/01/36 1/20 at 100.00   A   2,880,983  
  2,375   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cape Fear Valley Health System, Refunding Series 2012A, 5.000%, 10/01/27 10/22 at 100.00   A–   2,624,019  
  1,250   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Refunding Series 2016D, 5.000%, 6/01/29 6/26 at 100.00   AA   1,499,850  
  2,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   AA   2,214,480  
  2,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Rex Healthcare, Series 2015A, 5.000%, 7/01/44 7/25 at 100.00   AA–   2,233,620  
  3,515   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 6/22 at 100.00   A+   3,893,566  
  1,125   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Refunding Series 2012B, 5.000%, 12/01/27 12/22 at 100.00   A   1,279,721  
  3,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series 2012A, 5.000%, 12/01/45 12/22 at 100.00   A   3,350,790  
  2,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A, 5.000%, 10/01/27 10/22 at 100.00   A+   2,283,520  
  2,930   North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012, 5.000%, 6/01/32 6/22 at 100.00   A   3,223,234  
  52,870   Total Health Care         58,138,358  

 

NUVEEN
51


 

NNC Nuveen North Carolina Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Multifamily – 1.2% (0.7% of Total Investments)            
      Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:            
$ 535   5.150%, 1/01/22 (Alternative Minimum Tax) 7/18 at 100.00   N/R $ 541,003  
  2,260   5.375%, 1/01/36 (Alternative Minimum Tax) 7/18 at 100.00   N/R   2,276,521  
  2,795   Total Housing/Multifamily         2,817,524  
      Housing/Single Family – 0.7% (0.5% of Total Investments)            
  1,660   North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28 1/21 at 100.00   AA   1,743,930  
      Long-Term Care – 1.5% (0.9% of Total Investments)            
  2,690   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Deerfield Episcopal Retirement Community, Refunding First Mortgage Series 2016, 5.000%, 11/01/37 11/26 at 100.00   N/R   3,062,673  
  450   North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc., Refunding Series 2013A, 5.000%, 10/01/33 10/23 at 100.00   N/R   488,727  
  3,140   Total Long-Term Care         3,551,400  
      Tax Obligation/General – 7.7% (4.8% of Total Investments)            
      Catawba County, North Carolina, General Obligation Bonds, Limited Obligation Series 2014A:            
  1,000   5.000%, 6/01/30 6/24 at 100.00   Aa2   1,141,870  
  730   5.000%, 6/01/31 6/24 at 100.00   Aa2   831,229  
      Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A:            
  1,000   5.000%, 7/01/28 7/26 at 100.00   AAA   1,214,220  
  1,150   5.000%, 7/01/29 7/26 at 100.00   AAA   1,388,384  
  1,000   5.000%, 7/01/30 7/26 at 100.00   AAA   1,202,120  
      Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016:            
  300   5.000%, 6/01/25 No Opt. Call   AA   360,480  
  1,450   5.000%, 6/01/27 No Opt. Call   AA   1,787,691  
  835   Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26 No Opt. Call   AAA   1,032,144  
  1,050   Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30 4/20 at 100.00   AA+   1,125,653  
  1,220   Guilford County, North Carolina, General Obligation Bonds, Public Improvement Series 2017B, 5.000%, 5/01/26 No Opt. Call   AAA   1,499,819  
  1,740   Guilford County, North Carolina, General Obligation Bonds, Refunding Series 2017, 5.000%, 3/01/27 No Opt. Call   AAA   2,161,811  
  1,000   Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/25 No Opt. Call   AAA   1,216,540  
  1,000   Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 No Opt. Call   AAA   1,234,960  
  2,000   Wake County, North Carolina, Limited Obligation Bonds, Refunding Series 2016A, 5.000%, 12/01/35 12/26 at 100.00   AA+   2,352,840  
  15,475   Total Tax Obligation/General         18,549,761  
      Tax Obligation/Limited – 20.3% (12.8% of Total Investments)            
      Buncombe County, North Carolina, Limited Obligation Bonds, Refunding Series 2014A:            
  1,085   5.000%, 6/01/33 6/24 at 100.00   AA+   1,250,115  
  1,600   5.000%, 6/01/34 6/24 at 100.00   AA+   1,837,280  
  2,405   Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Refunding Series 2008A, 5.000%, 6/01/33 6/18 at 100.00   AA+   2,446,318  
  2,045   Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39 12/24 at 100.00   AAA   2,358,335  
  2,085   Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28 6/22 at 100.00   AA   2,312,640  
  500   Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 10/25 at 100.00   AA   585,610  
  783   Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24 2/23 at 100.00   N/R   807,492  

 

52
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:            
$ 1,065   5.000%, 4/01/29 4/22 at 100.00   Aa3 $ 1,189,222  
  1,165   5.000%, 4/01/30 4/22 at 100.00   Aa3   1,298,334  
  1,000   5.000%, 4/01/31 4/22 at 100.00   Aa3   1,111,830  
  200   5.000%, 4/01/32 4/22 at 100.00   Aa3   221,756  
      North Carolina State, Limited Obligation Bonds, Refunding Series 2014C:            
  3,000   5.000%, 5/01/24 No Opt. Call   AA+   3,552,600  
  5,000   5.000%, 5/01/25 5/24 at 100.00   AA+   5,901,200  
  2,000   North Carolina State, Limited Obligation Bonds, Refunding Series 2017B, 5.000%, 5/01/28 5/27 at 100.00   AA+   2,454,460  
  8,065   North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   AA   8,816,816  
      Orange County Public Facilities Company, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
  1,500   5.000%, 10/01/26 No Opt. Call   AA+   1,827,105  
  200   5.000%, 10/01/27 No Opt. Call   AA+   246,448  
  150   5.000%, 10/01/28 10/27 at 100.00   AA+   183,656  
  400   5.000%, 10/01/30 10/27 at 100.00   AA+   483,908  
  1,000   Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 10/23 at 100.00   AA+   1,148,140  
      Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:            
  1,195   5.000%, 10/01/25 10/24 at 100.00   AA+   1,425,145  
  1,305   5.000%, 10/01/26 10/24 at 100.00   AA+   1,559,084  
  650   Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/30 5/26 at 100.00   AA+   765,518  
      Sampson County, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
  300   5.000%, 9/01/32 9/27 at 100.00   A1   355,077  
  1,250   4.000%, 9/01/35 9/27 at 100.00   A1   1,334,163  
  1,265   4.000%, 9/01/36 9/27 at 100.00   A1   1,344,720  
  1,000   4.000%, 9/01/37 9/27 at 100.00   A1   1,060,440  
      Wayne County, North Carolina General Obligation Bonds, Limited Series 2017:            
  500   5.000%, 6/01/25 No Opt. Call   AA–   598,500  
  500   5.000%, 6/01/26 No Opt. Call   AA–   607,035  
  43,213   Total Tax Obligation/Limited         49,082,947  
      Transportation – 26.1% (16.4% of Total Investments)            
  5,000   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A, 5.000%, 7/01/39 7/20 at 100.00   AA–   5,357,650  
  10   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28 (Alternative Minimum Tax) 7/20 at 100.00   AA–   10,817  
  1,425   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   AA–   1,570,208  
      Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2014A:            
  2,865   5.000%, 7/01/27 7/24 at 100.00   AA–   3,393,965  
  3,000   5.000%, 7/01/28 7/24 at 100.00   AA–   3,543,750  
      Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Refunding Series 2017A:            
  1,365   5.000%, 7/01/42 7/27 at 100.00   Aa3   1,606,878  
  5,390   5.000%, 7/01/47 7/27 at 100.00   Aa3   6,325,378  
  1,400   Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International, Series 2011B, 5.000%, 7/01/36 (Alternative Minimum Tax) 7/21 at 100.00   AA–   1,524,474  
  10,000   North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015, 5.000%, 6/30/54 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   10,714,897  
  2,725   North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 5.250%, 2/01/40 2/20 at 100.00   A3   2,884,958  

 

NUVEEN
53


 

NNC Nuveen North Carolina Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call        
  Amount (000)   Description (1) Provisions (2)   Ratings (3)    Value   
      Transportation (continued)            
$ 515   North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 5.000%, 2/01/29 2/20 at 100.00   A3 $ 544,659  
      North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Capital Appreciation Series 2017C:            
  835   0.000%, 7/01/28 7/26 at 91.99   BBB–   556,194  
  800   0.000%, 7/01/30 7/26 at 83.69   BBB–   477,952  
  850   0.000%, 7/01/31 7/26 at 79.58   BBB–   480,046  
  2,400   0.000%, 7/01/33 7/26 at 71.99   BBB–   1,214,856  
  3,160   0.000%, 7/01/36 7/26 at 61.63   BBB–   1,353,238  
  3,100   0.000%, 7/01/37 7/26 at 58.52   BBB–   1,257,577  
  1,900   0.000%, 7/01/40 7/26 at 50.36   BBB–   658,274  
  400   North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47 7/26 at 100.00   BBB–   439,132  
  2,200   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior Lien Series 2017, 5.000%, 1/01/39 – AGM Insured 1/27 at 100.00   AA   2,511,564  
      North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien Series 2009B:            
  150   0.000%, 1/01/31 – AGC Insured No Opt. Call   AA   96,527  
  4,375   0.000%, 1/01/33 – AGC Insured No Opt. Call   AA   2,562,525  
  2,300   0.000%, 1/01/34 – AGC Insured No Opt. Call   AA   1,289,978  
  2,380   0.000%, 1/01/35 – AGC Insured No Opt. Call   AA   1,268,397  
  7,575   0.000%, 1/01/37 – AGC Insured No Opt. Call   AA   3,715,159  
  1,470   0.000%, 1/01/38 – AGC Insured No Opt. Call   AA   690,430  
      Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A:            
  2,490   5.000%, 5/01/26 5/20 at 100.00   Aa3   2,683,672  
  4,125   5.000%, 5/01/36 5/20 at 100.00   Aa3   4,403,438  
  74,205   Total Transportation         63,136,593  
      U.S. Guaranteed – 30.4% (19.1% of Total Investments) (4)            
  3,100   Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 4/01/31 (Pre-refunded 4/01/18) – AGM Insured 4/18 at 100.00   AA (4)   3,137,944  
      Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2008:            
  425   5.000%, 8/01/28 (Pre-refunded 8/01/18) 8/18 at 100.00   AA+ (4)   435,408  
  1,005   5.000%, 8/01/35 (Pre-refunded 8/01/18) 8/18 at 100.00   AA+ (4)   1,029,612  
  4,950   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18) 1/18 at 100.00   AA– (4)   4,971,384  
      Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:            
  3,860   5.000%, 2/01/36 (Pre-refunded 2/01/21) 2/21 at 100.00   AA (4)   4,257,541  
  1,250   5.000%, 2/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   AA (4)   1,378,738  
  8,600   Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41 (Pre-refunded 6/01/21) 6/21 at 100.00   AAA   9,582,891  
      Harnett County, North Carolina, Certificates of Participation, Series 2009:            
  1,000   5.000%, 6/01/28 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA (4)   1,050,520  
  500   5.000%, 6/01/29 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA (4)   525,260  
  2,225   Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 (Pre-refunded 4/01/18) – AGM Insured 4/18 at 100.00   AA (4)   2,253,658  
  400   Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27 (Pre-refunded 2/01/19) 2/19 at 100.00   AA+ (4)   415,728  
  555   New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31 (Pre-refunded 10/01/19) – AGM Insured 10/19 at 100.00   AA (4)   590,243  
  1,000   North Carolina Capital Facilities Finance Agency, General Revenue Bonds, Duke University, Series 2009B, 5.000%, 10/01/38 (Pre-refunded 4/01/19) 4/19 at 100.00   AA+ (4)   1,044,920  

 

54
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (4) (continued)            
      North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B:            
$ 100   6.000%, 1/01/22 (ETM) No Opt. Call   AAA $ 116,601  
  180   6.000%, 1/01/22 – NPFG Insured (ETM) No Opt. Call   A3 (4)   210,656  
  1,400   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 5.000%, 1/01/26 (Pre-refunded 1/01/19) 1/19 at 100.00   AAA   1,450,358  
  3,500   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2012A, 5.000%, 1/01/25 (Pre-refunded 7/01/22) 7/22 at 100.00   AAA   3,996,335  
  1,680   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R (4)   1,884,053  
  4,260   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM) No Opt. Call   Aaa   4,467,036  
  785   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   813,668  
  1,535   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B, 5.000%, 1/01/21 (ETM) No Opt. Call   AAA   1,689,513  
      North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:            
  140   5.000%, 1/01/21 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (4)   145,113  
  265   5.375%, 1/01/26 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (4)   275,733  
  1,700   5.500%, 1/01/29 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (4)   1,771,111  
  7,335   5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (4)   7,661,258  
  750   Northern Hospital District Surry County, North Carolina, Health Care Facilities Revenue Bonds, Series 2008, 6.250%, 10/01/38 (Pre-refunded 4/01/18) 4/18 at 100.00   BBB (4)   761,955  
  1,210   Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 (Pre-refunded 6/01/18) – NPFG Insured 6/18 at 100.00   A+ (4)   1,231,986  
      Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009:            
  2,020   6.000%, 6/01/34 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA (4)   2,151,724  
  1,020   6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA (4)   1,086,514  
      Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011:            
  600   5.625%, 6/01/30 (Pre-refunded 6/01/20) – AGC Insured 6/20 at 100.00   AA (4)   658,602  
  2,100   5.750%, 6/01/36 (Pre-refunded 6/01/20) – AGC Insured 6/20 at 100.00   AA (4)   2,311,491  
      University of North Carolina, System Pooled Revenue Bonds, Series 2009C:            
  1,000   5.250%, 10/01/28 (Pre-refunded 10/01/19) 10/19 at 100.00   A3 (4)   1,065,740  
  1,000   5.375%, 10/01/29 (Pre-refunded 10/01/19) 10/19 at 100.00   A3 (4)   1,067,980  
  5,100   Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37 (Pre-refunded 1/01/20) 1/20 at 100.00   AA+ (4)   5,460,009  
  2,450   Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29 (Pre-refunded 6/01/18) 6/18 at 100.00   AA+ (4)   2,494,517  
  69,000   Total U.S. Guaranteed         73,445,800  
      Utilities – 7.6% (4.8% of Total Investments)            
  1,040   Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 5.000%, 4/01/26 No Opt. Call   Aa2   1,264,796  
      Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016:            
  1,110   5.000%, 3/01/24 No Opt. Call   A+   1,289,598  
  395   5.000%, 3/01/25 No Opt. Call   A+   464,891  
  1,330   5.000%, 3/01/28 3/26 at 100.00   A+   1,562,138  
  775   5.000%, 3/01/30 3/26 at 100.00   A+   900,914  
  1,710   5.000%, 3/01/32 3/26 at 100.00   A+   1,974,212  
  900   4.000%, 3/01/33 3/26 at 100.00   A+   959,157  
  5,000   North Carolina Capital Facilities Financing Agency, Solid Waste Disposal Revenue Bond, Duke Energy Carolinas Project, Refunding Series 2008B, 4.625%, 11/01/40 11/20 at 100.00   Aa2   5,291,850  
  315   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/30 1/19 at 100.00   A   325,953  

 

NUVEEN
55


 

NNC Nuveen North Carolina Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
      North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A:            
$ 1,545   5.000%, 1/01/28 1/26 at 100.00   A $ 1,829,543  
  1,500   5.000%, 1/01/32 1/26 at 100.00   A   1,741,695  
  760   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/30 7/26 at 100.00   A   896,177  
  16,380   Total Utilities         18,500,924  
      Water and Sewer – 11.8% (7.4% of Total Investments)            
  1,145   Brunswick County, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/25 4/22 at 100.00   AA–   1,291,675  
      Buncombe County Metropolitan Sewerage District, North Carolina, Sewerage System Revenue Bonds, Refunding Series 2017:            
  800   5.000%, 7/01/28 7/27 at 100.00   Aaa   991,656  
  1,080   5.000%, 7/01/29 7/27 at 100.00   Aaa   1,327,212  
  2,135   Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2011, 5.000%, 8/01/31 8/21 at 100.00   AA+   2,366,989  
      Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015:            
  940   5.000%, 7/01/32 7/25 at 100.00   AAA   1,110,488  
  2,325   5.000%, 7/01/40 7/25 at 100.00   AAA   2,715,089  
  1,000   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2008, 5.000%, 7/01/38 7/18 at 100.00   AAA   1,021,290  
  1,535   Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28 5/22 at 100.00   AA   1,736,684  
  3,040   Oak Island, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2015, 5.000%, 6/01/33 – AGM Insured 6/25 at 100.00   AA   3,509,133  
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:            
  550   5.000%, 3/01/30 3/22 at 100.00   AAA   619,152  
  1,600   5.000%, 3/01/31 3/22 at 100.00   AAA   1,799,088  
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:            
  5,000   5.000%, 3/01/28 3/23 at 100.00   AAA   5,764,300  
  3,785   5.000%, 3/01/43 3/23 at 100.00   AAA   4,278,791  
  24,935   Total Water and Sewer         28,531,547  
$ 363,218   Total Long-Term Investments (cost $366,350,551)         384,803,178  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (63.7)% (5)         (153,982,033 )
      Other Assets Less Liabilities – 4.6%         11,034,136  
      Net Assets Applicable to Common Shares – 100%       $ 241,855,281  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(5) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 40.0%.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
ETM Escrowed to maturity.

See accompanying notes to financial statements.

 

56
NUVEEN


 

NPV    
  Nuveen Virginia Quality Municipal Income Fund  
  Portfolio of Investments November 30, 2017 (Unaudited)

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 150.8% (99.5% of Total Investments)            
      MUNICIPAL BONDS – 150.8% (99.5% of Total Investments)            
      Consumer Staples – 6.1% (4.0% of Total Investments)            
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
$ 560   5.250%, 6/01/32 1/18 at 100.00   N/R $ 559,989  
  700   5.625%, 6/01/47 1/18 at 100.00   N/R   683,095  
  8,135   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 1/18 at 100.00   B–   7,874,029  
  6,645   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46 6/21 at 100.00   B–   6,462,196  
  140   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 5/18 at 100.00   A3   140,253  
  16,180   Total Consumer Staples         15,719,562  
      Education and Civic Organizations – 12.8% (8.4% of Total Investments)            
  1,615   Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30 1/22 at 100.00   A1   1,665,485  
      Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2017:            
  1,105   4.000%, 1/01/37 1/27 at 100.00   A1   1,164,327  
  565   4.000%, 1/01/40 1/27 at 100.00   A1   593,069  
  580   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 2/18 at 100.00   B   548,100  
  1,600   Madison County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Woodberry Forest School, Refunding Series 2016A, 3.000%, 10/01/46 10/25 at 100.00   Aa1   1,496,944  
  500   Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech Foundation, Refunding Series 2017A, 4.000%, 6/01/37 6/27 at 100.00   Aa2   531,255  
  2,500   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Green Series 2015A-2, 5.000%, 4/01/45 4/25 at 100.00   AAA   2,885,125  
      The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Refunding Series 2017A:            
  9,000   5.000%, 4/01/42 (UB) (4) 4/27 at 100.00   AAA   10,663,470  
  1,945   5.000%, 4/01/39 4/27 at 100.00   AAA   2,311,535  
  1,000   Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.000%, 7/01/45, 144A 7/25 at 100.00   BB+   1,068,810  
      Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A:            
  1,500   5.000%, 7/01/35, 144A 7/25 at 100.00   BB+   1,617,480  
  4,000   5.000%, 7/01/45, 144A 7/25 at 100.00   BB+   4,275,120  
  1,725   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.375%, 1/01/21 No Opt. Call   AA   1,816,580  
  1,460   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2015A, 5.000%, 1/01/40 1/25 at 100.00   AA   1,669,860  
  500   Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke College, Series 2011, 5.750%, 4/01/41 4/20 at 100.00   BBB+   540,945  
  29,595   Total Education and Civic Organizations         32,848,105  

 

NUVEEN
57


 

NPV Nuveen Virginia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care – 20.0% (13.2% of Total Investments)            
$ 5,000   Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31 7/20 at 100.00   AA– $ 5,310,100  
  2,145   Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health, Series 2010C-2, 5.000%, 11/01/42 – AGC Insured 11/20 at 100.00   AA   2,312,632  
  3,375   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40 1/23 at 100.00   BBB+   3,653,876  
  1,060   Fairfax County Industrial Development Authority, Virginia, Health Care Revenue Bonds, Inova Health System Project, Series 2009A, 5.500%, 5/15/35 5/19 at 100.00   AA+   1,121,565  
  1,000   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40 5/22 at 100.00   AA+   1,108,460  
  4,950   Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 No Opt. Call   AA+   5,586,471  
      Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007:            
  1,080   5.250%, 6/15/18 No Opt. Call   A–   1,100,790  
  2,500   5.250%, 6/15/23 No Opt. Call   A–   2,853,025  
  155   Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%, 8/15/18 – NPFG Insured No Opt. Call   A   160,261  
  1,160   Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured No Opt. Call   A   1,235,423  
  3,500   Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A 7/25 at 100.00   N/R   3,742,515  
      Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2017A:            
  155   5.000%, 1/01/31 1/27 at 100.00   A   178,699  
  2,000   5.000%, 1/01/47 1/27 at 100.00   A   2,243,360  
  3,155   Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46 11/22 at 100.00   AA–   3,408,630  
      Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016:            
  1,000   5.000%, 6/15/32 6/26 at 100.00   A–   1,128,660  
  1,440   5.000%, 6/15/35 6/26 at 100.00   A–   1,608,221  
  1,360   4.000%, 6/15/37 6/26 at 100.00   A–   1,376,674  
  2,975   Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%, 11/01/40 5/20 at 100.00   AA   3,182,714  
  2,335   Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44 1/24 at 100.00   A+   2,565,768  
      Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2015:            
  1,500   5.000%, 1/01/33 1/26 at 100.00   A+   1,715,160  
  1,000   5.000%, 1/01/35 1/26 at 100.00   A+   1,137,270  
  2,000   4.000%, 1/01/37 1/26 at 100.00   A+   2,094,280  
  1,215   5.000%, 1/01/44 1/26 at 100.00   A+   1,354,142  
  1,020   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 4/20 at 100.00   A+   1,089,921  
  47,080   Total Health Care         51,268,617  
      Housing/Multifamily – 5.5% (3.6% of Total Investments)            
  805   Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Alternative Minimum Tax) 12/17 at 100.00   AA   806,143  
  1,000   Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A 1/27 at 100.00   N/R   1,031,240  

 

58
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Multifamily (continued)            
$ 400   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45 10/19 at 100.00   AA+ $ 418,208  
  530   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32 2/20 at 100.00   AA+   556,760  
  1,000   Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 3.625%, 3/01/32 3/21 at 100.00   AA+   1,022,960  
      Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:            
  1,000   3.500%, 3/01/35 3/24 at 100.00   AA+   1,007,810  
  1,000   3.625%, 3/01/39 3/24 at 100.00   AA+   1,016,500  
  900   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45 8/24 at 100.00   AA+   929,781  
  2,750   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40 12/24 at 100.00   AA+   2,835,497  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 5/25 at 100.00   AA+   1,513,935  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3.875%, 3/01/47 3/26 at 100.00   AA+   1,530,240  
  1,360   Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51 4/20 at 100.00   AA+   1,403,166  
  13,745   Total Housing/Multifamily         14,072,240  
      Housing/Single Family – 2.7% (1.7% of Total Investments)            
      Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-5:            
  2,500   4.550%, 7/01/31 10/22 at 100.00   AAA   2,736,275  
  2,000   4.800%, 7/01/38 10/22 at 100.00   AAA   2,200,920  
      Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:            
  715   4.400%, 10/01/31 10/22 at 100.00   AAA   777,727  
  1,000   4.750%, 10/01/38 10/22 at 100.00   AAA   1,098,200  
  6,215   Total Housing/Single Family         6,813,122  
      Long-Term Care – 5.8% (3.9% of Total Investments)            
  900   Alexandria Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/45 10/25 at 100.00   BBB   992,961  
      Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A:            
  1,965   5.000%, 10/01/36 10/24 at 102.00   N/R   2,192,586  
  1,100   5.000%, 10/01/42 10/24 at 102.00   N/R   1,220,263  
  700   4.000%, 10/01/42 10/24 at 102.00   N/R   713,013  
  875   Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2015, 4.000%, 10/01/35 10/20 at 100.00   BBB+   884,047  
      Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016:            
  1,000   4.000%, 1/01/37 1/25 at 102.00   N/R   1,036,200  
  150   3.375%, 1/01/37 1/25 at 102.00   N/R   141,793  
  2,000   Prince William County Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016, 5.000%, 1/01/46 1/25 at 102.00   N/R   2,130,520  
  1,000   Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27 12/22 at 100.00   N/R   1,018,050  
  1,500   Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 2/18 at 100.00   N/R   1,501,845  
      Suffolk Economic Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./United Church Homes and Services Obligated Group, Refunding Series 2016:            
  1,000   5.000%, 9/01/26 9/24 at 102.00   N/R   1,100,710  
  1,920   5.000%, 9/01/31 9/24 at 102.00   N/R   2,084,371  
  14,110   Total Long-Term Care         15,016,359  

 

NUVEEN
59


 

NPV Nuveen Virginia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General – 5.3% (3.5% of Total Investments)            
$ 2,000   Alexandria, Virginia, General Obligation Bonds, Capital Improvement Series 2017A, 5.000%, 7/15/21 No Opt. Call   AAA $ 2,234,820  
  1,440   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25 7/20 at 100.00   A   1,544,126  
      Fairfax County, Virginia, General Obligation Bonds, Public Improvement Series 2017A:            
  2,000   5.000%, 10/01/18 No Opt. Call   AAA   2,060,820  
  2,000   5.000%, 10/01/19 No Opt. Call   AAA   2,122,160  
  1,900   Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2015C, 5.000%, 10/01/18 No Opt. Call   AAA   1,957,779  
  1,870   Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/31 (WI/DD, Settling 12/05/17) 3/27 at 100.00   AA+   2,251,760  
  150   Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34 7/20 at 100.00   AA   161,601  
  1,250   Richmond, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2014A, 5.000%, 3/01/19 No Opt. Call   AA+   1,303,438  
  12,610   Total Tax Obligation/General         13,636,504  
      Tax Obligation/Limited – 20.8% (13.8% of Total Investments)            
      Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding County Projects, Series 2017:            
  1,485   5.000%, 2/15/34 8/27 at 100.00   Aa1   1,769,051  
  1,730   5.000%, 2/15/35 8/27 at 100.00   Aa1   2,056,036  
      Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:            
  465   5.250%, 7/15/25 – ACA Insured 2/18 at 100.00   N/R   459,908  
  520   5.500%, 7/15/35 – ACA Insured 2/18 at 100.00   N/R   493,054  
  600   Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26 3/22 at 100.00   N/R   602,280  
  100   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45, 144A 3/25 at 100.00   N/R   102,379  
  1,000   Fairfax County Economic Development Authority, Virginia, County Facilities Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/34 10/27 at 100.00   AA+   1,191,580  
  1,500   Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail Parking System Project, Series 2017, 5.000%, 4/01/42 4/27 at 100.00   AA+   1,753,035  
      Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:            
  3,000   5.000%, 11/15/32 11/25 at 100.00   A   3,305,400  
  4,000   5.000%, 11/15/34 11/25 at 100.00   A   4,375,520  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  1,020   5.000%, 1/01/31 1/22 at 100.00   A   1,082,312  
  500   5.250%, 1/01/36 1/22 at 100.00   A   534,970  
  925   Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Refunding Series 2015, 5.000%, 6/15/19 No Opt. Call   AA–   972,073  
      Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:            
  1,000   5.000%, 12/01/34 12/26 at 100.00   BBB+   1,104,300  
  1,675   5.000%, 12/01/46 12/26 at 100.00   BBB+   1,825,549  
  645   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   646,619  
  5,875   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 0.000%, 7/01/28 – AMBAC Insured No Opt. Call   C   3,249,874  
  5,085   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/29 – AMBAC Insured No Opt. Call   C   2,644,607  
  3,535   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   A3   809,975  

 

60
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 760   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC, 5.500%, 7/01/28 – NPFG Insured No Opt. Call   A3 $ 760,053  
  5   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured No Opt. Call   A3   5,062  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/30, 144A 9/25 at 100.00   A   1,626,990  
  2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 10/24 at 100.00   AA   2,380,762  
  2,600   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured No Opt. Call   AA   2,801,968  
  1,000   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured No Opt. Call   AA   1,077,730  
  1,725   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured 10/22 at 100.00   AA   1,820,531  
  1,200   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 4.000%, 2/01/29 2/21 at 100.00   AA+   1,268,160  
  3,500   Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation Revenue Notes, Series 2016, 5.000%, 9/15/30 9/26 at 100.00   AA+   4,191,950  
  1,100   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Refunding Series 2012A, 5.000%, 8/01/24 8/22 at 100.00   AA+   1,253,945  
  2,000   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 5.000%, 8/01/26 8/25 at 100.00   AA+   2,403,580  
  1,530   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 11/22 at 100.00   AAA   1,722,948  
  95   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19 2/18 at 100.00   AA   95,272  
  1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2012, 4.000%, 5/15/37 5/22 at 100.00   AA+   1,049,840  
  1,835   Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/36 12/26 at 100.00   Aa2   2,128,618  
  56,750   Total Tax Obligation/Limited         53,565,931  
      Transportation – 37.4% (24.6% of Total Investments)            
      Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:            
  775   5.000%, 7/01/32 7/26 at 100.00   A2   897,125  
  375   4.000%, 7/01/34 7/26 at 100.00   A2   400,238  
  400   4.000%, 7/01/35 7/26 at 100.00   A2   425,676  
  250   4.000%, 7/01/38 7/26 at 100.00   A2   265,275  
      Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016:            
  1,705   5.000%, 7/01/41 – AGM Insured 7/26 at 100.00   AA   1,955,550  
  8,320   5.000%, 7/01/46 7/26 at 100.00   BBB   9,348,851  
      Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B:            
  2,000   0.000%, 7/15/32 (5) 7/28 at 100.00   BBB   1,753,580  
  4,125   0.000%, 7/15/40 (5) 7/28 at 100.00   BBB   3,511,736  
  1,000   0.000%, 7/15/40 – AGM Insured (5) 7/28 at 100.00   AA   856,430  
  750   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (Alternative Minimum Tax) 10/20 at 100.00   AA–   810,623  
      Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2009C:            
  1,380   5.250%, 10/01/22 10/18 at 100.00   AA–   1,424,326  
  1,200   5.000%, 10/01/28 10/18 at 100.00   AA–   1,235,088  

 

NUVEEN
61


 

NPV Nuveen Virginia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

      Principal Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
      Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A:            
$ 3,400   5.000%, 10/01/30 10/20 at 100.00   AA– $ 3,688,490  
  420   5.000%, 10/01/35 10/20 at 100.00   AA–   454,310  
  5,800   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   6,223,168  
  6,700   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 10/28 at 100.00   BBB+   8,258,554  
      Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B:            
  4,000   0.000%, 10/01/26 – AGC Insured No Opt. Call   AA   3,051,680  
  11,825   0.000%, 10/01/34 – AGC Insured No Opt. Call   AA   6,287,234  
  1,135   0.000%, 10/01/36 – AGC Insured No Opt. Call   AA   549,567  
  5,010   0.000%, 10/01/39 – AGC Insured No Opt. Call   AA   2,128,899  
  7,300   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 (Alternative Minimum Tax) 10/26 at 100.00   AA–   8,448,874  
      Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017:            
  375   5.000%, 10/01/35 (Alternative Minimum Tax) 10/27 at 100.00   AA–   438,049  
  2,000   5.000%, 10/01/42 (Alternative Minimum Tax) 10/27 at 100.00   AA–   2,306,820  
      New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:            
  150   5.000%, 8/01/26 (Alternative Minimum Tax) 8/21 at 100.00   BB–   160,746  
  595   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   633,580  
  395   Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory put 10/01/19) No Opt. Call   BBB+   394,708  
  3,000   Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured No Opt. Call   A   3,265,890  
      Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017:            
  3,975   5.000%, 12/31/49 (Alternative Minimum Tax) 6/27 at 100.00   Baa3   4,466,668  
  1,040   5.000%, 12/31/56 (Alternative Minimum Tax) 6/27 at 100.00   BBB   1,152,538  
  2,500   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 1/22 at 100.00   BBB   2,683,450  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  750   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   831,435  
  5,025   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   5,706,239  
  5,700   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   6,335,721  
  735   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/34 7/27 at 100.00   AA–   876,098  
      Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:            
  1,000   5.000%, 7/01/32 7/27 at 100.00   AA–   1,202,250  
  3,000   5.000%, 7/01/33 7/27 at 100.00   AA–   3,589,890  
  98,110   Total Transportation         96,019,356  
      U.S. Guaranteed – 21.6% (14.3% of Total Investments) (6)            
  1,750   Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 (ETM) No Opt. Call   AA (6)   1,955,520  
  820   Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM) No Opt. Call   AA (6)   870,274  

 

62
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (6) (continued)            
$ 1,030   Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured (ETM) No Opt. Call   A3 (6) $ 1,243,684  
  3,340   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 2016-XG0021, 13.256%, 5/15/35 (Pre-refunded 5/15/19), 144A (IF) 5/19 at 100.00   AA+ (6)   3,911,307  
  4,150   Fairfax County Economic Development Authority, Virginia, Transportation District Improvement Revenue Bonds, Silver Line Phase 1 Project, Series 2011, 5.000%, 4/01/27 (Pre-refunded 4/01/20) 4/20 at 100.00   Aaa   4,466,728  
  1,100   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.375%, 12/01/24 (Pre-refunded 12/01/19) 12/19 at 100.00   BBB+ (6)   1,181,081  
  1,295   Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R (6)   1,427,401  
  1,000   Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (6)   1,051,280  
  890   Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008, 5.000%, 2/01/29 (Pre-refunded 2/01/18) 2/18 at 100.00   Aa2 (6)   895,331  
  5,900   Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00   N/R (6)   6,408,285  
  1,630   Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41 (Pre-refunded 9/01/21) 9/21 at 100.00   A (6)   1,831,517  
  145   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured (ETM) No Opt. Call   A3 (6)   148,509  
  710   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM) No Opt. Call   A2 (6)   811,061  
  1,000   Richmond, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 5.000%, 7/15/22 (Pre-refunded 7/15/19) 7/19 at 100.00   AA+ (6)   1,053,610  
  8,500   The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2008, 5.000%, 6/01/40 (Pre-refunded 6/01/18) 6/18 at 100.00   AAA   8,654,445  
  1,820   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2009A, 5.000%, 2/01/22 (Pre-refunded 2/01/19) 2/19 at 100.00   AA+ (6)   1,892,618  
  1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0011, 12.010%, 2/01/27 (Pre-refunded 2/01/19), 144A (IF) (4) 2/19 at 100.00   AA+ (6)   1,864,517  
  1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0013, 12.010%, 2/01/28 (Pre-refunded 2/01/19), 144A (IF) (4) 2/19 at 100.00   AA+ (6)   1,864,517  
      Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A:            
  30   5.000%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   N/R (6)   30,803  
  3,570   5.000%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   Aa1 (6)   3,666,854  
  3,195   Virginia Port Authority, Port Facilities Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/40 (Pre-refunded 7/01/19) 7/19 at 100.00   A (6)   3,364,782  

 

NUVEEN
63


 

NPV Nuveen Virginia Quality Municipal Income Fund  
  Portfolio of Investments (continued) November 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (6) (continued)            
$ 1,000   Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Series 2008, 5.000%, 10/01/19 (Pre-refunded 10/01/18) 10/18 at 100.00   AAA $ 1,030,580  
  3,730   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22) 11/22 at 100.00   N/R (6)   4,299,646  
  1,620   Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E, 5.625%, 1/01/44 (Pre-refunded 1/01/19) 1/19 at 100.00   A+ (6)   1,689,903  
  51,555   Total U.S. Guaranteed         55,614,253  
      Utilities – 5.8% (3.8% of Total Investments)            
  2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory put 7/01/22) No Opt. Call   B1   1,977,900  
      Guam Power Authority, Revenue Bonds, Series 2012A:            
  1,500   5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,656,465  
  495   5.000%, 10/01/34 10/22 at 100.00   BBB   523,492  
      Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:            
  5,000   5.000%, 1/15/33 1/26 at 100.00   AA   5,892,600  
  1,000   5.000%, 1/15/35 1/26 at 100.00   AA   1,171,330  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 2/18 at 100.00   CCC   392,375  
  3,250   York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory put 5/16/19) No Opt. Call   A2   3,265,080  
  13,975   Total Utilities         14,879,242  
      Water and Sewer – 7.0% (4.6% of Total Investments)            
  1,395   Fairfax County, Virginia, Sewer Revenue Bonds, Series 2012, 5.000%, 7/15/18 No Opt. Call   AAA   1,426,876  
  810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   A–   907,718  
  5,205   Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39 1/21 at 100.00   AA+   5,679,748  
  2,425   Henrico County, Virginia, Water and Sewer System Revenue Bonds, Refunding Series 2016, 5.000%, 5/01/42 5/26 at 100.00   AAA   2,828,084  
  3,000   Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/19 – AGM Insured No Opt. Call   AA   3,150,420  
  3,000   Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 11/24 at 100.00   AA+   3,549,630  
  1,000   Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County – Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34 11/22 at 63.13   AA   540,480  
  16,835   Total Water and Sewer         18,082,956  
$ 376,760   Total Long-Term Investments (cost $368,468,370)         387,536,247  

 

64
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.8% (0.5% of Total Investments)            
      MUNICIPAL BONDS – 0.8% (0.5% of Total Investments)            
      Health Care – 0.8% (0.5% of Total Investments)            
$ 2,000   Loudoun County Industrial Development Authority, Virginia, Multi-Modal Revenue Bonds, Howard Hughes Medical Institute, Variable Rate Demand Obligation, Series 2013A, 0.900%, 6/01/43 (7) 1/18 at 100.00   VMIG-1 $ 2,000,000  
$ 2,000   Total Short-Term Investments (cost $2,000,000)         2,000,000  
      Total Investments (cost $370,468,370) – 151.6%         389,536,247  
      Floating Rate Obligations – (2.6)%         (6,750,000 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.7)% (8)         (127,610,246 )
      Other Assets Less Liabilities – 0.7%         1,798,485  
      Net Assets Applicable to Common Shares – 100%       $ 256,974,486  

 

(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 obligations.
(5) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are not rated by national ratings agencies and are regarded as having an implied rating equal to the rating of the U.S.Government or agency.
(7) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.8%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
ETM Escrowed to maturity.
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

 

NUVEEN
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Statement of  
  Assets and Liabilities November 30, 2017 (Unaudited)
     

 

      NKG     NMY     NMS  
Assets                    
Long-term investments, at value (cost $216,631,435, $512,534,688 and $133,877,076, respectively)   $ 224,396,634   $ 533,318,197   $ 139,329,139  
Short-term investments, at value (cost $665,000, $— and $—, respectively)     581,531          
Cash     496,857     447,331      
Receivable for:                    
Interest     3,239,432     8,517,125     1,555,575  
Investments sold     175,000     318,862     525,426  
Deferred offering costs             151,454  
Other assets     2,138     27,295     1,776  
Total assets     228,891,592     542,628,810     141,563,370  
Liabilities                    
Cash overdraft             388,881  
Floating rate obligations     3,245,000     6,120,000      
Payable for:                    
Dividends     453,520     1,099,509     340,742  
Interest     125,741     305,323     81,833  
Investments purchased         137,644     1,105,077  
Offering costs              
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $—, $— and $—, respectively)              
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $82,000,000, $197,000,000 and $52,800,000, respectively)     81,988,245     196,980,958     52,765,642  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $— and $—, respectively)              
Accrued expenses:                    
Management fees     115,043     264,753     69,964  
Trustees fees     1,144     26,619     703  
Other     129,182     112,098     54,186  
Total liabilities     86,057,875     205,046,904     54,807,028  
Net assets applicable to common shares   $ 142,833,717   $ 337,581,906   $ 86,756,342  
Common shares outstanding     10,549,313     23,372,164     5,792,386  
Net asset value (“NAV”) per common share outstanding   $ 13.54   $ 14.44   $ 14.98  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 105,493   $ 233,722   $ 57,924  
Paid-in surplus     140,065,433     328,053,063     81,039,452  
Undistributed (Over-distribution of) net investment income     (220,184 )   314,288     195,516  
Accumulated net realized gain (loss)     (4,798,755 )   (11,802,676 )   11,387  
Net unrealized appreciation (depreciation)     7,681,730     20,783,509     5,452,063  
Net assets applicable to common shares   $ 142,833,717   $ 337,581,906   $ 86,756,342  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

See accompanying notes to financial statements.

 

66
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      NOM     NNC     NPV  
Assets                    
Long-term investments, at value (cost $45,695,152, $366,350,551 and $368,468,370, respectively)   $ 48,324,424   $ 384,803,178   $ 387,536,247  
Short-term investments, at value (cost $—, $— and $2,000,000, respectively)             2,000,000  
Cash     411,003         851,286  
Receivable for:                    
Interest     570,417     5,434,469     4,840,782  
Investments sold     910,903     11,480,563     505,000  
Deferred offering costs              
Other assets     7,782     20,213     25,754  
Total assets     50,224,529     401,738,423     395,759,069  
Liabilities                    
Cash overdraft         2,957,589      
Floating rate obligations             6,750,000  
Payable for:                    
Dividends     117,795     689,155     774,627  
Interest         238,679      
Investments purchased         1,730,036     3,355,907  
Offering cost     193,741          
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $18,000,000, $— and $—, respectively)     17,805,820          
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $—, $154,000,000 and $—, respectively)         153,982,033      
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $— and $128,000,000, respectively)             127,610,246  
Accrued expenses:                    
Management fees     25,200     195,238     196,156  
Trustees fees     254     19,433     19,687  
Other     17,213     70,979     77,960  
Total liabilities     18,160,023     159,883,142     138,784,583  
Net assets applicable to common shares   $ 32,064,506   $ 241,855,281   $ 256,974,486  
Common shares outstanding     2,342,859     16,418,508     17,933,247  
Net asset value (“NAV”) per common share outstanding   $ 13.69   $ 14.73   $ 14.33  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 23,429   $ 164,185   $ 179,332  
Paid-in surplus     30,744,635     223,727,028     250,809,334  
Undistributed (Over-distribution of) net investment income     (15,866 )   (48,956 )   436,874  
Accumulated net realized gain (loss)     (1,316,964 )   (439,603 )   (13,518,931 )
Net unrealized appreciation (depreciation)     2,629,272     18,452,627     19,067,877  
Net assets applicable to common shares   $ 32,064,506   $ 241,855,281   $ 256,974,486  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

See accompanying notes to financial statements.

 

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67


 

Statement of    
  Operations Six Months Ended November 30, 2017 (Unaudited)

 

 

      NKG     NMY     NMS  
Investment Income   $ 4,186,197   $ 10,416,993   $ 3,030,018  
Expenses                    
Management fees     704,490     1,624,409     424,567  
Interest expense and amortization of offering costs     731,981     1,750,264     303,385  
Custodian fees     14,514     31,043     12,264  
Trustees fees     3,928     9,357     2,411  
Professional fees     18,271     18,494     14,474  
Shareholder reporting expenses     12,290     20,390     9,050  
Shareholder servicing agent fees     7,960     11,285     7,545  
Stock exchange listing fees     3,490     3,488     993  
Investor relations expenses     6,872     16,131     4,689  
Other     13,797     37,166     24,794  
Total expenses     1,517,593     3,522,027     804,172  
Net investment income (loss)     2,668,604     6,894,966     2,225,846  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     235,387     (18,967 )   134,863  
Change in net unrealized appreciation (depreciation) of investments     (2,766,900 )   (4,502,162 )   (903,099 )
Net realized and unrealized gain (loss)     (2,531,513 )   (4,521,129 )   (768,236 )
Net increase (decrease) in net assets applicable to common shares from operations   $ 137,091   $ 2,373,837   $ 1,457,610  

See accompanying notes to financial statements.

 

68
NUVEEN


 

      NOM     NNC     NPV  
Investment Income   $ 1,090,362   $ 7,003,398   $ 7,669,915  
Expenses                    
Management fees     154,410     1,195,534     1,199,182  
Interest expense and amortization of offering costs     186,957     1,272,277     1,170,577  
Custodian fees     6,196     23,105     21,768  
Trustees fees     874     6,944     6,739  
Professional fees     23,821     16,990     48,478  
Shareholder reporting expenses     6,014     18,989     17,960  
Shareholder servicing agent fees     7,621     8,472     3,676  
Stock exchange listing fees     3,493     3,488     3,488  
Investor relations expenses     2,130     12,567     10,812  
Other     16,019     18,332     42,923  
Total expenses     407,535     2,576,698     2,525,603  
Net investment income (loss)     682,827     4,426,700     5,144,312  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     16,773     616,179     (80,456 )
Change in net unrealized appreciation (depreciation) of investments     (554,627 )   (4,866,447 )   (2,970,866 )
Net realized and unrealized gain (loss)     (537,854 )   (4,250,268 )   (3,051,322 )
Net increase (decrease) in net assets applicable to common shares from operations   $ 144,973   $ 176,432   $ 2,092,990  

See accompanying notes to financial statements.

 

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Statement of  
  Changes in Net Assets (Unaudited)

 

 

    NKG   NMY  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      11/30/17     5/31/17     11/30/17     5/31/17  
Operations                          
Net investment income (loss)   $ 2,668,604   $ 5,801,997   $ 6,894,966   $ 14,157,615  
Net realized gain (loss) from investments     235,387     (175,195 )   (18,967 )   (3,397,479 )
Change in net unrealized appreciation (depreciation) of Investments     (2,766,900 )   (5,541,569 )   (4,502,162 )   (5,575,669 )
Net increase (decrease) in net assets applicable to common shares from operations     137,091     85,233     2,373,837     5,184,467  
Distributions to Common Shareholders                          
From net investment income     (2,879,962 )   (6,368,620 )   (7,187,710 )   (15,338,456 )
From accumulated net realized gains                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (2,879,962 )   (6,368,620 )   (7,187,710 )   (15,338,456 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs                  
Net proceeds from shares issued to shareholders due to reinvestment of distributions                  
Cost of shares repurchased and retired             (31,425 )    
Net increase (decrease) in net assets applicable to common shares from capital share transactions             (31,425 )    
Net increase (decrease) in net assets applicable to common shares     (2,742,871 )   (6,283,387 )   (4,845,298 )   (10,153,989 )
Net assets applicable to common shares at the beginning of period     145,576,588     151,859,975     342,427,204     352,581,193  
Net assets applicable to common shares at the end of period   $ 142,833,717   $ 145,576,588   $ 337,581,906   $ 342,427,204  
Undistributed (Over-distribution of)net investment income at the end of period   $ (220,184 ) $ (8,826 ) $ 314,288   $ 607,032  

See accompanying notes to financial statements.

70
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    NMS   NOM  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      11/30/17     5/31/17     11/30/17     5/31/17  
Operations                          
Net investment income (loss)   $ 2,225,846   $ 3,889,814   $ 682,827   $ 1,529,963  
Net realized gain (loss) from investments     134,863     407,949     16,773     (30,251 )
Change in net unrealized appreciation (depreciation) of investments     (903,099 )   (3,835,089 )   (554,627 )   (1,014,690 )
Net increase (decrease) in net assets applicable to common shares from operations     1,457,610     462,674     144,973     485,022  
Distributions to Common Shareholders                          
From net investment income     (2,121,652 )   (4,415,274 )   (765,864 )   (1,657,253 )
From accumulated net realized gains                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (2,121,652 )   (4,415,274 )   (765,864 )   (1,657,253 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs     2,666,511     675,818          
Net proceeds from shares issued to shareholders due to reinvestment of distributions     27,785     61,058     26,966     53,488  
Cost of shares repurchased and retired                  
Net increase (decrease) in net assets applicable to common shares from capital share transactions     2,694,296     736,876     26,966     53,488  
Net increase (decrease) in net assets applicable to common shares     2,030,254     (3,215,724 )   (593,925 )   (1,118,743 )
Net assets applicable to common shares at the beginning of period     84,726,088     87,941,812     32,658,431     33,777,174  
Net assets applicable to common shares at the end of period   $ 86,756,342   $ 84,726,088   $ 32,064,506   $ 32,658,431  
Undistributed (Over-distribution of)net investment income at the end of period   $ 195,516   $ 91,322   $ (15,866 ) $ 67,171  

See accompanying notes to financial statements.

 

NUVEEN
71


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

 

    NNC   NPV  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      11/30/17     5/31/17     11/30/17     5/31/17  
Operations                          
Net investment income (loss)   $ 4,426,700   $ 8,768,886   $ 5,144,312   $ 10,328,899  
Net realized gain (loss) from investments     616,179     (929,695 )   (80,456 )   (2,831,554 )
Change in net unrealized appreciation (depreciation) of investments     (4,866,447 )   (8,011,557 )   (2,970,866 )   (6,000,522 )
Net increase (decrease) in net assets applicable to common shares from operations     176,432     (172,366 )   2,092,990     1,496,823  
Distributions to Common Shareholders                          
From net investment income     (4,334,486 )   (9,173,021 )   (4,949,576 )   (10,625,450 )
From accumulated net realized gains         (147,767 )        
Decrease in net assets applicable to common shares from distributions to common shareholders     (4,334,486 )   (9,320,788 )   (4,949,576 )   (10,625,450 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs
                 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
                 
Cost of shares repurchased and retired
                 
Net increase (decrease) in net assets applicable to common shares from capital share transactions                  
Net increase (decrease) in net assets applicable to common shares     (4,158,054 )   (9,493,154 )   (2,856,586 )   (9,128,627 )
Net assets applicable to common shares at the beginning of period     246,013,335     255,506,489     259,831,072     268,959,699  
Net assets applicable to common shares at the end of period   $ 241,855,281   $ 246,013,335   $ 256,974,486   $ 259,831,072  
Undistributed (Over-distribution of)net investment income at the end of period   $ (48,956 ) $ (141,170 ) $ 436,874   $ 242,138  

See accompanying notes to financial statements.

 

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Statement of  
  Cash Flows Six Months Ended November 30, 2017 (Unaudited)

 

 

      NKG     NMY     NMS  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ 137,091   $ 2,373,837   $ 1,457,610  
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:                    
Purchases of investments     (20,283,434 )   (51,457,171 )   (12,024,211 )
Proceeds from sales and maturities of investments     19,663,057     58,373,550     8,381,807  
Proceeds from (Purchases of) short-term investments, net              
Proceeds from litigation settlement     129          
Taxes paid     (13 )   (4,396 )   (1,104 )
Amortization (Accretion) of premiums and discounts, net     978,238     1,527,907     (355,721 )
Amortization of deferred offering costs     3,360     5,723     11,989  
(Increase) Decrease in:                    
Receivable for interest     118,676     59,948     27,527  
Receivable for investments sold     2,820,000     16,550,963     523,370  
Other assets     2,124     (3,897 )   2,455  
Increase (Decrease) in:                    
Payable for interest     4,583     10,902     2,922  
Payable for investments purchased         (10,042,817 )   846,769  
Payable for offering costs              
Accrued management fees     (3,895 )   (11,064 )   (570 )
Accrued Trustees fees     (1,157 )   3,226     (676 )
Accrued other expenses     (46,828 )   (103,242 )   (336,744 )
Net realized (gain) loss from investments     (235,387 )   18,967     (134,863 )
Change in net unrealized (appreciation) depreciation of investments     2,766,900     4,502,162     903,099  
Net cash provided by (used in) operating activities     5,923,444     21,804,598     (696,341 )
Cash Flows from Financing Activities:                    
(Payments for) VMTP shares redeemed, at liquidation preference              
Proceeds from MFP Shares issued, at liquidation preference              
(Payments for) deferred offering costs             (25,310 )
Proceeds from shelf offering, net of offering costs             2,809,038  
Increase (Decrease) in:                    
Cash overdraft     (2,516,849 )   (7,059,657 )   13,859  
Floating rate obligations         (6,990,000 )    
Cash distributions paid to common shareholders     (2,909,738 )   (7,276,185 )   (2,101,246 )
Cost of common shares repurchased and retired         (31,425 )    
Net cash provided by (used in) financing activities     (5,426,587 )   (21,357,267 )   696,341  
Net Increase (Decrease) in Cash     496,857     447,331      
Cash at the beginning of period              
Cash at the end of period   $ 496,857   $ 447,331   $  

 

Supplemental Disclosure of Cash Flow Information     NKG     NMY     NMS  
Cash paid for interest (excluding amortization of offering costs)   $ 752,507   $ 1,833,043   $ 474,260  
Non-cash financing activities not included herein consists of reinvestments of common share distributions             27,785  

See accompanying notes to financial statements.

 

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Statement of Cash Flows (continued)

 

      NOM     NNC     NPV  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ 144,973   $ 176,432   $ 2,092,990  
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:                    
Purchases of investments     (5,402,101 )   (30,140,963 )   (32,165,574 )
Proceeds from sales and maturities of investments     6,991,959     23,813,080     40,347,456  
Proceeds from (Purchases of) short-term investments, net             (2,000,000 )
Proceeds from litigation settlement         219      
Taxes paid     (28 )   (1,293 )   (1,848 )
Amortization (Accretion) of premiums and discounts, net     53,971     1,537,077     636,509  
Amortization of deferred offering costs     30,505     5,398     7,607  
(Increase) Decrease in:                    
Receivable for interest     42,149     (11,978 )   80,684  
Receivable for investments sold     (720,203 )   7,422,159     (440,000 )
Other assets     (3,594 )   (2,066 )   (5,513 )
Increase (Decrease) in:                    
Payable for interest     (26,137 )   8,523     (987 )
Payable for investments purchased     (641,526 )   (6,858,039 )   3,355,907  
Payable for offering costs     193,741          
Accrued management fees     (861 )   (6,245 )   (5,630 )
Accrued Trustees fees     (257 )   2,346     2,390  
Accrued other expenses     (32,726 )   (134,868 )   7,670  
Net realized (gain) loss from investments     (16,773 )   (616,179 )   80,456  
Change in net unrealized (appreciation) depreciation of investments     554,627     4,866,447     2,970,866  
Net cash provided by (used in) operating activities     1,167,719     60,050     14,962,983  
Cash Flows from Financing Activities:                    
(Payments for) VMTP shares redeemed, at liquidation preference     (18,000,000 )        
Proceeds from MFP Shares issued, at liquidation preference     18,000,000          
(Payments for) deferred offering costs     (195,000 )        
Proceeds from shelf offering, net of offering costs              
Increase (Decrease) in:                    
Cash overdraft         2,957,589      
Floating rate obligations             (9,250,000 )
Cash distributions paid to common shareholders     (745,515 )   (4,348,586 )   (4,947,216 )
Cost of common shares repurchased and retired              
Net cash provided by (used in) financing activities     (940,515 )   (1,390,997 )   (14,197,216 )
Net Increase (Decrease) in Cash     227,204     (1,330,947 )   765,767  
Cash at the beginning of period     183,799     1,330,947     85,519  
Cash at the end of period   $ 411,003   $   $ 851,286  

 

Supplemental Disclosure of Cash Flow Information     NOM     NNC     NPV  
Cash paid for interest (excluding amortization of offering costs)   $ 182,589   $ 1,383,257   $ 1,163,956  
Non-cash financing activities not included herein consists of reinvestments of common share distributions     26,966          

See accompanying notes to financial statements.

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Financial  
  Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

 

                            Less Distributions to                    
          Investment Operations   Common Shareholders   Common Share  
                                                               
                        From       Discount          
    Beginning   Net   Net       From   Accumu-       Per          
    Common   Investment   Realized/       Net   lated Net       Share       Ending  
    Share   Income   Unrealized       Investment   Realized       Repurchased   Ending   Share  
    NAV   (Loss ) Gain (Loss ) Total   Income   Gains   Total   and Retired   NAV   Price  
NKG                                                              
Year Ended 5/31:                                                              
2018(e)   $ 13.80   $ 0.25   $ (0.24 ) $ 0.01   $ (0.27 ) $   $ (0.27 ) $   $ 13.54   $ 13.11  
2017     14.40     0.55     (0.55 )       (0.60 )       (0.60 )       13.80     13.28  
2016     13.98     0.68     0.38     1.06     (0.64 )       (0.64 )       14.40     14.28  
2015     13.98     0.67     (0.03 )   0.64     (0.64 )       (0.64 )       13.98     12.81  
2014     14.58     0.54     (0.50 )   0.04     (0.64 )       (0.64 )       13.98     12.98  
2013     14.71     0.60     (0.06 )   0.54     (0.67 )       (0.67 )       14.58     13.39  
                                                               
NMY                                                              
Year Ended 5/31:                                                              
2018(e)     14.65     0.29     (0.19 )   0.10     (0.31 )       (0.31 )   *   14.44     12.61  
2017     15.08     0.61     (0.38 )   0.23     (0.66 )       (0.66 )       14.65     13.08  
2016     14.59     0.67     0.47     1.14     (0.67 )       (0.67 )   0.02     15.08     13.65  
2015     14.64     0.68     (0.10 )   0.58     (0.67 )       (0.67 )   0.04     14.59     12.53  
2014     15.56     0.60     (0.85 )   (0.25 )   (0.67 )       (0.67 )       14.64     12.91  
2013     15.68     0.58     0.07     0.65     (0.77 )       (0.77 )       15.56     13.82  

 

(a)

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

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

 

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            Common Share Supplemental Data/  
            Ratios Applicable to Common Shares  
    Common Share                  
    Total Returns       Ratios to Average Net Assets (b)        
                                       
                                       
                                       
                                       
        Based   Ending       Net      
    Based   on   Net       Investment   Portfolio  
    on   Share   Assets       Income   Turnover  
    NAV (a) Price (a) (000 ) Expenses (c) (Loss ) Rate (d)
                                       
                                       
      0.09 %   0.80 % $ 142,834     2.11 %**   3.65 %**   9 %
      0.07     (2.76 )   145,577     2.10     3.94     13  
      7.80     16.94     151,860     1.60     4.83     13  
      4.65     3.76     147,441     1.62     4.77     7  
      0.56     2.17     147,507     3.03     4.04     20  
      3.68     (4.83 )   153,832     2.66     4.09     18  
                                       
                                       
      0.67     (1.28 )   337,582     2.09 **   4.00 **   10  
      1.61     0.69     342,427     2.08     4.14     42  
      8.13     14.77     352,581     1.55     4.56     19  
      4.28     2.29     344,300     1.55     4.65     23  
      (1.38 )   (1.43 )   353,010     2.87     4.25     20  
      4.18     (7.10 )   375,162     2.58     4.12     17  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NKG    
Year Ended 5/31:    
2018(e) 1.03 %**
2017 1.03  
2016 0.55  
2015 0.54  
2014 1.89  
2013 1.51  

 

NMY    
Year Ended 5/31:    
2018(e) 1.05 %**
2017 1.04  
2016 0.55  
2015 0.52  
2014 1.81  
2013 1.46  

 

(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(e) For the six months ended November 30, 2017.
* Rounds to less than $0.01 per share.
** Annualized.

 

See accompanying notes to financial statements.

 

NUVEEN
77


Financial Highlights (Unaudited)(continued)

Selected data for a common share outstanding throughout each period:

 

                                        Less Distributions to                    
                Investment Operations   Common Shareholders   Common Share  
                            Distributions                                            
                Distributions   from                   Premium          
                from Net   Accumulated                   per          
                Investment   Net Realized           From       Share          
    Beginning   Net   Net   Income to   Gains to       From   Accumu-       Sold          
    Common   Investment   Realized/   Preferred   Preferred       Net   lated Net       through       Ending  
    Share   Income   Unrealized   Share-   Share-       Investment   Realized       Shelf   Ending   Share  
    NAV   (Loss ) Gain (Loss ) holders (a) holders (a) Total   Income   Gains   Total   Offering   NAV   Price  
NMS                                                                          
Year Ended 5/31:                                                      
2018(h)   $ 15.08   $ 0.39   $ (0.14 ) $   $   $ 0.25   $ (0.37 ) $   $ (0.37 ) $ 0.02   $ 14.98   $ 14.61  
2017     15.78     0.70     (0.62 )           0.08     (0.79 )       (0.79 )   0.01     15.08     16.18  
2016     15.46     0.80     0.33             1.13     (0.81 )       (0.81 )       15.78     15.99  
2015(f)     15.50     0.74     0.03             0.77     (0.81 )       (0.81 )       15.46     14.95  
Year Ended 6/30:                                                      
2014(g)     14.25     0.71     1.29     (0.01 )       1.99     (0.74 )       (0.74 )       15.50     16.48  
Year Ended 8/31:                                                      
2013     16.16     0.90     (1.90 )   (0.02 )       (1.02 )   (0.89 )       (0.89 )       14.25     14.82  
2012     14.56     0.90     1.56     (0.02 )       2.44     (0.84 )       (0.84 )       16.16     17.52  
2011     15.28     0.88     (0.71 )   (0.03 )       0.14     (0.86 )       (0.86 )       14.56     15.37  
                                                                           
NOM                                                                          
Year Ended 5/31:                                                      
2018(h)     13.95     0.29     (0.22 )           0.07     (0.33 )       (0.33 )       13.69     15.00  
2017     14.45     0.65     (0.44 )           0.21     (0.71 )       (0.71 )       13.95     16.20  
2016     13.91     0.72     0.55             1.27     (0.73 )       (0.73 )       14.45     16.03  
2015     14.19     0.62     (0.17 )           0.45     (0.73 )       (0.73 )       13.91     15.27  
2014     14.61     0.65     (0.34 )           0.31     (0.73 )       (0.73 )       14.19     15.08  
2013     14.62     0.66     0.06             0.72     (0.73 )       (0.73 )       14.61     16.04  

 

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

 

78
NUVEEN


 

 

                Common Share Supplemental Data/  
                Ratios Applicable to Common Shares  
    Common Share                          
    Total Returns         Ratios to Average Net Assets(c)        
        Based   Ending       Net        
    Based   on   Net       Investment   Portfolio  
    on   Share   Assets       Income   Turnover  
    NAV (b) Price (b) (000 ) Expenses (d) (Loss ) Rate (e)
                                       
                                       
      1.81 %   (7.45 )% $ 86,756     2.07 %*   4.93 %*   6 %
      0.68     6.41     84,726     2.47     4.59     19  
      7.47     12.84     87,942     1.69     5.14     17  
      5.02     (4.37 )   86,150     1.80 *   5.19 *   14  
                                       
      14.33     16.61     64,277     1.64 *   5.75 *   8  
                                       
      (6.77 )   (10.99 )   59,100     1.35     5.68     11  
      17.25     19.91     67,029     1.42     5.82     6  
      1.30     3.73     60,408     1.46     6.25     10  
                                       
                                       
      0.48     (5.34 )   32,065     2.50 *   4.19 *   11  
      1.53     5.77     32,658     2.27     4.65     14  
      9.40     10.34     33,777     1.94     5.13     5  
      3.21     6.50     32,467     2.80     4.38     8  
      2.52     (0.83 )   33,072     2.86     4.85     21  
      4.98     (0.67 )   34,011     2.77     4.45     12  

 

(c) Ratios do not reflect the effect of dividend payments to RPS shareholders, during periods when RPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to RPS and other subsequent forms of preferred shares issued by the Fund, where applicable. For the years ended June 30, 2014 and prior, NMS includes the RPS of Minnesota Municipal Income Portfolio (MXA).
(d) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NMS    
Year Ended 5/31:    
2018(h) 0.92 %*
2017 1.29  
2016 0.62  
2015(f) 0.61 *
Year Ended 6/30:    
2014(g) 0.18 *
Year Ended 8/31:    
2013  
2012  
2011  

 

NOM    
Year Ended 5/31:    
2018(h) 1.15 %*
2017 0.99  
2016 0.69  
2015 1.44  
2014 1.51  
2013 1.45  

 

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f) For the eleven months ended May 31, 2015.
(g) For the ten months ended June 30, 2014.
(h) For the six months ended November 30, 2017.
* Annualized.

See accompanying notes to financial statements.

 

NUVEEN
79


Financial Highlights (Unaudited)(continued)

Selected data for a common share outstanding throughout each period:

 

                            Less Distributions to                    
          Investment Operations   Common Shareholders   Common Share  
                                                               
                                                               
                                                               
                        From       Discount              
    Beginning   Net   Net       From   Accumu-       Per          
    Common   Investment   Realized/       Net   lated Net       Share       Ending  
    Share   Income   Unrealized       Investment   Realized       Repurchased   Ending   Share  
    NAV   (Loss ) Gain (Loss ) Total   Income   Gains   Total   and Retired   NAV   Price  
NNC                                                              
Year Ended 5/31:                                                              
2018(f)   $ 14.98   $ 0.27   $  (0.26 ) $ 0.01   $ (0.26 ) $   $  (0.26 ) $   $ 14.73   $ 12.90  
2017     15.56     0.53     (0.54 )   (0.01 )   (0.56 )   (0.01 )   (0.57 )       14.98     13.29  
2016     14.98     0.60     0.58     1.18     (0.60 )   *   (0.60 )   *   15.56     14.19  
2015     14.90     0.61     0.11     0.72     (0.62 )   (0.03 )   (0.65 )   0.01     14.98     12.95  
2014     15.02     0.54     (0.06 )   0.48     (0.60 )       (0.60 )       14.90     13.24  
2013     15.30     0.56     (0.17 )   0.39     (0.67 )       (0.67 )       15.02     13.88  
                                                               
NPV                                                              
Year Ended 5/31:                                                              
2018(f)     14.49     0.29     (0.17 )   0.12     (0.28 )       (0.28 )       14.33     12.86  
2017     15.00     0.58     (0.50 )   0.08     (0.59 )       (0.59 )       14.49     13.25  
2016     14.50     0.66     0.53     1.19     (0.69 )       (0.69 )       15.00     14.43  
2015     14.47     0.72     0.06     0.78     (0.75 )       (0.75 )       14.50     13.39  
2014     15.38     0.71     (0.89 )   (0.18 )   (0.72 )   (0.01 )   (0.73 )       14.47     13.39  
2013     15.60     0.66     (0.10 )   0.56     (0.76 )   (0.02 )   (0.78 )       15.38     14.32  

 

(a)

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

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

 

80
NUVEEN


 

                Common Share Supplemental Data/  
                Ratios Applicable to Common Shares  
    Common Share                          
    Total Returns         Ratios to Average Net Assets(b)        
                                       
                                       
                           
            Based   Ending         Net      
    Based   on   Net       Investment   Portfolio  
    on   Share   Assets       Income   Turnover  
    NAV (a) Price (a) (000 ) Expenses (c) (Loss ) Rate (e)
                                       
                                       
      0.09 %   (1.00 )% $ 241,855     2.14 %**   3.54 %**   6 %
      (0.03 )   (2.37 )   246,013     2.14     3.54     13  
      8.05     14.65     255,506     1.54     3.97     7  
      4.91     2.72     246,319     1.54     4.03     12  
      3.54     0.10     246,492     2.81     3.85     17  
      2.50     (9.16 )   248,601     2.72     3.88     17  
                                       
                                       
      0.80     (0.89 )   256,974     1.94 **   3.95 **   8  
      0.63     (4.14 )   259,831     1.97     3.98     38  
      8.41     13.22     268,960     1.64     4.51     18  
      5.45     5.72     260,104     1.67 (d)   4.91 (d)   17  
      (0.79 )   (0.93 )   259,568     2.25     5.15     19  
      3.56     (11.76 )   275,865     2.57     4.19     21  

 

(b) Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c) The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

 

NNC    
Year Ended 5/31:    
2018(f) 1.08 %**
2017 1.08  
2016 0.54  
2015 0.52  
2014 1.70  
2013 1.60  

 

NPV    
Year Ended 5/31:    
2018(f) 0.90 %**
2017 0.94  
2016 0.62  
2015 0.59  
2014 1.18  
2013 1.44  

 

(d) During the period ended May 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:

 

Ratios to Average Net Assets
        Net Investment  
NPV   Expenses   Income (Loss )
Year Ended 5/31:              
2015     1.70 %   4.88 %

 

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
(f) For the six months ended November 30, 2017.
* Rounds to less than $0.01 per share.
** Annualized.

See accompanying notes to financial statements.

 

NUVEEN
81


Financial Highlights (Unaudited) (continued)

 

    MTP Shares at   VMTP Shares  
    the End of Period(a)   at the End of Period  
    Aggregate   Asset   Aggregate   Asset  
    Amount   Coverage   Amount   Coverage  
    Outstanding   Per $10   Outstanding   Per $100,000  
    (000 ) Share   (000 ) Share  
NKG                          
Year Ended 5/31:                          
2018(c)   $   $   $ 82,000   $ 274,187  
2017             82,000     277,532  
2016             75,000     302,480  
2015             75,000     296,588  
2014             75,000     296,676  
2013     74,945     30.53          
                           
NMY                          
Year Ended 5/31:                          
2018(c)             197,000     271,361  
2017             197,000     273,821  
2016             167,000     311,126  
2015             167,000     306,168  
2014             167,000     311,383  
2013     166,144     32.58          

 

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

 

      2014     2013  
NKG              
Series 2015 (NKG PRC)              
Ending Market Value per Share   $   $ 10.08  
Average Market Value per Share     10.03   10.08  
Series 2015-1 (NKG PRD)(b)              
Ending Market Value per Share         10.10  
Average Market Value per Share     10.04   10.07 Ω
Series 2015-2 (NKG PRE)(b)              
Ending Market Value per Share         10.12  
Average Market Value per Share     10.03   10.07 Ω
               
NMY              
Series 2015 (NMY PRC)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.04   10.09  
Series 2016 (NMY PRD)              
Ending Market Value per Share         10.16  
Average Market Value per Share     10.07   10.17  
Series 2015 (NMY PRE)(b)              
Ending Market Value per Share         10.05  
Average Market Value per Share     10.03   10.07 ΩΩ
Series 2015-1(NMY PRF)(b)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.03   10.07 ΩΩ
Series 2015-1(NMY PRG)(b)              
Ending Market Value per Share         10.05  
Average Market Value per Share     10.04   10.08 ΩΩ
Series 2016 (NMY PRH)(b)              
Ending Market Value per Share         10.13  
Average Market Value per Share     10.07   10.14 ΩΩ

 

(b) MTP Shares issued in connection with the reorganizations.
(c) For the six months ended November 30, 2017.
Ω For the period July 9, 2012 (effective date of the reorganizations) through May 31, 2013.
ΩΩ For the period August 6, 2012 (effective date of the reorganizations) through May 31, 2013.
For the period June 1, 2013 through May 30, 2014.

See accompanying notes to financial statements.

82
NUVEEN


 

    RPS at the   MFP Shares   MTP Shares at   VMTP Shares  
    End of Period   at the End of Period   the End of Period(a)   at the End of Period  
    Aggregate   Asset   Aggregate   Asset   Aggregate   Asset   Aggregate   Asset  
    Amount   Coverage   Amount   Coverage   Amount   Coverage   Amount   Coverage  
    Outstanding   Per $25,000   Outstanding   Per $100,000   Outstanding   Per $10   Outstanding   Per $100,000  
    (000 ) Share   (000 ) Share   (000 ) Share   (000 ) Share  
NMS                                                  
Year Ended 5/31:                                                  
2018(d)   $   $   $   $   $   $   $ 52,800   $ 264,311  
2017                             52,800     260,466  
2016                             44,100     299,415  
2015(b)                             44,100     295,352  
Year Ended 6/30:                                                  
2014(c)                             31,100     307 *
Year Ended 8/31:                                                  
2013     31,100     73 *                        
2012     31,100     79 *                        
2011     31,100     74 *                        
                                                   
NOM                                                  
Year Ended 5/31:                                                  
2018(d)             18,000     278,136                  
2017                             18,000     281,436  
2016                             18,000     287,651  
2015                             18,000     280,372  
2014                     17,880     28.50          
2013                     17,880     29.02          

 

* Rounded to the nearest thousand (000).
(a) The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

 

      2015     2014     2013  
NOM                    
Series 2015 (NOM PRC)                    
Ending Market Value per Share   $   $ 10.06   $ 10.03  
Average Market Value per Share     10.03   10.04     10.08  

 

(b) For the eleven months ended May 31, 2015.
(c) For the ten months ended June 30, 2014.
(d) For the six months ended November 30, 2017.
For the period June 1, 2014, through February 9, 2015.

 

See accompanying notes to financial statements.

 

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Financial Highlights (Unaudited) (continued)

 

    MTP Shares at   VMTP Shares   VRDP Shares  
    the End of Period(a)   at the End of Period   at the End of Period  
    Aggregate   Asset   Aggregate   Asset   Aggregate   Asset  
    Amount   Coverage   Amount   Coverage   Amount   Coverage  
    Outstanding   Per $10   Outstanding   Per $100,000   Outstanding   Per $100,000  
    (000 ) Share   (000 ) Share   (000 ) Share  
NNC                                      
Year Ended 5/31:                                      
2018(c)   $   $   $ 154,000   $ 257,049   $   $  
2017             154,000     259,749          
2016             125,000     304,405          
2015             125,000     297,055          
2014             125,000     297,193          
2013     124,860     29.91                  
                                       
NPV                                      
Year Ended 5/31:                                      
2018(c)                     128,000     300,761  
2017                     128,000     302,993  
2016                     128,000     310,125  
2015                     128,000     303,206  
2014                     128,000     302,787  
2013     127,408     31.65                  

 

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

 

      2014     2013  
NNC              
Series 2015 (NNC PRC)              
Ending Market Value per Share   $   $ 10.07  
Average Market Value per Share     10.03 ^   10.10  
Series 2016 (NNC PRD)              
Ending Market Value per Share         10.08  
Average Market Value per Share     10.04 ^   10.09  
Series 2015 (NNC PRE)(b)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.03 ^   10.07 Ω
Series 2015-1 (NNC PRF)(b)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.03 ^   10.07 Ω
Series 2015-1 (NNC PRG)(b)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.03 ^   10.07 Ω
               
NPV              
Series 2014 (NPV PRA)              
Ending Market Value per Share         10.03  
Average Market Value per Share     10.01 ^^   10.08  
Series 2015 (NPV PRC)              
Ending Market Value per Share         10.09  
Average Market Value per Share     10.04 ^^   10.09  
Series 2014 (NPV PRD)(b)              
Ending Market Value per Share         10.06  
Average Market Value per Share     10.04 ^^   10.09 ΩΩ
Series 2014-1 (NPV PRE)(b)              
Ending Market Value per Share         10.09  
Average Market Value per Share     10.04 ^^   10.09 ΩΩ

 

(b) MTP Shares issued in connection with the reorganizations.
(c) For the six months ended November 30, 2017.
Ω For the period July 9, 2012 (effective date of the reorganizations) through May 31, 2013.
ΩΩ For the period August 6, 2012 (effective date of the reorganizations) through May 31, 2013.
^ For the period June 1, 2013 through March 3, 2014.
^^ For the period June 1, 2013 through September 9, 2013.

 

See accompanying notes to financial statements.

 

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Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

 

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

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

The end of the reporting period for the Funds is November 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2017 (the “current fiscal period”).

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

Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.

Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).

Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

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

 

      NMS     NNC     NPV  
Outstanding when-issued/delayed delivery purchase commitments   $ 1,084,190   $ 1,730,036   $ 2,267,207  

 

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Notes to Financial Statements (Unaudited) (continued)

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

Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statements of Operations.

Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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

Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market

 

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participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

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

Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

 

NKG     Level 1     Level 2     Level 3     Total  
Long-Term Investments*:                          
Municipal Bonds**   $   $ 224,396,634   $ *** $ 224,396,634  
Short-Term Investments*:                          
Municipal Bonds**             581,531     581,531  
Total   $   $ 224,396,634   $ 581,531   $ 224,978,165  
NMY                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 532,429,220   $   $ 532,429,220  
Common Stocks     888,977             888,977  
Total   $ 888,977   $ 532,429,220   $   $ 533,318,197  
NMS                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 139,329,139   $   $ 139,329,139  

 

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Notes to Financial Statements (Unaudited) (continued)

 

NOM     Level 1     Level 2     Level 3     Total  
Long-Term Investments*:                          
Municipal Bonds   $   $ 48,324,424   $   $ 48,324,424  
NNC                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 384,803,178   $   $ 384,803,178  
NPV                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 387,536,247   $   $ 387,536,247  
Short-Term Investments*:                          
Municipal Bonds         2,000,000         2,000,000  
Total   $   $ 389,536,247   $   $ 389,536,247  

 

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

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 

  (i) If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
  (ii) If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”) in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the

 

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Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

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

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

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

 

Floating Rate Obligations Outstanding     NKG     NMY     NMS     NOM     NNC     NPV  
Floating rate obligations: self-deposited Inverse Floaters   $ 3,245,000   $ 6,120,000   $   $   $   $ 6,750,000  
Floating rate obligations: externally-deposited Inverse Floaters     5,635,000                     13,330,000  
Total   $ 8,880,000   $ 6,120,000   $   $   $   $ 20,080,000  

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

 

Self-Deposited Inverse Floaters     NKG     NMY     NMS     NOM     NNC     NPV  
Average floating rate obligations outstanding   $ 3,245,000   $ 8,691,940   $   $   $   $ 8,923,497  
Average annual interest rate and fees     1.49 %   1.46 %   %   %   %   1.39 %

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

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

 

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Notes to Financial Statements (Unaudited)(continued)

As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, NKG had outstanding borrowings under such liquidity facilities in the amount of $1,917,508, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.

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

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

 

Floating Rate Obligations – Recourse Trusts     NKG     NMY     NMS     NOM     NNC     NPV  
Maximum exposure to Recourse Trusts: self-deposted Inverse Floaters   $   $ 6,055,000   $   $   $   $ 6,750,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters                         13,330,000  
Total   $   $ 6,055,000   $   $   $   $ 20,080,000  

Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

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

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

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

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

4. Fund Shares

Common Shares

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

 

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

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

 

    NMS  
      Six Months     Year  
      Ended     Ended  
      11/30/17     5/31/17*  
Additional authorized common shares     500,000     500,000  
Common shares sold     173,280     41,720  
Offering proceeds, net of offering costs   $ 2,666,511   $ 675,818  

 

* Represents additional authorized shares for the period April 25, 2017 through May 31, 2017.

Costs incurred by the Fund in connection with its Shelf Offering were recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. The deferred asset is reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Fund may incur. As Shelf Offering costs are expensed they are recognized as a component of “Other expenses” on the Statement of Operations.

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

 

    NMY   NMS  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      11/30/17     5/31/17     11/30/17     5/31/17  
Common shares:                          
Sold through shelf offering             173,280     41,720  
Issued to shareholders due to reinvestment of distributions             1,832     3,868  
Repurchased and retired     (2,500 )            
                           
Weighted average common share:                          
Premium to NAV per shelf offering share sold             5.02 %   10.00 %
Price per share repurchased and retired   $ 12.55              
Discount per share repurchased and retired     13.27 %            

 

    NOM  
      Six Months     Year  
      Ended     Ended  
      11/30/17     5/31/17  
Common shares:              
Issued to shareholders due to reinvestment of distributions     1,814     3,448  

Preferred Shares

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

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

 

  Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

 

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Notes to Financial Statements (Unaudited) (continued)

 

    The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
     
  Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.  
     
    The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
     
 

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

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

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

NOM incurred offering costs of $195,000 in connection with its offering of MFP Shares, which were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

As of the end of the reporting period, details of its MFP Shares outstanding were as follows:

 

        Shares   Liquidation   Term        
Fund   Series   Outstanding   Preference   Redemption Date   Mode  
NOM     A     180   $ 18,000,000     October 1, 2047     VRM  
                                 

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

 

      NOM *
Average liquidation preference of MFP Shares outstanding   $ 18,000,000  
Annualized dividend rate     1.75 %

 

* For the period October 16, 2017 (first issuance of shares) through November 30, 2017.

Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.

On October 16, 2017, NOM redeemed all of its outstanding Series 2018 VMTP Shares. The Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of MFP Shares (as described above in MuniFund Preferred Shares).

 

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As of the end of the reporting period, VMTP Shares outstanding, at liquidation preference, for each Fund was as follows:

 

        Shares   Liquidation  
Fund   Series   Outstanding   Preference  
NKG     2019     820   $ 82,000,000  
NMY     2019     1,970   $ 197,000,000  
NMS     2019     528   $ 52,800,000  
NNC     2019     1,540   $ 154,000,000  

Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s VMTP Shares are as follows:

 

        Term   Premium  
Fund   Series   Redemption Date   Expiration Date  
NKG     2019     September 1, 2019     August 31, 2017  
NMY     2019     August 1, 2019     June 30, 2017  
NMS     2019     August 1, 2019     June 30, 2017  
NNC     2019     August 1, 2019     June 30, 2017  

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

 

      NKG     NMY     NMS     NOM *   NNC  
Average liquidation preference of VMTP Shares outstanding   $ 82,000,000   $ 197,000,000   $ 52,800,000   $ 18,000,000   $ 154,000,000  
Annualized dividend rate     1.78 %   1.80 %   1.80 %   1.71 %   1.80 %

 

* For the period June 1, 2017 through October 16, 2017.

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Fund’s Adviser has determined that the fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net deferred offering costs” on the Statement of Assets and Liabilities.

Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.

In conjunction with NOM’s redemption of VMTP Shares, the remaining deferred costs of $14,844, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.

Variable Rate Demand Preferred Shares
The following Fund has issued and has outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

 

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Notes to Financial Statements (Unaudited)(continued)

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

 

        Shares   Liquidation        
Fund   Series   Outstanding   Preference   Maturity  
NPV     1     1,280   $ 128,000,000     August 3, 2043  
                           

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund’s VRDP Shares have successfully remarketed since issuance.

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

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

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

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

      NPV  
Average liquidation preference of VRDP Shares outstanding   $ 128,000,000  
Annualized dividend rate     1.72%  

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.

Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.

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

 

    Six Months Ended  
    November 30, 2017  
NOM     Series     Shares     Amount  
MFP Shares issued     A     180   $ 18,000,000  

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

 

    Year Ended  
    May 31, 2017  
NKG     Series     Shares     Amount  
VMTP Shares issued     2019     820   $ 82,000,000  
VMTP Shares exchanged     2017     (750 ) $ (75,000,000 )
Net Increase (decrease)           70   $ 7,000,000  

 

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    Year Ended  
    May 31, 2017  
NMY     Series     Shares     Amount  
VMTP Shares issued     2019     1,970   $ 197,000,000  
VMTP Shares exchanged     2017     (1,670 ) $ (167,000,000 )
Net Increase (decrease)           300   $ 30,000,000  

 

    Year Ended  
    May 31, 2017  
NMS     Series     Shares     Amount  
VMTP Shares issued     2019     528   $ 52,800,000  
VMTP Shares exchanged     2017     (441 ) $ (44,100,000 )
Net Increase (decrease)           87   $ 8,700,000  

 

    Six Months Ended  
    November 30, 2017  
NOM     Series     Shares     Amount  
VMTP Shares redeemed     2018     (180 ) $ (18,000,000 )

 

    Year Ended  
    May 31, 2017  
NNC     Series     Shares     Amount  
VMTP Shares issued     2019     1,540   $ 154,000,000  
VMTP Shares exchanged     2017     (1,250 ) $ (125,000,000 )
Net Increase (decrease)           290   $ 29,000,000  

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

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Purchases   $ 20,283,434   $ 51,457,171   $ 12,024,211   $ 5,402,101   $ 30,140,963   $ 32,165,574  
Sales and maturities     19,663,057     58,373,550     8,381,807     6,991,959     23,813,080     40,347,456  

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

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

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

 

NUVEEN
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Notes to Financial Statements (Unaudited) (continued)

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of November 30, 2017.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Tax cost of investments   $ 213,953,927   $ 506,123,669   $ 133,813,766   $ 45,619,698   $ 366,224,108   $ 363,516,460  
Gross unrealized:                                      
Appreciation   $ 9,226,810   $ 23,291,862   $ 5,980,776   $ 2,847,891   $ 20,029,955   $ 21,652,843  
Depreciation     (1,447,557 )   (2,217,287 )   (465,403 )   (143,165 )   (1,450,885 )   (2,383,078 )
Net unrealized appreciation (depreciation) of investments   $ 7,779,253   $ 21,074,575   $ 5,515,373   $ 2,704,726   $ 18,579,070   $ 19,269,765  

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, distribution reallocations and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of May 31, 2017, the Funds’ last tax year end, as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Paid-in-surplus   $ (1,837,398 ) $ (431,490 ) $ (712,855 ) $ (117,402 ) $ (260,416 ) $ (213,120 )
Undistributed (Over-distribution of) net investment income     190,783     198,115     260,286     39,501     258,862     (13,821 )
Accumulated net realized gain (loss)     1,646,615     233,375     452,569     77,901     1,554     226,941  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2017, the Funds’ last tax year end, were as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Undistributed net tax-exempt income1   $ 493,733   $ 1,429,279   $ 392,427   $ 137,271   $ 522,295   $ 618,005  
Undistributed net ordinary income2     522     168,930     45,261     1,291     594     110,611  
Undistributed net long-term capital gains                     17,627      

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2017, paid on June 1, 2017.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended May 31, 2017, was designated for purposes of the dividends paid deduction as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Distributions from net tax-exempt income   $ 7,640,537   $ 18,211,923   $ 5,215,421   $ 1,924,618   $ 11,572,411   $ 12,037,552  
Distributions from net ordinary income2     23,208     191,672     16,165     14,973     19,702      
Distributions from net long-term capital gains                     139,558      

 

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

As of May 31, 2017, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

 

      NKG     NMY3     NMS     NOM     NPV  
Expiration:                                
May 31, 2018   $ 1,329,548   $   $   $ 91,539   $  
May 31, 2019     48,370                  
Not subject to expiration     3,656,237     11,635,189     124,580     1,242,226     13,440,323  
Total   $ 5,034,155   $ 11,635,189   $ 124,580   $ 1,333,765   $ 13,440,323  

 

3 A portion of NMY’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.

During the Funds’ last tax year ended May 31, 2017, NMS utilized $408,113 of its capital loss carryforwards.

As of May 31, 2017, the Funds’ last tax year end, the following Funds’ capital loss carryforwards expired as follows:

 

      NKG     NMY     NMS     NOM  
Expired capital loss carryforwards   $ 1,635,823   $ 172,377   $ 452,405   $ 77,824  

 

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

 

      NNC  
Post-October capital losses4   $ 1,074,702  
Late-year ordinary losses5      

 

4 Capital losses incurred from November 1, 2016 through May 31, 2017, the Funds’ last tax year end.
5 Ordinary losses incurred from January 1, 2017 through May 31, 2017 and/or specified losses incurred from November 1, 2016 through May 31, 2017.

7. Management Fees and Other Transactions with Affiliates

Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

 

Average Daily Managed Assets* Fund-Level Fee
For the first $125 million 0.4500 %
For the next $125 million 0.4375  
For the next $250 million 0.4250  
For the next $500 million 0.4125  
For the next $1 billion 0.4000  
For the next $3 billion 0.3875  
For managed assets over $5 billion 0.3625  

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

 

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

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2017, the complex-level fee for each Fund was 0.1595%.

 

NUVEEN
97


Notes to Financial Statements (Unaudited)(continued)

Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.

During the current fiscal period, the following Funds engaged in inter-fund trades pursuant to these procedures as follows:

 

Inter-Fund Trades     NMY     NMS  
Purchases   $ 663,589   $  
Sales     475,978     753,833  

8. Borrowing Arrangements

Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.

The Unsecured Credit Line was not renewed after its scheduled termination date on July 27, 2017.

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, the following Fund utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:

 

      NMY  
Maximum Outstanding Balance   $ 9,100,000  

During the current fiscal period, and during the Fund’s utilization period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:

 

      NMY  
Average daily balance outstanding   $ 7,403,836  
Average annual interest rate     2.35%  

During the current fiscal period, none of the remaining Funds utilized this facility.

Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or

 

98
NUVEEN


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

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

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

9. New Accounting Pronouncements

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

FASB ASU 2016-18: Statement of Cash Flows – Restricted Cash (“ASU 2016-18”)
The FASB issued ASU 2016-18, which will require entities to include the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the beginning and ending cash balances in the Statement of Cash Flows. The guidance will be applied retrospectively and is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Management is currently evaluating the implications of ASU 2016-18, if any.

 

NUVEEN
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Additional Fund Information

 

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

 

* Interested Board Member.
** Retired from the Fund’s Board of Trustees effective December 31, 2017.

 

Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
  Custodian
State Street Bank
& Trust Company
One Lincoln Street
Boston, MA 02111
  Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
  Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Street
Chicago, IL 60601
  Transfer Agent and
Shareholder Services
Computershare Trust
Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 257-8787
 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

 

CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

 

Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Common shares repurchased         2,500                  

FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

 

100
NUVEEN


Glossary of Terms Used in this Report

 

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

 

NUVEEN
101


Glossary of Terms Used in this Report (continued)

 

S&P Municipal Bond Georgia Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Georgia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Maryland Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Maryland municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Minnesota Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Minnesota municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Missouri Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Missouri municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond North Carolina Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade North Carolina municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Virginia Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Virginia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

 

102
NUVEEN


Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

 

Nuveen Closed-End Funds Automatic Reinvestment Plan

Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

 

NUVEEN
103


 

 

Nuveen:

Serving Investors for Generations

 

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio. 

 

Focused on meeting investor needs.

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

 

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

 

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

 

 

 

ESA-A-1117D 366875-INV-B-01/19

 

 

 




 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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



 
SIGNATURES

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

(Registrant) Nuveen Georgia Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: February 7, 2018
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)

Date: February 7, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: February 7, 2018