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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07616

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

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

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: May 31, 2018

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 13
   
Common Share Information 15
   
Risk Considerations 18
   
Performance Overview and Holding Summaries 20
   
Shareholder Meeting Report 26
   
Report of Independent Registered Public Accounting Firm 28
   
Portfolios of Investments 29
   
Statement of Assets and Liabilities 75
   
Statement of Operations 77
   
Statement of Changes in Net Assets 79
   
Statement of Cash Flows 82
   
Financial Highlights 84
   
Notes to Financial Statements 93
   
Additional Fund Information 109
   
Glossary of Terms Used in this Report 110
   
Reinvest Automatically, Easily and Conveniently 112
   
Annual Investment Management Agreement Approval Process 113
   
Board Members & Officers 121

 

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Chairman’s Letter to Shareholders

Dear Shareholders,

I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.

The increase in market volatility this year reflects greater uncertainty among investors. The global economic outlook is less clear cut than it was in 2017. U.S. growth is again decoupling from that of the rest of the world, and the U.S. dollar and interest rates have risen in response. Trade war rhetoric and the imposition of tariffs between the U.S. and its major trading partners has recently dampened business sentiment and could pose a risk to growth expectations going forward. A host of other geopolitical concerns, including the ongoing Brexit and North American Free Trade Agreement negotiations, North Korea relations and Italy’s populist government, remain on the horizon.

Despite these risks, global growth remains intact, albeit at a slower pace, providing support to corporate earnings. The U.S. economy is expected to regain momentum, boosted by fiscal stimulus, an easing regulatory environment and above-average consumer confidence. Subdued inflation pressures have kept central bank policy accommodative, even as Europe moves closer to winding down its monetary stimulus and the Federal Reserve remains on a moderate tightening course.

Headlines and political noise will continue to obscure underlying fundamentals at times and cause temporary bouts of volatility. We encourage you to work with your financial advisor to evaluate your goals, timeline and risk tolerance if short-term market fluctuations are a concern. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth
Chairman of the Board
July 23, 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 U.S. economic and municipal market conditions, key investment strategies and the twelve-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 factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended May 31, 2018?

After hovering near an annual pace of 3% for most of the reporting period, U.S. gross domestic product (GDP) growth cooled to 2.2% in the first quarter of 2018, according to the Bureau of Economic Analysis “second” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. A beginning-of-the-year slowdown was expected given the seasonal trend of slower first quarter growth seen over the past few years and the delayed impact of tax cuts on workers’ paychecks.

Nevertheless, consumer spending, boosted by employment and wage gains, continued to drive the economy. The Atlantic coast hurricanes in September and October temporarily weakened shopping and dining out activity, but rebuilding efforts had a positive impact on the economy. Although business investment slowed in early 2018 from the gains seen in the second half of 2017, business sentiment remained strong and hiring continued to boost employment. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.8% in May 2018 from 4.3% in May 2017 and job gains averaged around 196,000 per month for the past twelve months. While the jobs market has continued to tighten, wage growth has remained lackluster during this economic

 

 

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.

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)

recovery. Although the January jobs report revealed an unexpected pick-up in wages, the trend moderated in subsequent months. The Consumer Price Index (CPI) increased 2.8% over the twelve-month reporting period ended May 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.2% during the same period, slightly above the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%.

The housing market also continued to improve with low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.4% annual gain in April 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 6.2% and 6.6%, respectively.

With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Fed’s policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in June 2018 (after the close of the reporting period), was the seventh rate hike since December 2015. In addition, in October 2017, the Fed began reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.

Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. At the June meeting, the Fed increased its projection to four interest rate increases in 2018, from three increases projected at the March meeting. The markets also continued to react to geopolitical news. Protectionist rhetoric had been garnering attention across Europe, as anti-European Union (EU) sentiment featured prominently (although did not win a majority) in the Dutch, French and German elections in 2017. Italy’s 2018 elections resulted in a hung parliament, and several months of negotiations resulted in a populist, euro-skeptic coalition government. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war. Meanwhile, in March the U.K. and EU agreed in principle to the Brexit transition terms, opening the door to the next round of negotiation dealing with trade and security issues. The U.S. Treasury issued additional sanctions on Russia in April, and re-imposed sanctions on Iran after President Trump decided to withdraw from the 2015 nuclear agreement. The threat of a nuclear North Korea eased somewhat as the leaders of South Korea and North Korea met during April, while the U.S. and North Korea broadcast mixed messages about a summit scheduled for June but ultimately met as planned (after the close of the reporting period).

Municipal bonds recorded a small gain in the reporting period. Optimism about the economy was favorable for credit conditions but also drove interest rates higher, which weighed on bond prices. But, with inflation moving only incrementally higher, the increase in long-term interest rates was less dramatic than feared.

Along with the overall economic outlook, tax reform was a significant market driver for municipal bonds in this reporting period. Early drafts of the tax bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.

The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20 to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.

Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $400.3 billion in this reporting period, an 8.0% drop from the issuance for the twelve-month reporting period ended May 31, 2017. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates moved higher. Despite the increase,

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the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. In these transactions, the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.

Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows steadily increased in 2017 overall.

What were the economic and market conditions in Georgia, Maryland, Minnesota, Missouri, North Carolina and Virginia during the twelve-month reporting period ended May 31, 2018?

Georgia’s economy continues to do well, with year-over-year employment growth of 1.7% through May 2018. Georgia’s unemployment rate has dropped to 4.2% and hasn’t been this low in over a decade. The state’s primary economic engine is the Atlanta metropolitan area, which has been adding jobs and attracting businesses in a diverse range of industries. Atlanta had the third largest population increase among all U.S. metro areas in 2017. Home prices in the Atlanta region rose 5.5% last year as of April 2018, (most recent data available at the time this report was prepared)., according to the S&P/Case-Shiller Home Price Index. Georgia’s economic growth has driven robust revenue growth, with governmental revenues growing by an annual average of 5.7% over the past seven years. The revenue out-performance has contributed to the persistent build-up in the state’s rainy day fund, the Revenue Shortfall Reserve. The fund has grown to more than $2.5 billion from its post-recession low of $103 million in 2009. Georgia’s Fiscal Year 2019 budget is structurally balanced. The $26 billion state budget is based on an increase in general fund revenues of 4.1% over the Fiscal Year 2018 budget, with the majority of additional funding going toward K-12 education and the Teachers Retirement System. Georgia has $10 billion of net tax-supported debt outstanding, which represents 2.4% of personal income. The Moody’s 50-state median is 2.3% of personal income. As of June 2018 (after the close of the reporting period), Georgia’s general obligation debt continued to be rated Aaa/AAA/AAA with stable outlooks from Moody’s, S&P and Fitch, respectively. For the twelve months ended May 31, 2018, municipal gross issuance in Georgia totaled $9.3 billion, an increase of 23% from the twelve months ended May 31, 2017.

While Maryland’s economy fared better than most throughout the recession, economic growth during and after the recovery can be characterized as slow. In 2017, the real gross state product for Maryland grew 1.5% compared to 2.5% the prior year, dropping its ranking to 30th among all states. Maryland’s economy has historically benefited from its proximity to the nation’s capital through job growth and drawing high income earners as residents. However, the state’s closeness to Washington D.C. means a greater dependency on federal employment than in most states, leaving it vulnerable to future federal cost-cutting. Government employment accounts for nearly 19% of all state employment. Maryland has one of the nation’s best educated workforces, which has facilitated the development of advanced technology and the growth of public and private research facilities. Combined with the influence of the government sector and the presence of over 50 universities, this has made Maryland a center for national security and medical and biomedical research. Per capita income within the state is 127% of the U.S. average, and the median home value of $290,000 is 157% of the U.S. median. However, May’s unemployment rate of 4.3% is above the national average of 3.8%, which is atypical for the state. Growth in the jobless rate can be attributed to a reduction of nearly 3,000 federal government employees in 2017 and downstream industries that struggled as a result. While the increase in federal spending under the current administration should bode well for the state, Maryland has less to gain than other southern states with large military installations as most of the uptick in spending is earmarked for defense. The private sector labor market faces its own challenges, but positively, in 2018, preliminary estimates suggest that total employment is rebounding. Maryland has implemented various financial controls which add stability to its financial profile. Among them are five-year budget forecasts, constraining debt maturities to no more than 15 years, and restricting debt to no more than 4% of personal income. Also, the rainy day fund has various mandated controls governing how much must be deposited, or how much can be removed, in any given year. Prudent fiscal management is further exemplified with mid-year expenditure cuts based on the state’s Board of Revenue Estimates. Fiscal Year 2017 revenues underperformed budgeted expectations,

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Portfolio Managers’ Comments (continued)

which prompted revenue revisions for Fiscal Year 2018. The state was able to successfully close the Fiscal Year 2017 mid-year budget gap with expenditure reductions and a transfer from the revenue stabilization account. The March 2018 Board of Revenues update amended projected Fiscal Year 2018 revenues down from the December estimate but actually increased projected Fiscal Year 2019 revenues. These new figures translate to projected year-end general fund revenue growth of 1.9% in Fiscal Year 2018 and 6.1% in Fiscal Year 2019. As of June 2018 (after the close of the reporting period), Moody’s, S&P and Fitch rated Maryland general obligation debt at Aaa/AAA/AAA with stable outlooks. During the twelve months ended May 31, 2018, municipal issuance in the state totaled $9.7 billion, an increase of 0.4% from the previous twelve months.

Minnesota’s economic growth lagged the national growth rate in 2017 with Minnesota’s GDP growing 1.9% but outpaced its regional peers, ranking as the 23rd fastest growing state economy. Minnesota’s GDP growth was driven by gains in health care and social assistance, wholesale trade, durable goods manufacturing, finance & insurance, real estate and rental & leasing sectors. As of May 2018, Minnesota’s unemployment rate of 3.1% remained well below the national unemployment rate of 3.8%. Home prices in the Minneapolis area were up 6.5% year-over-year as of April 2018 (most recent data available at the time this report was prepared), according to the S&P/Case-Shiller Home Price Index. Minnesota’s budget is on a two-year cycle. Going into the current Fiscal Year Minnesota has a $329 million surplus. The Governor recently vetoed a budget bill and tax bill, passed by the Legislature. The budget bill would have appropriated $150 million in new spending in addition to the $46 billion two-year budget that was adopted last year. The tax bill was introduced to reconcile the State’s income tax code with federal changes. S&P and Moody’s ratings are AA+ and Aa1, respectively with stable outlooks. For the twelve months ended May 31, 2018, municipal issuance in Minnesota totaled $7.1 billion, representing an 11.7% decrease from the twelve months ended May 31, 2017.

Missouri’s economic recovery continues to lag national economic growth. For 2017, national GDP grew 2.1% and outpaced Missouri’s growth of 1.1%. Missouri’s growth ranked 37th nationally. As of May 2018, Missouri’s unemployment rate of 3.6% remains below the national unemployment rate of 3.8%, though this is partially due to contraction of the labor force. The state saw growth in the following sectors: financial activities, professional and business services, health care & social assistance, and durable goods manufacturing. The Missouri Constitution requires that the state pass a balanced budget. In May 2018, the state passed a $28.3 billion budget that includes a $99 million increase in public school funding, restoration of previous year’s funding cuts to higher education institutions, and raises for state workers. Moody’s, S&P and Fitch rate Missouri general obligation debt at Aaa/AAA/AAA and all have stable outlooks. For the twelve months ended May 31, 2018, municipal issuance in Missouri totaled $6.1 billion, representing a 23.5% increase from the twelve months ended May 31, 2017.

North Carolina’s economic growth was up year-over-year with real GDP increasing 2.3% over Fiscal Year 2016, ranking it 14th among all states. As the state’s economy transitions away from old-line manufacturing into sectors oriented toward research, technology and services, the roles of the state’s high quality universities and Research Triangle will continue to become more important. In 2018, nearly one-quarter of new jobs generated will be in professional/business services and information sectors, which tend to be tech-related. While booming investment in and around the Research Triangle continues to drive economic growth over the near term, the federal government continues to be one of the largest employers in the state. Fort Bragg and Camp Lejeune alone employ more than 111,000 workers. As of May 2018, the state’s unemployment rate of 4.3% was above the national average of 3.8%. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Charlotte rose 6.0% during the twelve months ended April 2018 (most recent data available at the time this report was prepared). North Carolina’s constitution constrains the amount of general obligation debt the state can issue in any biennium. This has resulted in a relatively low debt burden when compared to many of its peers. Moody’s April 2018 state debt median report notes that North Carolina ranked 37th for net tax-supported debt per capita and 35th as a percent of personal income. The state has a strong commitment to building reserves to mitigate future budgetary pressure. At the end of Fiscal Year 2017 the state’s savings reserve had a balance of $1.8 billion up from $1.6 billion in Fiscal Year 2016, and the repairs and renovations reserve account had a balance of $137 million up from $93 million in Fiscal Year 2016. The Fiscal Year 2018-19 adopted biennium budget is balanced and includes a 3.1% increase in appropriations in 2018 and an additional 2.7% increase in 2019. We expect the state’s overall credit profile to remain strong, driven by continued economic growth and prudent fiscal management. As of June 2018 (after the close of the reporting period), Moody’s, S&P and Fitch rated North Carolina general obligation debt at Aaa/AAA/AAA with stable outlooks. During the twelve months ended May 31, 2018, municipal issuance in North Carolina totaled $5.4 billion, a decrease of 17.1% from the previous twelve months.

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Pennsylvania is the fifth-largest state by population and sixth-largest by gross state product. The Commonwealth’s economy is faring well in the first half of 2018. Annual job growth was 1.3% as of May 2018. Pennsylvania’s unemployment rate has decreased to 4.5% (May 2018), the lowest level since before the recession. Despite the stronger economy, governance remains a problem, with state and local governments still cutting payrolls under the pressure of budget shortfalls. The Education and Health Services sector represents 20.7% of total employment in the Commonwealth. Job growth in this sector was a strong 2.6%, as of May 2018, on a year-ago basis. Population loss and an aging population are demographic headwinds for the state both now and in the long run. On the fiscal front, Pennsylvania continues to have trouble balancing its general fund budget. Late budget passage has become an almost annual occurrence as the governor and the legislature continue to clash over basic budget fundamentals. Pennsylvania drew down all of its rainy day funds years ago and has failed to replenish those funds. However, the Fiscal Year 2019 budget was passed on time, the first on-time spending plan in four years. The $32.7 billion total represents a roughly $700 million rise in new spending, up 2.2% from the last enacted budget. The state is using almost $1 billion in one-time cash sources to balance the 2019 budget. Pennsylvania’s unassigned general fund balance, as of Fiscal Year 2017, was a negative $3.2 billion, or a deficit equal to 9% of the state’s operating revenues. Pennsylvania’s combined net tax-supported debt ($17 billion) and pension burden is well above the median for U.S. states. According to Moody’s, the Commonwealth’s fixed cost burden was the ninth highest among states in Fiscal Year 2016. The unfunded pension liability is estimated at more than $66 billion, split between the State Employees Retirement System and the Public School Employees Retirement System. As of May 2018, Pennsylvania’s general obligation (GO) debt was rated Aa3 by Moody’s and A+ by S&P. For the twelve months ended May 31, 2018, $20.5 billion in new municipal bonds were issued in the Commonwealth, a gross issuance decrease of 5.3% from the previous twelve months.

Virginia’s economy is led by government, professional and business services, and its proximity to the Washington D.C. area has historically provided stability in the northern portion of the state. In 2017, the gross state product (GSP) for Virginia grew 2.0% compared to 0.5% the prior year, moving its ranking up to 19th among all states. Virginia is poised to benefit more than any other state from the large increase in federal defense outlays as defense spending accounts for 9% of the state’s GSP versus 2% nationally. Additionally, the state continues to benefit from strong demographics. Per capita income within the state is 117% of the U.S. average, and the median home value of $248,000 is 134% of the U.S. median. May’s unemployment rate of 3.2% is below the national average of 3.8%. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in the Washington D.C. area rose 3.2% during the twelve months ended April 2018 (most recent data available at the time this report was prepared). The state’s financial performance has substantially improved following the December 2016 revision of the 2016-2018 biennium forecast. Revenue outperformance, coupled with the adoption of a structurally balanced 2018-2020 biennial budget, prompted S&P to revise the state’s outlook from negative to stable in June 2018. The upcoming budget not only adds to reserves but increases support to several policy initiatives such as education and infrastructure spending. As of June 2018 (after the close of the reporting period), Moody’s, S&P and Fitch rated Virginia general obligation debt at Aaa/AAA/AAA with stable outlooks. During the twelve months ended May 31, 2018, gross issuance in Virginia totaled $9.9 billion, an increase of 44% from the previous twelve months.

What key strategies were used to manage these Funds during the twelve-month reporting period ended May 31, 2018?

Interest rates rose during the reporting period as the economy maintained steady growth. Yields on the short end of the yield curve experienced a larger move, as the Fed continued to gradually raise its benchmark interest rate. Yields on the longer end of the curve increased by a smaller amount, restrained by relatively tame inflation readings. As a result, the yield curve flattened over the reporting period. Missouri’s municipal bond market outperformed the national municipal market, while the markets of Georgia, Maryland, Minnesota, North Carolina and Virginia lagged the broad market.

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 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.

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Portfolio Managers’ Comments (continued)

In NKG, we bought several intermediate dated, middle-grade credits in the secondary market during the second half of the reporting period. These bonds were issued for a combined utility, a public utility, a gas prepay utility and a local general obligation (GO) bond. 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 participated in refunding deals for Maryland Economic Development Ports Seagirt Terminal and New Jersey tobacco settlement bonds in the latter half of the reporting period. We also bought AA rated Maryland Stadium for Baltimore Public Schools bonds, BB+ rated St. Mary’s University credits and Washington D.C. Metropolitan Transit Authority bonds (which are dual exempt in Maryland and Virginia). 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 bonds at a loss to harvest a tax loss that can be used to offset future capital gains, and bought similarly structured, higher yielding bonds to increase the Fund’s income distribution capabilities. We also took advantage of prevailing market conditions to swap some positions at the short end of the yield curve (1 to 5 years) to help increase the Fund’s income capabilities. We traded some Guam Waterworks Authority Bonds for Guam Section 30 Bonds, as well as significantly reduced the exposure to Puerto Rico bonds. Despite Puerto Rico’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. Additionally, we eliminated NMY’s remaining 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 part of the merger with US Airways, which was completed in December 2013. Over time, we sold these shares and reinvested the proceeds into municipal bonds.

In NMS, we continued to trim exposure to longer maturity, lower coupon (3%) bond structures to reallocate into higher coupon structures that we believe 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 opportunities in other ratings categories during this reporting period. Conversely, purchases of a number of single A rated issues lifted the Fund’s weighting in the A rated category over this reporting period. On a sector basis, the Fund’s weighting in health care bonds increased moderately over the reporting period, primarily due to the addition of Fairview Health Services bonds.

NOM maintained its portfolio positioning throughout the reporting period. Notable purchases included Children’s Mercy Hospital bonds and Springfield School District GOs in the second half of the reporting period. We continued to focus on 15- to 30-year maturities. Called and maturing bonds provided most of the cash for new purchases. We also sold some of the Fund’s insured Puerto Rico bonds and, like NMY, did some tax loss swaps to boost the Fund’s income generating capabilities.

NNC bought two water and sewer credits, an appropriation bond and a local GO. These credits had higher credit quality profiles (as there was a lack of lower grade bonds available in this reporting period) and intermediate to long durations. 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.

In NPV, in the second half of the reporting period we bought a sizeable new issue that came to market for Hampton Roads Transportation Accountability Commission. The bonds were issued at longer maturities with a AA credit rating. We increased the Fund’s transportation exposure with purchases of Virginia Small Business Finance Authority Private Act I-66 toll road bonds and the dual-exempt Washington D.C. Metropolitan Transit Authority credits (which were also added to NMY). Additions to NPV’s health care position included two AA rated new issues for Virginia Commonwealth University Health System and Sentara Healthcare. We also bought Lynchburg College revenue bonds and a utilities credit issued for Covanta. We made NPV’s purchases using the proceeds from called and maturing bonds. In addition, we sold Dulles Toll Road bonds, which offered a lower book yield, to reinvest in a more attractive long-term opportunity. Like the Maryland Fund, the Virginia Fund also trimmed its Puerto Rico exposure during the reporting period, as well as took advantage of prevailing market conditions to swap some positions at the short end of the yield curve (1 to 5 years) to help increase the Fund’s income capabilities.

As of May 31, 2018, NKG, NMY, NNC 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.

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How did the Funds perform during the twelve-month reporting period ended May 31, 2018?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended May 31, 2018. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.

For the twelve-month reporting period ended May 31, 2018, 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 and the national S&P Municipal Bond Index, while NOM, NKG and NNC underperformed both the national S&P Municipal Bond Index and their respective state index.

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, shorter duration bonds underperformed longer duration bonds. The six Funds held overweight allocations to the outperforming longer bonds, which contributed positively to performance. NMY, NNC and NPV also benefited modestly from underweight allocations to the weaker-performing shorter bonds, while NMS’s small overweight in zero to two-year maturities was a slight detractor from relative performance.

In terms of credit quality, lower rated, higher yielding bonds outperformed high grade bonds in this reporting period. As a result, the Funds with overweight allocations to lower rated credits (NMY, NMS, NOM and NPV) tended to have better relative performance. For NKG and NNC, however, credit ratings allocation was a detractor from performance. NKG held an underweight to BBB and below investment grade bonds, which hurt performance, despite the benefit of an overweight to the single-A bucket. NNC’s underweight to below investment grade bonds detracted, while an overweight to BBB rated bonds was a small positive contributor.

The trend of revenue sectors outperforming tax-supported sectors continued over this reporting period. NKG’s sector allocations, in aggregate, had a relatively neutral impact on performance, with underperformance from overweight to public power and outperformance from an overweight to health care. Overall sector positioning in NMY and NPV aided relative performance due to overweights to health care and tobacco and underweight to tax-supported bonds. However, in NMY an underweight to the transportation sector was modestly negative, while NPV’s transportation exposure helped performance. NMS held a beneficial overweight allocation to health care credits but an overweight to pre-refunded bonds was disadvantageous. NOM’s sector positioning did not meaningfully impact performance in this reporting period. For NNC, sector allocations were a detractor from relative results, due to an overweight to pre-refunded bonds and the Fund’s toll roads exposure.

Looking at individual credit selection, NKG benefited the most from selections in higher coupon (5%) bonds offering mid-range credit quality and longer durations. However, NKG’s position in Baldwin County Hospital Oconee Regional Medical Center was a notable detractor in this reporting period. NMY’s best performing holdings were tobacco settlement bonds, CNX Marine Terminals Consol Energy, two continuing care retirement communities (Vantage House and Charlestown Community) and a land-backed issue for Howard County Annapolis Junction Town Center, while shorter dated Puerto Rico bonds and selected Guam credits disappointed. NNC’s selection in longer-dated bonds with lower credit ratings that were held over the full reporting period were the leading performers. NPV’s holdings in tobacco settlement bonds, select zero coupon bonds (Dulles Toll Road and Puerto Rico) and the I-66 toll road were standout performers. For all six Funds, the weakest performing holdings tended to be shorter dated, higher credit quality paper.

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Portfolio Managers’ Comments (continued)

An Update on FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 31, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. We owned longer-maturity bonds issued by FirstEnergy Solutions, which had a negligible impact on performance for the reporting period as the issuer took steps toward seeking bankruptcy protection which occurred in late March 2018. A substantial amount of bondhold-ers, of which Nuveen is included, entered into an “Agreement in Principal” with FirstEnergy Solutions’ parent, FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.

In terms of FirstEnergy holdings, shareholders should note that NMY had 0.36% and NPV had 0.48% exposure, which are all secured holdings.

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, 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 in recent years 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 Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.

Leverage from issuance of preferred shares 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 May 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Effective Leverage*     38.42 %   38.59 %   38.30 %   36.29 %   40.68 %   38.88 %
Regulatory Leverage*     36.86 %   37.13 %   38.30 %   36.29 %   39.40 %   33.49 %

 

* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

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Fund Leverage (continued)

THE FUNDS’ REGULATORY LEVERAGE

As of May 31, 2018, 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 AMTP, 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 May 31, 2018. 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   $ 0.0440   $ 0.0500   $ 0.0600   $ 0.0530   $ 0.0440   $ 0.0460  
December   $ 0.0422   $ 0.0556   $ 0.0703   $ 0.0548   $ 0.0508   $ 0.0552  
January   $ 0.0405   $ 0.0475   $ 0.0600   $ 0.0530   $ 0.0440   $ 0.0460  
February   $ 0.0405   $ 0.0475   $ 0.0600   $ 0.0530   $ 0.0440   $ 0.0460  
March   $ 0.0380   $ 0.0475   $ 0.0600   $ 0.0465   $ 0.0390   $ 0.0460  
April   $ 0.0380   $ 0.0475   $ 0.0600   $ 0.0465   $ 0.0390   $ 0.0460  
May 2018   $ 0.0380   $ 0.0475   $ 0.0600   $ 0.0465   $ 0.0390   $ 0.0460  
Total Monthly Distributions   $ 0.5102   $ 0.6006   $ 0.7408   $ 0.6273   $ 0.5198   $ 0.5612  
Total Distributions from Long-Term Capital Gains*   $   $   $ 0.0008   $   $ 0.0009   $  
Total Distributions   $ 0.5102   $ 0.6006   $ 0.7416   $ 0.6273   $ 0.5207   $ 0.5612  
Yields                                      
Market Yield**     4.01%     4.67%     5.29%     4.18%     3.81%     4.47%  
Taxable-Equivalent Yield**     5.73%     6.62%     7.77%     5.96%     5.40%     6.37%  

 

* Distribution paid in December 2017.
** 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 30.0%, 29.5%, 31.9%, 29.9%, 29.5%, and 29.8% for NKG, NMY, NMS, NOM, NNC, and NPV 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 May 31, 2018, NOM had a zero UNII balance while NKG, NMY, NMS, NNC and NPV had positive UNII balances for tax purposes. NPV had a positive UNII balance while NKG, NMY, NOM, NMS and NNC had negative UNII balances for financial reporting purposes.

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Common Share Information (continued)

All monthly dividends paid by each Fund (with the exception of NOM) 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. During the current fiscal period, NOM’s distributions were slightly greater than the Fund’s interest income, net of Fund expenses. As a result a portion of NOM’s distributions were deemed to be a return of capital. 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.

The following table presents the regular, monthly distributions for the following Fund for the current fiscal period. The final determinations of the source and characteristics of all distributions will be made in early 2019 and reported to shareholders on Form 1099-DIV at that time.

 

Fiscal Year (Calendar Year) Ended May 31, 2018     NOM  
Regular monthly distribution per share   $ 0.6190  
From net realized capital gains     0.0000  
Return of capital     0.0083  
Total per share distribution   $ 0.6273  

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 May 31, 2018, 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         757,500             153,400      
Common shares authorized for repurchase     1,055,000     2,335,000     570,000     235,000     1,640,000     1,795,000  

16

 

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

 

      NMY     NNC  
Common shares repurchased and retired     27,500     23,400  
Weighted average price per common share repurchased and retired   $ 12.30   $ 12.17  
Weighted average discount per common share repurchased and retired     14.18 %   15.16 %

OTHER COMMON SHARE INFORMATION

As of May 31, 2018, 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   $ 13.32   $ 14.29   $ 14.69   $ 13.48   $ 14.44   $ 14.17  
Common share price   $ 11.38   $ 12.21   $ 13.60   $ 13.34   $ 12.27   $ 12.35  
Premium/(Discount) to NAV     (14.56 )%   (14.56 )%   (7.42 )%   (1.04 )%   (15.03 )%   (12.84 )%
12-month average premium/(discount) to NAV     (7.64 )%   (12.75 )%   (0.50 )%   7.05 %   (12.40 )%   (10.55 )%

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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.

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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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NKG Nuveen Georgia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NKG at Common Share NAV 0.22%   2.62%   4.29%  
NKG at Common Share Price (10.74)%   1.47%   3.50%  
S&P Municipal Bond Georgia Index 0.78%   2.62%   3.94%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 154.5%  
Short-Term Municipal Bonds 0.1%  
Other Assets Less Liabilities 3.8%  
Net Assets Plus VMTP Shares, net of deferred offering costs 158.4%  
VMTP Shares, net of deferred offering costs (58.4)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Tax Obligation/General 25.7%  
Tax Obligation/Limited 12.5%  
Utilities 11.7%  
U.S. Guaranteed 11.0%  
Health Care 10.5%  
Education and Civic Organizations 10.3%  
Water and Sewer 10.3%  
Transportation 7.4%  
Other 0.6%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 10.3%  
AAA 9.3%  
AA 55.4%  
A 16.8%  
BBB 6.8%  
N/R (not rated) 1.4%  
Total 100%  

 

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NMY Nuveen Maryland Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NMY at Common Share NAV 1.68%   2.81%   4.96%  
NMY at Common Share Price (2.10)%   2.67%   4.61%  
S&P Municipal Bond Maryland Index 0.45%   2.40%   3.75%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 159.4%  
Short-Term Municipal Bonds 0.7%  
Other Assets Less Liabilities 2.8%  
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 162.9%  
Floating Rate Obligations (3.8)%  
VMTP Shares, net of deferred offering costs (59.1)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Health Care 23.7%  
Tax Obligation/Limited 16.9%  
Tax Obligation/General 11.7%  
U.S. Guaranteed 9.4%  
Education and Civic Organizations 7.8%  
Transportation 5.1%  
Housing/Multifamily 4.9%  
Water and Sewer 4.7%  
Other 15.8%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 9.0%  
AAA 10.0%  
AA 30.7%  
A 17.0%  
BBB 19.2%  
BB or Lower 3.5%  
N/R (not rated) 10.6%  
Total 100%  

 

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NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NMS at Common Share NAV 2.37%   3.73%   6.32%  
NMS at Common Share Price (11.55)%   (0.13)%   6.19%  
S&P Municipal Bond Minnesota Index 0.83%   2.61%   4.07%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 161.0%  
Other Assets Less Liabilities 1.0%  
Net Assets Plus VMTP Shares, net of deferred offering costs 162.0%  
VMTP Shares, net of deferred offering costs (62.0)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Health Care 17.6%  
Tax Obligation/General 15.9%  
Education and Civic Organizations 15.3%  
Utilities 13.6%  
U.S. Guaranteed 10.7%  
Long-Term Care 9.3%  
Tax Obligation/Limited 8.0%  
Other 9.6%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 8.6%  
AAA 4.9%  
AA 30.8%  
A 24.4%  
BBB 8.4%  
BB or Lower 7.4%  
N/R (not rated) 15.5%  
Total 100%  

 

22

 

 

NOM Nuveen Missouri Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NOM at Common Share NAV 1.15%   3.52%   5.33%  
NOM at Common Share Price (13.89)%   1.21%   4.05%  
S&P Municipal Bond Missouri Index 1.42%   3.11%   4.57%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 156.5%  
Other Assets Less Liabilities (0.3)%  
Net Assets Plus MFP Shares, net of deferred offering costs 156.2%  
MFP Shares, net of deferred offering costs (56.2)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Health Care 24.1%  
Tax Obligation/Limited 15.0%  
Education and Civic Organizations 14.1%  
U.S. Guaranteed 11.1%  
Tax Obligation/General 10.0%  
Water and Sewer 9.1%  
Long-Term Care 8.3%  
Other 8.3%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 11.1%  
AAA 4.7%  
AA 38.2%  
A 21.5%  
BBB 12.1%  
BB or Lower 2.7%  
N/R (not rated) 9.7%  
Total 100%  

 

23

 

 

NNC Nuveen North Carolina Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NNC at Common Share NAV (0.14)%   3.22%   4.79%  
NNC at Common Share Price (3.88)%   2.04%   3.95%  
S&P Municipal Bond North Carolina Index 0.45%   2.42%   3.93%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 166.7%  
Other Assets Less Liabilities 1.9%  
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 168.6%  
Floating Rate Obligations (3.6)%  
VMTP Shares, net of deferred offering costs (65.0)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Education and Civic Organizations 16.4%  
U.S. Guaranteed 16.4%  
Transportation 15.9%  
Health Care 14.5%  
Water and Sewer 13.5%  
Tax Obligation/Limited 12.7%  
Other 10.6%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 11.3%  
AAA 20.2%  
AA 47.0%  
A 12.2%  
BBB 7.5%  
N/R (not rated) 1.8%  
Total 100%  

 

24

 

 

NPV Nuveen Virginia Quality Municipal
  Income Fund
  Performance Overview and Holding Summaries as of May 31, 2018

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

Average Annual Total Returns as of May 31, 2018

 

  Average Annual  
  1-Year   5-Year   10-Year  
NPV at Common Share NAV 1.70%   3.03%   4.96%  
NPV at Common Share Price (2.62)%   2.05%   3.98%  
S&P Municipal Bond Virginia Index 0.71%   2.79%   3.93%  
S&P Municipal Bond Index 1.26%   2.94%   4.32%  

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.

 

Fund Allocation    
(% of net assets)    
Long-Term Municipal Bonds 156.3%  
Other Assets Less Liabilities 1.9%  
Net Assets Plus Floating Rate Obligations & VRDP Shares, net of deferred offering costs 158.2%  
Floating Rate Obligations (8.0)%  
VRDP Shares, net of deferred offering costs (50.2)%  
Net Assets 100%  

 

Portfolio Composition    
(% of total investments)    
Transportation 24.4%  
Tax Obligation/Limited 18.0%  
Health Care 13.6%  
U.S. Guaranteed 13.2%  
Education and Civic Organizations 8.4%  
Consumer Staples 4.1%  
Other 18.3%  
Total 100%  

 

Portfolio Credit Quality    
(% of total investment exposure)    
U.S. Guaranteed 15.0%  
AAA 8.6%  
AA 39.5%  
A 8.0%  
BBB 15.2%  
BB or Lower 7.7%  
N/R (not rated) 6.0%  
Total 100%  

 

25

 

 

Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen on April 11, 2018 for NKG, NMY, NMS, NOM, NNC and NPV; at this meeting the shareholders were asked to elect Board Members.

 

      NKG     NMY     NMS  
    Common and         Common and         Common and        
      Preferred           Preferred           Preferred        
    shares voting         shares voting         shares voting        
      together     Preferred     together     Preferred     together     Preferred  
      as a class     Shares     as a class     Shares     as a class     Shares  
Approval of the Board Members was reached as follows:                                      
Margo L. Cook                                      
For     9,583,339         20,107,502         4,950,074      
Withhold     455,192         427,795         97,906      
Total     10,038,531         20,535,297         5,047,980      
Jack B. Evans                                      
For     9,272,146         20,116,588         4,925,843      
Withhold     766,385         418,709         122,137      
Total     10,038,531         20,535,297         5,047,980      
Albin F. Moschner                                      
For     9,607,066         20,112,424         4,947,280      
Withhold     431,465         422,873         100,700      
Total     10,038,531         20,535,297         5,047,980      
William C. Hunter                                      
For         820         1,970         528  
Withhold                          
Total         820         1,970         528  
William J. Schneider                                      
For         820         1,970         528  
Withhold                          
Total         820         1,970         528  

 

26

 

 

      NOM     NNC     NPV  
    Common and         Common and         Common and        
      Preferred           Preferred           Preferred        
    shares voting         shares voting         shares voting        
      together     Preferred     together     Preferred     together     Preferred  
      as a class     Shares     as a class     Shares     as a class     Shares  
Approval of the Board Members was reached as follows:                                      
Margo L. Cook                                      
For     1,598,351         14,645,748         14,762,257      
Withhold     406,064         580,203         425,000      
Total     2,004,415         15,225,951         15,187,257      
Jack B. Evans                                      
For     1,592,688         14,204,974         14,569,688      
Withhold     411,727         1,020,977         617,569      
Total     2,004,415         15,225,951         15,187,257      
Albin F. Moschner                                      
For     1,598,351         14,666,671         14,752,521      
Withhold     406,064         559,280         434,736      
Total     2,004,415         15,225,951         15,187,257      
William C. Hunter                                      
For         180         1,540         1,280  
Withhold                          
Total         180         1,540         1,280  
William J. Schneider                                      
For         180         1,540         1,280  
Withhold                          
Total         180         1,540         1,280  

 

27

 

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of
Trustees of Nuveen Georgia Quality Municipal Income Fund
Nuveen Maryland Quality Municipal Income Fund
Nuveen Minnesota Quality Municipal Income Fund
Nuveen Missouri Quality Municipal Income Fund
Nuveen North Carolina Quality Municipal Income Fund
Nuveen Virginia Quality Municipal Income Fund:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Georgia Quality Municipal Income Fund, Nuveen Maryland Quality Municipal Income Fund, Nuveen Minnesota Quality Municipal Income Fund, Nuveen Missouri Quality Municipal Income Fund, Nuveen North Carolina Quality Municipal Income Fund, and Nuveen Virginia Quality Municipal Income Fund (the “Funds”) as of May 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows for the year then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of May 31, 2018, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended May 31, 2014 (the periods presented through June 30, 2014 for Nuveen Minnesota Quality Municipal Income Fund) were audited by other independent registered public accountants whose report, dated July 28, 2014 (August 22, 2014 for Nuveen Minnesota Quality Municipal Income Fund), expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of May 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.

Chicago, Illinois
July 26, 2018

 

28

 

  

NKG Nuveen Georgia Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 154.5% (99.9% of Total Investments)            
      MUNICIPAL BONDS – 154.5% (99.9% of Total Investments)            
      Education and Civic Organizations – 16.0% (10.3% 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 8/18 at 100.00   A1 $ 701,960  
  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   1,715,600  
  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   1,409,492  
  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   3,349,470  
  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+   1,749,280  
  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+   3,332,130  
  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+   2,305,400  
      Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series 2009, Tender Option Bond Trust 2015-XF0073:            
  730   14.199%, 9/01/32, 144A (IF) 9/19 at 100.00   AA   847,253  
  1,150   14.220%, 9/01/35, 144A (IF) 9/19 at 100.00   AA   1,331,551  
  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   1,439,414  
  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   1,050,820  
  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–   3,253,230  
  20,375   Total Education and Civic Organizations         22,485,600  
      Health Care – 16.0% (10.4% of Total Investments)            
      Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:            
  205   5.250%, 12/01/22 (4), (5) 8/18 at 100.00   N/R    
  745   5.375%, 12/01/28 (4), (5) 6/18 at 100.00   N/R    
  715   Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40 6/20 at 100.00   AA–   760,267  
  2,000   Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   AA–   2,219,780  
      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   2,005,597  
  1,000   5.000%, 4/01/37 4/27 at 100.00   A   1,124,300  
  1,485   5.000%, 4/01/47 4/27 at 100.00   A   1,649,226  
      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–   245,293  
  235   5.125%, 2/15/40 2/20 at 100.00   AA–   244,901  
  930   5.250%, 2/15/45 2/20 at 100.00   AA–   971,255  

29

 

 

NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  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– $ 3,577,860  
  5,500   5.250%, 2/15/45 2/27 at 100.00   AA–   6,390,614  
  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–   1,793,761  
  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   1,562,345  
  20,920   Total Health Care         22,545,199  
      Housing/Multifamily – 0.9% (0.6% 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+   1,215,893  
      Tax Obligation/General – 39.7% (25.7% of Total Investments)            
  4,000   Bryan County School District, Georgia, General Obligation Bonds, Series 2018., 5.000%, 8/01/42 8/26 at 100.00   AA+   4,590,560  
  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   3,357,540  
  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) 8/18 at 100.00   AA+   531,182  
  1,000   Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/27 No Opt. Call   AA+   1,203,880  
  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   1,862,810  
  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   2,375,360  
      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   1,163,070  
  650   5.000%, 2/01/35 – AGM Insured 2/27 at 100.00   AA   743,659  
  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   1,255,401  
  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   2,275,700  
  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   3,395,370  
  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   3,473,520  
  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   10,236  
  2,500   Georgia State, General Obligation Bonds, Refunding Series 2016E, 5.000%, 12/01/27 12/26 at 100.00   AAA   3,007,300  
  3,550   Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 2/25 at 100.00   AAA   4,143,276  
  3,500   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36 2/23 at 100.00   AAA   3,898,685  
  1,500   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37 2/24 at 100.00   Aa3   1,649,265  
  2,000   Henry County School District, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/27 8/26 at 100.00   AA+   2,389,680  
      Lamar County School District, Georgia, General Obligation Bonds, Series 2017:            
  1,205   5.000%, 3/01/32 9/27 at 100.00   Aa1   1,423,804  
  345   5.000%, 3/01/33 9/27 at 100.00   Aa1   405,799  

30

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General (continued)            
      Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:            
$ 302   5.500%, 7/15/23 7/21 at 100.00   N/R $ 305,190  
  601   5.500%, 7/15/30 7/21 at 100.00   N/R   605,898  
  659   5.500%, 1/15/36 7/21 at 100.00   N/R   665,153  
  500   Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 2/28 at 100.00   Aa1   600,945  
  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   3,444,570  
  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   2,434,608  
      Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:            
  1,000   5.000%, 8/01/30 2/26 at 100.00   Aa1   1,162,640  
  1,035   5.000%, 8/01/31 2/26 at 100.00   Aa1   1,200,217  
  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   2,174,560  
  49,007   Total Tax Obligation/General         55,749,878  
      Tax Obligation/Limited – 19.3% (12.5% of Total Investments)            
      Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017:            
  1,180   5.000%, 12/01/34 12/27 at 100.00   AA+   1,386,465  
  1,260   5.000%, 12/01/36 12/27 at 100.00   AA+   1,472,474  
  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   3,733,048  
      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   1,476,298  
  1,230   5.000%, 12/01/29 12/27 at 100.00   Aa1   1,481,474  
  575   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017., 5.000%, 12/01/24 No Opt. Call   A3   656,207  
      Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:            
  1,200   5.000%, 1/01/30 1/27 at 100.00   A2   1,380,252  
  1,525   5.000%, 1/01/31 1/27 at 100.00   A2   1,750,334  
  725   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41 7/23 at 100.00   A–   790,990  
      Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993:            
  90   5.500%, 10/01/18 – NPFG Insured No Opt. Call   Baa2   91,077  
  5,745   5.625%, 10/01/26 – NPFG Insured 10/19 at 100.00   Baa2   6,376,834  
  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+   460,542  
  3,020   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28 – NPFG Insured No Opt. Call   Baa2   3,192,291  
  700   Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds, Series 20017A-1, 5.000%, 6/01/29 6/27 at 100.00   AA   830,228  
  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+   1,151,750  
  810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38 12/22 at 100.00   Aa2   892,272  
  23,935   Total Tax Obligation/Limited         27,122,536  
      Transportation – 11.5% (7.4% 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–   2,132,160  
  2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 1/22 at 100.00   AA–   2,190,760  

31

 

 

NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
$ 2,810   Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax) 1/22 at 100.00   AA– $ 3,018,867  
      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–   2,920,926  
  3,750   5.000%, 1/01/34 1/24 at 100.00   AA–   4,245,413  
  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   1,678,860  
  14,635   Total Transportation         16,186,986  
      U.S. Guaranteed – 17.0% (11.0% 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   1,824,627  
  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   1,549,185  
  250   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   258,375  
  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 (Pre-refunded 1/01/22) 1/22 at 100.00   AA   2,207,440  
  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   5,128,406  
  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   663,330  
  625   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) 5/22 at 100.00   AA+   696,388  
      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   804,007  
  765   5.125%, 2/15/40 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R   805,599  
  3,015   5.250%, 2/15/45 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R   3,181,247  
  125   Georgia Higher Education Facilities Authority, Revenue Bonds, USG Real Estate Foundation I LLC Project, Series 2008, 6.000%, 6/15/28 (Pre-refunded 6/15/18) 6/18 at 100.00   AA   125,174  
      Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:            
  905   5.375%, 5/01/32 (Pre-refunded 5/01/19) – AGC Insured 5/19 at 100.00   AA   934,838  
  1,165   5.500%, 5/01/38 (Pre-refunded 5/01/19) – AGC Insured 5/19 at 100.00   AA   1,204,715  
  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   1,019,540  
  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   446,357  
      Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:            
  425   5.000%, 8/01/32 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R   440,559  
  975   5.000%, 8/01/35 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R   1,010,695  
  570   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   595,758  
  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   1,022,390  
  22,990   Total U.S. Guaranteed         23,918,630  

32

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities – 18.2% (11.7% of Total Investments)            
$ 2,500   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C., 4.125%, 11/01/45 2/28 at 100.00   A– $ 2,530,725  
  2,000   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017., 5.000%, 3/01/29 3/27 at 100.00   A   2,350,860  
  1,750   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 3/27 at 100.00   A   2,030,438  
  3,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43 1/23 at 100.00   A+   3,272,070  
  1,005   Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25 8/18 at 100.00   A   1,007,693  
      Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:            
  1,055   5.000%, 3/15/20 No Opt. Call   A   1,106,832  
  1,300   5.000%, 3/15/21 No Opt. Call   A   1,394,341  
  1,500   5.000%, 3/15/22 No Opt. Call   A   1,637,250  
  2,000   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.000%, 3/15/22 No Opt. Call   A+   2,192,860  
  2,000   Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory put 9/01/23) 6/23 at 100.00   A1   2,149,520  
  1,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32 No Opt. Call   A   934,050  
      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   2,288,000  
  2,260   5.000%, 1/01/30 – BAM Insured 7/26 at 100.00   AA   2,595,926  
  23,870   Total Utilities         25,490,565  
      Water and Sewer – 15.9% (10.3% of Total Investments)            
  260   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – AGM Insured No Opt. Call   AA   341,203  
  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   5,026  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31 5/24 at 100.00   AA+   567,075  
  500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 5/26 at 100.00   AA+   575,240  
      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   7,202,998  
  300   5.000%, 10/01/35 – AGM Insured 10/26 at 100.00   AA   348,213  
  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   5,843,269  
  1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33 1/23 at 100.00   AA   1,110,170  
  825   Milledgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21 – AGM Insured No Opt. Call   AA   879,962  
      Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A:            
  155   5.000%, 9/01/35 9/27 at 100.00   AA   181,902  
  535   5.000%, 9/01/37 9/27 at 100.00   AA   625,485  
  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   2,245,360  
  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   2,431,792  
  19,745   Total Water and Sewer         22,357,695  
$ 196,682   Total Long-Term Investments (cost $211,659,217)         217,072,982  

33

 

 

NKG Nuveen Georgia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments)            
      MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)            
      Health Care – 0.1% (0.1% of Total Investments)            
$ 245   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 $ 131,853  
$ 245   Total Short-Term Investments (cost $244,468)         131,853  
      Total Investments (cost $211,903,685) – 154.6%         217,204,835  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (58.4)% (7)         (81,991,587 ) 
      Other Assets Less Liabilities – 3.8%         5,271,384  
      Net Assets Applicable to Common Shares – 100%       $ 140,484,632  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) 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.
(7) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 37.7%.
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.

See accompanying notes to financial statements.

34

 

 

NMY Nuveen Maryland Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 159.4% (99.6% of Total Investments)            
      MUNICIPAL BONDS – 159.4% (99.6% of Total Investments)            
      Consumer Discretionary – 3.0% (1.8% 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– $ 3,112,676  
  3,350   5.000%, 9/01/42 9/27 at 100.00   BBB–   3,688,082  
  1,685   5.000%, 9/01/46 9/27 at 100.00   BBB–   1,849,507  
  2,000   Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 8/18 at 100.00   N/R   1,270,000  
  9,835   Total Consumer Discretionary         9,920,265  
      Consumer Staples – 6.6% (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 7/18 at 100.00   B–   1,694,949  
  595   5.875%, 6/01/47 7/18 at 100.00   B–   594,988  
  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–   217,018  
  13,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 7/18 at 100.00   N/R   2,138,890  
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
  1,970   5.250%, 6/01/32 7/18 at 100.00   N/R   1,970,079  
  2,915   5.625%, 6/01/47 7/18 at 100.00   N/R   2,914,854  
  1,900   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   2,104,022  
  100   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46 7/18 at 100.00   B3   100,001  
  3,270   Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 8/18 at 100.00   Ba1   3,261,825  
  2,000   Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed 7/18 at 100.00   BB+   2,005,040  
      Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.000%, 6/01/37            
  1,525   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B., 5.000%, 6/01/46 6/28 at 100.00   BBB   1,640,473  
  530   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 11/18 at 100.00   A3   531,028  
  2,850   TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 6/27 at 100.00   N/R   2,933,163  
  32,560   Total Consumer Staples         22,106,330  
      Education and Civic Organizations – 12.4% (7.8% of Total Investments)            
  4,750   Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s University Inc., Series 2017A., 5.000%, 9/01/45, 144A 9/27 at 100.00   BB+   5,049,488  
  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–   760,312  
  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–   2,600,564  
  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   269,121  

35

 

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
$ 280   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2008A., 5.250%, 7/01/38 7/18 at 100.00   AA $ 280,742  
      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+   1,273,538  
  1,050   5.000%, 7/01/37 7/22 at 100.00   AA+   1,162,676  
      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+   558,715  
  4,375   4.250%, 7/01/41 7/23 at 100.00   AA+   4,651,762  
  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   1,362,300  
      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   1,399,888  
  1,000   4.000%, 10/01/45 10/24 at 100.00   A   1,029,260  
      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   1,623,225  
  3,000   5.000%, 6/01/47 6/22 at 100.00   Baa1   3,222,960  
      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   196,011  
  2,500   4.000%, 6/01/42 6/26 at 100.00   Baa1   2,527,300  
      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   588,420  
  1,000   5.000%, 6/01/42 6/26 at 100.00   Baa1   1,104,510  
  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+   753,210  
  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+   684,406  
  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+   6,246,360  
  3,870   University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Refunding Series 2017B, 5.000%, 4/01/20 No Opt. Call   AA+   4,094,150  
  38,805   Total Education and Civic Organizations         41,438,918  
      Energy – 0.7% (0.5% 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–   2,412,356  
      Health Care – 38.0% (23.7% 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+   1,000,930  
  2,470   4.250%, 7/01/35 7/25 at 100.00   BBB+   2,519,869  
  1,740   5.000%, 7/01/45 7/25 at 100.00   BBB+   1,870,657  
      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   275,868  
  4,820   5.000%, 7/01/38 7/27 at 100.00   Baa3   5,291,348  
      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   1,514,200  
  375   6.125%, 1/01/36 1/22 at 100.00   Baa3   415,376  

36

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 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 $ 3,683,655  
  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   1,504,877  
  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   2,185,980  
      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   1,044,320  
  1,775   5.000%, 7/01/37 7/22 at 100.00   A1   1,917,958  
  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   4,435,875  
  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–   2,570,250  
      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–   544,365  
  500   5.000%, 5/15/26 5/21 at 100.00   AA–   544,820  
  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+   3,358,860  
  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+   1,233,638  
      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+   1,559,970  
  1,125   5.000%, 7/01/40 7/25 at 100.00   A+   1,253,779  
  2,975   4.125%, 7/01/47 7/25 at 100.00   A+   3,067,969  
  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   2,775,600  
      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   5,620,800  
  1,000   5.000%, 5/15/45 5/27 at 100.00   A   1,121,700  
  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   3,048,958  
      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   99,023  
  1,450   5.000%, 7/01/38 7/26 at 100.00   BBB   1,591,114  
  585   4.000%, 7/01/42 7/26 at 100.00   BBB   587,796  
  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   8,132,025  
  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–   4,876,507  
      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   12,412,410  
  4,665   4.000%, 7/01/43 7/22 at 100.00   A   4,715,615  
  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   1,122,550  
  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   6,195,805  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Taxable Series 2017D., 4.000%, 7/01/48 1/28 at 100.00   A   2,030,200  

 

37

 

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 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 $ 13,448,907  
  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–   8,768,640  
      Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015:            
  2,000   5.000%, 12/01/44 6/25 at 100.00   AA–   2,238,540  
  6,000   4.000%, 12/01/44 6/25 at 100.00   AA–   6,199,680  
  117,055   Total Health Care         126,780,434  
      Housing/Multifamily – 7.9% (4.9% of Total Investments)            
  1,960   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+   2,062,528  
      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+   1,542,675  
  2,550   5.000%, 6/01/44 6/24 at 100.00   A+   2,746,554  
  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+   1,909,960  
      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+   3,302,430  
  2,000   4.625%, 10/01/28 10/23 at 100.00   A+   2,152,640  
      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   1,220,989  
  470   5.000%, 7/01/37 7/21 at 100.00   BBB   498,825  
      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   535,495  
  500   5.000%, 6/01/34 6/23 at 100.00   Baa3   525,885  
  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–   1,583,550  
  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–   535,041  
  1,215   Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured 8/18 at 100.00   AA   1,215,036  
      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   1,008,604  
  240   5.000%, 6/01/31 – AGM Insured 6/26 at 100.00   AA   275,906  
  2,405   5.000%, 6/01/35 – AGM Insured 6/26 at 100.00   AA   2,733,547  
  780   5.000%, 6/01/43 – AGM Insured 6/26 at 100.00   AA   885,963  
  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   1,534,635  
  24,450   Total Housing/Multifamily         26,270,263  
      Housing/Single Family – 5.1% (3.2% of Total Investments)            
  680   Maryland Community Development Administration Department of Housing and Community Development, Housing Revenue Bonds, Series 2017C., 3.550%, 7/01/42 1/27 at 100.00   AA+   674,540  
  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   3,012,840  
  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   2,414,312  

38

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Single Family (continued)            
$ 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 $ 2,488,358  
      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   3,043,740  
  1,165   3.750%, 3/01/39 3/24 at 100.00   Aa2   1,189,721  
  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   1,025,310  
  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   1,538,175  
  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   1,522,020  
  16,595   Total Housing/Single Family         16,909,016  
      Industrials – 1.8% (1.1% of Total Investments)            
      Maryland Economic Development Corporation Economic Development Revenue Bonds, Transportation Facilities Project, Refunding Series 2017A .:            
  1,000   5.000%, 6/01/31 6/28 at 100.00   Baa3   1,141,860  
  1,000   5.000%, 6/01/32 6/28 at 100.00   Baa3   1,139,130  
  3,260   5.000%, 6/01/35 6/28 at 100.00   Baa3   3,678,095  
  5,260   Total Industrials         5,959,085  
      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   2,463,223  
  1,000   3.625%, 1/01/37 1/26 at 100.00   N/R   1,001,620  
  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   2,174,496  
  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   1,326,056  
  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   1,779,187  
      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   2,382,401  
  4,090   5.000%, 1/01/45 7/26 at 100.00   N/R   4,563,908  
  2,480   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34 7/18 at 100.00   A–   2,482,579  
  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   1,125,737  
  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   1,093,630  
  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   1,091,220  
  200   Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B, 5.000%, 11/01/47 11/24 at 103.00   N/R   217,046  
  20,215   Total Long-Term Care         21,701,103  

39

 

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/General – 18.1% (11.3% 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 $ 1,190,060  
  1,000   5.000%, 10/15/33 10/27 at 100.00   AA   1,185,510  
  1,535   Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding Series 2014A., 5.000%, 2/15/23 2/22 at 100.00   AAA   1,701,179  
  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   3,553,506  
  4,060   Maryland State, General Obligation Bonds, State & Local Facilities Loan, Third Series 2009C, 5.000%, 11/01/19 No Opt. Call   AAA   4,246,760  
  3,645   Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 2017A, 5.000%, 3/15/23 No Opt. Call   AAA   4,146,406  
  6,000   Maryland State, General Obligation Bonds, State and Local Facilities Loan, Second Series 2014C-2, 5.000%, 8/01/21 No Opt. Call   AAA   6,575,160  
  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   4,383,440  
  1,715   Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series 2014A, 5.000%, 11/01/18 No Opt. Call   AAA   1,738,890  
  1,000   Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public Improvement Series 2015A, 5.000%, 7/01/18 No Opt. Call   AAA   1,002,670  
  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   1,939,117  
      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   3,213,630  
  3,000   4.000%, 9/01/31 9/24 at 100.00   AAA   3,199,440  
  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   6,298,645  
      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   5,944,250  
  3,400   5.000%, 6/01/35 6/26 at 100.00   AAA   3,948,148  
  3,500   Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Consolidated Public Improvement, Series 2017., 5.000%, 6/15/25 No Opt. Call   AAA   4,127,620  
  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   1,872,640  
  74,010   Total Tax Obligation/General         60,267,071  
      Tax Obligation/Limited – 27.0% (16.9% 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   1,010,849  
  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+   1,328,856  
  60   Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured 9/18 at 100.00   Baa2   60,122  
      Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, Series 2015:            
  525   5.000%, 6/15/30 6/24 at 100.00   BBB+   580,997  
  425   5.000%, 6/15/33 6/24 at 100.00   BBB+   466,404  
      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   1,326,578  
  240   5.000%, 9/01/38 9/27 at 100.00   N/R   258,185  

40

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      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 $ 1,967,029  
  250   5.125%, 6/01/43 6/26 at 100.00   N/R   260,560  
      Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:            
  56   5.600%, 7/01/20 – RAAI Insured 8/18 at 100.00   AA   56,165  
  450   5.700%, 7/01/29 – RAAI Insured 8/18 at 100.00   AA   451,359  
      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–   5,677,901  
  2,355   5.000%, 7/01/40 7/20 at 100.00   A–   2,475,246  
  2,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34 11/25 at 100.00   A   2,127,660  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  500   5.000%, 1/01/31 1/22 at 100.00   A   521,905  
  1,000   5.250%, 1/01/36 1/22 at 100.00   A   1,050,060  
      Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:            
  1,000   5.000%, 12/01/23 No Opt. Call   BBB+   1,097,330  
  1,000   5.000%, 12/01/30 12/26 at 100.00   BBB+   1,087,910  
  2,275   5.000%, 12/01/32 12/26 at 100.00   BBB+   2,454,429  
  1,000   5.000%, 12/01/33 12/26 at 100.00   BBB+   1,074,380  
  1,175   5.000%, 12/01/46 12/26 at 100.00   BBB+   1,246,722  
  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   1,463,850  
      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   1,516,215  
  1,550   4.375%, 2/15/39, 144A 2/26 at 100.00   N/R   1,574,723  
  750   4.500%, 2/15/47, 144A 2/26 at 100.00   N/R   763,148  
  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   671,920  
      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   2,216,163  
  1,640   5.000%, 7/01/34 7/25 at 100.00   N/R   1,694,186  
  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   364,652  
      Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2016:            
  4,395   5.000%, 5/01/33 5/26 at 100.00   AA   5,046,295  
  3,650   5.000%, 5/01/35 5/26 at 100.00   AA   4,165,964  
  5,100   5.000%, 5/01/46 5/26 at 100.00   AA   5,763,408  
      Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A:            
  2,000   5.000%, 5/01/36 5/28 at 100.00   AA   2,329,420  
  2,000   5.000%, 5/01/36 (UB) (5) 5/28 at 100.00   AA–   2,329,420  
  6,250   5.000%, 5/01/47 (UB) (5) 5/28 at 100.00   AA–   7,221,625  
  2,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/32 No Opt. Call   A–   1,056,600  
  320   Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46 1/26 at 100.00   N/R   320,186  
  6,197   Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34 8/18 at 100.00   N/R   6,218,999  
  2,292   Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, Series 2005, 5.250%, 7/01/35 1/19 at 100.00   N/R   2,320,100  
  1,100   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   1,172,215  

41

 

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 2,100   Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 8/18 at 100.00   AA $ 2,146,368  
  2,830   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   752,893  
      Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC:            
  765   5.500%, 7/01/28 – NPFG Insured No Opt. Call   Baa2   799,027  
  2,300   5.500%, 7/01/30 – AGM Insured No Opt. Call   AA   2,609,902  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 9/25 at 100.00   A   1,585,950  
  2,000   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006, 5.000%, 10/01/27 – FGIC Insured 8/18 at 100.00   Baa2   2,004,940  
  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   2,378,118  
  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   1,073,160  
  2,000   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   2,120,920  
  87,690   Total Tax Obligation/Limited         90,261,014  
      Transportation – 8.2% (5.1% of Total Investments)            
  85   Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 5.250%, 7/01/21 – FGIC Insured No Opt. Call   A1   88,358  
  520   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB   596,523  
      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+   2,289,400  
  1,270   5.000%, 9/30/31 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   1,433,830  
  5,825   5.000%, 3/31/46 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   6,389,093  
  2,200   5.000%, 3/31/51 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   2,404,798  
      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 7/18 at 100.00   N/R   1,303,562  
  1,000   5.000%, 7/01/34 – AMBAC Insured 7/18 at 100.00   N/R   1,002,710  
  425   Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 8/18 at 100.00   N/R   425,816  
      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–   185,194  
  680   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   717,720  
  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   3,256,230  
      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) 6/18 at 100.00   Baa1   20,930  
  70   5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax) 6/18 at 100.00   Baa1   73,253  
  1,000   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–   1,176,960  

42

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
      Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:            
$ 1,500   5.000%, 7/01/30 7/27 at 100.00   AA– $ 1,781,325  
  1,500   5.000%, 7/01/31 7/27 at 100.00   AA–   1,776,000  
  2,000   5.000%, 7/01/36 7/27 at 100.00   AA–   2,332,960  
  24,570   Total Transportation         27,254,662  
      U.S. Guaranteed – 15.0% (9.4% of Total Investments) (6)            
      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   1,100,190  
  1,200   5.000%, 10/15/30 (Pre-refunded 10/15/21) 10/21 at 100.00   AA   1,320,228  
  2,000   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured (ETM) No Opt. Call   AA   2,254,260  
  3,120   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM) No Opt. Call   AA   3,578,359  
  1,565   Howard County, Maryland, General Obligation Consolidated Public Improvement Bonds, Refunding Series 2014A., 5.000%, 2/15/23 (Pre-refunded 2/15/22) 2/22 at 100.00   N/R   1,729,701  
  5,895   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20) 6/20 at 100.00   N/R   6,349,740  
  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   2,635,588  
  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   1,578,180  
  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   2,585,300  
      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   1,865,551  
  5,070   6.250%, 1/01/45 (Pre-refunded 1/01/21) 1/21 at 100.00   A   5,595,962  
  3,050   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   3,479,318  
  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–   4,722,117  
  250   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins University, Series 2008A., 5.250%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA   250,715  
  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+   1,115,530  
  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+   554,060  
  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   4,302,295  
  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   2,192,374  
  1,100   Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM) No Opt. Call   Aaa   1,210,044  
  1,610   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM) No Opt. Call   Baa2   1,673,998  
  46,215   Total U.S. Guaranteed         50,093,510  

43

 

 

NMY Nuveen Maryland Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities – 1.6% (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) (4) No Opt. Call   N/R $ 1,920,000  
  1,300   Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,419,561  
      Guam Power Authority, Revenue Bonds, Series 2014A:            
  600   5.000%, 10/01/39 10/24 at 100.00   AA   655,122  
  575   5.000%, 10/01/44 10/24 at 100.00   AA   626,463  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 8/18 at 100.00   CCC   609,550  
  5,205   Total Utilities         5,230,696  
      Water and Sewer – 7.5% (4.7% 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   2,770,606  
  2,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   AA   2,161,260  
      Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2017A:            
  6,000   5.000%, 7/01/41 (UB) 1/27 at 100.00   AA–   6,871,980  
  2,000   5.000%, 7/01/46 (UB) 1/27 at 100.00   AA–   2,274,480  
  2,000   5.000%, 7/01/46 1/27 at 100.00   AA–   2,274,480  
  640   Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 7/01/24 – FGIC Insured No Opt. Call   AA   678,067  
  2,500   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 5.000%, 7/01/44 1/25 at 100.00   AA–   2,820,150  
  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–   1,371,617  
  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–   2,209,350  
      Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016:            
  245   5.000%, 7/01/27 7/26 at 100.00   A–   268,843  
  1,240   5.000%, 1/01/46 7/26 at 100.00   A–   1,315,144  
  22,435   Total Water and Sewer         25,015,977  
$ 527,210   Total Long-Term Investments (cost $513,755,474)         531,620,700  

44

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.7% (0.4% of Total Investments)            
      MUNICIPAL BONDS – 0.7% (0.4% of Total Investments)            
      Tax Obligation/General – 0.7% (0.4% of Total Investments)            
$ 2,400   Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, General Obligation Bonds, Multi-Modal Bond Anticipation Notes, Series 2013A, 1.050%, 6/01/23 (7) 7/18 at 100.00   AAA $ 2,400,000  
$ 2,400   Total Short-Term Investments (cost $2,400,000)         2,400,000  
      Total Investments (cost $516,155,474) – 160.1%         534,020,700  
      Floating Rate Obligations – (3.8)%         (12,600,000 ) 
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (59.1)% (8)         (196,986,649 ) 
      Other Assets Less Liabilities – 2.8%         9,108,080  
      Net Assets Applicable to Common Shares – 100%       $ 333,542,131  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) 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, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(8) 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.

45

 

 

NMS Nuveen Minnesota Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 161.0% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 161.0% (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+ $ 736,435  
      Education and Civic Organizations – 24.7% (15.3% 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   51,165  
  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–   866,802  
  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+   264,660  
  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+   1,027,730  
  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+   608,652  
  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   94,022  
  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+   2,271,984  
  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   1,473,633  
  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+   1,510,358  
      Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2017:            
  250   5.000%, 5/01/37 5/27 at 100.00   BBB–   275,863  
  1,500   5.000%, 5/01/47 5/27 at 100.00   BBB–   1,639,650  
  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   1,533,599  
  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   309,249  
  600   Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, Series 2012-7S, 3.250%, 5/01/36 5/21 at 100.00   Aa3   601,146  
  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+   712,099  
  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–   472,091  
  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+   322,626  
  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+   499,460  
  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–   1,213,806  
      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   371,765  
  510   5.375%, 7/01/50 7/25 at 100.00   BB   526,468  

46

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Education and Civic Organizations (continued)            
$ 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+ $ 1,709,282  
  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   BB+   373,074  
  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   915,030  
  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–   838,960  
  500   University of Minnesota, General Obligation Bonds, Series 2014B, 4.000%, 1/01/34 1/24 at 100.00   Aa1   527,850  
  20,415   Total Education and Civic Organizations         21,011,024  
      Health Care – 28.4% (17.6% 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   253,985  
  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   196,481  
  1,000   Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 8/18 at 100.00   N/R   1,000,390  
      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   410,984  
  230   4.000%, 4/01/31 4/22 at 100.00   BBB   235,235  
  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   511,345  
      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   229,376  
  165   5.000%, 5/01/32 5/27 at 100.00   Baa1   188,409  
  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   306,588  
      Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2015A:            
  265   4.000%, 11/15/40 11/25 at 100.00   A+   274,495  
  1,000   5.000%, 11/15/44 11/25 at 100.00   A+   1,120,530  
  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 8/18 at 100.00   AA   3,757,837  
  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   707,629  
      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   244,301  
  190   4.750%, 12/01/27 12/20 at 100.00   N/R   194,070  
  160   5.000%, 12/01/28 12/20 at 100.00   N/R   163,568  
  310   5.400%, 12/01/33 12/20 at 100.00   N/R   317,976  
  30   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30 5/20 at 100.00   AA–   31,746  
  635   Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 2016A, 4.000%, 5/01/37 5/26 at 100.00   AA–   666,604  
  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+   4,139,519  
  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–   844,440  

47

 

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
      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+ $ 255,983  
  240   4.000%, 11/15/37 11/27 at 100.00   A+   250,562  
  3,200   4.000%, 11/15/43 11/27 at 100.00   A+   3,322,495  
  1,795   5.000%, 11/15/47 11/27 at 100.00   A+   2,036,230  
  1,000   Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36 8/18 at 100.00   N/R   1,001,620  
      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   797,589  
  630   5.000%, 9/01/34 9/24 at 100.00   A   691,425  
  23,190   Total Health Care         24,151,412  
      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   1,754,604  
      Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011:            
  355   5.050%, 8/01/31 8/21 at 100.00   AA+   375,881  
  1,700   5.450%, 8/01/41 8/21 at 100.00   AA+   1,801,354  
  3,755   Total Housing/Multifamily         3,931,839  
      Housing/Single Family – 1.6% (1.0% of Total Investments)            
  39   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) 7/18 at 100.00   AA+   39,164  
  150   Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31 7/21 at 100.00   Aaa   155,849  
  455   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2009E, 5.100%, 1/01/40 7/19 at 100.00   AA+   461,734  
  55   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 3.900%, 7/01/43 1/23 at 100.00   AA+   55,596  
  50   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.500%, 1/01/32 7/24 at 100.00   AA+   51,071  
  175   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 3.300%, 7/01/29 7/25 at 100.00   AA+   177,427  
  440   Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 3.200%, 7/01/30 (Alternative Minimum Tax) 1/27 at 100.00   AA+   431,763  
  1,364   Total Housing/Single Family         1,372,604  
      Industrials – 2.5% (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+   1,469,076  
  600   4.750%, 6/01/39 6/21 at 100.00   A+   633,000  
  2,000   Total Industrials         2,102,076  
      Long-Term Care – 14.9% (9.3% 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   832,708  
  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   382,124  
  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   515,705  
  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   878,824  

48

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
      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 $ 181,685  
  850   5.250%, 1/01/46 1/23 at 100.00   N/R   880,685  
  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   505,575  
  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   1,354,793  
  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   776,160  
  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   516,670  
  1,300   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview Home Project, Series 2016B, 4.900%, 6/01/49 6/26 at 100.00   N/R   1,358,097  
  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   502,885  
  1,143   Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 10/18 at 100.00   N/R   1,144,524  
  900   Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42 7/18 at 100.00   N/R   899,982  
  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   100,534  
      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   521,930  
  350   4.125%, 9/01/35 9/24 at 100.00   N/R   364,949  
  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   599,216  
  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   343,665  
  12,393   Total Long-Term Care         12,660,711  
      Materials – 3.0% (1.9% 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, 144A (Alternative Minimum Tax) 10/22 at 100.00   BBB–   2,524,761  
      Tax Obligation/General – 25.6% (15.9% 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+   1,060,050  
  1,020   Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, Series 2018A., 4.000%, 2/01/43 2/27 at 100.00   Aa2   1,057,006  
      Buffalo, Minnesota, Water and Sewer Revenue Bonds, Series 2009B:            
  1,800   0.000%, 10/01/21 4/19 at 89.45   AA+   1,588,806  
  1,800   0.000%, 10/01/22 4/19 at 85.14   AA+   1,511,622  
  1,800   0.000%, 10/01/23 4/19 at 80.85   AA+   1,434,528  
  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+   159,252  
  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   1,037,860  
  490   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   471,875  

49

 

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  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 $ 433,613  
  1,075   0.000%, 2/01/38 No Opt. Call   Aa2   471,689  
  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   1,553,175  
  2,000   Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, School Building Series 2018A., 4.000%, 2/01/41 2/27 at 100.00   AA+   2,103,080  
  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+   1,595,970  
  1,000   Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/38 2/28 at 100.00   AA+   1,073,730  
  250   Deer River, Minnesota, General Obligation Bonds, Series 2018B, 4.000%, 2/01/48 (WI/DD, Settling 6/07/18) 2/26 at 100.00   AA+   256,963  
  1,000   Richfield Independent School District 280, Hennepin County, Minnesota, General Obligation Bonds, School Buildings Series 2018A., 4.000%, 2/01/40 2/27 at 100.00   AA+   1,052,310  
  1,000   Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation Bonds, School Building Refunding Series 2018A., 4.000%, 2/01/35 2/27 at 100.00   Aa2   1,059,270  
  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   342,549  
  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+   1,052,530  
  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   467,950  
  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   2,003,017  
  23,795   Total Tax Obligation/General         21,786,845  
      Tax Obligation/Limited – 12.8% (8.0% 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+   1,028,650  
  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   1,113,264  
  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   126,938  
  500   Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 5.000%, 3/01/29 3/24 at 100.00   N/R   518,640  
  2,230   Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.000%, 8/01/31 8/21 at 100.00   AA   2,425,861  
  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   1,008,770  
  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   773,423  
      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   164,721  
  500   4.000%, 2/01/38 2/25 at 100.00   A1   509,355  
      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   459,668  
  895   5.250%, 4/01/43 4/23 at 100.00   N/R   899,690  

50

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      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 $ 522,560  
  500   5.000%, 3/01/29 3/20 at 102.00   N/R   520,395  
  800   Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 11/24 at 100.00   A+   814,136  
  11,000   Total Tax Obligation/Limited         10,886,071  
      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–   1,842,944  
  200   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+   204,758  
  1,800   Total Transportation         2,047,702  
      U.S. Guaranteed – 17.2% (10.7% 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–   421,110  
  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+   2,734,625  
  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   1,004,310  
  2,000   Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A, 5.000%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   A2   2,082,840  
  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   498,360  
  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   2,308,185  
  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   865,103  
  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+   820,352  
  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+   683,571  
  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   2,164,340  
  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   1,061,480  
  13,955   Total U.S. Guaranteed         14,644,276  
      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   520,975  
  965   Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 10/26 at 100.00   A2   1,103,149  
  500   Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2017, 5.000%, 1/01/41 1/27 at 100.00   A–   563,020  
  1,170   Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/42 12/26 at 100.00   Aa3   1,348,051  
  500   Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 4.000%, 10/01/42 10/27 at 100.00   A–   520,940  
      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+   8,507,977  
  1,100   0.000%, 1/01/23 – NPFG Insured No Opt. Call   A+   983,147  
  3,070   0.000%, 1/01/24 – NPFG Insured No Opt. Call   A+   2,658,221  
  100   0.000%, 1/01/26 – NPFG Insured No Opt. Call   A+   80,585  

51

 

 

NMS Nuveen Minnesota Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities (continued)            
      Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:            
$ 1,000   4.000%, 1/01/40 1/24 at 100.00   Aa3 $ 1,030,220  
  1,200   5.000%, 1/01/46 1/24 at 100.00   Aa3   1,345,236  
  18,705   Total Utilities         18,661,521  
      Water and Sewer – 0.5% (0.3% of Total Investments)            
  415   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 7/26 at 100.00   A–   440,149  
$ 136,137   Total Long-Term Investments (cost $132,606,757)         136,957,426  
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (62.0)% (5)         (52,775,909 ) 
      Other Assets Less Liabilities – 1.0%         885,163  
      Net Assets Applicable to Common Shares – 100%       $ 85,066,680  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 38.5%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

52

 

 

NOM Nuveen Missouri Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 156.5% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 156.5% (100.0% of Total Investments)            
      Consumer Staples – 4.0% (2.5% 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– $ 1,249,225  
      Education and Civic Organizations – 22.0% (14.1% 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+   318,444  
  250   Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured 8/18 at 100.00   AA   254,070  
  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   453,759  
  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+   810,413  
  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–   637,038  
  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+   806,026  
  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–   684,293  
  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–   559,572  
  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–   1,039,240  
  550   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 11/21 at 100.00   AA+   599,319  
  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   129,609  
  500   Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018, 5.000%, 12/01/43 6/27 at 100.00   A2   564,835  
  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   100,041  
  6,450   Total Education and Civic Organizations         6,956,659  
      Health Care – 37.8% (24.1% 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   326,574  
  400   Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 3/27 at 100.00   BBB–   433,228  
  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   168,426  
  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+   276,253  
  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   213,656  
  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   340,213  
  500   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   514,265  

53

 

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care (continued)            
$ 500   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory put 1/01/46) 7/26 at 100.00   AA $ 512,135  
  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   571,482  
  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   1,866,548  
  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   466,485  
  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   359,847  
  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–   294,483  
  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–   312,177  
  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–   437,130  
  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+   544,170  
  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–   554,180  
  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+   2,119,899  
  350   Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy Hospital, Series 2017A., 4.000%, 5/15/42 5/25 at 102.00   A+   358,736  
  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   517,900  
  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+   754,726  
  11,240   Total Health Care         11,942,513  
      Housing/Single Family – 0.7% (0.4% of Total Investments)            
  215   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+   220,289  
      Long-Term Care – 13.0% (8.3% 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   187,264  
  250   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28 8/18 at 100.00   N/R   249,990  
  500   Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31 8/18 at 100.00   BBB–   501,265  
  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   107,530  
  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+   263,063  
  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   268,883  

54

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A:            
$ 385   5.000%, 2/01/35 2/24 at 100.00   BBB $ 412,554  
  500   5.000%, 2/01/44 2/24 at 100.00   BBB   531,310  
  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   270,105  
      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+   265,868  
  425   5.000%, 9/01/42 9/22 at 100.00   BBB+   445,800  
  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+   488,411  
  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   105,564  
  3,880   Total Long-Term Care         4,097,607  
      Tax Obligation/General – 15.7% (10.0% of Total Investments)            
  105   Capr Giradeau County, Missouri, Reorganized School District R-02, General Obligation Refunding Bonds, Series 2018., 5.000%, 3/01/38 3/28 at 100.00   AA+   123,105  
  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+   358,989  
  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+   533,790  
  1,340   Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27 3/20 at 100.00   AA+   1,411,032  
  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–   536,620  
  200   Jefferson City School District, Missouri, General Obligation Bonds, Series 2018., 5.000%, 3/01/38 3/27 at 100.00   AA+   232,216  
  300   Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A., 4.000%, 2/01/35 2/28 at 100.00   AA   321,600  
  335   Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2018, 4.000%, 3/01/36 (WI/DD, Settling 6/14/18) 3/26 at 100.00   AA   351,773  
  1,000   Springfield School District R12, Greene County, Missouri, General Obligation Bonds, Refunding Series 2017., 4.000%, 3/01/31 3/28 at 100.00   AA+   1,092,740  
  4,620   Total Tax Obligation/General         4,961,865  
      Tax Obligation/Limited – 23.4% (15.0% 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+   1,010,173  
  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   353,087  
  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   255,160  
  315   Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 8/18 at 100.00   N/R   204,961  
  430   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 1/22 at 100.00   A   443,167  

55

 

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      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+ $ 181,922  
  115   5.000%, 3/01/38 3/23 at 100.00   BB+   115,957  
  485   Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23 12/21 at 100.00   Aa3   518,174  
  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–   323,883  
  150   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   154,731  
  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–   113,985  
  325   Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 9/23 at 100.00   AA–   361,293  
      Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project – TIF Financing, Series 2018B.:            
  100   5.000%, 2/01/40, 144A 2/28 at 100.00   N/R   104,478  
  100   5.000%, 2/01/50, 144A 2/28 at 100.00   N/R   102,690  
  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   250,566  
  145   Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35 3/26 at 100.00   N/R   150,973  
  385   Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23 8/18 at 100.00   N/R   382,178  
  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   138,386  
  530   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   141,001  
  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   251,278  
  600   Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 4/25 at 100.00   Aa2   625,830  
      St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:            
  340   5.375%, 11/01/24 8/18 at 100.00   N/R   339,997  
  400   5.500%, 11/01/27 8/18 at 100.00   N/R   400,008  
  200   St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27 8/18 at 100.00   N/R   200,004  
  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   51,686  
  215   Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36 6/26 at 100.00   BBB   222,142  
  7,620   Total Tax Obligation/Limited         7,397,710  

56

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation – 5.5% (3.5% 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 $ 375,394  
      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   251,156  
  100   5.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 7/27 at 100.00   AA   113,740  
  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–   1,002,890  
  1,655   Total Transportation         1,743,180  
      U.S. Guaranteed – 17.3% (11.1% of Total Investments) (4)            
  500   Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32 (Pre-refunded 3/01/22) 3/22 at 100.00   A+   542,780  
  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–   545,501  
  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   362,619  
  700   Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35 (Pre-refunded 10/01/18) 10/18 at 103.00   BB+   731,752  
  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   649,356  
      Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:            
  400   5.000%, 1/01/32 (Pre-refunded 1/01/21) 1/21 at 100.00   A2   430,072  
  425   5.000%, 1/01/37 (Pre-refunded 1/01/21) 1/21 at 100.00   A2   456,952  
  1,035   Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 8/18 at 100.00   N/R   1,114,353  
  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   N/R   111,750  
  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+   536,375  
  5,130   Total U.S. Guaranteed         5,481,510  
      Utilities – 2.9% (1.9% 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   389,494  
  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   525,675  
  850   Total Utilities         915,169  
      Water and Sewer – 14.2% (9.1% of Total Investments)            
  250   Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017, 5.000%, 1/01/47 1/25 at 100.00   A–   263,435  
  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+   489,241  
  160   Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A., 4.000%, 1/01/35 1/28 at 100.00   AA   170,890  

57

 

 

NOM Nuveen Missouri Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Water and Sewer (continued)            
$ 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 $ 143,334  
  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   2,191,279  
  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   557,050  
  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   670,580  
  4,095   Total Water and Sewer         4,485,809  
$ 46,810   Total Long-Term Investments (cost $47,202,366)         49,451,536  
      MuniFund Preferred Shares, net of deferred offering costs – (56.2)% (5)         (17,763,019 ) 
      Other Assets Less Liabilities – (0.3)%         (83,354
      Net Assets Applicable to Common Shares – 100%       $ 31,605,163  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.9%.
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.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

58

 

 

NNC Nuveen North Carolina Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 166.7% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 166.7% (100.0% of Total Investments)            
      Education and Civic Organizations – 27.3% (16.4% 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– $ 3,191,546  
  1,000   5.125%, 4/01/43 4/22 at 100.00   A–   1,082,230  
  5,000   East Carolina University, North Carolina, General Revenue Bonds, Series 2014A, 5.000%, 10/01/41 10/23 at 100.00   Aa2   5,550,950  
  2,310   East Carolina University, North Carolina, General Revenue Bonds, Series 2016A, 5.000%, 10/01/29 4/26 at 100.00   Aa2   2,707,297  
  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   1,592,760  
      North Carolina Capital Facilities Finance Agency, Revenue Bonds, Davidson College, Series 2014:            
  500   5.000%, 3/01/26 3/22 at 100.00   AA+   552,470  
  250   5.000%, 3/01/28 3/22 at 100.00   AA+   275,285  
  500   5.000%, 3/01/29 3/22 at 100.00   AA+   549,815  
  500   5.000%, 3/01/32 3/22 at 100.00   AA+   548,495  
  1,230   5.000%, 3/01/45 3/22 at 100.00   AA+   1,337,305  
  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+   4,517,370  
  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+   1,808,996  
      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–   1,716,796  
  1,000   5.000%, 4/01/33 4/23 at 100.00   A–   1,098,610  
  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   4,709,863  
  5,000   North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Refunding Series 2016, 4.000%, 1/01/37 7/26 at 100.00   AA   5,322,850  
      North Carolina Central University, General Revenue Bonds, Refunding Series 2016:            
  2,915   5.000%, 10/01/23 No Opt. Call   A3   3,271,505  
  3,070   5.000%, 10/01/24 No Opt. Call   A3   3,487,489  
  1,360   5.000%, 10/01/25 No Opt. Call   A3   1,556,860  
  2,020   North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/23 at 100.00   Aa1   2,255,290  
  290   University of North Carolina System, Pooled Revenue Bonds, Series 2005A, 5.000%, 4/01/22 – AMBAC Insured 8/18 at 100.00   A   290,789  
  800   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2015, 5.000%, 4/01/45 4/25 at 100.00   Aa3   901,208  
  170   University of North Carolina, Charlotte, General Revenue Bonds, Refunding Series 2017A., 5.000%, 10/01/31 10/27 at 100.00   Aa3   200,654  
      University of North Carolina, Charlotte, General Revenue Bonds, Series 2014:            
  2,070   5.000%, 4/01/32 4/24 at 100.00   Aa3   2,357,254  
  1,175   5.000%, 4/01/33 4/24 at 100.00   Aa3   1,336,010  
  1,385   5.000%, 4/01/35 4/24 at 100.00   Aa3   1,569,150  
  2,735   University of North Carolina, Charlotte, General Revenue Bonds, Series 2017, 5.000%, 10/01/47 10/27 at 100.00   Aa3   3,140,983  
  1,415   University of North Carolina, Greensboro, General Revenue Bonds, Refunding Series 2017, 5.000%, 4/01/31 4/28 at 100.00   Aa3   1,686,086  

59

 

 

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  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 $ 1,136,440  
  3,065   5.000%, 4/01/39 4/24 at 100.00   Aa3   3,456,584  
  1,250   Western Carolina University, North Carolina, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 10/25 at 100.00   Aa3   1,421,175  
  57,965   Total Education and Civic Organizations         64,630,115  
      Health Care – 24.2% (14.5% 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–   2,807,448  
  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–   5,704,493  
  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–   2,156,720  
  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+   4,541,146  
  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+   565,140  
  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+   3,022,002  
      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–   5,112,283  
  5,000   5.000%, 11/01/43 11/20 at 100.00   AA–   5,337,500  
  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+   2,936,958  
  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   2,847,707  
  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–   2,585,330  
  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   1,465,225  
  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   2,184,840  
  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–   2,208,940  
  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+   3,814,830  
  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   1,254,431  
  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   3,303,360  
  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+   2,208,880  
  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   3,186,873  
  52,870   Total Health Care         57,244,106  
      Housing/Multifamily – 1.2% (0.7% of Total Investments)            
      Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock Apartments, Series 2003:            
  485   5.150%, 1/01/22 (Alternative Minimum Tax) 7/18 at 100.00   N/R   485,640  
  2,260   5.375%, 1/01/36 (Alternative Minimum Tax) 7/18 at 100.00   N/R   2,261,785  
  2,745   Total Housing/Multifamily         2,747,425  

60

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Single Family – 0.7% (0.4% of Total Investments)            
$ 1,600   North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28 1/21 at 100.00   AA $ 1,656,192  
      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   3,029,613  
  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   484,097  
  3,140   Total Long-Term Care         3,513,710  
      Tax Obligation/General – 6.7% (4.0% 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   AA   1,117,650  
  730   5.000%, 6/01/31 6/24 at 100.00   AA   813,760  
  1,000   Charlotte, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 7/01/30 7/26 at 100.00   AAA   1,183,360  
      Davidson County, North Carolina, General Obligation Bonds, Refunding Series 2016:            
  300   5.000%, 6/01/25 No Opt. Call   AA   351,825  
  1,450   5.000%, 6/01/27 No Opt. Call   AA   1,742,886  
  835   Durham, North Carolina, General Obligation Bonds, Refunding Series 2015, 5.000%, 10/01/26 No Opt. Call   AAA   1,004,897  
  1,050   Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30 4/20 at 100.00   AA+   1,107,509  
  1,220   Guilford County, North Carolina, General Obligation Bonds, Public Improvement Series 2017B, 5.000%, 5/01/26 No Opt. Call   AAA   1,459,840  
  1,740   Guilford County, North Carolina, General Obligation Bonds, Refunding Series 2017, 5.000%, 3/01/27 No Opt. Call   AAA   2,106,983  
  3,210   Mecklenburg County, North Carolina, General Obligation Bonds, Refunding Series 2013A, 5.000%, 12/01/26 No Opt. Call   AAA   3,875,112  
  1,000   Raleigh, North Carolina, General Obligation Bonds, Refunding Series 2016A, 5.000%, 9/01/26 No Opt. Call   AAA   1,202,450  
  13,535   Total Tax Obligation/General         15,966,272  
      Tax Obligation/Limited – 21.2% (12.7% 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+   1,222,838  
  1,600   5.000%, 6/01/34 6/24 at 100.00   AA+   1,797,616  
  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+   2,410,988  
  2,045   Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/39 12/24 at 100.00   AAA   2,328,580  
  2,085   Dare County, North Carolina, Installment Purchase Contract, Limited Obligation Series 2012B, 5.000%, 6/01/28 6/22 at 100.00   AA   2,283,513  
  500   Henderson County, North Carolina, Limited Obligation Bonds, Series 2015, 5.000%, 10/01/31 10/25 at 100.00   AA   575,950  
  692   Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24 2/23 at 100.00   N/R   712,981  
  980   Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Refunding Series 2017., 5.000%, 4/01/29 4/28 at 100.00   Aa3   1,166,817  
      North Carolina State, Limited Obligation Bonds, Refunding Series 2014C:            
  3,000   5.000%, 5/01/24 No Opt. Call   AA+   3,473,760  
  5,000   5.000%, 5/01/25 5/24 at 100.00   AA+   5,771,600  
      North Carolina State, Limited Obligation Bonds, Refunding Series 2017B:            
  2,000   5.000%, 5/01/29 5/27 at 100.00   AA+   2,390,000  
  4,000   5.000%, 5/01/30 5/27 at 100.00   AA+   4,769,440  
  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+   8,715,280  

61

 

 

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
      Orange County Public Facilities Company, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
$ 1,500   5.000%, 10/01/26 No Opt. Call   AA+ $ 1,778,970  
  200   5.000%, 10/01/27 No Opt. Call   AA+   240,432  
  150   5.000%, 10/01/28 10/27 at 100.00   AA+   179,498  
  400   5.000%, 10/01/30 10/27 at 100.00   AA+   475,016  
  1,000   Raleigh, North Carolina, Limited Obligation Bonds, Series 2013, 5.000%, 10/01/33 10/23 at 100.00   AA+   1,126,540  
      Raleigh, North Carolina, Limited Obligation Bonds, Series 2014A:            
  1,195   5.000%, 10/01/25 10/24 at 100.00   AA+   1,390,765  
  1,305   5.000%, 10/01/26 10/24 at 100.00   AA+   1,513,761  
  650   Rocky Mount, North Carolina, Special Obligation Bonds, Series 2016, 5.000%, 5/01/30 5/26 at 100.00   AA+   751,797  
      Sampson County, North Carolina, Limited Obligation Bonds, Refunding Series 2017:            
  300   5.000%, 9/01/32 9/27 at 100.00   A1   350,211  
  1,250   4.000%, 9/01/35 9/27 at 100.00   A1   1,320,175  
  1,265   4.000%, 9/01/36 9/27 at 100.00   A1   1,329,831  
  1,000   4.000%, 9/01/37 9/27 at 100.00   A1   1,050,440  
      Wayne County, North Carolina General Obligation Bonds, Limited Series 2017:            
  500   5.000%, 6/01/25 No Opt. Call   AA–   584,270  
  500   5.000%, 6/01/26 No Opt. Call   AA–   591,230  
  44,672   Total Tax Obligation/Limited         50,302,299  
      Transportation – 26.5% (15.9% 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–   5,283,400  
  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–   10,640  
  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–   1,538,131  
      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–   3,273,263  
  3,000   5.000%, 7/01/28 7/24 at 100.00   AA–   3,416,610  
      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   1,585,161  
  5,390   5.000%, 7/01/47 7/27 at 100.00   Aa3   6,236,122  
  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–   1,502,088  
  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–   10,750,599  
  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   2,849,969  
  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   537,825  
      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–   568,109  
  800   0.000%, 7/01/30 7/26 at 83.69   BBB–   488,600  
  850   0.000%, 7/01/31 7/26 at 79.58   BBB–   491,300  
  2,400   0.000%, 7/01/33 7/26 at 71.99   BBB–   1,244,016  
  3,160   0.000%, 7/01/36 7/26 at 61.63   BBB–   1,387,746  
  3,100   0.000%, 7/01/37 7/26 at 58.52   BBB–   1,290,840  
  1,900   0.000%, 7/01/40 7/26 at 50.36   BBB–   676,001  
  400   North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/47 7/26 at 100.00   BBB–   437,460  

62

 

  

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
$ 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 $ 2,507,252  
      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   97,202  
  4,375   0.000%, 1/01/33 – AGC Insured No Opt. Call   AA   2,593,500  
  2,300   0.000%, 1/01/34 – AGC Insured No Opt. Call   AA   1,299,385  
  2,380   0.000%, 1/01/35 – AGC Insured No Opt. Call   AA   1,281,511  
  7,575   0.000%, 1/01/37 – AGC Insured No Opt. Call   AA   3,737,202  
  1,470   0.000%, 1/01/38 – AGC Insured No Opt. Call   AA   695,486  
      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   2,632,030  
  4,125   5.000%, 5/01/36 5/20 at 100.00   Aa3   4,343,584  
  74,205   Total Transportation         62,755,032  
      U.S. Guaranteed – 27.3% (16.4% of Total Investments) (4)            
  2,135   Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Refunding Series 2011, 5.000%, 8/01/31 (Pre-refunded 8/01/21) 8/21 at 100.00   AA+   2,332,786  
      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+   427,367  
  1,005   5.000%, 8/01/35 (Pre-refunded 8/01/18) 8/18 at 100.00   AA+   1,010,598  
  1,000   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2008, 5.000%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   1,002,670  
      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   4,169,726  
  1,250   5.000%, 2/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   AA   1,350,300  
  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   9,374,343  
      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   1,032,210  
  500   5.000%, 6/01/29 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA   516,105  
      Jacksonville Public Facilities Corporation, North Carolina, Limited Obligation Bonds, Series 2012:            
  1,065   5.000%, 4/01/29 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,182,470  
  1,165   5.000%, 4/01/30 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,293,500  
  1,000   5.000%, 4/01/31 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   1,110,300  
  200   5.000%, 4/01/32 (Pre-refunded 4/01/22) 4/22 at 100.00   Aa3   222,060  
  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+   408,888  
  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   579,265  
  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+   1,027,570  
      North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Refunding Series 1993B:            
  100   6.000%, 1/01/22 (ETM) No Opt. Call   N/R   113,807  
  180   6.000%, 1/01/22 – NPFG Insured (ETM) No Opt. Call   Baa2   203,854  
  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   1,426,950  
  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   3,907,435  
  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   1,837,769  

63

 

 

NNC Nuveen North Carolina Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (4) (continued)            
$ 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 $ 800,339  
  4,260   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 1986, 5.000%, 1/01/20 (ETM) No Opt. Call   Aaa   4,397,385  
  1,535   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2012B, 5.000%, 1/01/21 (ETM) No Opt. Call   A   1,652,397  
      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   142,695  
  265   5.375%, 1/01/26 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   270,668  
  1,700   5.500%, 1/01/29 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   1,737,570  
  7,335   5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA   7,507,593  
      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   2,104,840  
  1,020   6.000%, 6/01/36 (Pre-refunded 6/01/19) – AGC Insured 6/19 at 100.00   AA   1,062,840  
      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   644,214  
  2,100   5.750%, 6/01/36 (Pre-refunded 6/01/20) – AGC Insured 6/20 at 100.00   AA   2,259,852  
      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   1,044,680  
  1,000   5.375%, 10/01/29 (Pre-refunded 10/01/19) 10/19 at 100.00   A3   1,046,300  
  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+   5,354,694  
  60,880   Total U.S. Guaranteed         64,556,040  
      Utilities – 7.7% (4.6% of Total Investments)            
  1,040   Greenville, North Carolina, Combined Enterprise System Revenue Bonds, Series 2016, 5.000%, 4/01/26 No Opt. Call   Aa2   1,231,017  
      Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2016:            
  1,110   5.000%, 3/01/24 No Opt. Call   A+   1,265,167  
  395   5.000%, 3/01/25 No Opt. Call   A+   455,636  
  1,330   5.000%, 3/01/28 3/26 at 100.00   A+   1,541,350  
  775   5.000%, 3/01/30 3/26 at 100.00   A+   894,063  
  1,710   5.000%, 3/01/32 3/26 at 100.00   A+   1,963,730  
  900   4.000%, 3/01/33 3/26 at 100.00   A+   948,996  
  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   5,221,650  
  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   320,591  
      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   1,792,679  
  1,500   5.000%, 1/01/32 1/26 at 100.00   A   1,721,595  
  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   883,052  
  16,380   Total Utilities         18,239,526  
      Water and Sewer – 22.4% (13.5% 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–   1,265,958  
      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   970,152  
  1,080   5.000%, 7/01/29 7/27 at 100.00   Aaa   1,297,987  
  8,000   Cary, North Carolina, Combined Enterprise System Revenue Bonds, Series 2017B., 4.000%, 12/01/42 12/27 at 100.00   AAA   8,466,559  

64

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Water and Sewer (continued)            
      Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Refunding Series 2015:            
$ 940   5.000%, 7/01/32 7/25 at 100.00   AAA $ 1,092,167  
  2,325   5.000%, 7/01/40 7/25 at 100.00   AAA   2,678,563  
  16,865   Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2018, 5.000%, 7/01/44 (UB) (5) 7/28 at 100.00   AAA   19,988,229  
  1,535   Mooresville, North Carolina, Enterprise System Revenue Bonds, Refunding Series 2012, 5.000%, 5/01/28 5/22 at 100.00   AA   1,702,376  
  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   3,462,013  
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A:            
  550   5.000%, 3/01/30 3/22 at 100.00   AAA   605,627  
  1,600   5.000%, 3/01/31 3/22 at 100.00   AAA   1,760,016  
      Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2013A:            
  5,000   5.000%, 3/01/28 3/23 at 100.00   AAA   5,648,600  
  3,785   5.000%, 3/01/43 3/23 at 100.00   AAA   4,219,821  
  46,665   Total Water and Sewer         53,158,068  
$ 374,657   Total Long-Term Investments (cost $380,473,162)         394,768,785  
      Floating Rate Obligations – (3.6)%         (8,430,000 ) 
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (65.0)% (6)         (153,987,402 ) 
      Other Assets Less Liabilities – 1.9%         4,464,575  
      Net Assets Applicable to Common Shares – 100%       $ 236,815,958  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.0%.
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.

65

 

 

NPV Nuveen Virginia Quality Municipal
  Income Fund
  Portfolio of Investments
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 156.3% (100.0% of Total Investments)            
      MUNICIPAL BONDS – 156.3% (100.0% of Total Investments)            
      Consumer Staples – 6.4% (4.1% of Total Investments)            
      Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:            
$ 560   5.250%, 6/01/32 7/18 at 100.00   N/R $ 560,022  
  700   5.625%, 6/01/47 7/18 at 100.00   N/R   699,965  
  8,135   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 7/18 at 100.00   B–   8,134,918  
  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–   6,683,274  
  120   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 11/18 at 100.00   A3   120,233  
  16,160   Total Consumer Staples         16,198,412  
      Education and Civic Organizations – 13.1% (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   1,650,788  
      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   1,154,769  
  565   4.000%, 1/01/40 1/27 at 100.00   A1   588,736  
  580   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 8/18 at 100.00   B+   549,886  
  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   1,484,160  
  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   526,640  
  750   Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, Lynchburg College, Series 2018A., 5.000%, 9/01/43 9/28 at 100.00   BBB+   836,513  
  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   2,842,775  
  1,945   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Refunding Series 2017A, 5.000%, 4/01/39 4/27 at 100.00   AAA   2,275,806  
  9,000   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Refunding Series 2017A, 5.000%, 4/01/42 (UB) (4) 4/27 at 100.00   AAA   10,507,680  
  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+   1,057,900  
      Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A:            
  1,500   5.000%, 7/01/35, 144A 7/25 at 100.00   BB+   1,601,115  
  4,000   5.000%, 7/01/45, 144A 7/25 at 100.00   BB+   4,231,520  
  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   1,806,644  
  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   1,645,099  
  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+   531,380  
  30,345   Total Education and Civic Organizations         33,291,411  

66

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Health Care – 21.3% (13.6% 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– $ 5,247,000  
  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   2,281,443  
  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+   3,625,560  
  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+   1,094,190  
  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+   5,484,947  
      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–   1,081,134  
  2,500   5.250%, 6/15/23 No Opt. Call   A–   2,809,225  
  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   156,437  
  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   1,218,835  
  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   3,719,975  
      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   177,148  
  2,000   5.000%, 1/01/47 1/27 at 100.00   A   2,239,400  
  1,000   Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48 11/28 at 100.00   AA   1,040,620  
  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–   3,374,620  
      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–   1,118,310  
  1,440   5.000%, 6/15/35 6/26 at 100.00   A–   1,596,442  
  1,360   4.000%, 6/15/37 6/26 at 100.00   A–   1,373,967  
  3,200   Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2017B., 5.000%, 7/01/46 7/27 at 100.00   AA–   3,642,368  
  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   3,136,662  
  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+   2,546,738  
      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+   1,694,310  
  1,000   5.000%, 1/01/35 1/26 at 100.00   A+   1,124,500  
  2,000   4.000%, 1/01/37 1/26 at 100.00   A+   2,078,140  
  1,215   5.000%, 1/01/44 1/26 at 100.00   A+   1,339,562  
  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+   1,074,601  
  50,220   Total Health Care         54,276,134  

67

 

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Housing/Multifamily – 5.5% (3.5% of Total Investments)            
$ 785   Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Arlington View Terrace Apartments, Series 2001, 5.150%, 11/01/31 (Mandatory put 11/01/19) (Alternative Minimum Tax) 8/18 at 100.00   AA $ 787,473  
  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   1,023,590  
  400   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45 10/19 at 100.00   AA+   413,312  
  530   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32 2/20 at 100.00   AA+   550,161  
  1,000   Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 3.625%, 3/01/32 3/21 at 100.00   AA+   1,017,880  
      Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:            
  1,000   3.500%, 3/01/35 3/24 at 100.00   AA+   1,005,140  
  1,000   3.625%, 3/01/39 3/24 at 100.00   AA+   1,016,310  
  900   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45 8/24 at 100.00   AA+   927,720  
  2,750   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40 12/24 at 100.00   AA+   2,833,133  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 5/25 at 100.00   AA+   1,501,800  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3.875%, 3/01/47 3/26 at 100.00   AA+   1,528,605  
  1,350   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+   1,384,209  
  13,715   Total Housing/Multifamily         13,989,333  
      Housing/Single Family – 2.6% (1.7% of Total Investments)            
  2,500   Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-5, 4.550%, 7/01/31 10/22 at 100.00   AAA   2,696,000  
      Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:            
  715   4.400%, 10/01/31 10/22 at 100.00   AAA   753,217  
  3,000   4.750%, 10/01/38 10/22 at 100.00   AAA   3,167,670  
  6,215   Total Housing/Single Family         6,616,887  
      Long-Term Care – 6.3% (4.0% 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   992,025  
      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   2,189,737  
  1,100   5.000%, 10/01/42 10/24 at 102.00   N/R   1,221,792  
  700   4.000%, 10/01/42 10/24 at 102.00   N/R   710,885  
  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+   882,901  
      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   1,021,850  
  150   3.375%, 1/01/37 1/25 at 102.00   N/R   142,520  
  1,000   Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A., 5.000%, 1/01/42 1/23 at 103.00   N/R   1,082,250  
  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   2,131,940  
  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   1,015,180  
  1,500   Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39 8/18 at 100.00   N/R   1,501,905  

68

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Long-Term Care (continued)            
      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 $ 1,093,590  
  1,920   5.000%, 9/01/31 9/24 at 102.00   N/R   2,074,982  
  15,110   Total Long-Term Care         16,061,557  
      Tax Obligation/General – 3.0% (1.9% of Total Investments)            
  2,035   Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B., 5.000%, 8/15/22 No Opt. Call   AAA   2,286,546  
  830   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010., 5.000%, 7/15/25 7/20 at 100.00   Aa1   882,688  
  2,000   Fairfax County, Virginia, General Obligation Bonds, Public Improvement Series 2017A, 5.000%, 10/01/19 No Opt. Call   AAA   2,087,140  
  1,630   Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30 3/27 at 100.00   AA+   1,929,871  
  380   Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2017D., 5.000%, 3/01/33 No Opt. Call   AA+   479,336  
  6,875   Total Tax Obligation/General         7,665,581  
      Tax Obligation/Limited – 28.1% (18.0% 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   1,736,411  
  1,730   5.000%, 2/15/35 8/27 at 100.00   Aa1   2,016,817  
      Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:            
  465   5.250%, 7/15/25 – ACA Insured 8/18 at 100.00   N/R   462,098  
  520   5.500%, 7/15/35 – ACA Insured 8/18 at 100.00   N/R   492,960  
  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   601,614  
  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   102,413  
  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+   1,172,250  
  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+   1,733,550  
  4,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34 11/25 at 100.00   A   4,255,320  
      Government of Guam, Business Privilege Tax Bonds, Series 2011A:            
  1,020   5.000%, 1/01/31 1/22 at 100.00   A   1,064,686  
  500   5.250%, 1/01/36 1/22 at 100.00   A   525,030  
  925   Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Refunding Series 2015, 5.000%, 6/15/19 No Opt. Call   AA–   956,533  
  1,000   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/34 12/26 at 100.00   BBB+   1,071,400  
      Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A:            
  4,000   5.000%, 7/01/48 (UB) (4) 1/28 at 100.00   AA   4,672,320  
  13,000   5.000%, 7/01/52 (UB) (4) 1/28 at 100.00   AA   15,114,450  
  2,000   5.000%, 7/01/52 1/28 at 100.00   AA+   2,325,300  
  1,000   5.500%, 7/01/57 1/28 at 100.00   AA   1,206,700  
  960   Lower Magnolia Green Community Development Authority, Virginia, Special Assessment Bonds, Series 2015, 5.000%, 3/01/45, 144A 3/25 at 100.00   N/R   975,850  
  645   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29 – AMBAC Insured No Opt. Call   C   687,344  
  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   3,394,340  

69

 

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Tax Obligation/Limited (continued)            
$ 5,085   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/29 – AMBAC Insured No Opt. Call   C $ 2,782,207  
  3,535   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured No Opt. Call   Baa2   940,451  
  760   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC, 5.500%, 7/01/28 – NPFG Insured No Opt. Call   Baa2   793,805  
  5   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured No Opt. Call   Baa2   5,009  
  1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 9/25 at 100.00   A   1,585,950  
  2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34, 144A – AGM Insured 10/24 at 100.00   AA   2,378,118  
  1,600   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   1,696,736  
  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   2,121,000  
  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   1,866,036  
  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+   4,119,185  
  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+   1,228,216  
  2,000   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 5.000%, 8/01/26 8/25 at 100.00   AA+   2,355,920  
  1,530   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 11/22 at 100.00   AAA   1,693,404  
  95   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19 8/18 at 100.00   AA   95,237  
  1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2012, 4.000%, 5/15/37 5/22 at 100.00   AA+   1,041,110  
  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   2,095,020  
  71,835   Total Tax Obligation/Limited         71,364,790  
      Transportation – 38.1% (24.4% 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   885,407  
  375   4.000%, 7/01/34 7/26 at 100.00   A2   396,465  
  400   4.000%, 7/01/35 7/26 at 100.00   A2   422,020  
  250   4.000%, 7/01/38 7/26 at 100.00   A2   263,400  
      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   1,919,250  
  8,320   5.000%, 7/01/46 7/26 at 100.00   BBB   9,221,887  
      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   1,751,760  
  4,125   0.000%, 7/15/40 (5) 7/28 at 100.00   BBB   3,540,983  
  1,000   0.000%, 7/15/40 – AGM Insured (5) 7/28 at 100.00   AA   867,380  
  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–   795,218  

 

70

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Transportation (continued)            
      Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2009C:            
$ 1,380   5.250%, 10/01/22 10/18 at 100.00   AA– $ 1,396,670  
  1,200   5.000%, 10/01/28 10/18 at 100.00   AA–   1,212,816  
      Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A:            
  3,400   5.000%, 10/01/30 10/20 at 100.00   AA–   3,626,508  
  420   5.000%, 10/01/35 10/20 at 100.00   AA–   446,993  
  3,800   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+   4,040,008  
  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+   8,477,442  
      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   3,021,120  
  11,825   0.000%, 10/01/34 – AGC Insured No Opt. Call   AA   6,324,720  
  1,135   0.000%, 10/01/36 – AGC Insured No Opt. Call   AA   550,271  
  5,010   0.000%, 10/01/39 – AGC Insured No Opt. Call   AA   2,112,867  
  7,300   Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 (Alternative Minimum Tax) 10/26 at 100.00   AA–   8,299,077  
      Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2017:            
  375   5.000%, 10/01/34 (Alternative Minimum Tax) 10/27 at 100.00   AA–   432,630  
  2,000   5.000%, 10/01/42 (Alternative Minimum Tax) 10/27 at 100.00   AA–   2,284,720  
      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–   158,738  
  595   5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   628,005  
  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   393,862  
  3,000   Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured No Opt. Call   A   3,163,590  
      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   BBB   4,373,255  
  4,500   5.000%, 12/31/56 (Alternative Minimum Tax) 6/27 at 100.00   BBB   4,932,675  
  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   2,663,000  
      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   817,268  
  5,025   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   5,609,257  
  5,700   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   6,215,223  
  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–   861,846  
  4,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B, 5.000%, 7/01/36 7/27 at 100.00   AA–   4,665,920  
  99,570   Total Transportation         96,772,251  
      U.S. Guaranteed – 20.8% (13.2% of Total Investments) (6)            
  610   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010., 5.000%, 7/15/25 (Pre-refunded 7/15/20) 7/20 at 100.00   N/R   648,985  

71

 

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      U.S. Guaranteed (continued)            
$ 1,750   Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM) No Opt. Call   AA $ 1,931,825  
  820   Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – AGM Insured (ETM) No Opt. Call   AA   856,424  
  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   Baa2   1,215,596  
  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   4,388,044  
  1,060   Fairfax County Industrial Development Authority, Virginia, Health Care Revenue Bonds, Inova Health System Project, Series 2009A, 5.500%, 5/15/35 (Pre-refunded 5/15/19) 5/19 at 100.00   AA+   1,097,683  
  3,340   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System Project, Tender Option Bond Trust 2016-XG0021, 12.529%, 5/15/35, 144A (Pre-refunded 5/15/19) (IF) 5/19 at 100.00   AA+   3,693,739  
  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+   1,157,288  
      Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A:            
  1,295   5.000%, 1/01/39 (Pre-refunded 1/01/21) 1/21 at 100.00   N/R   1,394,042  
  5,205   5.000%, 1/01/39 (Pre-refunded 1/01/21) 1/21 at 100.00   AA+   5,603,078  
  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   N/R   1,031,710  
      Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D:            
  5,900   5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00   N/R   6,283,441  
  150   5.000%, 7/15/34 (Pre-refunded 7/15/20) 7/20 at 100.00   AA   159,909  
  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+   1,783,155  
  145   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/18 – NPFG Insured (ETM) No Opt. Call   Baa2   145,434  
  710   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 – AGM Insured (ETM) No Opt. Call   A2   793,070  
  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+   1,036,470  
  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+   1,860,440  
  1,200   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 4.000%, 2/01/29 (Pre-refunded 2/01/21) 2/21 at 100.00   AA+   1,265,316  
  1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0011, 11.302%, 2/01/27, 144A (Pre-refunded 2/01/19) (IF) (4) 2/19 at 100.00   AA+   1,776,122  
  1,665   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Tender Option Bond Trust 2016-XL0013, 11.302%, 2/01/28, 144A (Pre-refunded 2/01/19) (IF) (4) 2/19 at 100.00   AA+   1,776,122  
      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   30,245  
  3,570   5.000%, 9/01/28 (Pre-refunded 9/01/18) 9/18 at 100.00   AA+   3,600,881  
  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   3,304,013  
  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   4,184,762  
  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+   1,656,482  
  49,390   Total U.S. Guaranteed         52,674,276  

72

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utilities – 6.2% (4.0% 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) (7) No Opt. Call   N/R $ 1,920,000  
      Guam Power Authority, Revenue Bonds, Series 2012A:            
  1,500   5.000%, 10/01/30 – AGM Insured 10/22 at 100.00   AA   1,637,955  
  495   5.000%, 10/01/34 10/22 at 100.00   BBB   525,967  
  900   Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2018, 5.000%, 1/01/48, 144A (WI/DD, Settling 6/07/18) (Alternative Minimum Tax) (Mandatory put 7/01/38) 7/23 at 100.00   B   917,703  
      Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:            
  5,000   5.000%, 1/15/33 1/26 at 100.00   AA   5,797,750  
  1,000   5.000%, 1/15/35 1/26 at 100.00   AA   1,152,850  
  730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24 8/18 at 100.00   CCC   609,550  
  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   3,241,030  
  14,875   Total Utilities         15,802,805  
      Water and Sewer – 4.9% (3.2% of Total Investments)            
  810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   A–   881,564  
  1,675   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 7/26 at 100.00   A–   1,776,505  
  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   2,797,335  
  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   3,096,240  
  3,000   Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 11/24 at 100.00   AA+   3,462,600  
  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   544,120  
  11,910   Total Water and Sewer         12,558,364  
$ 386,220   Total Long-Term Investments (cost $380,169,897)         397,271,801  
      Floating Rate Obligations – (8.0)%         (20,350,000 ) 
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (50.2)% (8)         (127,617,812 ) 
      Other Assets Less Liabilities – 1.9%         4,870,912  
      Net Assets Applicable to Common Shares – 100%       $ 254,174,901  

73

 

 

NPV Nuveen Virginia Quality Municipal Income Fund
  Portfolio of Investments (continued)
  May 31, 2018

 

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5) Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7) 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.
(8) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.1%.
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
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.
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

74

 

 

 

Statement of Assets and Liabilities

May 31, 2018

 

      NKG     NMY     NMS  
Assets                    
Long-term investments, at value (cost $211,659,217, $513,755,474 and $132,606,757, respectively)   $ 217,072,982   $ 531,620,700   $ 136,957,426  
Short-term investments, at value (cost $244,468, $2,400,000 and $—, respectively)     131,853     2,400,000      
Cash     506,561         160,169  
Receivable for:                    
Interest     3,224,256     8,297,221     1,531,411  
Investments sold     2,280,000     2,937,976     20,321  
Other assets     4,157     30,352     4,568  
Total assets     223,219,809     545,286,249     138,673,895  
Liabilities                    
Cash overdraft         248,821      
Floating rate obligations         12,600,000      
Payable for:                    
Dividends     392,294     1,074,098     340,749  
Interest     164,652     398,912     106,916  
Investments purchased             254,113  
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)     81,991,587     196,986,649     52,775,909  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $— and $—, respectively)              
Accrued expenses:                    
Management fees     116,405     271,639     70,886  
Trustees fees     2,269     30,443     1,409  
Other     67,970     133,556     57,233  
Total liabilities     82,735,177     211,744,118     53,607,215  
Net assets applicable to common shares   $ 140,484,632   $ 333,542,131   $ 85,066,680  
Common shares outstanding     10,549,313     23,347,164     5,792,386  
Net asset value (“NAV”) per common share outstanding   $ 13.32   $ 14.29   $ 14.69  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 105,493   $ 233,472   $ 57,924  
Paid-in surplus     138,843,150     327,863,235     81,178,304  
Undistributed (Over-distribution of) net investment income     (294,011 )   (443,788 )   (339,465 )
Accumulated net realized gain (loss)     (3,471,150 )   (11,976,014 )   (180,752 )
Net unrealized appreciation (depreciation)     5,301,150     17,865,226     4,350,669  
Net assets applicable to common shares   $ 140,484,632   $ 333,542,131   $ 85,066,680  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

See accompanying notes to financial statements.

75

 

Statement of Assets and Liabilities (continued)

 

      NOM     NNC     NPV  
Assets                    
Long-term investments, at value (cost $47,202,366, $380,473,162 and $380,169,897, respectively)   $ 49,451,536   $ 394,768,785   $ 397,271,801  
Short-term investments, at value (cost $—, $— and $—, respectively)              
Cash         568,005      
Receivable for:                    
Interest     555,598     5,118,459     5,098,154  
Investments sold     105,000     10,188     3,600,000  
Other assets     7,023     23,264     25,245  
Total assets     50,119,157     400,488,701     405,995,200  
Liabilities                    
Cash overdraft     231,915         1,815,517  
Floating rate obligations         8,430,000     20,350,000  
Payable for:                    
Dividends     102,932     622,726     777,705  
Interest         311,839      
Investments purchased     348,524         912,480  
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $18,000,000, $— and $—, respectively)     17,763,019          
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $—, $154,000,000 and $—, respectively)         153,987,402      
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $— and $128,000,000, respectively)             127,617,812  
Accrued expenses:                    
Management fees     25,568     201,278     204,333  
Trustees fees     506     22,283     22,412  
Other     41,530     97,215     120,040  
Total liabilities     18,513,994     163,672,743     151,820,299  
Net assets applicable to common shares   $ 31,605,163   $ 236,815,958   $ 254,174,901  
Common shares outstanding     2,344,526     16,395,108     17,933,247  
Net asset value (“NAV”) per common share outstanding   $ 13.48   $ 14.44   $ 14.17  
Net assets applicable to common shares consist of:                    
Common shares, $0.01 par value per share   $ 23,445   $ 163,951   $ 179,332  
Paid-in surplus     30,622,916     223,558,987     250,799,420  
Undistributed (Over-distribution of) net investment income     (29,900 )   (489,934 )   160,559  
Accumulated net realized gain (loss)     (1,260,468 )   (712,669 )   (14,066,314 )
Net unrealized appreciation (depreciation)     2,249,170     14,295,623     17,101,904  
Net assets applicable to common shares   $ 31,605,163   $ 236,815,958   $ 254,174,901  
Authorized shares:                    
Common     Unlimited     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited     Unlimited  

See accompanying notes to financial statements.

76

 

Statement of Operations

Year Ended May 31, 2018

 

      NKG     NMY     NMS  
Investment Income   $ 8,344,518   $ 20,791,245   $ 6,067,285  
Expenses                    
Management fees     1,393,353     3,222,598     844,308  
Interest expense and amortization of offering costs     1,583,106     4,088,199     912,939  
Custodian fees     31,236     66,442     26,501  
Trustees fees     6,664     15,868     4,112  
Professional fees     34,818     40,736     34,091  
Shareholder reporting expenses     24,641     35,623     56,253  
Shareholder servicing agent fees     15,816     22,328     15,035  
Stock exchange listing fees     6,881     6,881     4,703  
Investor relations expenses     14,569     33,544     9,605  
Other     28,365     62,045     153,255  
Total expenses     3,139,449     7,594,264     2,060,802  
Net investment income (loss)     5,205,069     13,196,981     4,006,483  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     232,714     (289,204 )   (52,450 )
Change in net unrealized appreciation (depreciation) of investments     (5,147,480 )   (7,420,445 )   (2,004,493 )
Net realized and unrealized gain (loss)     (4,914,766 )   (7,709,649 )   (2,056,943 )
Net increase (decrease) in net assets applicable to common shares from operations   $ 290,303   $ 5,487,332   $ 1,949,540  

See accompanying notes to financial statements.

77

 

Statement of Operations (continued)

 

      NOM     NNC     NPV  
Investment Income   $ 2,148,236   $ 13,931,255   $ 15,392,932  
Expenses                    
Management fees     305,590     2,369,260     2,395,410  
Interest expense and amortization of offering costs     383,336     3,042,099     2,616,320  
Custodian fees     14,929     49,848     47,917  
Trustees fees     1,489     11,764     11,428  
Professional fees     38,632     35,206     89,662  
Shareholder reporting expenses     13,578     36,450     31,561  
Shareholder servicing agent fees     15,214     16,867     7,100  
Stock exchange listing fees     6,900     6,881     6,881  
Investor relations expenses     4,280     25,691     23,657  
Other     32,706     37,168     99,081  
Total expenses     816,654     5,631,234     5,329,017  
Net investment income (loss)     1,331,582     8,300,021     10,063,915  
Realized and Unrealized Gain (Loss)                    
Net realized gain (loss) from investments     (30,213 )   359,698     (719,109 )
Change in net unrealized appreciation (depreciation) of investments     (934,729 )   (9,023,451 )   (4,936,839 )
Net realized and unrealized gain (loss)     (964,942 )   (8,663,753 )   (5,655,948 )
Net increase (decrease) in net assets applicable to common shares from operations   $ 366,640   $ (363,732 ) $ 4,407,967  

See accompanying notes to financial statements.

78

 

Statement of Changes in Net Assets

 

    NKG   NMY  
      Year
Ended
5/31/18
    Year
Ended
5/31/17
    Year
Ended
5/31/18
    Year
Ended
5/31/17
 
Operations                          
Net investment income (loss)   $ 5,205,069   $ 5,801,997   $ 13,196,981   $ 14,157,615  
Net realized gain (loss) from investments     232,714     (175,195 )   (289,204 )   (3,397,479 )
Change in net unrealized appreciation (depreciation) of Investments     (5,147,480 )   (5,541,569 )   (7,420,445 )   (5,575,669 )
Net increase (decrease) in net assets applicable to common shares from operations     290,303     85,233     5,487,332     5,184,467  
Distributions to Common Shareholders                          
From net investment income     (5,382,259 )   (6,368,620 )   (14,033,603 )   (15,338,456 )
From accumulated net realized gains                  
Return of capital                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (5,382,259 )   (6,368,620 )   (14,033,603 )   (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             (338,802 )    
Net increase (decrease) in net assets applicable to common shares from capital share transactions             (338,802 )    
Net increase (decrease) in net assets applicable to common shares     (5,091,956 )   (6,283,387 )   (8,885,073 )   (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   $ 140,484,632   $ 145,576,588   $ 333,542,131   $ 342,427,204  
Undistributed (Over-distribution of) net investment income at the end of period   $ (294,011 ) $ (8,826 ) $ (443,788 ) $ 607,032  

See accompanying notes to financial statements.

79

 

Statement of Changes in Net Assets (continued)

 

    NMS   NOM  
      Year
Ended
5/31/18
    Year
Ended
5/31/17
    Year
Ended
5/31/18
    Year
Ended
5/31/17
 
Operations                          
Net investment income (loss)   $ 4,006,483   $ 3,889,814   $ 1,331,582   $ 1,529,963  
Net realized gain (loss) from investments     (52,450 )   407,949     (30,213 )   (30,251 )
Change in net unrealized appreciation (depreciation) of investments     (2,004,493 )   (3,835,089 )   (934,729 )   (1,014,690 )
Net increase (decrease) in net assets applicable to common shares from operations     1,949,540     462,674     366,640     485,022  
Distributions to Common Shareholders                          
From net investment income     (4,266,573 )   (4,415,274 )   (1,450,327 )   (1,657,253 )
From accumulated net realized gains     (4,634 )            
Return of capital             (19,370 )    
Decrease in net assets applicable to common shares from distributions to common shareholders     (4,271,207 )   (4,415,274 )   (1,469,697 )   (1,657,253 )
Capital Share Transactions                          
Common shares:                          
Proceeds from shelf offering, net of offering costs     2,634,474     675,818          
Net proceeds from shares issued to shareholders due to reinvestment of distributions     27,785     61,058     49,789     53,488  
Cost of shares repurchased and retired                  
Net increase (decrease) in net assets applicable to common shares from capital share transactions     2,662,259     736,876     49,789     53,488  
Net increase (decrease) in net assets applicable to common shares     340,592     (3,215,724 )   (1,053,268 )   (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   $ 85,066,680   $ 84,726,088   $ 31,605,163   $ 32,658,431  
Undistributed (Over-distribution of) net investment income at the end of period   $ (339,465 ) $ 91,322   $ (29,900 ) $ 67,171  

See accompanying notes to financial statements.

80

 

 

    NNC   NPV  
      Year
Ended
5/31/18
    Year
Ended
5/31/17
    Year
Ended
5/31/18
    Year
Ended
5/31/17
 
Operations                          
Net investment income (loss)   $ 8,300,021   $ 8,768,886   $ 10,063,915   $ 10,328,899  
Net realized gain (loss) from investments     359,698     (929,695 )   (719,109 )   (2,831,554 )
Change in net unrealized appreciation (depreciation) of investments     (9,023,451 )   (8,011,557 )   (4,936,839 )   (6,000,522 )
Net increase (decrease) in net assets applicable to common shares from operations     (363,732 )   (172,366 )   4,407,967     1,496,823  
Distributions to Common Shareholders                          
From net investment income     (8,533,736 )   (9,173,021 )   (10,064,138 )   (10,625,450 )
From accumulated net realized gains     (14,777 )   (147,767 )        
Return of capital                  
Decrease in net assets applicable to common shares from distributions to common shareholders     (8,548,513 )   (9,320,788 )   (10,064,138 )   (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     (285,132 )            
Net increase (decrease) in net assets applicable to common shares from capital share transactions     (285,132 )            
Net increase (decrease) in net assets applicable to common shares     (9,197,377 )   (9,493,154 )   (5,656,171 )   (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   $ 236,815,958   $ 246,013,335   $ 254,174,901   $ 259,831,072  
Undistributed (Over-distribution of) net investment income at the end of period   $ (489,934 ) $ (141,170 ) $ 160,559   $ 242,138  

See accompanying notes to financial statements.

81

 

Statement of Cash Flows

Year Ended May 31, 2018

 

      NKG     NMY     NMS  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ 290,303   $ 5,487,332   $ 1,949,540  
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     (32,594,417 )   (106,613,799 )   (19,818,831 )
Proceeds from sales and maturities of investments     35,919,189     110,522,021     17,615,525  
Proceeds from (Purchase of) short-term investments, net     420,532     (2,400,000 )    
Proceeds from litigation settlement     129          
Taxes paid     (13 )   (4,396 )   (1,104 )
Amortization (Accretion) of premiums and discounts, net     2,002,634     3,045,041     (711,813 )
Amortization of deferred offering costs     6,702     11,414     148,400  
(Increase) Decrease in:                    
Receivable for interest     133,852     279,852     51,691  
Receivable for investments sold     715,000     13,931,849     1,028,475  
Other assets     105     (6,954 )   (337 )
Increase (Decrease) in:                    
Payable for interest     43,494     104,491     28,005  
Payable for investments purchased         (10,180,461 )   (4,195 )
Accrued management fees     (2,533 )   (4,178 )   352  
Accrued Trustees fees     (32 )   7,050     30  
Accrued other expenses     (108,040 )   (81,784 )   (333,697 )
Net realized (gain) loss from investments     (232,714 )   289,204     52,450  
Change in net unrealized (appreciation) depreciation of investments     5,147,480     7,420,445     2,004,493  
Net cash provided by (used in) operating activities     11,741,671     21,807,127     2,008,984  
Cash Flows from Financing Activities:                    
(Payments for) VMTP Shares redeemed, at liquidation preference              
Proceeds from MFP Shares issued, at liquidation preference              
Proceeds from shelf offering, net of offering costs             2,777,001  
(Payments for) deferred offering costs              
Increase (Decrease) in:                    
Cash overdraft     (2,516,849 )   (6,810,836 )   (375,022 )
Floating rate obligations     (3,245,000 )   (510,000 )    
Cash distributions paid to common shareholders     (5,473,261 )   (14,147,489 )   (4,250,794 )
Cost of common shares repurchased and retired         (338,802 )    
Net cash provided by (used in) financing activities     (11,235,110 )   (21,807,127 )   (1,848,815 )
Net Increase (Decrease) in Cash     506,561         160,169  
Cash at the beginning of period              
Cash at the end of period   $ 506,561   $   $ 160,169  
                     
Supplemental Disclosure of Cash Flow Information     NKG     NMY     NMS  
Cash paid for interest (excluding amortization of offering costs)   $ 1,646,788   $ 4,071,698   $ 1,048,464  
Non-cash financing activities not included herein consists of reinvestments of common share distributions             27,785  

See accompanying notes to financial statements.

82

 

 

      NOM     NNC     NPV  
Cash Flows from Operating Activities:                    
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ 366,640   $ (363,732 ) $ 4,407,967  
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     (9,728,854 )   (71,377,130 )   (90,003,931 )
Proceeds from sales and maturities of investments     9,695,989     49,129,334     85,200,233  
Proceeds from (Purchase of) short-term investments, net              
Proceeds from litigation settlement         219      
Taxes paid     (42 )   (2,335 )   (1,848 )
Amortization (Accretion) of premiums and discounts, net     122,508     3,078,940     1,281,909  
Amortization of deferred offering costs     29,685     10,767     15,173  
(Increase) Decrease in:                    
Receivable for interest     56,968     304,032     (176,688 )
Receivable for investments sold     85,700     18,892,534     (3,535,000 )
Other assets     (2,835 )   (5,117 )   (5,004 )
Increase (Decrease) in:                    
Payable for interest     (26,137 )   81,683     (987 )
Payable for investments purchased     (293,002 )   (8,588,075 )   912,480  
Accrued management fees     (493 )   (205 )   2,547  
Accrued Trustees fees     (5 )   5,196     5,115  
Accrued other expenses     (8,409 )   (108,632 )   49,750  
Net realized (gain) loss from investments     30,213     (359,698 )   719,109  
Change in net unrealized (appreciation) depreciation of investments     934,729     9,023,451     4,936,839  
Net cash provided by (used in) operating activities     1,262,655     (278,768 )   3,807,664  
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          
Proceeds from shelf offering, net of offering costs              
(Payments for) deferred offering costs     (236,981 )        
Increase (Decrease) in:                    
Cash overdraft     231,915         1,815,517  
Floating rate obligations         8,430,000     4,350,000  
Cash distributions paid to common shareholders     (1,441,388 )   (8,629,042 )   (10,058,700 )
Cost of common shares repurchased and retired         (285,132 )    
Net cash provided by (used in) financing activities     (1,446,454 )   (484,174 )   (3,893,183 )
Net Increase (Decrease) in Cash     (183,799 )   (762,942 )   (85,519 )
Cash at the beginning of period     183,799     1,330,947     85,519  
Cash at the end of period   $   $ 568,005   $  
                     
Supplemental Disclosure of Cash Flow Information     NOM     NNC     NPV  
Cash paid for interest (excluding amortization of offering costs)   $ 375,682   $ 3,074,550   $ 2,595,071  
Non-cash financing activities not included herein consists of reinvestments of common share distributions     49,789          

See accompanying notes to financial statements.

83

 

Financial Highlights

Selected data for a common share outstanding throughout each period:

 

        Investment Operations   Less Distributions to
Common Shareholders
  Common Share  
    Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss)
  Net
Realized/
Unrealized
Gain (Loss)
  Total   From
Net
Investment
Income
  From
Accumu-
lated Net
Realized
Gains
  Total   Discount
Per
Share
Repurchased
and Retired
  Ending
NAV
  Ending
Share
Price
 
NKG                                                              
Year Ended 5/31:                                                        
2018   $ 13.80   $ 0.49   $ (0.46 ) $ 0.03   $ (0.51 ) $   $ (0.51 ) $   $ 13.32   $ 11.38  
2017     14.40     0.55     (0.55 )       (0.60 )       (0.60 )       13.80     13.28  
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  
                                                               
NMY                                                              
Year Ended 5/31:                                                        
2018     14.65     0.56     (0.32 )   0.24     (0.60 )       (0.60 )   *    14.29     12.21  
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  

 

(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.

84

 

 

 

      Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
          Ratios to Average Net Assets(b)        
Based
on
NAV
(a)   Based
on
Share
Price
(a)   Ending
Net
Assets
(000
)   Expenses (c)   Net
Investment
Income
(Loss
)   Portfolio
Turnover
Rate
(d)
                                 
                                 
0.22 %   (10.74 )% $ 140,485     2.19 %   3.64 %   15 %
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  
                                 
                                 
1.68     (2.10 )   333,542     2.25     3.91     20  
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  

 

(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     1.11 %
2017     1.03  
2016     0.55  
2015     0.54  
2014     1.89  

 

NMY        
Year Ended 5/31:        
2018     1.21 %
2017     1.04  
2016     0.55  
2015     0.52  
2014     1.81  

 

(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.
* Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

85

 

Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

 

          Investment Operations   Less Distributions to
Common Shareholders
  Common Share  
    Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss
) Net
Realized/
Unrealized
Gain (Loss
) Distributions
from Net
Investment
Income to
Preferred
Share-
holders
(a) Distributions
from
Accumulated
Net Realized
Gains to
Preferred
Share-
holders
(a)   Total   From
Net
Investment
Income
  From
Accumu-
lated Net
Realized
Gains
  Return of
Capital
  Total   Premium
per
Share
Sold
through
Shelf
Offering
  Ending
NAV
  Ending
Share
Price
 
NMS                                                                                
Year Ended 5/31:                                                                          
2018   $ 15.08   $ 0.70   $ (0.37 ) $   $   $ 0.33   $ (0.74 ) $   $   $ (0.74 ) $ 0.02   $ 14.69   $ 13.60  
2017     15.78     0.70     (0.62 )           0.08     (0.79 )           (0.79 )   0.01     15.08     16.18  
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  
                                                                                 
NOM                                                                                
Year Ended 5/31:                                                                          
2018     13.95     0.57     (0.41 )           0.16     (0.62 )       (0.01 )   (0.63 )       13.48     13.34  
2017     14.45     0.65     (0.44 )           0.21     (0.71 )           (0.71 )       13.95     16.20  
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  

 

(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.

86

 

 

      Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
          Ratios to Average Net Assets(c)        
Based
on
NAV
(b)   Based
on
Share
Price
(b)   Ending
Net
Assets
(000
)   Expenses (d)   Net
Investment
Income
(Loss
)    Portfolio
Turnover
Rate
(e)
                                 
                                 
2.37 %   (11.55 ) % $ 85,067     2.40 %   4.66 %   13 %
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  
                                 
                                 
1.15     (13.89 )   31,605     2.54     4.15     20  
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  

 

(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 June330, 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     1.06 %
2017     1.29  
2016     0.62  
2015(f)     0.61 *
Year Ended 6/30:        
2014(g)     0.18 *
Year Ended 8/31:        
2013      
2012      

 

NOM        
Year Ended 5/31:        
2018     1.19 %
2017     0.99  
2016     0.69  
2015     1.44  
2014     1.51  

 

(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.
* Annualized.
   

See accompanying notes to financial statements.

87

 

Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

 

          Investment Operations   Less Distributions to
Common Shareholders
  Common Share  
    Beginning
Common
Share
NAV
  Net
Investment
Income
(Loss
)  Net
Realized/
Unrealized
Gain (Loss
)  Total   From
Net
Investment
Income
  From
Accumu-
lated Net
Realized
Gains
  Total   Discount
Per
Share
Repurchased
and Retired
  Ending
NAV
  Ending
Share
Price
 
NNC                                                              
Year Ended 5/31:                                                        
2018   $ 14.98   $ 0.51   $ (0.53 ) $ (0.02 ) $ (0.52 ) $ *  $ (0.52 ) $ *  $ 14.44   $ 12.27  
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  
                                                               
NPV                                                              
Year Ended 5/31:                                                        
2018     14.49     0.56     (0.32 )   0.24     (0.56 )       (0.56 )       14.17     12.35  
2017     15.00     0.58     (0.50 )   0.08     (0.59 )       (0.59 )       14.49     13.25  
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  

 

(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.

88

 

 

            Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
          Ratios to Average Net Assets(b)        
Based
on
NAV
(a)   Based
on
Share
Price
(a)   Ending
Net
Assets
(000
)   Expenses (c)   Net
Investment
Income
(Loss
)   Portfolio
Turnover
Rate
(e)
                                 
                                 
(0.14 )%   (3.88 )% $ 236,816     2.33 %   3.43 %   13 %
(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  
                                 
                                 
1.70     (2.62 )   254,175     2.07     3.92     22  
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  

 

(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     1.26 %
2017     1.08  
2016     0.54  
2015     0.52  
2014     1.70  

 

NPV        
Year Ended 5/31:        
2018     1.02 %
2017     0.94  
2016     0.62  
2015     0.59  
2014     1.18  

 

(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
NPV     Expenses     Net Investment
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.
* Rounds to less than $0.01 per share.

See accompanying notes to financial statements.

89

 

Financial Highlights (continued)

 

      MTP Shares at
the End of Period(a)
    VMTP Shares
at the End of Period
 
      Aggregate
Amount
Outstanding
(000)
    Asset
Coverage
Per $10
Share
    Aggregate
Amount
Outstanding
(000)
    Asset
Coverage
Per $100,000
Share
 
NKG                          
Year Ended 5/31:                          
2018   $   $   $ 82,000   $ 271,323  
2017             82,000     277,532  
2016             75,000     302,480  
2015             75,000     296,588  
2014             75,000     296,676  
NMY                          
Year Ended 5/31:                          
2018             197,000     269,311  
2017             197,000     273,821  
2016             167,000     311,126  
2015             167,000     306,168  
2014             167,000     311,383  

 

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

 

      2014  
NKG        
Series 2015 (NKG PRC)        
Ending Market Value per Share   $  
Average Market Value per Share     10.03
Series 2015-1 (NKG PRD)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2015-2 (NKG PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
         
NMY        
Series 2015 (NMY PRC)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2016 (NMY PRD)        
Ending Market Value per Share      
Average Market Value per Share     10.07
Series 2015 (NMY PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
Series 2015-1(NMY PRF)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03
Series 2015-1(NMY PRG)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04
Series 2016 (NMY PRH)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.07

 

(b) MTP Shares issued in connection with the reorganizations.
For the period June 1, 2013 through May 30, 2014.

See accompanying notes to financial statements.

90

 

 

    RPS at the
End of Period
  MFP Shares
at the End of Period
  MTP Shares at
the End of Period(a)
  VMTP Shares
at the End of Period
 
    Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $25,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $100,000
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $10
Share
  Aggregate
Amount
Outstanding
(000)
  Asset
Coverage
Per $100,000
Share
 
NMS                                                  
Year Ended 5/31:                                            
2018   $   $   $   $   $   $   $ 52,800   $ 261,111  
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 *                        
                                                   
NOM                                                  
Year Ended 5/31:                                            
2018             18,000     275,584                  
2017                             18,000     281,436  
2016                             18,000     287,651  
2015                             18,000     280,372  
2014                     17,880     28.50          

 

* 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  
NOM              
Series 2015 (NOM PRC)              
Ending Market Value per Share   $   $ 10.06  
Average Market Value per Share     10.0   10.04  

 

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

See accompanying notes to financial statements.

91

 

 

Financial Highlights (continued)

 

      MTP Shares at
the End of Period(a)
    VMTP Shares
at the End of Period
    VRDP Shares
at the End of Period
 
      Aggregate
Amount
Outstanding
(000
)   Asset
Coverage
Per $10
Share
    Aggregate
Amount
Outstanding
(000
)   Asset
Coverage
Per $100,000
Share
    Aggregate
Amount
Outstanding
(000
)   Asset
Coverage
Per $100,000
Share
 
NNC                                      
Year Ended 5/31:                                      
2018   $   $   $ 154,000   $ 253,777   $   $  
2017             154,000     259,749          
2016             125,000     304,405          
2015             125,000     297,055          
2014             125,000     297,193          
                                       
NPV                                      
Year Ended 5/31:                                      
2018                     128,000     298,574  
2017                     128,000     302,993  
2016                     128,000     310,125  
2015                     128,000     303,206  
2014                     128,000     302,787  

 

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

 

         
      2014  
NNC        
Series 2015 (NNC PRC)        
Ending Market Value per Share   $  
Average Market Value per Share     10.03 ^
Series 2016 (NNC PRD)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^
Series 2015 (NNC PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
Series 2015-1 (NNC PRF)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
Series 2015-1 (NNC PRG)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.03 ^
         
NPV        
Series 2014 (NPV PRA)        
Ending Market Value per Share      
Average Market Value per Share     10.01 ^^
Series 2015 (NPV PRC)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^
Series 2014 (NPV PRD)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^
Series 2014-1 (NPV PRE)(b)        
Ending Market Value per Share      
Average Market Value per Share     10.04 ^^

 

(b) MTP Shares issued in connection with the reorganizations.
^ 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.

92

 

Notes to Financial Statements

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 May 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2018 (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     NOM     NPV  
Outstanding when-issued/delayed delivery purchase commitments   $ 254,113   $ 348,524   $ 912,480  

93

 

Notes to Financial Statements (continued)

Investment Income
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 Statement 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 Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 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

94

 

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**   $   $ 217,072,982   $ *** $ 217,072,982  
Short-Term Investments*:                          
Municipal Bonds**             131,853     131,853  
Total   $   $ 217,072,982   $ 131,853   $ 217,204,835  
NMY                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 531,620,700   $   $ 531,620,700  
Short-Term Investments*:                          
Municipal Bonds         2,400,000         2,400,000  
Total   $   $ 534,020,700   $   $ 534,020,700  
NMS                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 136,957,426   $   $ 136,957,426  

 

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Notes to Financial Statements (continued)

 

NOM     Level 1     Level 2     Level 3     Total  
Long-Term Investments*:                          
Municipal Bonds   $   $ 49,451,536   $   $ 49,451,536  
NNC                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 394,768,785   $   $ 394,768,785  
NPV                          
Long-Term Investments*:                          
Municipal Bonds   $   $ 397,271,801   $   $ 397,271,801  

 

* 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   $   $ 12,600,000   $   $   $ 8,430,000   $ 20,350,000  
Floating rate obligations: externally-deposited Inverse Floaters     5,635,000                     13,330,000  
Total   $ 5,635,000   $ 12,600,000   $   $   $ 8,430,000   $ 33,680,000  

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   $ 2,187,041   $ 9,391,959   $   $   $ 831,452   $ 11,265,479  
Average annual interest rate and fees     1.60 %   1.70 %   %   %   1.99 %   1.70 %

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.

97

 

Notes to Financial Statements (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, NMY had outstanding borrowings under such liquidity facilities in the amount of $55,000, 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   $   $ 12,600,000   $   $   $ 8,430,000   $ 20,350,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters                         13,330,000  
Total   $   $ 12,600,000   $   $   $ 8,430,000   $ 33,680,000  

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.

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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.

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  
      Year
Ended
5/31/18
    Year
Ended
5/31/17*
 
Additional authorized common shares     500,000     500,000  
Common shares sold     173,280     41,720  
Offering proceeds, net of offering costs   $ 2,634,474   $ 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 initial shelf registrations are recorded as a prepaid expense and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as incurred and 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  
      Year
Ended
5/31/18
    Year
Ended
5/31/17
    Year
Ended
5/31/18
    Year
Ended
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     (27,500 )            
                           
Weighted average common share:                          
Premium to NAV per shelf offering share sold             5.02 %   10.00 %
Price per share repurchased and retired   $ 12.30              
Discount per share repurchased and retired     14.18 %            

 

      NOM     NNC  
      Year     Year     Year     Year  
      Ended     Ended     Ended     Ended  
      5/31/18     5/31/17     5/31/18     5/31/17  
Common shares:                          
Issued to shareholders due to reinvestment of distributions     3,481     3,448          
Repurchased and retired             (23,400 )    
                           
Weighted average common share:                          
Price per share repurchased and retired           $ 12.17      
Discount per share repurchased and retired             15.16 %    

 

99

 

Notes to Financial Statements (continued)

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.
     
    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 $236,981 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.

100

 

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

 

Fund   Series   Shares
Outstanding
  Liquidation
Preference,
net of deferred
offering costs
  Liquidation
Preference
  Term
Redemption
Date
  Mode   Mode
Termination
Date
 
NOM     A     180   $ 17,763,019   $ 18,000,000     October 1, 2047     VRM     October 16, 2019  
                                             

 

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     2.07 %

 

* For the period October 16, 2017 (first issuance of shares) through May 31, 2018.

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 preference per share, plus dividend amounts owed, using proceeds from its issuance of MFP Shares (as described above in MuniFund Preferred Shares).

As of the end of the reporting period, details of the following Funds’ VMTP Shares outstanding were as follows:

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference,
net of deferred
offering costs
   

Liquidation

Preference

 
NKG     2019     820   $ 81,991,587   $ 82,000,000  
NMY     2019     1,970   $ 196,986,649   $ 197,000,000  
NMS     2019     528   $ 52,775,909   $ 52,800,000  
NNC     2019     1,540   $ 153,987,402   $ 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:

 

Fund     Series     Term Redemption Date     Premium 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     2.02 %   2.04 %   2.04 %   1.71 %   2.04 %

 

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

101

 

Notes to Financial Statements (continued)

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.

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

 

Fund     Series     Shares
Outstanding
    Liquidation
Preference,
net of deferred
offering costs
    Liquidation
Preference
    Maturity  
NPV     1     1,280   $ 127,617,812   $ 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     1.88 %

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

102

 

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:

 

      Year Ended
May 31, 2018
 
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, 2018
NOM     Series     Shares     Amount  
VMTP Shares redeemed     2018     (180 ) $ (18,000,000 )

 

      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  

 

      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  

 

      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  

103

 

Notes to Financial Statements (continued)

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   $ 32,594,417   $ 106,613,799   $ 19,818,831   $ 9,728,854   $ 71,377,130   $ 90,003,931  
Sales and maturities     35,919,189     110,522,021     17,615,525     9,695,989     49,129,334     85,200,233  

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.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of May 31, 2018.

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Tax cost of investments   $ 211,795,624   $ 503,232,052   $ 132,537,075   $ 47,123,244   $ 371,904,860   $ 359,681,178  
Gross unrealized:                                      
Appreciation   $ 7,206,813   $ 19,754,591   $ 4,874,634   $ 2,467,197   $ 16,361,976   $ 18,778,119  
Depreciation     (1,797,602 )   (1,565,976 )   (454,283 )   (138,905 )   (1,928,053 )   (1,537,511 )
Net unrealized appreciation (depreciation) of investments   $ 5,409,211   $ 18,188,615   $ 4,420,351   $ 2,328,292   $ 14,433,923   $ 17,240,608  

Permanent differences, primarily due to taxable market discount, 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, 2018, the Funds’ tax year end, as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Paid-in-surplus   $ (1,222,296 ) $ 112,903   $ 169,785   $ (125,184 ) $ 115,564   $ (11,762 )
Undistributed (Over-distribution of) net investment income     (107,995 )   (214,198 )   (170,697 )   21,674     (115,049 )   (81,356 )
Accumulated net realized gain (loss)     1,330,291     101,295     912     103,510     (515 )   93,118  

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2018, the Funds’ tax year end, were as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Undistributed net tax-exempt income1   $ 159,456   $ 607,644   $ 45,312   $   $ 294,594   $ 758,978  
Undistributed net ordinary income2     3,998     11,765             28,865     9,335  
Undistributed net long-term capital gains                          

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2018, paid on June 1, 2018.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

104

 

The tax character of distributions paid during the Funds’ tax years ended May 31, 2018 and May 31, 2017, was designated for purposes of the dividends paid deduction as follows:

 

2018     NKG     NMY     NMS     NOM     NNC     NPV  
Distributions from net tax-exempt income3   $ 7,071,164   $ 17,874,348   $ 5,258,361   $ 1,843,442   $ 11,562,668   $ 12,302,938  
Distributions from net ordinary income2     17,934     189,315     64,018     4,645     112,438     164,986  
Distributions from net long-term capital gains4             5,194         13,985      
Return of capital                 19,370          

 

2017     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      
Return of capital                          

 

2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3 The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2018, as Exempt Interest Dividends.
4 The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended May 31, 2018.

As of May 31, 2018, the Funds’ 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     NMY     NOM     NNC     NPV  
Expiration:                                
May 31, 2019   $ 48,370   $   $   $   $  
Not subject to expiration:                                
Short-term     1,013,517     6,016,854     362,664     712,669     4,753,374  
Long-term     2,409,263     5,837,844     897,804         9,234,469  
Total   $ 3,471,150   $ 11,854,698   $ 1,260,468   $ 712,669   $ 13,987,843  

During the Funds’ tax year ended May 31, 2018, the following funds utilized capital loss carryforwards as follows:

 

      NKG     NMS  
Utilized capital loss carryforwards   $ 233,457   $ 124,580  

As of May 31, 2018, the Funds’ tax year end, the following Funds’ capital loss carryforwards expired as follows:

 

      NKG     NOM  
Expired capital loss carryforwards   $ 1,329,548   $ 91,539  

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 following fiscal year. The following Fund has elected to defer losses as follows:

 

      NMS  
Post-October capital losses5   $ 180,752  
Late-year ordinary losses6      

 

5 Capital losses incurred from November 1, 2017 through May 31, 2018, the Funds’ tax year end.
6 Ordinary losses incurred from January 1, 2018 through May 31, 2018 and/or specified losses incurred from November 1, 2017 through May 31, 2018.

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.

105

 

Notes to Financial Statements (continued)

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

 

Average Daily Managed Assets* Fund-Level Fee Rate  
For the first $125 million 0.4500
For the next $125 million 0.4375  
For the next $250 million 0.4250  
For the next $500 million 0.4125  
For the next $1 billion 0.4000  
For the next $3 billion 0.3750  
For managed assets over $5 billion 0.3625  

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

 

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

 

* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of May 31, 2018, the complex-level fee for each Fund was 0.1591%.

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     NOM     NPV  
Purchases   $ 6,725,033   $   $ 1,941,711   $ 7,906,326  
Sales     6,535,643     1,702,002     1,775,001     7,213,131  

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.

106

 

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 1.00% (1.25% prior to July, 2017) per annum or (b) the Fed Funds rate plus 1.00% (1.25% prior to July, 2017) 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, each Fund utilized this facility. The Funds’ maximum outstanding balance during the utilization period was as follows:

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Maximum Outstanding Balance   $ 526,200   $ 12,394,046   $ 517,517   $ 138,234   $ 1,422,554   $ 2,784,802  

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

 

      NKG     NMY     NMS     NOM     NNC     NPV  
Average daily balance outstanding   $ 526,200   $ 8,550,970   $ 517,517   $ 138,234   $ 1,422,554   $ 2,784,802  
Average annual interest rate     2.56 %   2.46 %   2.56 %   2.56 %   2.56 %   2.56 %

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

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

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

107

 

Notes to Financial Statements (continued)

9. New Accounting Pronouncements

FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has 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 has 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.

10. Subsequent Event

Borrowing Arrangements
On July 11, 2018, the Funds renewed the standby credit facility through July 2019. In conjunction with this renewal, the amount of the facility decreased to $2.65 billion, while all other terms remained unchanged.

108

 

Additional Fund Information (Unaudited)

 

Board of Trustees          
Margo Cook* Jack B. Evans William C. Hunter 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.      
       

 

Fund Manager Custodian Legal Counsel Independent Registered Transfer Agent and
Nuveen Fund Advisors, LLC State Street Bank Chapman and Cutler LLP Public Accounting Firm Shareholder Services
333 West Wacker Drive & Trust Company Chicago, IL 60603 KPMG LLP Computershare Trust
Chicago, IL 60606 One Lincoln Street 200 East Randolph Street Company, N.A.
  Boston, MA 02111 Chicago, IL 60601 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         27,500             23,400      

 

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.
 

109

 

Glossary of Terms Used in this Report (Unaudited)

 

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.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
   
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

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Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond Georgia Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Georgia municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond 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.

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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 immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by 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.

112

 

Annual Investment Management Agreement Approval Process (Unaudited)

At a meeting held on May 22-24, 2018 (the “May Meeting”), the Board of Trustees (each, a “Board,” and each Trustee, a “Board Member”) of each Fund, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for its respective Fund, the renewal of the management agreement (the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”

In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.

The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the Board governing the Funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel’s advice.

In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.

 

A. Nature, Extent and Quality of Services
   
  In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
   
  In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser’s continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:

 

    Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
       
    Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds;
       
    Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
       
    Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;

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    Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
       
    with respect specifically to closed-end funds, such initiatives also included:

 

      •• Leverage Management Services - continuing activities to expand financing relationships and develop new product structures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
         
      •• Capital Management Services - continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
         
      •• Data and Market Analytics - continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
         
      •• Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trading of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
         
      •• Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.

 

  The Board also recognized the Adviser’s investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
   
  In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
   
  The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members’ experience and any changes to the team during the year, the team’s assets under management, the stability and history of the organization, the team’s investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
   
  Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
   
B. The Investment Performance of the Funds and Fund Advisers
   
  As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
   
  The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

  benchmarks). The Board considered the Adviser’s analysis of each Nuveen fund’s performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds’ total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board’s Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
   
  In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
   
  In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund’s performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
   
  For Nuveen Georgia Quality Municipal Income Fund (the “Georgia Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the three- and five-year periods, the Fund ranked in the third quartile in the one-year period and outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
  For Nuveen Maryland Quality Municipal Income Fund (the “Maryland Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the five-year period, the Fund ranked in the first quartile in one-year period

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  and second quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
  For Nuveen Minnesota Quality Municipal Income Fund (the “Minnesota Fund”), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group in the one-year period, third quartile in the three-year period and second quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
  For Nuveen Missouri Quality Municipal Income Fund (the “Missouri Fund”), the Board noted that the Fund ranked in the third quartile of its Performance Peer Group in the one- and five-year periods and second quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
  For Nuveen North Carolina Quality Municipal Fund (the “North Carolina Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the three- and five-year periods, the Fund ranked in the third quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
  For Nuveen Virginia Quality Municipal Income Fund (the “Virginia Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the five-year period, the Fund ranked in the first quartile in the one-year period and third quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
   
C. Fees, Expenses and Profitability
   
  1. Fees and Expenses
   
  In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund’s gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an “Expense Outlier Fund”). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds (including the Missouri Fund) identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

  In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
   
  The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
   
  The Independent Board Members noted that (a) the Maryland Fund and the Virginia Fund each had a net management fee in line with its respective peer average and a net expense ratio below its respective peer average; (b) the Georgia Fund and the North Carolina Fund each had a net management fee slightly higher than its respective peer average, but a net expense ratio below its respective peer average; (c) the Minnesota Fund had a net management fee slightly higher than its peer average, but a net expense ratio in line with its peer average; and (d) the Missouri Fund had a net management fee in line with its peer average, but a net expense ratio higher than its peer average. The Independent Board Members noted that the Missouri Fund’s net expense ratio was higher than its peer average generally due to the small size of such Fund.
   
  Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
  2. Comparisons with the Fees of Other Clients
   
  In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
   
  The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
   
  3. Profitability of Fund Advisers
   
  In conjunction with their review of fees, the Independent Board Members considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year’s profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing

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  profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review and discuss any proposed changes to the methodology prior to the full Board’s review.
   
  In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
   
  In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
   
  Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
   
  In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
   
  In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
   
  Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
   
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
   
  The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and

119

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 

  a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund-level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex-level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
   
  Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
   
E. Indirect Benefits
   
  The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
   
  In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
   
  Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
   
F. Other Considerations
   
  The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

 

120

 

Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members            
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Chairman and
Board Member

 

 

 

2008
Class II

  Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its Investment Committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).  

 

 

171

                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

 

 

1999
Class III

  President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.  


 

 

171

                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

 

 

2003
Class I

  Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.  

 

 

171

                   
ALBIN F. MOSCHNER
1952
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

 

 

2016
Class III

  Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996).  

 

 

 171

  

121

 

Board Members & Officers (Unaudited) (continued)

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members (continued):            
                   
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

2013
Class II
  Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.  

 

171

                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

 

 

1996
Class III

  Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.  



 

171

                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Board Member

 


 

1997
Class I

  Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).  



 

171

                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Board Member

 



 

2007
Class I

  Former Director, Chicago Board Options Exchange, Inc. (2006-2017); and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).  



 

171

                   
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 6o6o6
 


 

 

Board Member

 

 

 

2016
Class I

  Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.  



 

171

122

 

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed
and Term(1)
  Principal
Occupation(s)
Including other
Directorships
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Board Member
                   
Independent Board Members (continued):            
                   
ROBERT L. YOUNG(2)
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Board Member

 



 

2017
Class II

  Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017).  



 

169

 

Interested Board Member:            
                   
MARGO L. COOK(3)(4)
1964
333 W. Wacker Drive
Chicago, IL 6o6o6

 

 

Board Member

 



 

2016
Class III

  President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since July 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (October 2016- August 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst.  



 

171

                   

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds:            
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 6o6o6
  Chief
Administrative
Officer
  2007   Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC.  
75
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
and Controller

 

1998
  Managing Director (since 2014), formerly, Senior Vice President (2013- 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Managing Director (since 2016) of Nuveen Securities, LLC Managing Director (since 2016) of Nuveen Alternative Investments, LLC; Certified Public Accountant.  

171
                   
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
and Treasurer

 


 

2016

  Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011-2016) of Nuveen.; Chartered Financial Analyst.  


 

171

                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 6o6o6
 

Chief Compliance
Officer and
Vice President

 


2003

  Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen.  


 

171

123

 

Board Members & Officers (Unaudited) (continued)

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds (continued):            
                   
DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Vice President

 

 

 

2015

  Managing Director (since January 2017), formerly, Senior Vice President of Nuveen (since 2006), Vice President prior to 2006.  

 

 

75

                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

 

Vice President

 

 

 

2002

  Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.  

 

 

171

                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
and Assistant
Secretary

 

 

2007

  Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016- 2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since February 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.  

 

 

171

                   
WILLIAM T. MEYERS
1966
333 W. Wacker Drive
Chicago, IL 60606
 

 

Vice President

 

 

2018

  Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; Senior Managing Director (since 2017), formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) of Nuveen, has held various positions with Nuveen since 1991.  

 

75

                   
MICHAEL A. PERRY
1967
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President

 

 

2017

  Executive Vice President since February 2017, previously Managing Director from October 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC.  

 

75

                   
CHRISTOPHER M. ROHRBACHER
1971
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
and Assistant
Secretary

 

 

2008

  Managing Director (since January 2017) of Nuveen Securities, LLC; 2008 Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC.  

 

171

                   
WILLIAM A. SIFFERMANN
1975
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President

 

 

2017

  Managing Director (since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen.  

 

171

                   
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
and Assistant
Secretary

 

 

2013

  Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).  

 

171

 

124

 

 

  Name,
Year of Birth
& Address
  Position(s) Held
with the Funds
  Year First
Elected or
Appointed(4)
  Principal
Occupation(s)
During Past 5 Years
  Number
of Portfolios
in Fund Complex
Overseen by
Officer
                   
Officers of the Funds (continued):            
                   
MARK L. WINGET
1968
333 W. Wacker Drive
Chicago, IL 60606
 

 

Vice President
and Assistant
Secretary

 


 

2008

  Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008); Vice President (since 2010) and Associate General Counsel (since 2008) of Nuveen.  


 

171

                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 6o6o6
 

 

Vice President
Secretary

 

1988
  Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst.  

171

 

(1) The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
   
(2) On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
   
(3) “Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
   
(4) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

 

125

 

 

 

Notes

 

 

126

 

 

Notes

 

 

127

 

 

 

 

Nuveen:

Serving Investors for Generations

 

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

 

Focused on meeting investor needs. 

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

Find out how we can help you.

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

 

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds

 

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com EAN-A-0518D 543887-INV-Y-07/19

 

 

 

 

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Missouri Quality Municipal Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
May 31, 2018
 
$
24,610
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
May 31, 2017
 
$
23,950
   
$
0
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
 
                                 
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
 
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
 
                                 
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
 
represent all engagements pertaining to the Fund’s use of leverage.
                         

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

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
May 31, 2018
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
May 31, 2017
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
May 31, 2018
 $                            0
 $                                  0
 $                                0
 $                        0
May 31, 2017
 $                            0
 $                                  0
 $                                0
 $                        0
         
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

Christopher L. Drahn, CFA, Senior Vice President of Nuveen Asset Management, manages several municipal funds and portfolios.  He joined Nuveen Asset Management on January 1, 2011 in connection with Nuveen Fund Advisors acquiring a portion of the asset management business of FAF Advisors.  He began working in the financial industry when he joined FAF Advisors in 1980.  Chris became a portfolio manager in 1988.  He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota.  Chris holds the Chartered Financial Analyst designation.

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

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Christopher L. Drahn
Registered Investment Company
9
$ 13.35 billion
 
Other Pooled Investment Vehicles
0
$ 0
 
Other Accounts
4
$127 million
*
Assets are as of May 31, 2018.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF REGISTRANT’S SECURITIES AS OF MAY 31, 2018

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Christopher L. Drahn
X
           
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

(b)
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

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

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

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




SIGNATURES


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

(Registrant) Nuveen Missouri Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: August 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: August 7, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: August 7, 2018