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 811-07486

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

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

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

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2019

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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Chair’s Letter
to Shareholders


Dear Shareholders,
Financial markets finished 2019 on a high note, despite the challenges of a weak start to the year, a slower global economy and heightened geopolitical risks. While global manufacturing languished, consumers remained resilient amid tight labor markets, growing wages and tame inflation. Global business sentiment, however, was less optimistic due to trade frictions and weaker global demand, and across advanced economies, growth in corporate profits and earnings was subdued in 2019. Nevertheless, the Federal Reserve’s (Fed) pivot to easing monetary conditions, along with liquidity provided by other central banks around the world, provided confidence that the economic cycle could be extended. Additionally, the year ended with a reduction in trade tensions and Brexit uncertainty, although the direction of policy and sentiment from here remains difficult to predict.
While we continue to anticipate muted economic growth and increased market volatility, we note that recession fears appear to have receded. The U.S. economy held steady in the third quarter, and fourth quarter economic indicators have provided upside surprises. Consumer confidence remains underpinned by low unemployment and modest wage growth. Looser financial conditions, in part driven by the Fed’s three interest rate cuts in 2019, have revived momentum in the housing market and should continue to encourage borrowing by consumers and businesses. Outside the U.S., Germany avoided a recession in the second half of 2019 and other eurozone economic indicators are pointing to stabilization and improving sentiment. Consumer spending in Europe and Japan, like in the U.S., has remained supported by jobs growth and rising wages.
At Nuveen, we still see investment opportunities in the maturing economic environment, but we are taking a selective approach. If you’re concerned about where the markets are headed from here, we encourage you to work with your financial advisor to review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
January 21, 2020
4

Portfolio Managers’ Comments


Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Maryland Quality Municipal Income Fund (NMY)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Stephen J. Candido, CFA, Christopher L. Drahn, CFA, and Michael S. Hamilton discuss key investment strategies and the six-month performance of these six Nuveen Funds. Dan has managed the Nuveen Georgia Fund 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. Michael assumed portfolio management responsibility for the Massachusetts Fund in 2011.
What key strategies were used to manage the Funds during the six-month reporting period ended November 30, 2019?
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. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. The Funds may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the portfolio manager’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. The Nuveen Minnesota Quality Municipal Income Fund (NMS) may invest only to a lesser extent in bonds not exempt from Minnesota income tax, in order to conform to a requirement imposed by the State of Minnesota that a fund derive at least 95% of its exempt-interest dividends from bonds of issuers located in Minnesota in order for the fund’s dividends to be exempt from those Minnesota income taxes. To the extent that the Fund invests in bonds of municipal issuers located in other states, the Fund’s dividends may not be exempt from state personal income tax.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Managers’ Comments (continued)
Municipal bonds performed well during the six-month reporting period. Bond prices rose as interest rates fell, under pressure from concerns about a slower economic environment and the ongoing trade tensions between the U.S. and China. With interest rates staying at low levels, investors continued to seek higher yield investments, including municipal bonds. The elevated demand and a moderate pace of supply, along with benign credit conditions, helped keep municipal credit spreads stable to narrowing. Investors also tended to favor the incremental yield offered by longer duration and lower credit quality municipal bonds, which helped credits with these characteristics outperform the broad market.
Compared to the national municipal market, the Georgia, Maryland, Massachusetts and Virginia municipal markets underperformed and Missouri’s market outperformed, while Minnesota performed in line with the national market. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
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’ overall positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields.
In NKG, we were comfortable with the Fund’s positioning coming into the reporting period. We worked to reinvest the proceeds from called and maturing bonds to keep the Fund fully invested. We bought three in-state credits: a prepaid gas bond issued for Main Street Natural Gas Inc., a hospital bond issued for Children’s Healthcare of Atlanta and a local general obligation (GO) bond for Valdosta and Lowndes County Hospital Authority. There were no notable sales from NKG’s portfolio during the reporting period.
NMY found attractive opportunities to invest in higher grade bonds early in the reporting period as the interest rates rally began, including longer dated issues for Anne Arundel Health System and Washington Suburban Sanitation District and higher grade housing bonds for the Maryland Community Development Administration. We also added to the Maryland Fund’s high yield exposure with purchases of Maryland Economic Development Corporation AFCO Cargo, a new cargo leasing facility at Baltimore Washington International Airport, Puerto Rico sales tax revenue bonds known as COFINAs, Puerto Rico Aqueduct and Sewer Authority (PRASA) and Baltimore Harbor Point Project, a mixed use real estate development. All additions in this reporting period were in-state bonds. To fund the new opportunities, we sold some shorter dated bonds and used call and maturity proceeds.
NMT continued to add to Puerto Rico COFINAs, particularly structures with longer (20- to 30-year) maturities. Other purchases included credits issued for a local school district, higher education, hospitals, housing and charter schools. The proceeds from maturing bonds provided most of the cash to buy new bonds.
In Minnesota, state issuance increased substantially in the recent six-month reporting period (June 2019 to November 2019) compared to the prior six months (December 2018 to May 2019). A new issue for Minneapolis-St. Paul Metropolitan Airport priced in August 2019, and we bought the bond for NMS in the secondary market after yields had moved somewhat higher in the fall. We added a lower investment grade rated credit for St. Paul Community of Peace Charter School and two non-rated credits, Wayzata Folkstone Senior Living Community and Maple Plain Haven Homes Senior Housing. All four bonds bought in this reporting period offered incremental yield. Overall, NMS’s sector positions remained unchanged during the reporting period, with overweight allocations to health care and higher education and underweight allocations to state GOs.
6


Trading activity in NOM was muted in this reporting period, as we had a relatively small amount of cash from called and maturing bonds to be put to work. Much of the activity occurred within the Fund’s Puerto Rico exposure. COFINAs were the first major credit to exit Puerto Rico’s bankruptcy-like restructuring process and new bonds were issued with improved security features. NOM’s old COFINA bonds experienced calls and we bought some of the new replacement bonds.
In NPV, we remained patient for opportunities to reinvest a modest level of proceeds from maturing bonds. We added to the Virginia Fund’s high yield exposure with COFINA and PRASA credits, both of which performed well during the reporting period, and bonds for Fort Norfolk Retirement Community, Inc., a high end continuing care retirement community (CCRC). In the transportation sector, we bought Metropolitan Washington DC Airports Authority and Metropolitan Washington DC Airports Dulles Toll Road. We also purchased an out of state hospital bond for CommonSpririt, a national Catholic hospital system, because it appeared to be a compelling opportunity even after the out of state tax differences. To buy these bonds, we sold some shorter dated, lower embedded yield paper, for example Virginia Electric and Power, as well as used the proceeds from maturing bonds, such as Virginia Ports Authority.
As of November 30, 2019, NKG, NMY, NMT, NOM and NPV continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the six-month reporting period ended November 30, 2019?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended November 30, 2019. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the six-month reporting period ended November 30, 2019, the total return at common share NAV for all six Funds outperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond 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 beneficial to all six Funds in this reporting period, as the Funds maintained longer duration profiles than their benchmark indexes, which enabled the Funds to benefit more in the falling interest rate environment, and emphasized longer maturities, which outperformed shorter maturity bonds. NKG was most helped by an overweight to 8- to 10-year duration bonds and an underweight to 0- to 2-year duration bonds. For NMY, overweight allocations to longer duration bonds in general were advantageous but especially strong was the overweight to 8- to 10-year durations and an underweight to the shortest durations. NMT’s overweight allocations to 6-year and longer duration bonds and underweight allocations across the 2- to 6-year duration categories were positive contributors, as longer duration bonds outperformed intermediate duration bonds. For NMS, the overweight allocation to the longest durations was the main contributor. NOM’s duration and yield curve positioning was modestly positive as the Fund’s overall duration profile was longer than its benchmark but by less so than other Funds. We have continued to hold bonds with higher embedded yields to support NOM’s dividend, even as their durations naturally drifted lower as the bonds
7

Portfolio Managers’ Comments (continued)
approach their maturity date. As a result, NOM’s duration positioning has tended to be a smaller contributor than it is for the other Funds. In NPV, the largest contribution came from durations of 8 years and longer, followed by an underweight to the 2- to 6-year segment.
Credit ratings allocations had a positive impact on the Funds’ performance in this reporting period. The Funds were generally positioned with heavier weightings among lower rated bonds, which outperformed, and less emphasis on high grade bonds, which lagged. In NKG, the overweight to BBB rated bonds was the strongest contributor, offsetting a small detraction from the overweight to AA rated credits, which underperformed. NMY’s overweight allocations to BBB and below investment grade bonds (including Puerto Rico, tobacco settlement, real estate project and CCRC bonds) were the largest positive contributors, and a sizeable underweight to AAA and AA rated paper also helped. NMT’s overweight allocation to BBB and lower rated credits, including non-rated bonds, and the underweight allocation to the highest grade (AAA and AA rated) paper were the most beneficial. For NMS, overweight allocations to single A, BBB and non-rated bonds added value. NOM’s credit quality positioning contributed marginally to performance, driven by overweight allocations to BBB and BB rated bonds. In NPV, overweights to BBB and non-rated bonds and an underweight to AAA rated credits helped. However, NPV’s underweight allocation to single A rated credits was a slight detractor as the single A segment outperformed the benchmark index.
Sector allocations were favorable for most of the Funds during this reporting period. NKG’s performance was negatively impacted from its allocation to Georgia state GOs but was helped by an overweight to the higher education sector. For NMY, the overweight to health care sector (including hospitals, life care and nursing homes) was the top contributor. NMY’s out of state tobacco settlement bonds (Maryland does not offer tobacco bonds) helped as higher yielding, lower rated credits outperformed. The Maryland Fund’s underweight to the tax supported sector was also beneficial. Within the tax supported sector, NMY has maintained a meaningful underweight to state GOs, which look less opportunistic to us given the size of the state’s pension funding shortfall. NMT’s allocation to the tax supported sector aided performance, particularly the Fund’s position in dedicated tax bonds such as COFINAs. However, the health care sector was a slight detractor from the Massachusetts Fund due to the underperformance of some life care credits that were older portfolio positions and had shorter durations rather than credit or sector related. For NMS and NOM, sector positioning was not a material factor driving performance in this reporting period. In NPV, the large overweight to the transportation sector was a large positive contributor, as was the overweight to tobacco settlement bonds. Also advantageous was the Virginia Fund’s overweight to the aggregated health care sector (including hospitals, CCRCs, life care and nursing homes). We note that although we have deemphasized CCRCs, where default rates have been relatively higher, NPV owns selected lower rated, higher yielding CCRC names that have performed well as spreads contracted. Additionally, NPV’s sizeable underweight to the tax supported sector helped performance.
8


Among individual credits, the best performers in this reporting period were holdings with longer durations and offering higher yields, while shorter dated, high quality bonds such as pre-refunded bonds lagged. NKG benefited from strong security selection, especially among single A and BBB rated credits and among its tender option bond (TOB) holdings due to their longer durations. For NMY, the top performers included zero coupon bonds (especially zero coupon tobacco settlement bonds), longer dated health care credits (MedStar Health, Trinity Health and Peninsula Regional Medical Center), high yield names (St. Mary’s University, COFINAs and Vantage House, a CCRC in Howard County). NMT’s positions in COFINA bonds led performance, with additional contributions from several lower rated health care bonds (CareGroup, Lowell General Hospital and Dana-Farber Cancer Institute), U.S. territory bonds issued for Guam Waterworks Authority and a non-call bond issued for WGBH Educational Foundation. Non-callable structures maintain long duration profiles over the life of the bond, which was beneficial in this reporting period when long duration bonds outperformed. For NMS, long duration holdings also did well. Tightening credit spreads in St. Paul Port Authority Gerdau Steel Mill Project bonds and in health care names such as Fairview Hospital and Essentia Health helped these bonds perform well. A long duration Western Minnesota Municipal Power Agency bond which was advance refunded was another strong performer. For NOM, in addition to longer duration holdings, some of the better performers included senior living holdings such as Lutheran Senior Services bonds, as Missouri senior living issuance subsided and credit spreads tightened in the secondary market, and an A.T. Still University bond which was advance refunded. NPV’s top contributors included Metropolitan Washington DC Airports Dulles Toll Road zero coupon bonds, I-66 toll road, Chesapeake Bay Bridge and Tunnel, TOBs, tobacco settlement bonds, Peninsula Town Center, Hampton Road Sanitation District (which saw strong price appreciation due to its advance refunding) and COFINAs.
9

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, 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. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.
Leverage from issuance of preferred shares had a positive impact on the total return performance of all six Funds over the reporting period. The use of leverage through inverse floating rate securities had a negligible impact on the total return performance of the Funds over the reporting period.
As of November 30, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.
             
 
NKG 
NMY 
NMT 
NMS 
NOM 
NPV 
Effective Leverage* 
34.78% 
37.63% 
36.89% 
37.17% 
36.24% 
35.70% 
Regulatory Leverage* 
28.54% 
34.29% 
34.72% 
37.17% 
35.48% 
32.39% 
 
*
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.
 
10

THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2019, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
       
Variable Rate
       
 
 
Variable Rate
   
Remarketed
       
 
 
Preferred*
   
Preferred**
       
 
 
Shares Issued at
   
Shares Issued at
       
 
 
Liquidation Preference
   
Liquidation Preference
   
Total
 
NKG 
 
$
58,500,000
   
$
   
$
58,500,000
 
NMY 
 
$
182,000,000
   
$
   
$
182,000,000
 
NMT 
 
$
74,000,000
   
$
   
$
74,000,000
 
NMS 
 
$
52,800,000
   
$
   
$
52,800,000
 
NOM 
 
$
18,000,000
   
$
   
$
18,000,000
 
NPV 
 
$
128,000,000
   
$
   
$
128,000,000
 
   
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, 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 5 – Fund Shares, Preferred Shares for further details.
 
Refer to Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
11

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2019. 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
   
NMT
   
NMS
   
NOM
   
NPV
 
June 2019 
 
$
0.0370
   
$
0.0440
   
$
0.0410
   
$
0.0490
   
$
0.0430
   
$
0.0435
 
July 
   
0.0370
     
0.0440
     
0.0410
     
0.0490
     
0.0430
     
0.0435
 
August 
   
0.0370
     
0.0440
     
0.0410
     
0.0490
     
0.0430
     
0.0435
 
September 
   
0.0370
     
0.0440
     
0.0410
     
0.0490
     
0.0430
     
0.0435
 
October 
   
0.0370
     
0.0440
     
0.0410
     
0.0490
     
0.0430
     
0.0435
 
November 2019 
   
0.0370
     
0.0440
     
0.0410
     
0.0490
     
0.0430
     
0.0435
 
Total Distributions from Net Investment Income 
 
$
0.2220
   
$
0.2640
   
$
0.2460
   
$
0.2940
   
$
0.2580
   
$
0.2610
 
   
Yields 
                                               
Market Yield* 
   
3.56
%
   
3.93
%
   
3.50
%
   
4.22
%
   
3.57
%
   
3.62
%
Taxable-Equivalent Yield* 
   
6.66
%
   
7.31
%
   
6.48
%
   
8.57
%
   
6.61
%
   
6.77
%
 
*
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 46.6%, 45.9%, 50.7%, 46.2% and 46.6% for NKG, NMY, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable- Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
 
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can
12


expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE REPURCHASES
During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of November 30, 2019, 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 
NMT 
NMS 
NOM 
NPV 
Common shares cumulatively repurchased and retired 
149,500 
1,005,000 
26,148 
10,000 
— 
55,000 
Common shares authorized for repurchase 
1,040,000 
2,310,000 
930,000 
580,000 
235,000 
1,790,000 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of November 30, 2019, 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
   
NMT
   
NMS
   
NOM
   
NPV
 
Common share NAV 
 
$
14.08
   
$
15.10
   
$
14.93
   
$
15.44
   
$
13.96
   
$
14.95
 
Common share price 
 
$
12.47
   
$
13.42
   
$
14.04
   
$
13.92
   
$
14.45
   
$
14.41
 
Premium/(Discount) to NAV 
   
(11.43
)%
   
(11.13
)%
   
(5.96
)%
   
(9.84
)%
   
3.51
%
   
(3.61
)%
6-month average premium/(discount) to NAV 
   
(11.59
)%
   
(12.17
)%
   
(8.15
)%
   
(9.13
)%
   
0.15
%
   
(8.99
)%
 
13

Risk Considerations and Investment Policy Updates
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 Massachusetts Quality Municipal Income Fund (NMT)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMT.
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return
14


and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMS.
Nuveen Missouri Quality Municipal Income Fund (NOM)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NOM.
Nuveen Virginia Quality Municipal Income Fund (NPV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NPV.
Investment Policy Updates
Change in Investment Policy
Each of the Funds has recently adopted the following policy regarding limits to investments in illiquid securities:
While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.
New Temporary Investment Policy
Each of the Funds has adopted the following policy regarding its temporary investments:
Each Fund may temporarily depart from its normal investment policies and strategies – for instance, by allocating up to 100% of its assets to cash equivalents, short-term investments, or municipal bonds that do not comply with a Fund’s Name Policy – in response to adverse or unusual market, economic, political or other conditions. Such conditions could include a temporary decline in the availability of municipal bonds that comply with a Fund’s Name Policy. During these periods, the weighted average maturity of a Fund’s investment portfolio may fall below the defined range described in the respective Fund Summary under “Principal Investment Strategies”, and a Fund may not achieve its investment objective of current income that is exempt from regular federal and state personal income tax.
15

   
NKG
Nuveen Georgia Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019 
 
 
Cumulative 
 Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NKG at Common Share NAV 
3.20% 
11.79% 
3.99% 
4.57% 
NKG at Common Share Price 
1.87% 
18.50% 
4.17% 
4.53% 
S&P Municipal Bond Georgia Index 
2.13% 
7.45% 
3.13% 
4.02% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price

16


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
150.8% 
Short-Term Municipal Bonds 
0.2% 
Other Assets Less Liabilities 
2.3% 
Net Assets Plus Floating Rate Obligations 
 
& AMTP Shares, net of deferred 
 
offering costs 
153.3% 
Floating Rate Obligations 
(13.4)% 
AMTP Shares, net of deferred 
 
offering costs 
(39.9)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Georgia 
90.4% 
Florida 
2.5% 
West Virginia 
1.8% 
Colorado 
1.5% 
Illinois 
1.2% 
Nevada 
1.0% 
Puerto Rico 
0.9% 
Washington 
0.7% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/General 
21.3% 
Tax Obligation/Limited 
16.8% 
Water and Sewer 
15.0% 
Health Care 
11.5% 
Utilities 
11.4% 
Education and Civic Organizations 
10.6% 
Transportation 
7.2% 
U.S. Guaranteed 
5.6% 
Other 
0.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
5.7% 
AAA 
6.8% 
AA 
59.8% 
17.5% 
BBB 
7.8% 
N/R (not rated) 
2.4% 
Total 
100% 
 
17

   
NMY 
Nuveen Maryland Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019 
 
 
Cumulative 
 Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NMY at Common Share NAV 
3.75% 
12.59% 
4.78% 
5.15% 
NMY at Common Share Price 
7.02% 
19.51% 
6.16% 
4.80% 
S&P Municipal Bond Maryland Index 
2.01% 
7.11% 
2.99% 
3.67% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price

18


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.4% 
Other Assets Less Liabilities 
1.8% 
Net Assets Plus Floating Rate Obligations 
 
& AMTP Shares, net of deferred 
 
offering costs 
160.2% 
Floating Rate Obligations 
(8.1)% 
AMTP Shares, net of deferred 
 
offering costs 
(52.1)% 
Net Assets 
100% 

   
States and Territories 
 
(% of total municipal bonds) 
 
Maryland 
82.1% 
Guam 
4.6% 
Puerto Rico 
3.7% 
California 
2.8% 
Virgin Islands 
1.9% 
District of Columbia 
1.9% 
New York 
1.6% 
New Jersey 
0.5% 
Pennsylvania 
0.4% 
Texas 
0.4% 
Ohio 
0.1% 
Alaska 
0.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
23.4% 
Tax Obligation/Limited 
21.2% 
Transportation 
8.0% 
Tax Obligation/General 
7.3% 
Education and Civic Organizations 
6.0% 
U.S. Guaranteed 
6.0% 
Long-Term Care 
5.5% 
Water and Sewer 
5.4% 
Housing/Multifamily 
5.4% 
Other 
11.8% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
6.0% 
AAA 
5.6% 
AA 
29.7% 
22.9% 
BBB 
18.5% 
BB or Lower 
6.6% 
N/R (not rated) 
10.7% 
Total 
100% 
 
19

   
NMT 
Nuveen Massachusetts Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019
 
 
Cumulative 
 Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NMT at Common Share NAV 
3.04% 
11.48% 
4.43% 
5.36% 
NMT at Common Share Price 
11.30% 
19.96% 
6.09% 
5.36% 
S&P Municipal Bond Massachusetts Index 
2.18% 
8.01% 
3.26% 
3.99% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price

20

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 
151.1% 
Other Assets Less Liabilities 
1.9% 
Net Assets Plus VRDP Shares, 
 
net of deferred offering costs 
153.0% 
VRDP Shares, net of deferred 
 
offering costs 
(53.0)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Massachusetts 
92.4% 
Guam 
4.9% 
Puerto Rico 
1.9% 
Virgin Islands 
0.8% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
29.2% 
Health Care 
21.1% 
Tax Obligation/Limited 
13.3% 
Tax Obligation/General 
11.3% 
U.S. Guaranteed 
10.3% 
Transportation 
6.3% 
Water and Sewer 
5.1% 
Other 
3.4% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.5% 
AAA 
3.7% 
AA 
51.1% 
21.2% 
BBB 
8.4% 
BB or Lower 
4.2% 
N/R (not rated) 
1.9% 
Total 
100% 
 
21

   
NMS 
Nuveen Minnesota Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019
 
 
Cumulative 
 Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NMS at Common Share NAV 
3.60% 
12.94% 
4.66% 
6.50% 
NMS at Common Share Price 
3.26% 
19.39% 
3.73% 
4.91% 
S&P Municipal Bond Minnesota Index 
2.31% 
8.04% 
3.23% 
4.03% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price

22


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 
155.9% 
Short-Term Municipal Bonds 
2.4% 
Other Assets Less Liabilities 
0.7% 
Net Assets Plus AMTP Shares, 
 
net of deferred offering costs 
159.0% 
AMTP Shares, net of deferred 
 
offering costs 
(59.0)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Minnesota 
99.7% 
Guam 
0.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
22.0% 
Education and Civic Organizations 
19.5% 
Tax Obligation/General 
17.0% 
Tax Obligation/Limited 
9.6% 
Long-Term Care 
9.4% 
Utilities 
8.5% 
Other 
14.0% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
4.4% 
AAA 
15.5% 
AA 
20.0% 
25.8% 
BBB 
11.1% 
BB or Lower 
7.5% 
N/R (not rated) 
15.7% 
Total 
100% 
 
23

   
NOM 
Nuveen Missouri Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019
 
 
Cumulative 
 Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NOM at Common Share NAV 
2.74% 
10.13% 
4.37% 
5.74% 
NOM at Common Share Price 
5.36% 
26.47% 
3.67% 
5.30% 
S&P Municipal Bond Missouri Index 
2.36% 
7.97% 
3.57% 
4.54% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price

24


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 
155.0% 
Other Assets Less Liabilities 
1.1% 
Net Assets Plus Floating Rate Obligations 
 
& MFP Shares, net of deferred 
 
offering costs 
156.1% 
Floating Rate Obligations 
(1.8)% 
MFP Shares, net of deferred 
 
offering costs 
(54.3)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Missouri 
96.9% 
Guam 
1.7% 
Puerto Rico 
1.4% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
23.6% 
Tax Obligation/Limited 
16.1% 
Tax Obligation/General 
15.9% 
U.S. Guaranteed 
12.9% 
Education and Civic Organizations 
10.9% 
Long-Term Care 
7.6% 
Water and Sewer 
6.2% 
Other 
6.8% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.5% 
AAA 
5.7% 
AA 
42.9% 
20.2% 
BBB 
9.9% 
BB or Lower 
4.5% 
N/R (not rated) 
8.3% 
Total 
100% 
 
25

   
NPV 
Nuveen Virginia Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
November 30, 2019 
 
         
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2019
 
 
Cumulative 
Average Annual 
 
6-Month 
1-Year 
5-Year 
10-Year 
NPV at Common Share NAV 
3.70% 
12.85% 
4.64% 
5.23% 
NPV at Common Share Price 
13.66% 
29.28% 
6.14% 
4.97% 
S&P Municipal Bond Virginia Index 
2.16% 
7.62% 
3.33% 
3.93% 
S&P Municipal Bond Index 
2.31% 
8.13% 
3.55% 
4.44% 
 
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.
Common Share Price Performance — Weekly Closing Price



26


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
153.7% 
Other Assets Less Liabilities 
1.7% 
Net Assets Plus Floating Rate Obligations 
 
& VRDP Shares, net of deferred 
 
offering costs 
155.4% 
Floating Rate Obligations 
(7.6)% 
VRDP Shares, net of deferred 
 
offering costs 
(47.8)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Virginia 
78.0% 
District of Columbia 
8.5% 
Puerto Rico 
4.7% 
Guam 
3.3% 
Virgin Islands 
2.5% 
Colorado 
0.9% 
Washington 
0.7% 
Pennsylvania 
0.5% 
Tennessee 
0.5% 
Wisconsin 
0.2% 
New York 
0.2% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
28.8% 
Tax Obligation/Limited 
21.3% 
Health Care 
13.0% 
U.S. Guaranteed 
10.5% 
Education and Civic Organizations 
8.1% 
Other 
18.3% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.5% 
AAA 
6.1% 
AA 
40.5% 
12.1% 
BBB 
14.9% 
BB or Lower 
9.0% 
N/R (not rated) 
7.9% 
Total 
100% 
 
27

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on December 5, 2019 for NMT; at this meeting the shareholders were asked to elect Board Members.
       
 
 
NMT 
 
 
Common and 
 
 
 
Preferred 
 
 
 
shares voting 
 
 
 
together 
 
Preferred 
 
as a class 
 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
Judith M. Stockdale 
 
 
 
For 
8,363,583 
 
— 
Withhold 
239,640 
 
— 
Total 
8,603,223 
 
— 
Carole E. Stone 
 
 
 
For 
8,357,523 
 
— 
Withhold 
245,700 
 
— 
Total 
8,603,223 
 
— 
Margaret L. Wolff 
 
 
 
For 
8,295,461 
 
— 
Withhold 
307,762 
 
— 
Total 
8,603,223 
 
— 
William C. Hunter 
 
 
 
For 
— 
 
740 
Withhold 
— 
 
— 
Total 
— 
 
740 
Albin F. Moschner 
 
 
 
For 
— 
 
740 
Withhold 
— 
 
— 
Total 
— 
 
740 
 
28

   
NKG
Nuveen Georgia Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 

November 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 150.8% (99.9% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 150.8% (99.9% of Total Investments) 
 
 
 
 
 
Education and Civic Organizations – 16.0% (10.6% of Total Investments) 
 
 
 
$ 1,600 
 
Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate 
7/21 at 100.00 
AA 
$ 1,682,640 
 
 
Foundation, LLC Project, Series 2011, 5.000%, 7/15/41 – AGM Insured 
 
 
 
3,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/28 at 100.00 
AA 
3,331,560 
 
 
Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 
 
 
 
1,340 
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten 
10/23 at 100.00 
N/R 
1,433,639 
 
 
Academy Project, Series 2013B, 7.000%, 10/01/43 
 
 
 
3,000 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts 
3/26 at 100.00 
A2 
3,513,630 
 
 
Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36 
 
 
 
1,530 
 
Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College 
7/27 at 100.00 
A+ 
1,833,996 
 
 
Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37 
 
 
 
3,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/23 at 100.00 
AA 
3,381,780 
 
 
Refunding Series 2013A, 5.000%, 10/01/43 
 
 
 
2,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA 
2,368,260 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 (UB) (4) 
 
 
 
1,325 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa1 
1,438,645 
 
 
Refunding Series 2012C, 5.250%, 10/01/30 
 
 
 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/21 at 100.00 
Baa1 
1,047,970 
 
 
Series 2012A, 5.000%, 10/01/32 
 
 
 
3,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of 
4/24 at 100.00 
A+ 
3,360,360 
 
 
Art & Design Projects, Series 2014, 5.000%, 4/01/44 
 
 
 
20,795 
 
Total Education and Civic Organizations 
 
 
23,392,480 
 
 
Health Care – 17.2% (11.4% of Total Investments) 
 
 
 
 
 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical 
 
 
 
 
 
Center, Series 1998: 
 
 
 
205 
 
5.250%, 12/01/22 (5),(6) 
12/19 at 100.00 
N/R 
17,531 
745 
 
5.375%, 12/01/28 (5),(6) 
12/19 at 100.00 
N/R 
63,709 
3,245 
 
Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of 
7/29 at 100.00 
AA+ 
3,600,749 
 
 
Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/49 
 
 
 
715 
 
Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. 
6/20 at 100.00 
AA– 
729,672 
 
 
Project, Series 2010, 5.000%, 6/15/40 
 
 
 
3,485 
 
Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc. 
7/26 at 100.00 
AA– 
4,027,266 
 
 
Project, Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
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 
2,115,512 
1,000 
 
5.000%, 4/01/37 
4/27 at 100.00 
1,183,190 
 
 
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 
236,706 
235 
 
5.125%, 2/15/40 
2/20 at 100.00 
AA 
236,716 
930 
 
5.250%, 2/15/45 
2/20 at 100.00 
AA 
936,928 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
 
 
 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2017B: 
 
 
 
3,000 
 
5.500%, 2/15/42 (UB) (4) 
2/27 at 100.00 
AA 
3,693,540 
5,500 
 
5.250%, 2/15/45 (UB) (4) 
2/27 at 100.00 
AA 
6,591,750 
1,620 
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic 
11/22 at 100.00 
AA– 
1,773,041 
 
 
Health East Issue, Series 2012, 5.000%, 11/15/37 
 
 
 
22,695 
 
Total Health Care 
 
 
25,206,310 
 
29

   
NKG 
Nuveen Georgia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Housing/Multifamily – 0.9% (0.6% of Total Investments) 
 
 
 
$ 1,205 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BBB+ 
$ 1,255,586 
 
 
Trestletree Village Apartments, Series 2013A, 4.500%, 11/01/35 
 
 
 
 
 
Tax Obligation/General – 32.2% (21.3% of Total Investments) 
 
 
 
4,000 
 
Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 
8/26 at 100.00 
AA+ 
4,724,840 
 
 
8/01/42 (UB) (4) 
 
 
 
3,000 
 
Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
7/25 at 100.00 
AA 
3,419,490 
 
 
Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41 
 
 
 
2,000 
 
Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building 
6/28 at 100.00 
A+ 
2,215,820 
 
 
Series 2018A, 4.000%, 6/15/37 
 
 
 
 
 
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 
1,225,330 
650 
 
5.000%, 2/01/35 – AGM Insured 
2/27 at 100.00 
AA 
779,636 
2,350 
 
Evanston, Illinois, General Obligation Bonds, Corporate Purpose Series 2016A, 
6/28 at 100.00 
AA+ 
2,571,816 
 
 
4.000%, 12/01/43 
 
 
 
2,000 
 
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd 
7/26 at 100.00 
Aa2 
2,360,940 
 
 
Medical Center, Series 2016, 5.000%, 7/01/35 
 
 
 
3,000 
 
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & 
4/25 at 100.00 
AAA 
3,471,900 
 
 
Improvement Series 2015, 5.000%, 4/01/44 
 
 
 
3,000 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation 
2/25 at 100.00 
AA 
3,500,460 
 
 
Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 
 
 
 
 
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization 
3/21 at 100.00 
Aaa 
5,000 
 
 
Bonds, Loan Pool Series 2011, 5.125%, 3/15/31 
 
 
 
3,550 
 
Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 
2/25 at 100.00 
AAA 
4,205,046 
3,500 
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 
2/23 at 100.00 
AAA 
3,879,155 
 
 
5.000%, 2/01/36 
 
 
 
170 
 
Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 
3/29 at 100.00 
AA+ 
217,167 
 
 
5.000%, 3/01/32 
 
 
 
345 
 
Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 
9/27 at 100.00 
Aa1 
423,701 
 
 
5.000%, 3/01/33 
 
 
 
 
 
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014: 
 
 
 
251 
 
5.500%, 7/15/23 
7/21 at 100.00 
N/R 
251,405 
601 
 
5.500%, 7/15/30 
7/21 at 100.00 
N/R 
602,683 
659 
 
5.500%, 1/15/36 
7/21 at 100.00 
N/R 
661,540 
500 
 
Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31 
2/28 at 100.00 
Aa1 
625,380 
3,000 
 
Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City 
5/26 at 100.00 
Aaa 
3,535,590 
 
 
Center Project, Series 2015, 5.000%, 5/01/47 
 
 
 
 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation 
 
 
 
 
 
Certificates, Refunding Series 2019A: 
 
 
 
500 
 
5.000%, 10/01/34 
10/29 at 100.00 
Aa2 
630,420 
370 
 
5.000%, 10/01/36 
10/29 at 100.00 
Aa2 
463,784 
195 
 
5.000%, 10/01/37 
10/29 at 100.00 
Aa2 
243,438 
 
 
Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016: 
 
 
 
500 
 
5.000%, 8/01/30 
2/26 at 100.00 
Aa1 
601,090 
400 
 
5.000%, 8/01/31 
2/26 at 100.00 
Aa1 
479,100 
3,500 
 
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 
6/28 at 100.00 
Aa2 
3,899,875 
 
 
4.000%, 6/01/42 
 
 
 
2,000 
 
Winder-Barrow Industrial Building Authority, Revenue Bonds, Georgia, City of Winder Project, 
12/21 at 100.00 
A1 
2,140,380 
 
 
Refunding Series 2012, 5.000%, 12/01/29 – AGM Insured 
 
 
 
41,046 
 
Total Tax Obligation/General 
 
 
47,134,986 
 
30


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited – 25.3% (16.8% 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+ 
$ 1,453,028 
1,260 
 
5.000%, 12/01/36 
12/27 at 100.00 
AA+ 
1,543,853 
3,250 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium 
7/25 at 100.00 
Aa3 
3,801,687 
 
 
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 
 
 
 
575 
 
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 
No Opt. Call 
A3 
668,489 
 
 
5.000%, 12/01/24 
 
 
 
 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D: 
 
 
 
1,200 
 
5.000%, 1/01/30 
1/27 at 100.00 
A2 
1,442,196 
1,525 
 
5.000%, 1/01/31 
1/27 at 100.00 
A2 
1,825,135 
725 
 
Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41 
7/23 at 100.00 
A– 
794,651 
5,160 
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call 
Baa2 
5,919,294 
 
 
Series 1993, 5.625%, 10/01/26 – NPFG Insured 
 
 
 
405 
 
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding 
No Opt. Call 
AA– 
465,151 
 
 
Series 2005, 5.500%, 10/01/26 – NPFG Insured 
 
 
 
3,020 
 
Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, 
No Opt. Call 
Baa2 
3,468,621 
 
 
Series 1998A, 4.750%, 6/01/28 – NPFG Insured 
 
 
 
700 
 
Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue 
6/27 at 100.00 
AA 
868,924 
 
 
Bonds, Series 2017A, 5.000%, 6/01/29 
 
 
 
 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third 
 
 
 
 
 
Indenture, Series 2015B: 
 
 
 
1,000 
 
5.000%, 7/01/41 
7/26 at 100.00 
AA+ 
1,187,890 
3,000 
 
5.000%, 7/01/42 
7/26 at 100.00 
AA+ 
3,560,040 
5,000 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 
7/28 at 100.00 
AA 
5,531,400 
 
 
4.000%, 7/01/48 
 
 
 
2,037 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
7/28 at 100.00 
N/R 
2,108,764 
 
 
2018A-1, 4.550%, 7/01/40 
 
 
 
810 
 
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 
12/22 at 100.00 
Aa2 
884,650 
 
 
5.000%, 12/01/38 
 
 
 
1,500 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue 
7/28 at 100.00 
A1 
1,593,390 
 
 
Bonds, Series 2018, 4.000%, 7/01/58 
 
 
 
32,347 
 
Total Tax Obligation/Limited 
 
 
37,117,163 
 
 
Transportation – 10.9% (7.2% of Total Investments) 
 
 
 
2,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/30 (AMT) 
1/21 at 100.00 
AA– 
2,074,740 
2,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31 
1/22 at 100.00 
AA– 
2,149,940 
2,810 
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (AMT) 
1/22 at 100.00 
AA– 
2,988,435 
 
 
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– 
2,919,381 
3,750 
 
5.000%, 1/01/34 
1/24 at 100.00 
AA– 
4,238,850 
1,500 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta 
6/20 at 100.00 
Baa3 
1,553,040 
 
 
Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
14,635 
 
Total Transportation 
 
 
15,924,386 
 
 
U.S. Guaranteed – 8.5% (5.6% of Total Investments) (7) 
 
 
 
2,000 
 
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, 
1/22 at 100.00 
N/R 
2,156,760 
 
 
Memorial Health University Medical Center, Inc., Refunding & Improvement Series 2012A, 
 
 
 
 
 
5.000%, 1/01/31 (Pre-refunded 1/01/22) 
 
 
 
600 
 
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens 
1/22 at 100.00 
AA 
647,676 
 
 
Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22) 
 
 
 
 
31

         
NKG 
Nuveen Georgia Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed (7) (continued) 
 
 
 
$ 625 
 
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation 
5/22 at 100.00 
AA+ 
$ 683,306 
 
 
Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22) 
 
 
 
 
 
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 
770,959 
765 
 
5.125%, 2/15/40 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R 
771,151 
3,015 
 
5.250%, 2/15/45 (Pre-refunded 2/15/20) 
2/20 at 100.00 
N/R 
3,039,994 
1,500 
 
Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 
2/24 at 100.00 
Aa3 
1,715,550 
 
 
2014B, 5.000%, 2/01/37 (Pre-refunded 2/01/24) 
 
 
 
290 
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, 
No Opt. Call 
N/R 
297,993 
 
 
Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured (ETM) 
 
 
 
2,260 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South 
10/21 at 100.00 
Aa2 
2,416,460 
 
 
Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
11,820 
 
Total U.S. Guaranteed 
 
 
12,499,849 
 
 
Utilities – 17.2% (11.4% of Total Investments) 
 
 
 
1,975 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia 
No Opt. Call 
A– 
2,007,528 
 
 
Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23) 
 
 
 
1,250 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
1,332,288 
 
 
Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 
 
 
 
1,250 
 
Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe 
2/28 at 100.00 
BBB+ 
1,332,288 
 
 
Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 
 
 
 
1,750 
 
Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 
3/27 at 100.00 
A2 
2,080,645 
3,000 
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 
1/23 at 100.00 
A1 
3,248,310 
 
 
5.000%, 1/01/43 
 
 
 
 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B: 
 
 
 
1,055 
 
5.000%, 3/15/20 
No Opt. Call 
A+ 
1,065,434 
1,300 
 
5.000%, 3/15/21 
No Opt. Call 
A+ 
1,356,186 
1,500 
 
5.000%, 3/15/22 
No Opt. Call 
A+ 
1,613,430 
2,000 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 
No Opt. Call 
A+ 
2,155,460 
 
 
5.000%, 3/15/22 
 
 
 
1,000 
 
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, 
No Opt. Call 
A3 
1,361,860 
 
 
5.000%, 5/15/49 
 
 
 
1,525 
 
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 
9/24 at 100.43 
Aa1 
1,699,490 
 
 
4.000%, 8/01/49 (Mandatory Put 12/02/24) 
 
 
 
2,000 
 
Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand 
6/23 at 100.40 
Aa2 
2,173,900 
 
 
Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23) 
 
 
 
1,500 
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 
No Opt. Call 
A2 
1,096,590 
 
 
Series 2015A, 0.000%, 1/01/32 
 
 
 
2,260 
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien 
7/26 at 100.00 
AA 
2,679,772 
 
 
Series 2016A, 5.000%, 1/01/30 – BAM Insured 
 
 
 
23,365 
 
Total Utilities 
 
 
25,203,181 
 
 
Water and Sewer – 22.6% (15.0% of Total Investments) 
 
 
 
4,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 
11/27 at 100.00 
Aa2 
4,887,440 
 
 
11/01/39 (UB) (4) 
 
 
 
5,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 
11/27 at 100.00 
Aa2 
6,043,850 
 
 
5.000%, 11/01/47 
 
 
 
260 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 – 
No Opt. Call 
AA 
364,946 
 
 
AGM Insured 
 
 
 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 
12/19 at 100.00 
AA 
5,014 
 
 
5.000%, 8/01/35 – AGM Insured 
 
 
 
 
32


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Water and Sewer (continued) 
 
 
 
$ 500 
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 
5/24 at 100.00 
AA+ 
$ 573,350 
 
 
5.000%, 5/01/31 
 
 
 
500 
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 
5/26 at 100.00 
AA+ 
594,690 
 
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B: 
 
 
 
6,000 
 
5.250%, 10/01/32 – AGM Insured (UB) (4) 
10/26 at 100.00 
AA 
7,405,260 
300 
 
5.000%, 10/01/35 – AGM Insured 
10/26 at 100.00 
AA 
360,726 
5,350 
 
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 
10/21 at 100.00 
Aa3 
5,725,677 
 
 
2011A, 5.250%, 10/01/41 
 
 
 
1,000 
 
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 
1/23 at 100.00 
AA 
1,104,040 
 
 
5.000%, 1/01/33 
 
 
 
435 
 
Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 
No Opt. Call 
AA 
453,022 
 
 
12/01/21 – AGM Insured 
 
 
 
 
 
Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A: 
 
 
 
155 
 
5.000%, 9/01/35 
9/27 at 100.00 
AA 
190,086 
535 
 
5.000%, 9/01/37 
9/27 at 100.00 
AA 
651,587 
2,000 
 
South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, 
1/24 at 100.00 
AA 
2,270,380 
 
 
Refunding Series 2014, 5.000%, 1/01/30 
 
 
 
2,315 
 
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek 
2/26 at 100.00 
Aa2 
2,542,264 
 
 
Reservoir Project, Series 2016, 4.000%, 2/01/38 
 
 
 
28,355 
 
Total Water and Sewer 
 
 
33,172,332 
$ 196,263 
 
Total Long-Term Investments (cost $207,692,600) 
 
 
220,906,273 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Health Care – 0.2% (0.1% of Total Investments) 
 
 
 
$ 231 
 
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, 
No Opt. Call 
N/R 
$ 257,797 
 
 
Series 2016, 6.500%, 3/31/17 (5), (6) 
 
 
 
$ 231 
 
Total Short-Term Investments (cost $231,260) 
 
 
257,797 
 
 
Total Investments (cost $207,923,860) – 151.0% 
 
 
221,164,070 
 
 
Floating Rate Obligations – (13.4)% 
 
 
(19,600,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (39.9)% (8) 
 
 
(58,364,506) 
 
 
Other Assets Less Liabilities – 2.3% 
 
 
3,244,823 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 146,444,387 
 
33

   
NKG 
Nuveen Georgia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
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 3 – Investment Valuation and Fair Value Measurements for more information. 
(6) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 26.4%. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
34

   
NMY 
Nuveen Maryland Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 158.4% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 158.4% (100.0% of Total Investments) 
 
 
 
 
 
Consumer Discretionary – 3.4% (2.1% of Total Investments) 
 
 
 
$ 9,215 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 
9/27 at 100.00 
BBB– 
$ 10,486,762 
 
 
5.000%, 9/01/46 
 
 
 
2,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt 
12/19 at 100.00 
N/R 
1,290,000 
 
 
Conference Center, Series 2006A, 5.000%, 12/01/31 (4) 
 
 
 
11,215 
 
Total Consumer Discretionary 
 
 
11,776,762 
 
 
Consumer Staples – 5.2% (3.3% of Total Investments) 
 
 
 
595 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
12/19 at 100.00 
B– 
598,064 
 
 
Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 
 
 
 
3,270 
 
Children’s Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding 
12/19 at 100.00 
Ba1 
3,327,879 
 
 
Series 2002, 5.500%, 5/15/39 
 
 
 
13,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed 
12/19 at 19.63 
N/R 
2,508,610 
 
 
Bonds, Series 2006A, 0.000%, 6/15/46 
 
 
 
 
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007A: 
 
 
 
1,940 
 
5.250%, 6/01/32 
12/19 at 100.00 
N/R 
1,940,000 
2,915 
 
5.625%, 6/01/47 
12/19 at 100.00 
N/R 
2,914,883 
1,815 
 
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, 
No Opt. Call 
BBB 
1,960,091 
 
 
Series 2016A-1, 5.625%, 6/01/35 
 
 
 
100 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed 
12/19 at 100.00 
B3 
100,231 
 
 
Bonds, Series 2006A, 5.000%, 6/01/46 
 
 
 
1,405 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BBB+ 
1,596,263 
 
 
Bonds, Series 2018A, 5.000%, 6/01/46 
 
 
 
450 
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement 
12/19 at 100.00 
A3 
450,914 
 
 
Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 
 
 
 
2,850 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/45 
6/27 at 100.00 
CCC+ 
2,836,976 
28,340 
 
Total Consumer Staples 
 
 
18,233,911 
 
 
Education and Civic Organizations – 9.6% (6.0% of Total Investments) 
 
 
 
 
 
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s 
 
 
 
 
 
University Inc., Series 2017A: 
 
 
 
1,500 
 
5.000%, 9/01/37, 144A 
9/27 at 100.00 
BB+ 
1,698,075 
3,250 
 
5.000%, 9/01/45, 144A 
9/27 at 100.00 
BB+ 
3,627,065 
700 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher 
7/22 at 100.00 
A– 
754,201 
 
 
College, Series 2012A, 5.000%, 7/01/34 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher 
 
 
 
 
 
College, Series 2017A: 
 
 
 
1,100 
 
5.000%, 7/01/37 
7/27 at 100.00 
A– 
1,290,003 
1,200 
 
5.000%, 7/01/44 
7/27 at 100.00 
A– 
1,389,168 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Green Street 
 
 
 
 
 
Academy, Series 2017A: 
 
 
 
265 
 
5.125%, 7/01/37, 144A 
7/27 at 100.00 
N/R 
281,112 
500 
 
5.250%, 7/01/47, 144A 
7/27 at 100.00 
N/R 
526,450 
 
 
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+ 
1,251,829 
1,050 
 
5.000%, 7/01/37 
7/22 at 100.00 
AA+ 
1,145,445 
 
35

           
NMY 
 
Nuveen Maryland Quality Municipal Income Fund 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
 
 
 
 
 
Hopkins University, Series 2013B: 
 
 
 
$ 500 
 
5.000%, 7/01/38 
7/23 at 100.00 
AA+ 
$ 557,715 
4,375 
 
4.250%, 7/01/41 
7/23 at 100.00 
AA+ 
4,714,281 
1,250 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola 
10/22 at 100.00 
1,355,413 
 
 
University Maryland, Series 2012A, 5.000%, 10/01/39 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Loyola 
 
 
 
 
 
University Maryland, Series 2014: 
 
 
 
1,000 
 
4.000%, 10/01/45 
10/24 at 100.00 
1,062,180 
1,250 
 
5.000%, 10/01/45 
10/24 at 100.00 
1,405,787 
 
 
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 
1,613,355 
3,000 
 
5.000%, 6/01/47 
6/22 at 100.00 
Baa1 
3,198,480 
 
 
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 
203,971 
2,500 
 
4.000%, 6/01/42 
6/26 at 100.00 
Baa1 
2,695,675 
 
 
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 
613,179 
1,000 
 
5.000%, 6/01/42 
6/26 at 100.00 
Baa1 
1,151,670 
625 
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees 
7/22 at 100.00 
A+ 
679,156 
 
 
and Auxiliary Facilities, Refunding Series 2012, 5.000%, 7/01/29 
 
 
 
2,115 
 
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, 
No Opt. Call 
A+ 
2,170,984 
 
 
Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured 
 
 
 
30,525 
 
Total Education and Civic Organizations 
 
 
33,385,194 
 
 
Energy – 1.3% (0.9% of Total Investments) 
 
 
 
4,560 
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine 
9/20 at 100.00 
BB– 
4,678,378 
 
 
Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25 
 
 
 
 
 
Financials – 0.0% (0.0% of Total Investments) 
 
 
 
232 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
No Opt. Call 
N/R 
31,918 
 
 
Series 2007A Sr. Bond, 0.000%, 8/01/41 (5) 
 
 
 
2,705 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable-Exempt Trust 
No Opt. Call 
N/R 
135,247 
 
 
Unit, Series 2007A Sr. Bonds, 0.000%, 8/01/41 (5) 
 
 
 
2,937 
 
Total Financials 
 
 
167,165 
 
 
Health Care – 37.1% (23.4% 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 
A– 
1,072,091 
2,470 
 
4.250%, 7/01/35 
7/25 at 100.00 
A– 
2,692,004 
1,740 
 
5.000%, 7/01/45 
7/25 at 100.00 
A– 
1,974,343 
 
 
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 
287,370 
4,820 
 
5.000%, 7/01/38 
7/27 at 100.00 
Baa3 
5,463,422 
 
 
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 
Baa1 
103,927 
1,450 
 
5.000%, 7/01/38 
7/26 at 100.00 
Baa1 
1,666,137 
585 
 
4.000%, 7/01/42 
7/26 at 100.00 
Baa1 
620,001 
 
36


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
 
 
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 
$ 1,476,495 
375 
 
6.125%, 1/01/36 
1/22 at 100.00 
Baa3 
407,029 
3,270 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
3,818,379 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
1,355 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel 
7/22 at 100.00 
1,482,153 
 
 
Health System Issue, Series 2012, 5.000%, 7/01/24 
 
 
 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert 
7/23 at 100.00 
AA– 
2,187,800 
 
 
Health System Issue, Refunding Series 2013, 5.000%, 7/01/38 
 
 
 
 
 
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 
1,057,480 
1,775 
 
5.000%, 7/01/37 
7/22 at 100.00 
A1 
1,906,865 
4,335 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick 
7/22 at 100.00 
A– 
4,519,628 
 
 
Memorial Hospital Issue, Series 2012A, 4.250%, 7/01/32 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns 
5/25 at 100.00 
Aa2 
2,701,025 
 
 
Hopkins Health System Issue, Series 2015A, 4.000%, 5/15/40 
 
 
 
 
 
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 
Aa2 
528,095 
500 
 
5.000%, 5/15/26 
5/21 at 100.00 
Aa2 
527,870 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
7/26 at 100.00 
A+ 
2,318,860 
 
 
Health Issue, Series 2016, 5.000%, 7/01/47 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
 
 
 
 
 
Health Issue, Series 2017: 
 
 
 
1,000 
 
5.000%, 7/01/33 
7/27 at 100.00 
A+ 
1,211,010 
500 
 
4.000%, 7/01/42 
7/27 at 100.00 
A+ 
547,465 
1,000 
 
5.000%, 7/01/44 
7/27 at 100.00 
A+ 
1,181,680 
 
 
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+ 
1,621,920 
1,125 
 
5.000%, 7/01/40 
7/25 at 100.00 
A+ 
1,293,289 
2,975 
 
4.125%, 7/01/47 
7/25 at 100.00 
A+ 
3,172,778 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar 
2/25 at 100.00 
2,848,700 
 
 
Health Issue, Series 2015, 5.000%, 8/15/38 
 
 
 
6,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar 
5/27 at 100.00 
7,072,800 
 
 
Health Issue, Series 2017A, 5.000%, 5/15/42 
 
 
 
2,850 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy 
7/22 at 100.00 
Baa1 
3,062,866 
 
 
Medical Center, Series 2011, 5.000%, 7/01/31 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula 
 
 
 
 
 
Regional Medical Center Issue, Refunding Series 2015: 
 
 
 
1,000 
 
5.000%, 7/01/39 
7/24 at 100.00 
1,126,950 
5,500 
 
5.000%, 7/01/45 
7/24 at 100.00 
6,168,305 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Trinity 
 
 
 
 
 
Health Credit Group, Series 2017MD: 
 
 
 
1,000 
 
5.000%, 12/01/46 
6/27 at 100.00 
AA– 
1,180,730 
3,260 
 
5.000%, 12/01/46 (UB) (6) 
6/27 at 100.00 
AA– 
3,849,180 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
 
 
 
 
 
of Maryland Medical System Issue, Series 2013A: 
 
 
 
4,665 
 
4.000%, 7/01/43 
7/22 at 100.00 
4,828,415 
11,500 
 
5.000%, 7/01/43 
7/22 at 100.00 
12,348,355 
1,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/25 at 100.00 
1,148,320 
 
 
of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35 
 
 
 
 
37

   
NMY 
Nuveen Maryland Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
$ 5,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
7/27 at 100.00 
$ 6,469,430 
 
 
of Maryland Medical System Issue, Series 2017B, 5.000%, 7/01/39 
 
 
 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University 
1/28 at 100.00 
2,168,040 
 
 
of Maryland Medical System Issue, Taxable Series 2017D, 4.000%, 7/01/48 
 
 
 
12,250 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western 
7/24 at 100.00 
BBB 
13,784,802 
 
 
Maryland Health, Series 2014, 5.250%, 7/01/34 
 
 
 
8,000 
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding 
12/21 at 100.00 
AA– 
8,538,640 
 
 
Series 2011MD, 5.000%, 12/01/40 
 
 
 
 
 
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015: 
 
 
 
6,000 
 
4.000%, 12/01/44 
6/25 at 100.00 
AA– 
6,503,040 
2,000 
 
5.000%, 12/01/44 (UB) (6) 
6/25 at 100.00 
AA– 
2,286,780 
116,480 
 
Total Health Care 
 
 
129,224,469 
 
 
Housing/Multifamily – 8.5% (5.4% of Total Investments) 
 
 
 
1,920 
 
Anne Arundel County, Maryland, FNMA Multifamily Housing Revenue Bonds, Glenview Gardens 
1/20 at 102.00 
AA+ 
1,963,027 
 
 
Apartments Project, Series 2009, 5.000%, 1/01/28 (Mandatory Put 1/01/27) 
 
 
 
 
 
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+ 
1,588,905 
1,550 
 
5.000%, 6/01/44 
6/24 at 100.00 
A+ 
1,696,832 
1,860 
 
Howard County Housing Commission, Maryland, Revenue Bonds, Gateway Village Apartments, 
6/26 at 100.00 
A+ 
1,974,185 
 
 
Series 2016, 4.000%, 6/01/46 
 
 
 
 
 
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+ 
3,338,460 
2,000 
 
4.625%, 10/01/28 
10/23 at 100.00 
A+ 
2,191,900 
1,000 
 
Howard County Housing Commission, Maryland, Revenue Bonds, Woodfield Oxford Square 
12/27 at 100.00 
A+ 
1,164,310 
 
 
Apartments, Series 2017, 5.000%, 12/01/42 
 
 
 
1,195 
 
Maryland Community Development Administration Department of Housing and Community 
1/24 at 100.00 
AA+ 
1,243,888 
 
 
Development, Housing Revenue Bonds, Series 2014D, 3.900%, 7/01/40 
 
 
 
680 
 
Maryland Community Development Administration Department of Housing and Community 
1/27 at 100.00 
AA+ 
708,492 
 
 
Development, Housing Revenue Bonds, Series 2017C, 3.550%, 7/01/42 
 
 
 
1,000 
 
Maryland Community Development Administration, Department of Housing and Community 
12/24 at 100.00 
Aaa 
1,048,110 
 
 
Development, Multifamily Development Revenue Bonds, Marlborough Apartments, Series 2014I, 
 
 
 
 
 
3.450%, 12/15/31 
 
 
 
 
 
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 
1,275,659 
470 
 
5.000%, 7/01/37 
7/21 at 100.00 
BBB 
490,628 
 
 
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 
542,820 
500 
 
5.000%, 6/01/34 
6/23 at 100.00 
Baa3 
537,855 
1,510 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt 
7/22 at 100.00 
BBB– 
1,599,120 
 
 
University Village, Series 2012, 5.000%, 7/01/33 
 
 
 
495 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of 
7/25 at 100.00 
BBB– 
539,169 
 
 
Maryland – Baltimore Project, Refunding Senior Lien Series 2015, 5.000%, 7/01/39 
 
 
 
1,160 
 
Maryland Economic Development Corporation, Student Housing Revenue Bonds, University of 
12/19 at 100.00 
AA 
1,160,870 
 
 
Maryland, Baltimore County Project, Refunding Series 2016, 3.600%, 7/01/35 – AGM Insured 
 
 
 
 
38


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Housing/Multifamily (continued) 
 
 
 
 
 
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 
$ 1,046,806 
240 
 
5.000%, 6/01/31 – AGM Insured 
6/26 at 100.00 
AA 
286,572 
2,405 
 
5.000%, 6/01/35 – AGM Insured 
6/26 at 100.00 
AA 
2,836,048 
780 
 
5.000%, 6/01/43 – AGM Insured 
6/26 at 100.00 
AA 
908,739 
1,500 
 
Montgomery County Housing Opportunities Commission, Maryland, Multifamily Housing 
7/24 at 100.00 
Aaa 
1,570,905 
 
 
Development Bonds, Series 2014A, 3.875%, 7/01/39 
 
 
 
27,240 
 
Total Housing/Multifamily 
 
 
29,713,300 
 
 
Housing/Single Family – 7.2% (4.5% of Total Investments) 
 
 
 
2,385 
 
Maryland Community Development Administration Department of Housing and Community 
3/26 at 100.00 
Aa2 
2,478,325 
 
 
Development, Residential Revenue Bonds, Series 2011B, 3.250%, 3/01/36 
 
 
 
2,365 
 
Maryland Community Development Administration Department of Housing and Community 
9/23 at 100.00 
Aa2 
2,531,094 
 
 
Development, Residential Revenue Bonds, Series 2014A, 4.300%, 9/01/32 
 
 
 
 
 
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 
3,120,360 
1,165 
 
3.750%, 3/01/39 
3/24 at 100.00 
Aa2 
1,209,561 
1,500 
 
Maryland Community Development Administration Department of Housing and Community 
9/25 at 100.00 
Aa2 
1,591,395 
 
 
Development, Residential Revenue Bonds, Series 2015A, 3.800%, 9/01/35 
 
 
 
4,900 
 
Maryland Community Development Administration Department of Housing and Community 
9/27 at 100.00 
Aa2 
5,333,013 
 
 
Development, Residential Revenue Bonds, Series 2018A, 4.100%, 9/01/38 (UB) (6) 
 
 
 
1,865 
 
Maryland Community Development Administration Department of Housing and Community 
3/28 at 100.00 
Aa2 
1,994,095 
 
 
Development, Residential Revenue Bonds, Series 2019A, 3.750%, 9/01/39 
 
 
 
1,280 
 
Maryland Community Development Administration Department of Housing and Community 
9/28 at 100.00 
Aa2 
1,314,701 
 
 
Development, Residential Revenue Bonds, Series 2019B, 3.350%, 9/01/42 
 
 
 
2,000 
 
Maryland Community Development Administration Department of Housing and Community 
3/29 at 100.00 
AA+ 
2,005,920 
 
 
Development, Residential Revenue Bonds, Series 2019C, 3.000%, 3/01/42 
 
 
 
2,000 
 
Maryland Community Development Administration Department of Housing and Community 
7/29 at 100.00 
AA+ 
2,037,200 
 
 
Development, Residential Revenue Bonds, Taxable Series 2019D, 3.350%, 7/01/49 
 
 
 
1,410 
 
Montgomery County Housing Opportunities Commission, Maryland, Single Family Mortgage 
7/26 at 100.00 
Aa2 
1,490,652 
 
 
Revenue Bonds, Series 2017A, 3.650%, 7/01/37 
 
 
 
23,870 
 
Total Housing/Single Family 
 
 
25,106,316 
 
 
Long-Term Care – 8.7% (5.5% 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 
2,567,918 
1,000 
 
3.625%, 1/01/37 
1/26 at 100.00 
1,055,640 
2,050 
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., 
1/20 at 100.00 
BBB 
2,057,688 
 
 
Series 2009B, 6.000%, 1/01/23 
 
 
 
3,000 
 
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Obligated 
1/24 at 104.00 
BBB 
3,385,890 
 
 
Group Project, Refunding Series 2018A, 5.000%, 1/01/36 
 
 
 
1,290 
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding 
4/27 at 100.00 
N/R 
1,386,428 
 
 
Series 2016, 5.000%, 4/01/46 
 
 
 
1,710 
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Refunding 
4/27 at 100.00 
N/R 
1,869,817 
 
 
Series 2017, 5.000%, 4/01/36 
 
 
 
 
 
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 
2,502,952 
4,090 
 
5.000%, 1/01/45 
7/26 at 100.00 
4,731,966 
2,480 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
12/19 at 100.00 
2,483,596 
 
 
Retirement Community, Series 2007, 4.750%, 7/01/34 
 
 
 
 
39

           
NMY 
 
Nuveen Maryland Quality Municipal Income Fund 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Long-Term Care (continued) 
 
 
 
$ 1,050 
 
Prince George’s County, Maryland, Revenue Bonds, Collington Episcopal Life Care 
4/27 at 100.00 
N/R 
$ 1,151,451 
 
 
Community Inc., Series 2017, 5.250%, 4/01/37 
 
 
 
1,340 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 
BB 
1,500,840 
 
 
King Farm Project, Refunding Series 2017, 5.000%, 11/01/35 
 
 
 
795 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 
BB 
900,648 
 
 
King Farm Project, Refunding Series 2017A-2, 5.000%, 11/01/31 
 
 
 
1,000 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Ingleside 
11/24 at 103.00 
BB 
1,113,660 
 
 
King Farm Project, Series 2017A-1, 5.000%, 11/01/37 
 
 
 
 
 
Rockville Mayor and Council, Maryland, Economic Development Revenue Bonds, Series 2017B: 
 
 
 
500 
 
5.000%, 11/01/42 
11/24 at 103.00 
BB 
551,970 
1,000 
 
5.000%, 11/01/47 
11/24 at 103.00 
BB 
1,100,560 
 
 
Washington County Commissioners, Maryland, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2019B: 
 
 
 
1,000 
 
5.000%, 1/01/29 
No Opt. Call 
BBB+ 
1,208,690 
500 
 
5.000%, 1/01/32 
1/29 at 100.00 
BBB+ 
596,885 
27,150 
 
Total Long-Term Care 
 
 
30,166,599 
 
 
Tax Obligation/General – 11.6% (7.3% of Total Investments) 
 
 
 
5,240 
 
Huntington Beach Union High School District, Orange County, California, General 
No Opt. Call 
AA 
4,160,036 
 
 
Obligation Bonds, Series 2005, 0.000%, 8/01/30 – AGM Insured 
 
 
 
3,645 
 
Maryland State, General Obligation Bonds, State and Local Facilities Loan, First Series 
No Opt. Call 
AAA 
4,097,928 
 
 
2017A, 5.000%, 3/15/23 
 
 
 
3,510 
 
Montgomery County, Maryland, General Obligation Bonds, Refunding Consolidated Public 
No Opt. Call 
AAA 
3,758,297 
 
 
Improvement Series 2017C, 5.000%, 10/01/21 
 
 
 
4,930 
 
Patterson Joint Unified School District, Stanislaus County, California, General 
No Opt. Call 
AA 
2,537,224 
 
 
Obligation Bonds, 2008 Election Series 2009B, 0.000%, 8/01/42 – AGM Insured 
 
 
 
 
 
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 
3,333,060 
3,000 
 
4.000%, 9/01/31 
9/24 at 100.00 
AAA 
3,326,520 
14,985 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
7,724,618 
 
 
Election Series 2012G, 0.000%, 8/01/40 – AGM Insured 
 
 
 
 
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, 
 
 
 
 
 
Maryland, General Obligation Bonds, Consolidated Public Improvement, Second Series 2016: 
 
 
 
1,000 
 
5.000%, 6/01/27 
6/26 at 100.00 
AAA 
1,225,600 
2,000 
 
5.000%, 6/01/35 
6/26 at 100.00 
AAA 
2,398,820 
2,500 
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, 
No Opt. Call 
AAA 
3,002,550 
 
 
General Obligation Bonds, Consolidated Public Improvement, Series 2017, 5.000%, 6/15/25 
 
 
 
2,500 
 
Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, 
6/28 at 100.00 
AAA 
2,827,175 
 
 
General Obligation Bonds, Consolidated Public Improvement, Series 2018, 4.000%, 6/01/39 
 
 
 
7,000 
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, 
8/25 at 35.55 
Aaa 
2,118,130 
 
 
Capital Appreciation Series 2015, 0.000%, 8/15/50 
 
 
 
53,310 
 
Total Tax Obligation/General 
 
 
40,509,958 
 
 
Tax Obligation/Limited – 33.5% (21.2% of Total Investments) 
 
 
 
1,000 
 
Anne Arundel County, Maryland, General Obligation Bonds, Consolidated General 
10/29 at 100.00 
AAA 
1,254,160 
 
 
Improvement, Series 2019, 5.000%, 10/01/44 
 
 
 
1,200 
 
Anne Arundel County, Maryland, Special Tax District Revenue Bonds, Villages of 
7/23 at 100.00 
AA 
1,339,404 
 
 
Dorchester & Farmington Village Projects, Series 2013, 5.000%, 7/01/32 
 
 
 
1,450 
 
Baltimore, Maryland, Special Obligation Bonds, Center/West Development Project, Series 
6/26 at 100.00 
N/R 
1,542,611 
 
 
2017A, 5.500%, 6/01/43 
 
 
 
 
40


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
 
 
Baltimore, Maryland, Special Obligation Bonds, Consolidated Tax Increment Financing, 
 
 
 
 
 
Series 2015: 
 
 
 
$ 525 
 
5.000%, 6/15/30 
6/24 at 100.00 
BBB+ 
$ 591,775 
425 
 
5.000%, 6/15/33 
6/24 at 100.00 
BBB+ 
474,606 
 
 
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 
1,373,340 
240 
 
5.000%, 9/01/38 
9/27 at 100.00 
N/R 
265,769 
 
 
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 
2,020,297 
250 
 
5.125%, 6/01/43 
6/26 at 100.00 
N/R 
267,570 
2,000 
 
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 
6/29 at 100.00 
N/R 
2,012,800 
 
 
2019A, 3.625%, 6/01/46, 144A 
 
 
 
350 
 
Baltimore, Maryland, Special Obligation Bonds, Harbor Point Project, Refunding Series 
6/23 at 100.00 
N/R 
350,907 
 
 
2019B, 3.875%, 6/01/46, 144A 
 
 
 
 
 
Brunswick, Frederick County, Maryland, Special Obligation Bonds, Brunswick Crossing 
 
 
 
 
 
Special Taxing District, Refunding Series 2019: 
 
 
 
450 
 
4.000%, 7/01/29 
1/29 at 100.00 
N/R 
477,958 
740 
 
5.000%, 7/01/36 
1/29 at 100.00 
N/R 
827,498 
 
 
Frederick County, Maryland, Lake Linganore Village Community Development Special 
 
 
 
 
 
Obligation Bonds, Series 2001A: 
 
 
 
21 
 
5.600%, 7/01/20 – RAAI Insured 
12/19 at 100.00 
AA 
21,072 
450 
 
5.700%, 7/01/29 – RAAI Insured 
12/19 at 100.00 
AA 
451,548 
 
 
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development 
 
 
 
 
 
Authority, Series 2010A: 
 
 
 
5,340 
 
5.000%, 7/01/30 
7/20 at 100.00 
A– 
5,451,072 
2,350 
 
5.000%, 7/01/40 
7/20 at 100.00 
A– 
2,394,767 
2,000 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 
BB 
2,242,020 
 
 
5.000%, 11/15/34 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
500 
 
5.000%, 1/01/31 
1/22 at 100.00 
BB 
524,280 
1,000 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
1,051,760 
 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: 
 
 
 
1,000 
 
5.000%, 12/01/23 
No Opt. Call 
BB 
1,110,680 
2,275 
 
5.000%, 12/01/32 
12/26 at 100.00 
BB 
2,603,305 
1,000 
 
5.000%, 12/01/33 
12/26 at 100.00 
BB 
1,142,410 
1,000 
 
5.000%, 12/01/36 
12/26 at 100.00 
BB 
1,135,210 
1,175 
 
5.000%, 12/01/46 
12/26 at 100.00 
BB 
1,310,877 
1,420 
 
Howard County, Maryland, Special Obligation Bonds, Annapolis Junction Town Center 
2/24 at 100.00 
N/R 
1,476,218 
 
 
Project, Series 2014, 6.100%, 2/15/44 
 
 
 
 
 
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 
1,585,200 
1,550 
 
4.375%, 2/15/39, 144A 
2/26 at 100.00 
N/R 
1,644,457 
850 
 
4.500%, 2/15/47, 144A 
2/26 at 100.00 
N/R 
899,393 
1,260 
 
Huntington Beach Union High School District, Orange County, California, Certificates of 
No Opt. Call 
AA 
832,583 
 
 
Participation, Capital Project, Series 2007, 0.000%, 9/01/35 – AGM Insured 
 
 
 
 
 
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 
2,248,739 
1,640 
 
5.000%, 7/01/34 
7/25 at 100.00 
N/R 
1,723,722 
720 
 
Maryland Community Development Administration, Local Government Infrastructure Bonds, 
6/29 at 100.00 
Aa3 
791,446 
 
 
Subordinate Obligation Series 2019B-2, 4.000%, 6/01/49 
 
 
 
 
41

   
NMY 
Nuveen Maryland Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
 
 
Maryland Economic Development Corporation, Special Obligation Bonds, Metro Centre Owings 
 
 
 
 
 
Mills Project, Series 2017: 
 
 
 
$ 585 
 
4.375%, 7/01/36 
1/27 at 100.00 
N/R 
$ 614,958 
355 
 
4.500%, 7/01/44 
1/27 at 100.00 
N/R 
373,211 
 
 
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 
5,227,677 
3,650 
 
5.000%, 5/01/35 
5/26 at 100.00 
AA 
4,325,943 
5,100 
 
5.000%, 5/01/46 (UB) (6) 
5/26 at 100.00 
AA 
5,922,171 
 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools 
 
 
 
 
 
Construction & Revitalization Program, Series 2018A: 
 
 
 
2,000 
 
5.000%, 5/01/35 
5/28 at 100.00 
AA 
2,452,580 
2,000 
 
5.000%, 5/01/36 (UB) (6) 
5/28 at 100.00 
AA 
2,446,200 
6,250 
 
5.000%, 5/01/42 (UB) (6) 
5/28 at 100.00 
AA 
7,519,500 
2,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
A– 
1,354,700 
 
 
2009A, 0.000%, 12/15/32 
 
 
 
320 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, 
1/26 at 100.00 
N/R 
341,952 
 
 
Suitland-Naylor Road Project, Series 2016, 5.000%, 7/01/46, 144A 
 
 
 
4,500 
 
Prince George’s County, Maryland, Certificates of Participation, University of Maryland 
10/28 at 100.00 
AA+ 
5,476,680 
 
 
Capital Region Medical Center, Series 2018, 5.000%, 10/01/43 (UB) (6) 
 
 
 
5,711 
 
Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, 
12/19 at 100.00 
N/R 
5,733,616 
 
 
Series 2005, 5.200%, 7/01/34 
 
 
 
 
 
Prince George’s County, Maryland, Special Obligation Bonds, Westphalia Town Center 
 
 
 
 
 
Project, Series 2018: 
 
 
 
1,300 
 
5.125%, 7/01/39, 144A 
7/28 at 100.00 
N/R 
1,443,689 
2,200 
 
5.250%, 7/01/48, 144A 
7/28 at 100.00 
N/R 
2,441,516 
2,214 
 
Prince George’s County, Maryland, Special Tax District Bonds, Victoria Falls Project, 
12/19 at 100.00 
N/R 
2,218,804 
 
 
Series 2005, 5.250%, 7/01/35 
 
 
 
1,100 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
1,227,336 
 
 
5.500%, 7/01/29 – AMBAC Insured 
 
 
 
2,100 
 
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured 
12/19 at 100.00 
AA 
2,137,695 
1,100 
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 
No Opt. Call 
Aaa 
1,198,175 
 
 
5.125%, 6/01/24 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
53 
 
0.000%, 7/01/24 
No Opt. Call 
N/R 
46,473 
90 
 
0.000%, 7/01/27 
No Opt. Call 
N/R 
71,701 
88 
 
0.000%, 7/01/29 
7/28 at 98.64 
N/R 
65,188 
114 
 
0.000%, 7/01/31 
7/28 at 91.88 
N/R 
78,048 
128 
 
0.000%, 7/01/33 
7/28 at 86.06 
N/R 
81,311 
1,093 
 
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
1,168,319 
2,097 
 
4.550%, 7/01/40 
7/28 at 100.00 
N/R 
2,170,877 
1,221 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
322,796 
995 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
195,070 
349 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
361,163 
1,882 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
1,977,511 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured Cofina Project Series 2019A-2: 
 
 
 
1,500 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
1,524,360 
 
4.536%, 7/01/53 
7/28 at 100.00 
N/R 
3,048 
50 
 
4.784%, 7/01/58 
7/28 at 100.00 
N/R 
51,573 
 
42


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding 
 
 
 
 
 
Series 2007CC: 
 
 
 
$ 765 
 
5.500%, 7/01/28 – NPFG Insured 
No Opt. Call 
Baa2 
$ 837,836 
2,300 
 
5.500%, 7/01/30 – AGM Insured 
No Opt. Call 
AA 
2,639,250 
1,800 
 
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note 
9/25 at 100.00 
1,982,484 
 
 
Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 
 
 
 
2,000 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
12/19 at 100.00 
Baa2 
2,032,320 
 
 
Series 2006, 5.000%, 10/01/27 – FGIC Insured 
 
 
 
2,240 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital 
10/24 at 100.00 
AA 
2,512,070 
 
 
Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 
 
 
 
1,035 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
12/19 at 100.00 
AA 
1,056,870 
 
 
Lien Series 2009A-1, 5.000%, 10/01/29 – AGM Insured 
 
 
 
1,730 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call 
AA 
1,885,838 
 
 
Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
109,384 
 
Total Tax Obligation/Limited 
 
 
116,959,963 
 
 
Transportation – 12.7% (8.0% of Total Investments) 
 
 
 
60 
 
Baltimore, Maryland, Revenue Refunding Bonds, Parking System Facilities, Series 1998A, 
No Opt. Call 
A1 
62,553 
 
 
5.250%, 7/01/21 – FGIC Insured 
 
 
 
125 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT) 
10/23 at 100.00 
BBB+ 
144,240 
 
 
Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B: 
 
 
 
510 
 
5.000%, 7/01/32 (AMT) 
7/28 at 100.00 
611,261 
355 
 
5.000%, 7/01/33 (AMT) 
7/28 at 100.00 
424,445 
600 
 
Maryland Economic Development Corporation Economic Development Revenue Bonds, Terminal 
6/29 at 100.00 
Baa3 
712,554 
 
 
Project, Series 2019A, 5.000%, 6/01/49 (AMT) 
 
 
 
 
 
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 
1,214,250 
1,125 
 
5.000%, 6/01/32 
6/28 at 100.00 
Baa3 
1,362,150 
3,360 
 
5.000%, 6/01/35 
6/28 at 100.00 
Baa3 
4,047,926 
1,500 
 
Maryland Economic Development Corporation, Air Cargo Obligated Group Revenue Bonds, AFCO 
7/29 at 100.00 
BBB 
1,633,605 
 
 
Airport Real Estate Group, Series 2019, 4.000%, 7/01/44 (AMT) 
 
 
 
 
 
Maryland Economic Development Corporation, Parking Facilities Revenue Bonds Baltimore 
 
 
 
 
 
City Project, Subordinate Parking Facilities Revenue Bonds, Series 2018C: 
 
 
 
1,250 
 
4.000%, 6/01/48 
6/28 at 100.00 
BBB– 
1,298,375 
1,115 
 
4.000%, 6/01/58 
6/28 at 100.00 
BBB– 
1,149,866 
3,725 
 
Maryland Economic Development Corporation, Parking Facilities Revenue Bonds, Baltimore 
6/28 at 100.00 
BBB 
4,145,701 
 
 
City Project, Senior Parking Facilities Revenue Bonds, Series 2018A, 5.000%, 6/01/58 
 
 
 
 
 
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 (AMT) 
9/26 at 100.00 
BBB 
2,345,060 
1,000 
 
5.000%, 9/30/31 (AMT) 
9/26 at 100.00 
BBB 
1,157,240 
2,200 
 
5.000%, 3/31/41 (AMT) 
9/26 at 100.00 
BBB 
2,487,782 
3,625 
 
5.000%, 3/31/46 (AMT) 
9/26 at 100.00 
BBB 
4,066,815 
2,200 
 
5.000%, 3/31/51 (AMT) 
9/26 at 100.00 
BBB 
2,463,472 
 
 
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 
12/19 at 100.00 
N/R 
1,313,091 
1,000 
 
5.000%, 7/01/34 – AMBAC Insured 
12/19 at 100.00 
N/R 
1,010,090 
405 
 
Maryland Health and Higher Educational Facilities Authority, Parking Facilities Revenue 
12/19 at 100.00 
N/R 
405,915 
 
 
Bonds, Johns Hopkins Medical Institutions, Series 1996, 5.500%, 7/01/26 – AMBAC Insured 
 
 
 
 
43

           
NMY 
 
Nuveen Maryland Quality Municipal Income Fund 
 
 
 
Portfolio of Investments (continued) 
 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Transportation (continued) 
 
 
 
 
 
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 (AMT) 
8/21 at 100.00 
BB 
$ 183,549 
680 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
BB 
710,818 
3,000 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia 
7/24 at 100.00 
BBB 
3,313,440 
 
 
Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC, Sixth Series 1997: 
 
 
 
10 
 
5.750%, 12/01/22 – NPFG Insured (AMT) 
12/19 at 100.00 
BBB+ 
10,448 
70 
 
5.750%, 12/01/25 – NPFG Insured (AMT) 
12/19 at 100.00 
BBB+ 
72,673 
1,000 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 
AA– 
1,224,400 
 
 
Bonds, Refunding Crossover Series 2017A-2, 5.000%, 7/01/33 
 
 
 
 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
 
 
 
 
 
Bonds, Series 2017B: 
 
 
 
1,500 
 
5.000%, 7/01/29 
7/27 at 100.00 
AA– 
1,865,040 
3,000 
 
5.000%, 7/01/42 
7/27 at 100.00 
AA– 
3,590,040 
1,000 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 
AA– 
1,206,380 
 
 
Bonds, Series 2018, 5.000%, 7/01/38 
 
 
 
38,890 
 
Total Transportation 
 
 
44,233,179 
 
 
U.S. Guaranteed – 9.5% (6.0% of Total Investments) (7) 
 
 
 
 
 
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 
1,072,430 
1,200 
 
5.000%, 10/15/30 (Pre-refunded 10/15/21) 
10/21 at 100.00 
AA 
1,286,916 
2,000 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 
No Opt. Call 
AA– 
2,237,140 
 
 
7/01/24 – FGIC Insured (ETM) 
 
 
 
2,875 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1998A, 5.000%, 
No Opt. Call 
AA 
3,360,760 
 
 
7/01/28 – FGIC Insured (ETM) 
 
 
 
5,895 
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, 
6/20 at 100.00 
N/R 
6,028,581 
 
 
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20) 
 
 
 
2,445 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds Doctors 
7/20 at 100.00 
N/R 
2,510,428 
 
 
Community Hospital, Refunding Series 2010, 5.750%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
 
 
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 
N/R 
1,783,547 
5,070 
 
6.250%, 1/01/45 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R 
5,341,600 
2,845 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix 
No Opt. Call 
N/R 
3,295,676 
 
 
Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM) 
 
 
 
4,450 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Johns Hopkins 
5/20 at 100.00 
AA– 
4,527,875 
 
 
Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge 
 
 
 
 
 
Health System, Series 2011: 
 
 
 
500 
 
5.750%, 7/01/31 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A+ 
535,285 
1,000 
 
6.000%, 7/01/41 (Pre-refunded 7/01/21) 
7/21 at 100.00 
A+ 
1,074,300 
30,975 
 
Total U.S. Guaranteed 
 
 
33,054,538 
 
 
Utilities – 1.6% (1.0% of Total Investments) 
 
 
 
2,000 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
2,145,000 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory Put 7/01/22) (4) 
 
 
 
1,250 
 
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured 
10/22 at 100.00 
AA 
1,364,162 
 
44


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utilities (continued) 
 
 
 
 
 
Guam Power Authority, Revenue Bonds, Series 2014A: 
 
 
 
$ 600 
 
5.000%, 10/01/39 
10/24 at 100.00 
AA 
$ 676,938 
575 
 
5.000%, 10/01/44 
10/24 at 100.00 
AA 
644,955 
730 
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding 
12/19 at 100.00 
CCC 
702,625 
 
 
Series 2007A, 5.000%, 7/01/24 
 
 
 
5,155 
 
Total Utilities 
 
 
5,533,680 
 
 
Water and Sewer – 8.5% (5.4% of Total Investments) 
 
 
 
2,480 
 
Baltimore, Maryland, Project and Revenue Refunding Bonds, Water Projects, Series 2013B, 
1/24 at 100.00 
AA– 
2,801,507 
 
 
5.000%, 7/01/38 
 
 
 
1,000 
 
Baltimore, Maryland, Revenue Bonds, Storm Water Projects, Series 2019A, 5.000%, 7/01/49 
7/29 at 100.00 
Aa2 
1,233,450 
2,000 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2011A, 5.000%, 7/01/41 
7/21 at 100.00 
AA 
2,104,400 
2,000 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2019A, 5.000%, 7/01/49 
7/29 at 100.00 
AA 
2,466,900 
 
 
Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Subordinate Series 2017A: 
 
 
 
2,000 
 
5.000%, 7/01/46 
No Opt. Call 
AA– 
2,365,720 
2,000 
 
5.000%, 7/01/46 (UB) 
1/27 at 100.00 
AA– 
2,365,720 
490 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding Series 1994A, 5.000%, 
No Opt. Call 
AA– 
520,184 
 
 
7/01/24 – FGIC Insured 
 
 
 
2,500 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2014A, 
1/25 at 100.00 
A+ 
2,854,325 
 
 
5.000%, 7/01/44 
 
 
 
6,000 
 
Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 
1/27 at 100.00 
AA– 
7,150,440 
 
 
5.000%, 7/01/41 (UB) 
 
 
 
1,300 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 
A– 
1,437,202 
 
 
Refunding Series 2014A, 5.000%, 7/01/35 
 
 
 
1,240 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 
A– 
1,431,456 
 
 
Refunding Series 2017, 5.000%, 7/01/40 
 
 
 
2,030 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
A– 
2,225,773 
 
 
2013, 5.500%, 7/01/43 
 
 
 
245 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 
A– 
288,858 
 
 
2016, 5.000%, 7/01/27 
 
 
 
500 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 
533,125 
 
 
6.000%, 7/01/47 
 
 
 
25,785 
 
Total Water and Sewer 
 
 
29,779,060 
$ 535,816 
 
Total Long-Term Investments (cost $516,412,122) 
 
 
552,522,472 
 
 
Floating Rate Obligations – (8.1)% 
 
 
(28,405,000) 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (52.1)% (8) 
 
 
(181,819,390) 
 
 
Other Assets Less Liabilities – 1.8% 
 
 
6,477,005 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 348,775,087 
 
45

   
NMY 
Nuveen Maryland Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(5) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. 
(6) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 32.9%. 
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. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
46

   
NMT 
Nuveen Massachusetts Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 151.1% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 151.1% (100.0% of Total Investments) 
 
 
 
 
 
Education and Civic Organizations – 44.1% (29.2% of Total Investments) 
 
 
 
$ 210 
 
Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 5.000%, 
6/26 at 100.00 
N/R 
$ 224,076 
 
 
6/15/49, (WI/DD, Settling 12/03/19) 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0070: 
 
 
 
1,880 
 
14.960%, 10/01/48, 144A (IF) (4) 
10/23 at 100.00 
AA– 
2,713,366 
575 
 
14.879%, 10/01/48, 144A (IF) (4) 
10/23 at 100.00 
AA– 
829,575 
3,515 
 
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, 
10/26 at 100.00 
4,178,316 
 
 
Series 2016, 5.000%, 10/01/39 
 
 
 
2,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, 
7/23 at 100.00 
AA– 
2,456,388 
 
 
5.000%, 7/01/38 
 
 
 
730 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, 
7/27 at 100.00 
AA– 
877,533 
 
 
5.000%, 7/01/42 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: 
 
 
 
2,000 
 
5.000%, 1/01/34 
1/28 at 100.00 
BBB+ 
2,377,980 
2,240 
 
5.000%, 1/01/37 
1/28 at 100.00 
BBB+ 
2,642,192 
1,955 
 
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 
7/26 at 100.00 
A– 
2,288,152 
 
 
5.000%, 7/01/35 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, 
 
 
 
 
 
Series 2015H: 
 
 
 
450 
 
3.500%, 7/01/35 
7/25 at 100.00 
AA 
472,505 
190 
 
5.000%, 7/01/37 
7/25 at 100.00 
AA 
220,322 
1,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 
7/26 at 100.00 
BBB– 
1,348,524 
 
 
5.000%, 7/01/47 
 
 
 
550 
 
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 
10/22 at 100.00 
A1 
601,793 
 
 
2012, 5.000%, 10/01/31 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, 
 
 
 
 
 
Series 2014A: 
 
 
 
875 
 
5.000%, 3/01/39 
3/24 at 100.00 
A1 
993,991 
1,400 
 
5.000%, 3/01/44 
3/24 at 100.00 
A1 
1,584,030 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 
10/23 at 100.00 
BBB+ 
555,555 
 
 
5.250%, 10/01/39 
 
 
 
1,230 
 
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art 
7/25 at 100.00 
AA 
1,449,666 
 
 
Institute, Series 2015, 5.000%, 7/01/33 
 
 
 
450 
 
Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding 
7/29 at 100.00 
Baa2 
544,901 
 
 
Series 2019, 5.000%, 7/01/36 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, 
 
 
 
 
 
Series 2017: 
 
 
 
2,200 
 
5.000%, 4/01/35 
10/27 at 100.00 
AA– 
2,713,062 
1,250 
 
5.000%, 4/01/36 
10/27 at 100.00 
AA– 
1,537,700 
875 
 
Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 
8/25 at 100.00 
Aa2 
1,018,806 
 
 
5.000%, 8/15/38 
 
 
 
1,325 
 
Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 
1/28 at 100.00 
A3 
1,563,911 
 
 
5.000%, 1/01/42 
 
 
 
1,510 
 
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic 
6/28 at 100.00 
AA– 
1,821,181 
 
 
Institution, Series 2018, 5.000%, 6/01/43 
 
 
 
1,365 
 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/22 at 100.00 
A1 
1,472,658 
 
 
Institute, Series 2012, 5.000%, 9/01/50 
 
 
 
 
47

         
NMT 
Nuveen Massachusetts Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 840 
 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/26 at 100.00 
A1 
$ 999,180
 
 
Institute, Series 2016, 5.000%, 9/01/37 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
 
 
 
 
 
Institute, Series 2017: 
 
 
 
550 
 
5.000%, 9/01/42 
9/27 at 100.00 
A1 
652,850 
700 
 
5.000%, 9/01/47 
9/27 at 100.00 
A1 
825,804 
2,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/27 at 100.00 
A1 
2,967,500 
 
 
Institute, Series 2017B, 5.000%, 9/01/42 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic 
9/29 at 100.00 
A1 
1,111,650 
 
 
Institute, Series 2019, 4.000%, 9/01/44 
 
 
 
500 
 
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, 
7/27 at 100.00 
Baa2 
586,825 
 
 
Refunding Series 2017, 5.000%, 7/01/35 
 
 
 
3,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
AA– 
4,445,520 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
2,495 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
7/26 at 100.00 
AA– 
2,939,983 
 
 
Series 2016, 5.000%, 1/01/40 
 
 
 
 
 
Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, 
 
 
 
 
 
Series 1999P: 
 
 
 
1,090 
 
6.000%, 5/15/29 
No Opt. Call 
Aa3 
1,416,891 
1,000 
 
6.000%, 5/15/59 
5/29 at 105.00 
Aa3 
1,317,000 
350 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 
7/21 at 100.00 
AA 
360,892 
 
 
2011J, 5.625%, 7/01/33 (AMT) 
 
 
 
255 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern 
10/20 at 100.00 
A1 
261,663 
 
 
University, Series 2010A, 4.875%, 10/01/35 
 
 
 
2,000 
 
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/24 at 100.00 
Aa2 
2,298,240 
 
 
2014-1, 5.000%, 11/01/44 
 
 
 
4,000 
 
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 
11/25 at 100.00 
Aa2 
4,699,680 
 
 
2015-1, 5.000%, 11/01/40 
 
 
 
50,955 
 
Total Education and Civic Organizations 
 
 
61,369,861 
 
 
Health Care – 31.8% (21.1% of Total Investments) 
 
 
 
1,000 
 
Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue, 
10/24 at 100.00 
AA 
1,124,060 
 
 
Series 2014P, 5.000%, 10/01/46 
 
 
 
1,340 
 
Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 
7/26 at 100.00 
BBB+ 
1,531,258 
 
 
2016I, 5.000%, 7/01/41 
 
 
 
1,410 
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
AA– 
1,565,297 
 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, 
7/24 at 100.00 
A+ 
1,116,820 
 
 
Series 2014N, 5.000%, 7/01/44 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, 
 
 
 
 
 
Series 2012G: 
 
 
 
895 
 
5.000%, 10/01/29 
10/21 at 100.00 
AA– 
953,819 
700 
 
5.000%, 10/01/31 
10/21 at 100.00 
AA– 
744,037 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
7/26 at 100.00 
BBB 
581,885 
 
 
Series 2016E, 5.000%, 7/01/32 
 
 
 
1,675 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding 
7/26 at 100.00 
2,002,563 
 
 
Series 2016-I, 5.000%, 7/01/30 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1: 
 
 
 
900 
 
5.000%, 7/01/30 
7/25 at 100.00 
1,053,189 
1,000 
 
5.000%, 7/01/32 
7/25 at 100.00 
1,164,330 
500 
 
5.000%, 7/01/33 
7/25 at 100.00 
581,180 
 
48


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2: 
 
 
 
$ 1,500 
 
5.000%, 7/01/38 
7/28 at 100.00 
$ 1,807,680 
2,000 
 
5.000%, 7/01/43 
7/28 at 100.00 
2,367,580 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System 
7/22 at 100.00 
BBB 
1,055,940 
 
 
Obligated Group, Series 2012, 5.000%, 7/01/31 
 
 
 
2,800 
 
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute 
12/26 at 100.00 
A1 
3,273,032 
 
 
Issue, Series 2016N, 5.000%, 12/01/46 
 
 
 
3,500 
 
Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated 
8/25 at 100.00 
3,988,495 
 
 
Group Issue, Series 2015F, 5.000%, 8/15/45 
 
 
 
1,080 
 
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center 
7/23 at 100.00 
BB+ 
1,176,509 
 
 
Issue, Series 2014F, 5.750%, 7/15/43 
 
 
 
3,450 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
7/26 at 100.00 
AA– 
4,016,042 
 
 
Issue, Series 2016Q, 5.000%, 7/01/47 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System 
 
 
 
 
 
Issue, Series 2017S-1: 
 
 
 
2,200 
 
5.000%, 7/01/37 
1/28 at 100.00 
AA– 
2,670,822 
2,100 
 
4.000%, 7/01/41 
1/28 at 100.00 
AA– 
2,341,605 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 
7/21 at 100.00 
AA– 
5,271 
 
 
Series 2012L, 5.000%, 7/01/36 
 
 
 
820 
 
Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System 
7/23 at 100.00 
BBB+ 
899,015 
 
 
Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, 
 
 
 
 
 
Series 2013G: 
 
 
 
1,000 
 
5.000%, 7/01/37 
7/23 at 100.00 
BBB+ 
1,105,810 
2,200 
 
5.000%, 7/01/44 
7/23 at 100.00 
BBB+ 
2,411,068 
610 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 
1/27 at 100.00 
A– 
712,407 
 
 
Obligated Group Issue, Series 2017K, 5.000%, 7/01/38 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care 
 
 
 
 
 
Obligated Group Issue, Series 2017L: 
 
 
 
400 
 
3.625%, 7/01/37 
7/27 at 100.00 
A– 
422,248 
1,095 
 
5.000%, 7/01/44 
7/27 at 100.00 
A– 
1,274,131 
445 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 
7/26 at 100.00 
A– 
520,049 
 
 
Series 2016I, 5.000%, 7/01/36 
 
 
 
25 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 
BBB+ 
26,565 
 
 
2011H, 5.500%, 7/01/31 
 
 
 
280 
 
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 
1/29 at 100.00 
BBB+ 
328,908 
 
 
5.000%, 7/01/44 
 
 
 
1,495 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford 
12/19 at 100.00 
BB+ 
1,508,799 
 
 
Regional Medical Center, Series 2007E, 5.000%, 7/15/32 
 
 
 
38,925 
 
Total Health Care 
 
 
44,330,414 
 
 
Housing/Multifamily – 1.1% (0.7% of Total Investments) 
 
 
 
495 
 
Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 
12/19 at 100.00 
AA 
500,500 
 
 
5.000%, 4/01/20 – AGM Insured 
 
 
 
215 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 
12/19 at 100.00 
AA 
217,866 
745 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 
12/28 at 100.00 
AA 
756,495 
1,455 
 
Total Housing/Multifamily 
 
 
1,474,861 
 
 
Long-Term Care – 3.0% (2.0% of Total Investments) 
 
 
 
 
 
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the 
 
 
 
 
 
Charles, Inc Issue, Series 2017: 
 
 
 
1,040 
 
4.125%, 10/01/42, 144A 
10/22 at 105.00 
BB+ 
1,092,863 
250 
 
5.000%, 10/01/47, 144A 
10/22 at 105.00 
BB+ 
274,940 
 
49

   
NMT 
Nuveen Massachusetts Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Long-Term Care (continued) 
 
 
 
$ 460 
 
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community 
7/25 at 100.00 
A+ 
$ 527,730 
 
 
Lennox, Series 2015, 5.000%, 7/01/31 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 
1/23 at 100.00 
BBB 
1,099,500 
 
 
2013A, 5.250%, 1/01/26 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding 
10/24 at 104.00 
BBB+ 
1,123,530 
 
 
Series 2019, 5.000%, 10/01/49 
 
 
 
3,750 
 
Total Long-Term Care 
 
 
4,118,563 
 
 
Tax Obligation/General – 17.1% (11.3% of Total Investments) 
 
 
 
1,250 
 
Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 
2/20 at 100.00 
AA 
1,258,675 
 
 
5.000%, 2/15/32 
 
 
 
640 
 
Massachusetts Bay Transportation Authority, General Obligation Transportation System 
No Opt. Call 
Aa1 
668,576 
 
 
Bonds, Series 1991A, 7.000%, 3/01/21 
 
 
 
1,500 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 
No Opt. Call 
Aa1 
1,602,420 
 
 
8/01/21 – AGM Insured 
 
 
 
2,000 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 
7/25 at 100.00 
Aa1 
2,315,720 
 
 
5.000%, 7/01/45 
 
 
 
3,895 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 
11/27 at 100.00 
Aa1 
4,672,364 
 
 
5.000%, 11/01/46 
 
 
 
4,000 
 
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 
1/29 at 100.00 
Aa1 
5,018,360 
 
 
5.250%, 1/01/44 
 
 
 
1,775 
 
North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 
5/22 at 100.00 
Aa2 
1,926,337 
 
 
2012, 5.000%, 5/15/35 
 
 
 
880 
 
Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/15/20 – 
No Opt. Call 
AAA 
912,173 
 
 
FGIC Insured 
 
 
 
1,950 
 
Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 
9/27 at 100.00 
Aa2 
1,976,266 
 
 
2019, 3.000%, 9/01/42 
 
 
 
 
 
Quincy, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan 
 
 
 
 
 
Series 2011: 
 
 
 
1,280 
 
5.125%, 12/01/33 
12/20 at 100.00 
Aa2 
1,329,126 
2,000 
 
5.250%, 12/01/38 
12/20 at 100.00 
Aa2 
2,078,420 
21,170 
 
Total Tax Obligation/General 
 
 
23,758,437 
 
 
Tax Obligation/Limited – 20.1% (13.3% of Total Investments) 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
2,000 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
2,103,520 
1,310 
 
5.125%, 1/01/42 
1/22 at 100.00 
BB 
1,367,286 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1: 
 
 
 
400 
 
5.000%, 1/01/37 
1/22 at 100.00 
BB 
417,568 
1,115 
 
5.000%, 1/01/42 
1/22 at 100.00 
BB 
1,159,823 
855 
 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 
11/24 at 100.00 
AA 
992,553 
 
 
5.000%, 5/01/33 – BAM Insured 
 
 
 
500 
 
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, 
5/27 at 100.00 
AA 
604,890 
 
 
5.000%, 5/01/35 
 
 
 
1,000 
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 
7/22 at 100.00 
AAA 
1,087,180 
 
 
5.000%, 7/01/41 
 
 
 
770 
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Refunding Senior 
No Opt. Call 
AA 
819,842 
 
 
Lien Series 2004C, 5.250%, 7/01/21 
 
 
 
1,610 
 
Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 
5/24 at 100.00 
Aa2 
1,809,044 
 
 
5.000%, 5/01/44 
 
 
 
1,000 
 
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, 
No Opt. Call 
Aa2 
1,140,650 
 
 
5.375%, 5/01/23 – SYNCORA GTY Insured 
 
 
 
 
50


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,350 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
8/25 at 100.00 
AAA 
$ 1,587,681 
 
 
Refunding Series 2015C, 5.000%, 8/15/37 
 
 
 
1,875 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior 
5/23 at 100.00 
AAA 
2,090,213 
 
 
Series 2013A, 5.000%, 5/15/38 
 
 
 
2,000 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 
2/28 at 100.00 
AA+ 
2,456,480 
 
 
Series 2018A, 5.250%, 2/15/48 
 
 
 
1,500 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated 
2/29 at 100.00 
AA+ 
1,843,800 
 
 
Series 2019A, 5.000%, 2/15/44 
 
 
 
1,070 
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series 
No Opt. Call 
A1 
1,073,199 
 
 
2005, 5.000%, 1/01/20 – FGIC Insured 
 
 
 
1,500 
 
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 
6/25 at 100.00 
AA+ 
1,748,895 
 
 
2015A, 5.000%, 6/01/45 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
863 
 
4.550%, 7/01/40 
7/28 at 100.00 
N/R 
893,404 
4,845 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
949,862 
1,259 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
1,322,894 
775 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 
N/R 
799,382 
 
 
Restructured Cofina Project Series 2019A-2, 4.784%, 7/01/58 
 
 
 
520 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
10/22 at 100.00 
AA 
566,368 
 
 
Series 2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 
10/22 at 100.00 
AA 
1,089,170 
 
 
2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
29,117 
 
Total Tax Obligation/Limited 
 
 
27,923,704 
 
 
Transportation – 9.5% (6.3% of Total Investments) 
 
 
 
400 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA+ 
401,208 
 
 
Commonwealth Contract Assistance Secured, Series 2010B, 5.000%, 1/01/35 
 
 
 
2,500 
 
Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 
7/27 at 100.00 
AA 
2,935,025 
 
 
7/01/47 (AMT) 
 
 
 
1,000 
 
Massachusetts Port Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/30 
7/20 at 100.00 
AA 
1,021,630 
1,000 
 
Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33 
7/22 at 100.00 
AA 
1,089,310 
 
 
Massachusetts Port Authority, Revenue Bonds, Series 2014A: 
 
 
 
1,000 
 
5.000%, 7/01/39 
7/24 at 100.00 
AA 
1,145,300 
2,500 
 
5.000%, 7/01/44 
7/24 at 100.00 
AA 
2,850,400 
 
 
Massachusetts Port Authority, Revenue Bonds, Series 2015A: 
 
 
 
715 
 
5.000%, 7/01/40 
7/25 at 100.00 
AA 
832,989 
1,000 
 
5.000%, 7/01/45 
7/25 at 100.00 
AA 
1,157,290 
1,000 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, 
7/29 at 100.00 
A1 
1,094,320 
 
 
Series 2019A, 4.000%, 7/01/44 (AMT) 
 
 
 
730 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking 
7/21 at 100.00 
A+ 
769,391 
 
 
Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 
 
 
 
11,845 
 
Total Transportation 
 
 
13,296,863 
 
 
U.S. Guaranteed – 15.6% (10.3% of Total Investments) (5) 
 
 
 
2,580 
 
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 (Pre-refunded 
10/20 at 100.00 
AA 
2,662,870 
 
 
10/01/20) – AGM Insured 
 
 
 
2,000 
 
Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General 
2/21 at 100.00 
Aa3 
2,093,440 
 
 
Obligation Bonds, Series 2011, 5.000%, 2/15/41 (Pre-refunded 2/15/21) 
 
 
 
855 
 
Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 
5/22 at 100.00 
Aa2 
933,472 
 
 
5/01/37 (Pre-refunded 5/01/22) 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A: 
 
 
 
1,275 
 
5.000%, 1/01/40 (Pre-refunded 1/01/20) 
1/20 at 100.00 
N/R 
1,278,901 
125 
 
5.000%, 1/01/40 (Pre-refunded 1/01/20) 
1/20 at 100.00 
BBB+ 
125,383 
 
51

   
NMT 
Nuveen Massachusetts Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
$ 2,150 
 
Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 
7/21 at 100.00 
AA 
$ 2,288,460 
 
 
2011B-1, 5.250%, 7/01/33 (Pre-refunded 7/01/21) – AGM Insured 
 
 
 
434 
 
Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, 
11/23 at 100.00 
N/R 
504,182 
 
 
Series 2013A, 6.250%, 11/15/28 (Pre-refunded 11/15/23), 144A 
 
 
 
2,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 
7/20 at 100.00 
AA– 
2,253,482 
 
 
Series 2011K-6, 5.375%, 7/01/41 (Pre-refunded 7/01/20) 
 
 
 
995 
 
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, 
7/21 at 100.00 
N/R 
1,055,197 
 
 
Series 2012L, 5.000%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
1,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art 
7/21 at 100.00 
AA 
1,060,500 
 
 
Institute, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
3,000 
 
Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 
4/21 at 100.00 
Aa3 
3,164,850 
 
 
2011A, 5.250%, 4/01/37 (Pre-refunded 4/01/21) 
 
 
 
475 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 
7/21 at 100.00 
N/R 
507,442 
 
 
2011H, 5.500%, 7/01/31 (Pre-refunded 7/01/21) 
 
 
 
410 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc, 
7/21 at 100.00 
N/R 
430,180 
 
 
Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured 
 
 
 
1,000 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 
10/21 at 100.00 
AAA 
1,072,430 
 
 
2011B, 5.000%, 10/15/41 (Pre-refunded 10/15/21) 
 
 
 
1,500 
 
Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 
6/21 at 100.00 
AA+ 
1,587,165 
 
 
2013A, 5.000%, 6/01/38 (Pre-refunded 6/01/21) 
 
 
 
720 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding 
11/20 at 100.00 
AA 
746,669 
 
 
Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 
 
 
 
20,719 
 
Total U.S. Guaranteed 
 
 
21,764,623 
 
 
Utilities – 1.0% (0.7% of Total Investments) 
 
 
 
1,265 
 
Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts 
7/23 at 100.00 
AA– 
1,421,835 
 
 
Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32 
 
 
 
 
 
Water and Sewer – 7.8% (5.1% of Total Investments) 
 
 
 
565 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/24 at 100.00 
A– 
632,489 
 
 
Refunding Series 2014A, 5.000%, 7/01/29 
 
 
 
1,250 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 
A– 
1,452,788 
 
 
Refunding Series 2017, 5.000%, 7/01/37 
 
 
 
420 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/26 at 100.00 
A– 
473,403 
 
 
2016, 5.000%, 1/01/46 
 
 
 
415 
 
Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 
12/19 at 100.00 
A1 
416,212 
 
 
5.000%, 12/01/32 – NPFG Insured 
 
 
 
1,000 
 
Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 
2/24 at 100.00 
AAA 
1,126,830 
 
 
5.000%, 2/01/45 
 
 
 
60 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 
12/19 at 100.00 
AAA 
60,175 
 
 
5.000%, 8/01/22 
 
 
 
140 
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 
12/19 at 100.00 
AAA 
140,435 
 
 
2002A, 5.250%, 8/01/20 
 
 
 
500 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B, 
8/26 at 100.00 
AA+ 
596,780 
 
 
5.000%, 8/01/40 
 
 
 
1,230 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, 
8/27 at 100.00 
AA+ 
1,486,701 
 
 
5.000%, 8/01/42 
 
 
 
2,000 
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 
8/29 at 100.00 
AA+ 
2,489,260 
 
 
5.000%, 8/01/44 
 
 
 
1,000 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/27 at 100.00 
AA 
1,213,390 
 
 
2017C, 5.000%, 4/15/37 
 
 
 
 
52


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Water and Sewer (continued) 
 
 
 
$ 635 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 
4/29 at 100.00 
AA 
$ 723,240 
 
 
2019E, 4.000%, 4/15/38 
 
 
 
9,215 
 
Total Water and Sewer 
 
 
10,811,703 
$ 188,416 
 
Total Long-Term Investments (cost $195,366,628) 
 
 
210,270,864 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (53.0)% (6) 
 
 
(73,734,155) 
 
 
Other Assets Less Liabilities – 1.9% 
 
 
2,612,237 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 139,148,946 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.1%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
53

   
NMS 
Nuveen Minnesota Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 155.9% (98.5% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 155.9% (98.5% of Total Investments) 
 
 
 
 
 
Consumer Staples – 0.8% (0.5% of Total Investments) 
 
 
 
$ 700 
 
Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar 
6/20 at 100.00 
BBB+ 
$ 710,906 
 
 
Company Project, Series 2010, 5.650%, 6/01/27 
 
 
 
 
 
Education and Civic Organizations – 30.5% (19.3% of Total Investments) 
 
 
 
50 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 
N/R 
53,209 
 
 
Project, Series 2016A, 5.000%, 7/01/36 
 
 
 
500 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 
N/R 
515,750 
 
 
Project,Series 2016A, 4.000%, 7/01/28 
 
 
 
830 
 
City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science 
12/20 at 102.00 
BBB– 
861,457 
 
 
Academy Building Company, Series 2012A, 5.000%, 12/01/43 
 
 
 
250 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, 
7/25 at 100.00 
BB+ 
271,195 
 
 
Series 2015A, 5.250%, 7/01/40 
 
 
 
570 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 102.00 
BB+ 
610,265 
 
 
Academy, Series 2014A, 5.750%, 8/01/44 
 
 
 
750 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/27 at 102.00 
BB+ 
828,143 
 
 
Academy, Series 2019A, 5.250%, 8/01/43 
 
 
 
100 
 
Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of 
7/26 at 100.00 
N/R 
101,960 
 
 
Performing Arts Project, Series 2016A, 5.000%, 7/01/47 
 
 
 
2,200 
 
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 
7/24 at 100.00 
BB+ 
2,308,020 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
1,575 
 
Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, 
7/26 at 100.00 
N/R 
1,623,415 
 
 
Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, 
 
 
 
 
 
Series 2013A: 
 
 
 
300 
 
6.000%, 7/01/33 
7/23 at 100.00 
BB+ 
327,327 
1,425 
 
6.000%, 7/01/43 
7/23 at 100.00 
BB+ 
1,534,825 
 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
750 
 
5.000%, 5/01/37 
5/27 at 100.00 
BBB– 
867,000 
2,000 
 
5.000%, 5/01/47 
5/27 at 100.00 
BBB– 
2,271,500 
1,580 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, 
3/27 at 100.00 
Aa2 
1,754,590 
 
 
Refunding Series 2017, 4.000%, 3/01/42 
 
 
 
1,000 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of Saint 
12/29 at 100.00 
Baa2 
1,100,890 
 
 
Scholastica, Inc, Refunding Series 2019, 4.000%, 12/01/40 
 
 
 
305 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St Benedict, 
3/26 at 100.00 
Baa1 
320,866 
 
 
Series 2016-8K, 4.000%, 3/01/43 
 
 
 
600 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, 
3/27 at 100.00 
Aa3 
655,380 
 
 
Refunding Series 2017, 4.000%, 3/01/48 
 
 
 
225 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine 
10/28 at 100.00 
Baa1 
261,371 
 
 
University, Refunding Series 2018A, 5.000%, 10/01/45 
 
 
 
770 
 
Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint 
10/29 at 100.00 
A2 
951,281 
 
 
Thomas, Series 2019, 5.000%, 10/01/40 
 
 
 
705 
 
Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School 
9/24 at 100.00 
BB– 
731,445 
 
 
Project, Series 2014A, 5.000%, 9/01/44 
 
 
 
450 
 
Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, 
12/21 at 100.00 
BBB– 
473,963 
 
 
Series 2004A, 5.500%, 12/01/33 
 
 
 
 
54


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 300 
 
Rice County, Minnesota Educational Facility Revenue Bonds, Shattuck Saint Mary’s School 
No Opt. Call 
BB+ 
$ 314,808 
 
 
Project, Series 2015, 5.000%, 8/01/22, 144A 
 
 
 
1,250 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
12/29 at 100.00 
BBB– 
1,297,037 
 
 
Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 
 
 
 
500 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/20 at 101.00 
BB+ 
511,590 
 
 
Bonds, Hmong Education Reform Company, Series 2012A, 5.250%, 9/01/32 
 
 
 
1,100 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
9/21 at 100.00 
BBB– 
1,176,406 
 
 
Bonds, Nova Classical Academy, Series 2011A, 6.375%, 9/01/31 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
 
 
 
 
 
Bonds, Twin Cities Academy Project, Series 2015A: 
 
 
 
360 
 
5.300%, 7/01/45 
7/25 at 100.00 
BB 
387,652 
510 
 
5.375%, 7/01/50 
7/25 at 100.00 
BB 
549,749 
1,680 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue 
7/23 at 100.00 
BB+ 
1,768,049 
 
 
Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 
 
 
 
800 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 
12/22 at 100.00 
BBB– 
836,888 
 
 
Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 
 
 
 
390 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint 
3/23 at 100.00 
BB+ 
392,952 
 
 
Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 
 
 
 
1,000 
 
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series 
10/26 at 100.00 
N/R 
1,009,140 
 
 
2016A, 5.000%, 10/01/41 
 
 
 
500 
 
St Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, 
12/26 at 102.00 
BBB– 
548,060 
 
 
Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 
 
 
 
25,325 
 
Total Education and Civic Organizations 
 
 
27,216,183 
 
 
Health Care – 32.7% (20.7% of Total Investments) 
 
 
 
250 
 
Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, 
3/26 at 100.00 
N/R 
267,545 
 
 
Refunding Series 2016, 4.000%, 3/01/32 
 
 
 
180 
 
City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health 
4/27 at 100.00 
BBB 
203,078 
 
 
Services Project, Series 2017, 5.000%, 4/01/41 
 
 
 
 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
 
 
 
 
 
Essentia Health Obligated Group, Series 2018A: 
 
 
 
700 
 
5.000%, 2/15/43 
2/28 at 100.00 
A– 
834,351 
3,250 
 
5.000%, 2/15/48 
2/28 at 100.00 
A– 
3,858,660 
2,000 
 
5.000%, 2/15/53 
2/28 at 100.00 
A– 
2,358,560 
500 
 
5.000%, 2/15/58 
2/28 at 100.00 
A– 
587,620 
 
 
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 
416,720 
230 
 
4.000%, 4/01/31 
4/22 at 100.00 
BBB 
238,581 
500 
 
Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial 
9/25 at 100.00 
Baa1 
539,360 
 
 
Health Care, Series 2015, 4.000%, 9/01/35 
 
 
 
 
 
Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, 
 
 
 
 
 
Series 2017: 
 
 
 
200 
 
5.000%, 5/01/31 
5/27 at 100.00 
Baa1 
239,374 
165 
 
5.000%, 5/01/32 
5/27 at 100.00 
Baa1 
196,741 
 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 
 
 
 
 
 
Series 2015A: 
 
 
 
265 
 
4.000%, 11/15/40 
11/25 at 100.00 
A+ 
286,810 
1,000 
 
5.000%, 11/15/44 
11/25 at 100.00 
A+ 
1,150,940 
 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, 
 
 
 
 
 
Series 2018A: 
 
 
 
1,500 
 
4.000%, 11/15/48 
11/28 at 100.00 
A+ 
1,641,030 
1,500 
 
5.000%, 11/15/49 
11/28 at 100.00 
A+ 
1,788,585 
 
55

         
NMS 
Nuveen Minnesota Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
$ 710 
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
12/20 at 100.00 
N/R 
$ 716,781 
 
 
Refunding Series 2013A, 4.400%, 12/01/33 
 
 
 
 
 
Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, 
 
 
 
 
 
Series 2013C: 
 
 
 
240 
 
4.500%, 12/01/25 
12/20 at 100.00 
N/R 
244,121 
190 
 
4.750%, 12/01/27 
12/20 at 100.00 
N/R 
193,618 
160 
 
5.000%, 12/01/28 
12/20 at 100.00 
N/R 
163,179 
310 
 
5.400%, 12/01/33 
12/20 at 100.00 
N/R 
316,383 
915 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, 
5/28 at 100.00 
AA 
1,023,784 
 
 
4.000%, 11/15/48 
 
 
 
30 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, 
5/20 at 100.00 
AA– 
30,458 
 
 
Series 2010A, 5.125%, 5/01/30 
 
 
 
635 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series 
5/26 at 100.00 
AA– 
695,979 
 
 
2016A, 4.000%, 5/01/37 
 
 
 
 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, 
 
 
 
 
 
Series 2019: 
 
 
 
500 
 
5.000%, 5/01/48 
5/29 at 100.00 
AA– 
605,340 
750 
 
4.000%, 5/01/49 
5/29 at 100.00 
AA– 
825,870 
4,000 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue 
7/25 at 100.00 
A+ 
4,325,120 
 
 
Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, 
 
 
 
 
 
Fairview Health Services, Series 2017A: 
 
 
 
245 
 
4.000%, 11/15/36 
11/27 at 100.00 
A+ 
273,173 
240 
 
4.000%, 11/15/37 
11/27 at 100.00 
A+ 
265,718 
2,170 
 
4.000%, 11/15/43 
11/27 at 100.00 
A+ 
2,372,960 
1,000 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
12/19 at 100.00 
N/R 
1,001,950 
 
 
Project, Series 2007-1, 5.000%, 8/01/36 
 
 
 
 
 
Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional 
 
 
 
 
 
Medical Center, Refunding Series 2014: 
 
 
 
765 
 
4.000%, 9/01/31 
9/24 at 100.00 
818,925 
630 
 
5.000%, 9/01/34 
9/24 at 100.00 
703,546 
26,130 
 
Total Health Care 
 
 
29,184,860 
 
 
Housing/Multifamily – 4.3% (2.7% of Total Investments) 
 
 
 
1,700 
 
Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments 
6/20 at 100.00 
Aaa 
1,722,559 
 
 
Project, Series 2010, 4.500%, 6/01/26 
 
 
 
 
 
Minnesota Housing Finance Agency, Rental Housing Revenue Bonds, Series 2011: 
 
 
 
355 
 
5.050%, 8/01/31 
8/21 at 100.00 
AA+ 
371,614 
1,700 
 
5.450%, 8/01/41 
8/21 at 100.00 
AA+ 
1,777,469 
3,755 
 
Total Housing/Multifamily 
 
 
3,871,642 
 
 
Housing/Single Family – 1.0% (0.6% of Total Investments) 
 
 
 
14 
 
Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue 
12/19 at 100.00 
AA+ 
14,159 
 
 
Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (AMT) 
 
 
 
125 
 
Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed 
7/21 at 100.00 
Aaa 
125,551 
 
 
Securities Program, Series 2011D, 4.700%, 1/01/31 
 
 
 
55 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, 
1/23 at 100.00 
AA+ 
56,647 
 
 
3.900%, 7/01/43 
 
 
 
35 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 
7/24 at 100.00 
AA+ 
36,534 
 
 
3.500%, 1/01/32 
 
 
 
130 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2015F, 
7/25 at 100.00 
AA+ 
137,609 
 
 
3.300%, 7/01/29 
 
 
 
320 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2017A, 
1/27 at 100.00 
AA+ 
324,438 
 
 
3.200%, 7/01/30 (AMT) 
 
 
 
 
56


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Housing/Single Family (continued) 
 
 
 
$ 170 
 
Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2018A, 
7/27 at 100.00 
AA+ 
$ 180,202 
 
 
3.625%, 7/01/32 (AMT) 
 
 
 
849 
 
Total Housing/Single Family 
 
 
875,140 
 
 
Industrials – 2.3% (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+ 
1,456,672 
600 
 
4.750%, 6/01/39 
6/21 at 100.00 
A+ 
626,934 
2,000 
 
Total Industrials 
 
 
2,083,606 
 
 
Long-Term Care – 14.9% (9.4% of Total Investments) 
 
 
 
805 
 
Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at 
11/24 at 100.00 
N/R 
847,560 
 
 
Anoka, Inc Project, Series 2014, 5.125%, 11/01/49 
 
 
 
380 
 
Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford 
11/24 at 100.00 
Baa1 
399,733 
 
 
Foundation Project, Series 2014, 4.000%, 11/01/39 
 
 
 
875 
 
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc, 
3/20 at 100.00 
N/R 
877,319 
 
 
Refunding Series 2013, 5.200%, 3/01/43 
 
 
 
 
 
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc, 
 
 
 
 
 
Refunding Series 2015: 
 
 
 
175 
 
5.250%, 1/01/40 
1/23 at 100.00 
N/R 
176,822 
850 
 
5.250%, 1/01/46 
1/23 at 100.00 
N/R 
856,435 
500 
 
Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, 
8/22 at 100.00 
N/R 
519,265 
 
 
Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A 
 
 
 
1,000 
 
Maple Plain, Minnesota Senior Housing and Healthcare Revenue Bonds, Haven Homes, Inc 
7/25 at 102.00 
N/R 
1,066,130 
 
 
Project, Series 2019, 5.000%, 7/01/54 
 
 
 
1,350 
 
Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding 
11/22 at 100.00 
N/R 
1,384,303 
 
 
Series 2012, 4.750%, 11/15/28 
 
 
 
750 
 
Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill 
5/23 at 100.00 
N/R 
785,438 
 
 
City Project, Series 2015, 5.250%, 11/01/45 
 
 
 
500 
 
Rochester, Minnesota, Health Care and Housing Revenue Bonds, Samaritan Bethany, Inc 
8/25 at 100.00 
N/R 
527,670 
 
 
Project, Refunding Series 2017A, 5.000%, 8/01/48 
 
 
 
215 
 
Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of 
7/24 at 102.00 
N/R 
225,797 
 
 
Country Manor Project, Series 2019 A, 5.000%, 7/01/55 
 
 
 
1,300 
 
Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview 
6/26 at 100.00 
N/R 
1,373,944 
 
 
Home Project, Series 2016B, 4.900%, 6/01/49 
 
 
 
500 
 
Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care 
5/23 at 100.00 
N/R 
512,620 
 
 
Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 
 
 
 
1,070 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, 
4/20 at 100.00 
N/R 
1,073,090 
 
 
Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33 
 
 
 
100 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health 
11/20 at 100.00 
N/R 
100,632 
 
 
Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42 
 
 
 
 
 
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 
526,495 
350 
 
4.125%, 9/01/35 
9/24 at 100.00 
N/R 
367,595 
585 
 
Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd 
1/23 at 100.00 
N/R 
603,006 
 
 
Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 
 
 
 
1,000 
 
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, 
8/24 at 102.00 
N/R 
1,097,320 
 
 
Refunding Series 2019, 5.000%, 8/01/54 
 
 
 
12,805 
 
Total Long-Term Care 
 
 
13,321,174 
 
57

   
NMS 
Nuveen Minnesota Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Materials – 3.1% (1.9% of Total Investments) 
 
 
 
$ 2,650 
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint 
10/22 at 100.00 
BBB– 
$ 2,740,869 
 
 
Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (AMT), 144A 
 
 
 
 
 
Tax Obligation/General – 26.9% (17.0% of Total Investments) 
 
 
 
1,000 
 
Bloomington Independent School District 271, Hennepin County, Minnesota, General 
2/27 at 100.00 
AAA 
1,110,450 
 
 
Obligation Bonds, Facilities Maintenance, Series 2017A, 4.000%, 2/01/40 
 
 
 
 
 
Brainerd Independent School District 181, Crow Wing County, Minnesota, General 
 
 
 
 
 
Obligation Bonds, Facilities Maintenance Series 2018D: 
 
 
 
1,015 
 
4.000%, 2/01/38 
2/27 at 100.00 
AAA 
1,127,421 
1,055 
 
4.000%, 2/01/39 
2/27 at 100.00 
AAA 
1,168,011 
 
 
Brainerd Independent School District 181, Crow Wing County, Minnesota, General 
 
 
 
 
 
Obligation Bonds, School Building Series 2018A: 
 
 
 
500 
 
4.000%, 2/01/38 
2/27 at 100.00 
AAA 
555,380 
1,000 
 
4.000%, 2/01/42 
2/27 at 100.00 
AAA 
1,101,850 
1,020 
 
Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, 
2/27 at 100.00 
Aa2 
1,108,893 
 
 
Series 2018A, 4.000%, 2/01/43 
 
 
 
300 
 
Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation 
2/25 at 67.23 
AAA 
177,363 
 
 
Bonds, School Building Series 2015A, 0.000%, 2/01/35 
 
 
 
1,000 
 
Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, 
2/25 at 100.00 
Aa2 
1,081,030 
 
 
General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 
 
 
 
500 
 
Forest Lake, Washington County, Minnesota, General Obligation Bonds, Series 2019A, 
2/29 at 100.00 
AA+ 
585,650 
 
 
4.000%, 2/01/32, (WI/DD, Settling 12/12/19) 
 
 
 
 
 
Hermantown Independent School District 700, Minnesota, General Obligation Bonds, School 
 
 
 
 
 
Building Series 2015A: 
 
 
 
940 
 
0.000%, 2/01/37 
2/24 at 56.07 
Aa2 
474,136 
1,075 
 
0.000%, 2/01/38 
2/24 at 53.49 
Aa2 
516,570 
2,000 
 
Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, 
2/27 at 100.00 
AAA 
2,198,180 
 
 
School Building Series 2018A, 4.000%, 2/01/42 
 
 
 
585 
 
Independent School District 625, St Paul, Minnesota, General Obligation Bonds, School 
2/27 at 100.00 
AAA 
612,507 
 
 
Building Series 2019A, 3.000%, 2/01/32 
 
 
 
345 
 
Lake Crystal, Minnesota, General Obligation Bonds, Series 2019A, 3.000%, 12/15/33 
12/27 at 100.00 
AA 
363,934 
1,500 
 
Mankato Independent School District 77, Minnesota, General Obligation Bonds, School 
2/24 at 100.00 
AAA 
1,636,065 
 
 
Building Series 2014A, 4.000%, 2/01/30 
 
 
 
500 
 
Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation 
2/28 at 100.00 
AAA 
571,125 
 
 
Bonds, Long-Term Facilities Maintenance Series 2017B, 4.000%, 2/01/36 
 
 
 
1,345 
 
Minneapolis, Minnesota, General Obligation Bonds, Improvement & Various Purpose Series 
12/26 at 100.00 
AAA 
1,494,362 
 
 
2018, 4.000%, 12/01/40 
 
 
 
1,000 
 
Richfield Independent School District 280, Hennepin County, Minnesota, General 
2/27 at 100.00 
AAA 
1,103,510 
 
 
Obligation Bonds, School Buildings Series 2018A, 4.000%, 2/01/40 
 
 
 
1,000 
 
Roseville Independent School District 623, Ramsey County, Minnesota, General Obligation 
2/27 at 100.00 
Aa2 
1,109,350 
 
 
Bonds, Series 1994, 4.000%, 2/01/37 
 
 
 
1,000 
 
Saint James Independent School District 840, Minnesota, General Obligation Bonds, School 
2/26 at 100.00 
AAA 
1,093,080 
 
 
Building Series 2015B, 4.000%, 2/01/45 
 
 
 
1,000 
 
Sartell Independent School District 748, Stearns County, Minnesota, General Obligation 
2/25 at 62.98 
Aa2 
548,210 
 
 
Bonds, School Building Capital Appreciation Series 2016B, 0.000%, 2/01/39 
 
 
 
1,500 
 
Sibley East Independent School District 2310, Sibley, Minnesota, General Obligation 
2/25 at 100.00 
Aa2 
1,610,010 
 
 
Bonds, School Building Series 2015A, 4.000%, 2/01/40 
 
 
 
1,970 
 
Wayzata Independent School District 284, Hennepin County, Minnesota, General Obligation 
2/23 at 100.00 
AAA 
2,051,026 
 
 
Bonds, School Building Series 2014A, 3.500%, 2/01/31 
 
 
 
500 
 
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 
2/27 at 100.00 
AAA 
556,000 
 
 
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 
 
 
 
23,650 
 
Total Tax Obligation/General 
 
 
23,954,113 
 
58


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited – 15.2% (9.6% of Total Investments) 
 
 
 
$ 1,000 
 
Anoka-Hennepin Independent School District 11, Minnesota, Certificates of Participation, 
2/23 at 100.00 
A+ 
$ 1,040,670 
 
 
Series 2015A, 4.000%, 2/01/41 
 
 
 
1,600 
 
Duluth Independent School District 709, Minnesota, Certificates of Participation, 
2/22 at 77.70 
Aa2 
1,182,464 
 
 
Capital Appreciation Series 2012A, 0.000%, 2/01/28 – AGM Insured 
 
 
 
125 
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding 
3/23 at 100.00 
N/R 
128,871 
 
 
Series 2015, 4.000%, 3/01/30 
 
 
 
500 
 
Minneapolis, Minnesota, Tax Increment Revenue Bonds, Ivy Tower Project, Series 2015, 
3/24 at 100.00 
N/R 
524,185 
 
 
5.000%, 3/01/29 
 
 
 
375 
 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/25 at 100.00 
AA+ 
412,714 
 
 
Series 2016C, 4.000%, 8/01/35 
 
 
 
200 
 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/27 at 100.00 
AA+ 
226,670 
 
 
Series 2017A, 4.000%, 8/01/35 
 
 
 
500 
 
Minnesota Housing Finance Agency, Housing Infrastructure State Appropriation Bonds, 
8/28 at 100.00 
AA+ 
546,220 
 
 
Series 2018D, 4.000%, 8/01/39 
 
 
 
2,230 
 
Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 
8/21 at 100.00 
AA+ 
2,364,915 
 
 
2011, 5.000%, 8/01/31 
 
 
 
1,000 
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 
A2 
1,052,490 
 
 
Certificates of Participation, Series 2015A, 3.750%, 2/01/36 
 
 
 
750 
 
Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, 
2/25 at 100.00 
A2 
802,605 
 
 
Certificates of Participation, Series 2015B, 4.000%, 2/01/42 
 
 
 
 
 
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 
167,890 
500 
 
4.000%, 2/01/38 
2/25 at 100.00 
A1 
538,290 
 
 
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 
470,852 
895 
 
5.250%, 4/01/43 
4/23 at 100.00 
N/R 
920,489 
 
 
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 
512,175 
500 
 
5.000%, 3/01/29 
3/20 at 102.00 
N/R 
511,890 
1,150 
 
Saint Paul Independent School District 625, Ramsey County, Minnesota, Certificates of 
2/29 at 100.00 
AAA 
1,337,818 
 
 
Participation, Series 2019B, 4.000%, 2/01/31 
 
 
 
800 
 
Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 3.750%, 11/01/33 
11/24 at 100.00 
A+ 
853,728 
13,225 
 
Total Tax Obligation/Limited 
 
 
13,594,936 
 
 
Transportation – 3.4% (2.1% of Total Investments) 
 
 
 
750 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
7/29 at 100.00 
A+ 
906,922 
 
 
Refunding Subordinate Lien Series 2019B, 5.000%, 1/01/49 (AMT) 
 
 
 
1,600 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/27 at 100.00 
AA– 
1,891,552 
 
 
Senior Lien Series 2016C, 5.000%, 1/01/46 
 
 
 
200 
 
Minneapolis-St Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, 
1/20 at 100.00 
A+ 
200,426 
 
 
Subordinate Lien Series 2010D, 4.000%, 1/01/23 (AMT) 
 
 
 
2,550 
 
Total Transportation 
 
 
2,998,900 
 
 
U.S. Guaranteed – 6.9% (4.4% of Total Investments) (4) 
 
 
 
390 
 
Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, 
6/20 at 102.00 
N/R 
405,156 
 
 
Series 2012A, 5.000%, 6/01/43 (Pre-refunded 6/01/20) 
 
 
 
470 
 
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, 
5/20 at 100.00 
N/R 
477,656 
 
 
Series 2010A, 5.125%, 5/01/30 (Pre-refunded 5/01/20) 
 
 
 
580 
 
St Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, 
11/25 at 100.00 
N/R 
702,119 
 
 
HealthEast Inc, Series 2015A, 5.000%, 11/15/44 (Pre-refunded 11/15/25) 
 
 
 
 
59

         
NMS 
Nuveen Minnesota Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed (4) (continued) 
 
 
 
$ 2,000 
 
University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29 
12/20 at 100.00 
Aa1 
$ 2,081,460 
 
 
(Pre-refunded 12/01/20) 
 
 
 
 
 
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, 
 
 
 
 
 
Series 2014A: 
 
 
 
1,000 
 
4.000%, 1/01/40 (Pre-refunded 1/01/24) 
1/24 at 100.00 
Aa3 
1,114,480 
1,200 
 
5.000%, 1/01/46 (Pre-refunded 1/01/24) 
1/24 at 100.00 
Aa3 
1,385,076 
5,640 
 
Total U.S. Guaranteed 
 
 
6,165,947 
 
 
Utilities – 13.4% (8.5% of Total Investments) 
 
 
 
500 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 
10/24 at 100.00 
A1 
539,960 
 
 
4.000%, 10/01/33 
 
 
 
965 
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2016, 5.000%, 10/01/35 
10/26 at 100.00 
A1 
1,152,133 
1,200 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 
12/26 at 100.00 
Aa3 
1,415,028 
 
 
5.000%, 12/01/47 
 
 
 
500 
 
Saint Paul Port Authority, Minnesota, District Energy Revenue Bonds, Series 2017-3, 
10/27 at 100.00 
A– 
548,645 
 
 
4.000%, 10/01/42 
 
 
 
 
 
Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, 
 
 
 
 
 
Series 1994A: 
 
 
 
1,100 
 
0.000%, 1/01/23 – NPFG Insured 
No Opt. Call 
A+ 
1,054,537 
3,070 
 
0.000%, 1/01/24 – NPFG Insured 
No Opt. Call 
A+ 
2,893,321 
100 
 
0.000%, 1/01/26 – NPFG Insured 
No Opt. Call 
A+ 
90,362 
3,500 
 
Western Minnesota Municipal Power Agency, Minnesota, Power Supply Revenue Bonds, Series 
7/28 at 100.00 
Aa3 
4,257,155 
 
 
2018A, 5.000%, 1/01/49 
 
 
 
10,935 
 
Total Utilities 
 
 
11,951,141 
 
 
Water and Sewer – 0.5% (0.3% of Total Investments) 
 
 
 
415 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 
A– 
479,076 
 
 
Refunding Series 2017, 5.000%, 7/01/40 
 
 
 
$ 130,629 
 
Total Long-Term Investments (cost $130,229,317) 
 
 
139,148,493 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
SHORT-TERM INVESTMENTS – 2.4% (1.5% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 2.4% (1.5% of Total Investments) 
 
 
 
 
 
Education and Civic Organizations – 0.4% (0.2% of Total Investments) 
 
 
 
$ 300 
 
Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Variable Rate Demand 
2/20 at 100.00 
A-1 
$ 300,000 
 
 
Obligation Series 1997B, 1.500%, 12/01/27 (Mandatory Put 1/09/20) (5) 
 
 
 
 
 
Health Care – 2.0% (1.3% of Total Investments) 
 
 
 
1,800 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Variable Rate Demand Obligation, 
1/20 at 100.00 
A-1+ 
1,800,000 
 
 
Mayo Clinic, Series 2011, 0.950%, 11/15/38 (Mandatory Put 1/15/20) (5) 
 
 
 
$ 2,100 
 
Total Short-Term Investments (cost $2,100,000) 
 
 
2,100,000 
 
 
Total Investments (cost $132,329,317) – 158.3% 
 
 
141,248,493 
 
 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (59.0)% (6) 
 
 
(52,664,544) 
 
 
Other Assets Less Liabilities – 0.7% 
 
 
668,537 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 89,252,486 
 
60


   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(5) 
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. 
(6) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 37.3%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
61

   
NOM 
Nuveen Missouri Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 155.0% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 155.0% (100.0% of Total Investments) 
 
 
 
 
 
Consumer Staples – 4.1% (2.6% of Total Investments) 
 
 
 
$ 1,055 
 
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and 
No Opt. Call 
AA– 
$ 1,333,668 
 
 
Gamble Inc., Series 1999, 5.200%, 3/15/29 (AMT) 
 
 
 
 
 
Education and Civic Organizations – 16.9% (10.9% of Total Investments) 
 
 
 
300 
 
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 
11/24 at 100.00 
AA+ 
328,431 
 
 
4.000%, 11/01/33 
 
 
 
410 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
6/23 at 100.00 
A1 
456,096 
 
 
Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33 
 
 
 
750 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
5/23 at 100.00 
BBB 
810,052 
 
 
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
600 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
10/22 at 100.00 
BBB– 
629,886 
 
 
Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 
 
 
 
725 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue 
10/23 at 100.00 
A+ 
814,574 
 
 
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
1,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis 
10/25 at 100.00 
AA– 
1,078,210 
 
 
University, Series 2015A, 4.000%, 10/01/42 
 
 
 
500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis 
4/29 at 100.00 
AA– 
606,580 
 
 
University, Series 2019A, 5.000%, 10/01/46 
 
 
 
550 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington 
11/21 at 100.00 
AA+ 
587,208 
 
 
University, Series 2011B, 5.000%, 11/15/37 
 
 
 
115 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/27 at 100.00 
Baa1 
119,969 
 
 
Refunding Series 2017, 4.000%, 4/01/34 
 
 
 
100 
 
Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, 
10/23 at 100.00 
N/R 
103,332 
 
 
Missouri Valley College, Series 2017, 4.500%, 10/01/40 
 
 
 
5,050 
 
Total Education and Civic Organizations 
 
 
5,534,338 
 
 
Financials – 0.0% (0.0% of Total Investments) 
 
 
 
43 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
No Opt. Call 
N/R 
5,978 
 
 
Series 2007A Sr. Bond, 0.000%, 8/01/41 (4) 
 
 
 
132 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable-Exempt Trust 
No Opt. Call 
N/R 
6,601 
 
 
Unit, Series 2007A Sr. Bonds, 0.000%, 8/01/41 (4) 
 
 
 
175 
 
Total Financials 
 
 
12,579 
 
 
Health Care – 36.6% (23.6% of Total Investments) 
 
 
 
300 
 
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 
8/26 at 100.00 
BBB 
317,976 
 
 
2016, 5.000%, 8/01/30 
 
 
 
400 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities 
3/27 at 100.00 
BBB– 
457,964 
 
 
Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 
 
 
 
170 
 
Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue 
12/25 at 100.00 
N/R 
178,580 
 
 
Bonds, Cameron Regional Medical Center, Inc., Series 2017B, 4.400%, 12/01/34 
 
 
 
250 
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
10/27 at 100.00 
A– 
286,348 
 
 
Hannibal Regional Healthcare System, Series 2017, 5.000%, 10/01/47 
 
 
 
200 
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
2/21 at 100.00 
208,444 
 
 
Freeman Health System, Series 2011, 5.500%, 2/15/31 
 
 
 
315 
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, 
2/24 at 100.00 
351,282 
 
 
Freeman Health System, Series 2015, 5.000%, 2/15/35 
 
 
 
500 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
1/25 at 100.00 
AA 
532,955 
 
 
BJC Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
 
62


           
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, 
7/26 at 100.00 
AA 
$ 539,855 
 
 
BJC Health System, Variable Rate Demand Obligation Series 2013C, 4.000%, 1/01/50 (Mandatory 
 
 
 
 
 
Put 1/01/46) 
 
 
 
750 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
1/28 at 100.00 
AA 
812,378 
 
 
BJC Health System, Series 2017D, 4.000%, 1/01/58 (UB) (5) 
 
 
 
540 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/20 at 100.00 
Baa2 
555,638 
 
 
Capital Region Medical Center, Series 2011, 5.000%, 11/01/27 
 
 
 
1,730 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
1,886,547 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/44 
 
 
 
415 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/25 at 100.00 
A2 
482,774 
 
 
CoxHealth, Series 2015A, 5.000%, 11/15/32 
 
 
 
335 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 
AA– 
356,283 
 
 
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37 
 
 
 
290 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/22 at 100.00 
AA– 
302,125 
 
 
Mercy Health, Series 2012, 4.000%, 11/15/42 
 
 
 
550 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/24 at 100.00 
AA– 
589,913 
 
 
Mercy Health, Series 2014F, 4.250%, 11/15/48 
 
 
 
515 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/27 at 100.00 
AA– 
609,348 
 
 
Mercy Health, Series 2017C, 5.000%, 11/15/47 
 
 
 
500 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
12/21 at 100.00 
A+ 
533,565 
 
 
Saint Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 
 
 
 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, 
11/20 at 100.00 
A+ 
2,061,140 
 
 
Saint Luke’s Health System, Series 2010A, 5.000%, 11/15/30 
 
 
 
350 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Children’s Mercy 
5/25 at 102.00 
A+ 
371,836 
 
 
Hospital, Series 2017A, 4.000%, 5/15/48 
 
 
 
500 
 
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue 
11/25 at 100.00 
N/R 
549,255 
 
 
Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016, 5.000%, 11/15/46 
 
 
 
11,110 
 
Total Health Care 
 
 
11,984,206 
 
 
Housing/Single Family – 0.6% (0.4% of Total Investments) 
 
 
 
175 
 
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First 
11/26 at 100.00 
AA+ 
187,028 
 
 
Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 
 
 
 
 
 
Long-Term Care – 11.7% (7.6% of Total Investments) 
 
 
 
190 
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The 
5/25 at 100.00 
N/R 
193,048 
 
 
Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33 
 
 
 
250 
 
Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The 
12/19 at 100.00 
N/R 
250,085 
 
 
Sarah Community Project, Series 2013, 4.500%, 5/01/28 
 
 
 
100 
 
Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, 
5/27 at 100.00 
BB 
113,633 
 
 
Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 
 
 
 
250 
 
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village 
8/24 at 100.00 
BB+ 
269,807 
 
 
Obligated Group, Series 2014A, 5.250%, 8/15/39 
 
 
 
250 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/21 at 100.00 
BBB 
261,680 
 
 
Services Projects, Series 2011, 6.000%, 2/01/41 
 
 
 
 
 
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 
423,011 
500 
 
5.000%, 2/01/44 
2/24 at 100.00 
BBB 
542,915 
300 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/26 at 100.00 
BBB 
336,618 
 
 
Services Projects, Series 2016B, 5.000%, 2/01/46 
 
 
 
200 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/24 at 104.00 
BBB 
224,706 
 
 
Services Projects, Series 2019A, 5.000%, 2/01/42 
 
 
 
100 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior 
2/29 at 100.00 
BBB 
104,665 
 
 
Services Projects, Series 2019C, 4.000%, 2/01/48 
 
 
 
 
63

         
NOM 
Nuveen Missouri Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Long-Term Care (continued) 
 
 
 
 
 
Saint 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 
BB+ 
$ 265,647 
250 
 
5.000%, 9/01/42 
9/22 at 100.00 
BB+ 
262,933 
430 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/23 at 100.00 
BB+ 
477,481 
 
 
Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
100 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint 
12/25 at 100.00 
N/R 
109,001 
 
 
Andrew’s Resources for Seniors, Series 2015A, 5.125%, 12/01/45 
 
 
 
3,555 
 
Total Long-Term Care 
 
 
3,835,230 
 
 
Tax Obligation/General – 24.6% (15.9% of Total Investments) 
 
 
 
500 
 
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation 
3/22 at 100.00 
A+ 
531,715 
 
 
Bonds, School Building Series 2012, 4.375%, 3/01/32 
 
 
 
 
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, 
 
 
 
 
 
Series 2018: 
 
 
 
1,000 
 
4.000%, 3/01/34 
3/26 at 100.00 
AA 
1,111,480 
335 
 
4.000%, 3/01/36 
3/26 at 100.00 
AA 
370,051 
340 
 
Clay County Reorganized School District R-II Smithville, Missouri, General Obligation 
3/27 at 100.00 
AA+ 
380,110 
 
 
Bonds, Refunding Series 2015, 4.000%, 3/01/36 
 
 
 
500 
 
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, 
3/24 at 100.00 
AA+ 
548,225 
 
 
Refunding & Improvement Series 2015, 4.000%, 3/01/32 
 
 
 
200 
 
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, 
3/27 at 100.00 
AA+ 
241,360 
 
 
Refunding & Improvement Series 2018, 5.000%, 3/01/36 
 
 
 
 
 
Independence School District, Jackson County, Missouri, General Obligation Bonds, 
 
 
 
 
 
Series 2010: 
 
 
 
30 
 
5.000%, 3/01/27 
3/20 at 100.00 
N/R 
30,268 
590 
 
5.000%, 3/01/27 
3/20 at 100.00 
AA+ 
595,268 
500 
 
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation 
3/21 at 100.00 
AA– 
522,120 
 
 
Bonds, School Building Series 2013A, 5.000%, 3/01/31 
 
 
 
1,000 
 
Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program 
3/27 at 100.00 
AA+ 
1,140,180 
 
 
Series 2017, 4.000%, 3/01/32 
 
 
 
300 
 
Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A, 
2/28 at 100.00 
AA 
341,892 
 
 
4.000%, 2/01/35 
 
 
 
1,000 
 
Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019, 
3/27 at 100.00 
AA 
1,116,540 
 
 
4.000%, 3/01/39 
 
 
 
1,000 
 
Washington School District, Franklin County, Missouri, General Obligation Bonds, 
3/27 at 100.00 
AA+ 
1,127,050 
 
 
Missouri Direct Deposit Program, Series 2019, 4.000%, 3/01/35 
 
 
 
7,295 
 
Total Tax Obligation/General 
 
 
8,056,259 
 
 
Tax Obligation/Limited – 25.0% (16.1% of Total Investments) 
 
 
 
910 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/22 at 100.00 
AA+ 
1,000,217 
 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 
 
 
 
500 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit 
10/29 at 100.00 
AA+ 
565,780 
 
 
Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019, 4.000%, 10/01/48 
 
 
 
350 
 
Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, 
6/24 at 100.00 
N/R 
359,394 
 
 
Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 
 
 
 
145 
 
Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, 
3/26 at 100.00 
Aa3 
159,348 
 
 
Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 
 
 
 
 
 
4.000%, 3/01/35 
 
 
 
250 
 
Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, 
5/25 at 100.00 
N/R 
260,835 
 
 
Series 2017, 5.125%, 5/01/41 
 
 
 
350 
 
Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 
3/27 at 100.00 
AA+ 
390,789 
 
 
2019, 4.000%, 3/01/39 
 
 
 
 
64


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 315 
 
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, 
12/19 at 100.00 
N/R 
$ 214,200 
 
 
Series 2006, 5.000%, 6/01/28 (6) 
 
 
 
430 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 
BB 
447,286 
 
 
Howard Bend Levee District, St Louis County, Missouri, Levee District Improvement Bonds, 
 
 
 
 
 
Series 2013B: 
 
 
 
250 
 
4.875%, 3/01/33 
3/23 at 100.00 
BB+ 
258,580 
200 
 
5.000%, 3/01/38 
3/23 at 100.00 
BB+ 
206,632 
485 
 
Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, 
12/21 at 100.00 
Aa3 
513,368 
 
 
Series 2011B, 4.350%, 12/01/23 
 
 
 
300 
 
Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District 
9/21 at 100.00 
AA– 
317,868 
 
 
Revenue Bonds, Series 2011A, 5.000%, 9/01/32 
 
 
 
140 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward 
No Opt. Call 
N/R 
146,069 
 
 
Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
4.250%, 4/01/26, 144A 
 
 
 
325 
 
Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 
9/23 at 100.00 
AA– 
362,723 
 
 
2014C, 5.000%, 9/01/33 
 
 
 
 
 
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 
110,340 
100 
 
5.000%, 2/01/50, 144A 
2/28 at 100.00 
N/R 
108,638 
245 
 
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of 
6/23 at 100.00 
259,210 
 
 
Branson – Branson Landing Project, Series 2015A, 4.000%, 6/01/34 
 
 
 
325 
 
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Project, Series 2006, 
12/19 at 100.00 
N/R 
320,684 
 
 
5.000%, 5/01/23 
 
 
 
140 
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax 
5/21 at 100.00 
N/R 
141,670 
 
 
Increment and Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 
 
 
 
 
 
Restructured 2018A-1: 
 
 
 
 
4.550%, 7/01/40 
7/28 at 100.00 
N/R 
2,070 
59 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
15,598 
356 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
69,794 
17 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
17,592 
153 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
160,765 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured Cofina Project Series 2019A-2: 
 
 
 
432 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
439,016 
 
4.784%, 7/01/58 
7/28 at 100.00 
N/R 
9,283 
50 
 
Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue 
11/29 at 102.00 
N/R 
49,789 
 
 
Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B, 
 
 
 
 
 
4.250%, 11/01/49, 144A 
 
 
 
250 
 
Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, 
7/24 at 100.00 
N/R 
257,462 
 
 
Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 
 
 
 
 
 
7/01/44, 144A 
 
 
 
600 
 
Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, 
4/25 at 100.00 
Aa2 
657,384 
 
 
Series 2015, 4.000%, 4/01/35 
 
 
 
100 
 
The Industrial Development Authority of the City of Saint Louis, Missouri, Development 
11/26 at 100.00 
N/R 
109,003 
 
 
Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A, 4.750%, 11/15/47 
 
 
 
215 
 
Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, 
6/26 at 100.00 
BBB 
232,765 
 
 
Series 2017, 4.500%, 6/01/36 
 
 
 
8,103 
 
Total Tax Obligation/Limited 
 
 
8,164,152 
 
 
Transportation – 1.2% (0.8% of Total Investments) 
 
 
 
335 
 
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – 
10/23 at 100.00 
AA 
383,133 
 
 
AGM Insured 
 
 
 
 
65

         
NOM 
Nuveen Missouri Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
 
 
 
 
November 30, 2019 (Unaudited) 
 
 
 
 
 

 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed – 19.9% (12.9% of Total Investments) (7) 
 
 
 
$ 2,000 
 
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/22 at 100.00 
AAA 
$ 2,186,080 
 
 
Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22) 
 
 
 
630 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University 
10/21 at 100.00 
A– 
676,337 
 
 
of Health Sciences, Series 2011, 5.250%, 10/01/41 (Pre-refunded 10/01/21) 
 
 
 
510 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University 
10/23 at 100.00 
A– 
582,282 
 
 
of Health Sciences, Series 2014, 5.000%, 10/01/39 (Pre-refunded 10/01/23) 
 
 
 
600 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, 
4/21 at 100.00 
Baa1 
630,180 
 
 
Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21) 
 
 
 
 
 
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 
416,356 
425 
 
5.000%, 1/01/37 (Pre-refunded 1/01/21) 
1/21 at 100.00 
A2 
442,378 
100 
 
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship 
9/22 at 100.00 
N/R 
110,141 
 
 
Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) 
 
 
 
920 
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley 
2/20 at 100.00 
N/R 
959,137 
 
 
Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) 
 
 
 
500 
 
St Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 
No Opt. Call 
AA+ 
512,505 
 
 
5.650%, 7/01/20 (AMT) (ETM) 
 
 
 
6,085 
 
Total U.S. Guaranteed 
 
 
6,515,396 
 
 
Utilities – 4.7% (3.0% of Total Investments) 
 
 
 
350 
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
1/25 at 100.00 
403,000 
 
 
Point Project, Refunding Series 2014A, 5.000%, 1/01/32 
 
 
 
500 
 
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum 
1/26 at 100.00 
549,330 
 
 
Point Project, Refunding Series 2015A, 4.000%, 1/01/35 
 
 
 
500 
 
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, 
6/27 at 100.00 
A2 
588,815 
 
 
MoPEP Facilities, Series 2018, 5.000%, 12/01/43 
 
 
 
1,350 
 
Total Utilities 
 
 
1,541,145 
 
 
Water and Sewer – 9.7% (6.2% of Total Investments) 
 
 
 
250 
 
Camden County Public Water Supply District 4, Missouri, Certificates of Participation, 
1/25 at 100.00 
A– 
277,540 
 
 
Series 2017, 5.000%, 1/01/47 
 
 
 
150 
 
Franklin County Public Water Supply District 3, Missouri, Certificates of Participation, 
12/24 at 100.00 
A+ 
163,171 
 
 
Series 2017, 4.000%, 12/01/37 
 
 
 
160 
 
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A, 
1/28 at 100.00 
AA 
182,176 
 
 
4.000%, 1/01/35 
 
 
 
125 
 
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/26 at 100.00 
AAA 
146,780 
 
 
Refunding & Improvement Series 2016C, 5.000%, 5/01/46 
 
 
 
450 
 
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, 
5/27 at 100.00 
AAA 
536,499 
 
 
Refunding & Improvement Series 2017A, 5.000%, 5/01/47 
 
 
 
500 
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility 
1/25 at 100.00 
Aa3 
574,055 
 
 
Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 
 
 
 
585 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 
AA+ 
690,183 
 
 
Participation, Refunding Series 2016C, 5.000%, 12/01/32 
 
 
 
550 
 
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 
AA+ 
597,531 
 
 
Participation, Series 2018, 4.000%, 12/01/39 
 
 
 
2,770 
 
Total Water and Sewer 
 
 
3,167,935 
$ 47,058 
 
Total Long-Term Investments (cost $47,531,533) 
 
 
50,715,069 
 
 
Floating Rate Obligations – (1.8)% 
 
 
(600,000) 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (54.3)% (8) 
 
 
(17,775,140) 
 
 
Other Assets Less Liabilities – 1.1% 
 
 
386,985 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 32,726,914 
 
66


   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as  COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. 
(5) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(6) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.0%. 
144 A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
67

   
NPV 
Nuveen Virginia Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 

November 30, 2019 (Unaudited)
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 153.7% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 153.7% (100.0% of Total Investments) 
 
 
 
 
 
Consumer Staples – 4.6% (3.0% of Total Investments) 
 
 
 
 
 
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007A: 
 
 
 
$ 550 
 
5.250%, 6/01/32 
1/20 at 100.00 
N/R 
$ 550,000 
700 
 
5.625%, 6/01/47 
12/19 at 100.00 
N/R 
699,972 
4,135 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed 
12/19 at 100.00 
B– 
4,146,206 
 
 
Bonds, Series 2007B1, 5.000%, 6/01/47 
 
 
 
6,645 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed 
6/21 at 100.00 
B– 
6,682,677 
 
 
Bonds, Series 2007B2, 5.200%, 6/01/46 
 
 
 
100 
 
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement 
12/19 at 100.00 
A3 
100,203 
 
 
Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31 
 
 
 
12,130 
 
Total Consumer Staples 
 
 
12,179,058 
 
 
Education and Civic Organizations – 12.5% (8.1% of Total Investments) 
 
 
 
1,615 
 
Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue 
1/22 at 100.00 
A1 
1,669,732 
 
 
Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30 
 
 
 
 
 
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 
1,223,368 
565 
 
4.000%, 1/01/40 
1/27 at 100.00 
A1 
621,037 
520 
 
Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, 
12/19 at 100.00 
BB– 
520,135 
 
 
Series 2006, 5.000%, 9/01/26 
 
 
 
1,000 
 
Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee 
1/28 at 100.00 
AA 
1,218,310 
 
 
University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43 
 
 
 
500 
 
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech 
6/27 at 100.00 
Aa2 
564,595 
 
 
Foundation, Refunding Series 2017A, 4.000%, 6/01/36 
 
 
 
 
 
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech 
 
 
 
 
 
Foundation, Refunding Series 2019A: 
 
 
 
500 
 
4.000%, 6/01/37 
6/29 at 100.00 
Aa2 
573,025 
905 
 
4.000%, 6/01/39 
6/29 at 100.00 
Aa2 
1,032,614 
750 
 
Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, 
9/28 at 100.00 
BBB+ 
879,052 
 
 
Lynchburg College, Series 2018A, 5.000%, 9/01/43 
 
 
 
2,500 
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, 
4/25 at 100.00 
AAA 
2,903,225 
 
 
Green Series 2015A-2, 5.000%, 4/01/45 
 
 
 
 
 
The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, 
 
 
 
 
 
Refunding Series 2017A: 
 
 
 
9,000 
 
5.000%, 4/01/42 (UB) (4) 
4/27 at 100.00 
AAA 
10,924,020 
1,515 
 
5.000%, 4/01/42 
4/27 at 100.00 
AAA 
1,838,877 
1,000 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 
BB+ 
1,069,630 
 
 
University Project, Green Series 2015B, 5.000%, 7/01/45, 144A 
 
 
 
 
 
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+ 
1,628,115 
4,000 
 
5.000%, 7/01/45, 144A 
7/25 at 100.00 
BB+ 
4,278,520 
150 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington 
No Opt. Call 
AA 
153,739 
 
 
and Lee University, Series 2001, 5.375%, 1/01/21 
 
 
 
1,460 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington 
1/25 at 100.00 
AA 
1,679,292 
 
 
and Lee University, Series 2015A, 5.000%, 1/01/40 
 
 
 
 
68


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 500 
 
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke 
4/20 at 100.00 
BBB+ 
$ 506,850 
 
 
College, Series 2011, 5.750%, 4/01/41 
 
 
 
29,085 
 
Total Education and Civic Organizations 
 
 
33,284,136 
 
 
Financials – 0.1% (0.1% of Total Investments) 
 
 
 
290 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, 
No Opt. Call 
N/R 
39,869 
 
 
Series 2007A Sr. Bond, 0.000%, 8/01/41 (5) 
 
 
 
2,881 
 
Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable-Exempt Trust 
No Opt. Call 
N/R 
144,028 
 
 
Unit, Series 2007A Sr. Bond, 0.000%, 8/01/41 (5) 
 
 
 
3,171 
 
Total Financials 
 
 
183,897 
 
 
Health Care – 20.0% (13.0% of Total Investments) 
 
 
 
5,000 
 
Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue 
7/20 at 100.00 
AA– 
5,089,750 
 
 
Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31 
 
 
 
1,755 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, 
8/29 at 100.00 
BBB+ 
1,890,802 
 
 
CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44 
 
 
 
1,000 
 
Chesapeake Hospital Authority, Virginia, Hospital Facility Revenue Bonds, Chesapeake 
7/29 at 100.00 
1,120,880 
 
 
Regional Medical Center, Series 2019, 4.000%, 7/01/39 
 
 
 
1,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/22 at 100.00 
AA+ 
1,079,980 
 
 
Inova Health System, Series 2012A, 5.000%, 5/15/40 
 
 
 
2,000 
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, 
5/28 at 100.00 
AA+ 
2,203,660 
 
 
Inova Health System, Series 2018A, 4.000%, 5/15/48 
 
 
 
4,950 
 
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding 
No Opt. Call 
AA+ 
5,370,898 
 
 
Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23 
 
 
 
2,500 
 
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue 
No Opt. Call 
A3 
2,802,925 
 
 
Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23 
 
 
 
3,500 
 
Industrial Development Authority of the City of Newport News, Virginia, Health System 
7/25 at 100.00 
N/R 
3,822,805 
 
 
Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A 
 
 
 
 
 
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 
185,168 
2,000 
 
5.000%, 1/01/47 
1/27 at 100.00 
2,323,100 
1,000 
 
Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, 
11/28 at 100.00 
AA 
1,106,170 
 
 
Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48 
 
 
 
3,155 
 
Prince William County Industrial Development Authority, Virginia, Health Care Facilities 
11/22 at 100.00 
AA– 
3,402,541 
 
 
Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 
 
 
 
 
 
5.000%, 11/01/46 
 
 
 
 
 
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 
A3 
1,182,170 
1,440 
 
5.000%, 6/15/35 
6/26 at 100.00 
A3 
1,688,789 
1,360 
 
4.000%, 6/15/37 
6/26 at 100.00 
A3 
1,457,430 
3,200 
 
Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 
7/27 at 100.00 
AA– 
3,783,968 
 
 
2017B, 5.000%, 7/01/46 
 
 
 
2,975 
 
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara 
5/20 at 100.00 
AA 
3,018,703 
 
 
Healthcare, Refunding Series 2010, 5.000%, 11/01/40 
 
 
 
2,700 
 
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 
BBB+ 
2,908,926 
 
 
2019A-1, 4.000%, 8/01/44 
 
 
 
2,335 
 
Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley 
1/24 at 100.00 
A+ 
2,553,486 
 
 
Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44 
 
 
 
 
69

   
NPV 
Nuveen Virginia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
 
 
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+ 
$ 1,759,800 
1,000 
 
5.000%, 1/01/35 
1/26 at 100.00 
A+ 
1,166,910 
2,000 
 
4.000%, 1/01/37 
1/26 at 100.00 
A+ 
2,182,520 
1,215 
 
5.000%, 1/01/44 
1/26 at 100.00 
A+ 
1,382,476 
48,740 
 
Total Health Care 
 
 
53,483,857 
 
 
Housing/Multifamily – 6.1% (4.0% of Total Investments) 
 
 
 
1,000 
 
Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue 
1/27 at 100.00 
N/R 
1,054,330 
 
 
Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A 
 
 
 
530 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 
2/20 at 100.00 
AA+ 
532,767 
 
 
4.550%, 8/01/32 
 
 
 
1,000 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 
3/21 at 100.00 
AA+ 
1,016,910 
 
 
3.625%, 3/01/32 
 
 
 
 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A: 
 
 
 
1,000 
 
3.500%, 3/01/35 
3/24 at 100.00 
AA+ 
1,040,420 
1,000 
 
3.625%, 3/01/39 
3/24 at 100.00 
AA+ 
1,036,940 
900 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 
8/24 at 100.00 
AA+ 
942,579 
 
 
4.000%, 8/01/45 
 
 
 
2,750 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 
12/24 at 100.00 
AA+ 
2,877,022 
 
 
3.750%, 12/01/40 
 
 
 
1,500 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 
5/25 at 100.00 
AA+ 
1,556,955 
 
 
3.350%, 5/01/36 
 
 
 
1,700 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 
3/26 at 100.00 
AA+ 
1,790,372 
 
 
3.875%, 3/01/47 
 
 
 
3,000 
 
Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A, 
3/28 at 100.00 
AA+ 
3,199,020 
 
 
3.800%, 9/01/44 
 
 
 
1,320 
 
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue 
4/20 at 100.00 
AA+ 
1,331,009 
 
 
Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51 
 
 
 
15,700 
 
Total Housing/Multifamily 
 
 
16,378,324 
 
 
Long-Term Care – 7.1% (4.6% of Total Investments) 
 
 
 
900 
 
Alexandria Industrial Development Authority, Virginia, Residential Care Facilities 
10/25 at 100.00 
BBB+ 
997,587 
 
 
Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/45 
 
 
 
 
 
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 
BBB+ 
2,201,999 
700 
 
4.000%, 10/01/42 
10/24 at 102.00 
BBB+ 
731,591 
1,000 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities 
12/23 at 100.00 
BBB+ 
1,081,020 
 
 
Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/42 
 
 
 
875 
 
Henrico County Economic Development Authority, Virginia, Residential Care Facility 
10/20 at 100.00 
N/R 
883,846 
 
 
Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2015, 4.000%, 10/01/35 
 
 
 
1,000 
 
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue 
1/25 at 102.00 
BBB– 
1,046,420 
 
 
Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016, 4.000%, 1/01/37 
 
 
 
1,000 
 
Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue 
1/23 at 103.00 
BBB– 
1,078,930 
 
 
Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A, 5.000%, 1/01/42 
 
 
 
 
 
Norfolk Redevelopment and Housing Authority, Virginia, Fort Norfolk Retirement 
 
 
 
 
 
Community, Inc., Harbor’s Edge Project, Series 2019A: 
 
 
 
1,325 
 
5.000%, 1/01/49 
1/24 at 104.00 
N/R 
1,437,373 
2,000 
 
5.250%, 1/01/54 
1/24 at 104.00 
N/R 
2,184,360 
 
 
Prince William County Industrial Development Authority, Virginia, Residential Care 
 
 
 
 
 
Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016: 
 
 
 
670 
 
5.000%, 1/01/37 
1/25 at 102.00 
BBB 
753,381 
2,000 
 
5.000%, 1/01/46 
1/25 at 102.00 
BBB 
2,218,940 
 
70


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Long-Term Care (continued) 
 
 
 
$ 1,000 
 
Roanoke Economic Development Authority, Virginia, Residential Care Facility Mortgage 
12/22 at 100.00 
N/R 
$ 1,037,480 
 
 
Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 
 
 
 
 
 
4.625%, 12/01/27 
 
 
 
 
 
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 
1,121,730 
1,920 
 
5.000%, 9/01/31 
9/24 at 102.00 
N/R 
2,114,688 
17,355 
 
Total Long-Term Care 
 
 
18,889,345 
 
 
Tax Obligation/General – 1.9% (1.3% of Total Investments) 
 
 
 
2,035 
 
Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B, 
No Opt. Call 
AAA 
2,245,032 
 
 
5.000%, 8/15/22 
 
 
 
830 
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 
7/20 at 100.00 
Aa1 
848,999 
 
 
5.000%, 7/15/25 
 
 
 
1,510 
 
Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 
No Opt. Call 
AAA 
1,529,434 
 
 
2011A, 5.000%, 4/01/20 
 
 
 
380 
 
Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 
No Opt. Call 
AA+ 
526,657 
 
 
2017D, 5.000%, 3/01/33 
 
 
 
4,755 
 
Total Tax Obligation/General 
 
 
5,150,122 
 
 
Tax Obligation/Limited – 32.8% (21.3% of Total Investments) 
 
 
 
 
 
Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding 
 
 
 
 
 
County Projects, Series 2017: 
 
 
 
1,730 
 
5.000%, 2/15/35 
8/27 at 100.00 
Aa1 
2,122,364 
1,340 
 
5.000%, 2/15/37 
8/27 at 100.00 
Aa1 
1,632,455 
 
 
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, 
 
 
 
 
 
Golf Course Project, Series 2005A: 
 
 
 
365 
 
5.250%, 7/15/25 – ACA Insured 
12/19 at 100.00 
N/R 
363,982 
520 
 
5.500%, 7/15/35 – ACA Insured 
12/19 at 100.00 
N/R 
495,362 
600 
 
Dulles Town Center Community Development Authority, Loudon County, Virginia Special 
3/22 at 100.00 
N/R 
608,568 
 
 
Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26 
 
 
 
100 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 
N/R 
104,510 
 
 
Series 2015, 5.600%, 3/01/45, 144A 
 
 
 
1,000 
 
Fairfax County Economic Development Authority, Virginia, County Facilities Revenue 
10/27 at 100.00 
AA+ 
1,237,300 
 
 
Bonds, Refunding Series 2017B, 5.000%, 10/01/33 
 
 
 
1,500 
 
Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail 
4/27 at 100.00 
AA+ 
1,790,055 
 
 
Parking System Project, Series 2017, 5.000%, 4/01/42 
 
 
 
4,000 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 
BB 
4,484,040 
 
 
5.000%, 11/15/34 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
1,020 
 
5.000%, 1/01/31 
1/22 at 100.00 
BB 
1,069,531 
500 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
525,880 
1,000 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 
BB 
1,140,200 
 
 
5.000%, 12/01/34 
 
 
 
 
 
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+ 
4,841,480 
2,000 
 
5.000%, 7/01/52 
1/28 at 100.00 
AA+ 
2,411,480 
13,000 
 
5.000%, 7/01/52 (UB) (4) 
1/28 at 100.00 
AA+ 
15,674,620 
1,000 
 
5.500%, 7/01/57 
1/28 at 100.00 
AA+ 
1,237,540 
960 
 
Lower Magnolia Green Community Development Authority, Virginia, Special Assessment 
3/25 at 100.00 
N/R 
994,378 
 
 
Bonds, Series 2015, 5.000%, 3/01/45, 144A 
 
 
 
 
71

   
NPV 
Nuveen Virginia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
 
 
Peninsula Town Center Community Development Authority, Virginia, Special Obligation 
 
 
 
 
 
Bonds, Refunding Series 2018: 
 
 
 
$ 360 
 
4.500%, 9/01/28, 144A 
9/27 at 100.00 
N/R 
$ 397,825 
3,000 
 
5.000%, 9/01/45, 144A 
9/27 at 100.00 
N/R 
3,321,330 
645 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 
No Opt. Call 
719,665 
 
 
5.500%, 7/01/29 – AMBAC Insured 
 
 
 
5,875 
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding 
No Opt. Call 
4,030,720 
 
 
Series 2005C, 0.000%, 7/01/28 – AMBAC Insured 
 
 
 
5,085 
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 
No Opt. Call 
3,308,098 
 
 
0.000%, 7/01/29 – AMBAC Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, 
 
 
 
 
 
Restructured 2018A-1: 
 
 
 
57 
 
0.000%, 7/01/24 
No Opt. Call 
N/R 
49,981 
96 
 
0.000%, 7/01/27 
No Opt. Call 
N/R 
76,481 
94 
 
0.000%, 7/01/29 
7/28 at 98.64 
N/R 
69,632 
121 
 
0.000%, 7/01/31 
7/28 at 91.88 
N/R 
82,840 
136 
 
0.000%, 7/01/33 
7/28 at 86.06 
N/R 
86,393 
1,173 
 
4.500%, 7/01/34 
7/25 at 100.00 
N/R 
1,253,832 
50 
 
4.550%, 7/01/40 
7/28 at 100.00 
N/R 
51,762 
1,301 
 
0.000%, 7/01/46 
7/28 at 41.38 
N/R 
343,945 
1,059 
 
0.000%, 7/01/51 
7/28 at 30.01 
N/R 
207,617 
371 
 
4.750%, 7/01/53 
7/28 at 100.00 
N/R 
383,929 
4,940 
 
5.000%, 7/01/58 
7/28 at 100.00 
N/R 
5,190,705 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 
Restructured Cofina Project Series 2019A-2: 
 
 
 
1,000 
 
4.329%, 7/01/40 
7/28 at 100.00 
N/R 
1,016,240 
 
4.536%, 7/01/53 
7/28 at 100.00 
N/R 
4,064 
62 
 
4.784%, 7/01/58 
7/28 at 100.00 
N/R 
63,951 
760 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding 
No Opt. Call 
Baa2 
832,360 
 
 
Series 2007CC, 5.500%, 7/01/28 – NPFG Insured 
 
 
 
1,500 
 
Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note 
9/25 at 100.00 
1,652,070 
 
 
Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A 
 
 
 
2,240 
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital 
10/24 at 100.00 
AA 
2,512,070 
 
 
Series 2014A, 5.000%, 10/01/34 – AGM Insured, 144A 
 
 
 
1,380 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call 
AA 
1,504,310 
 
 
Lien, Refunding Series 2013B, 5.000%, 10/01/24 – AGM Insured 
 
 
 
1,665 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior 
No Opt. Call 
AA 
1,814,983 
 
 
Lien, Series 2013A, 5.000%, 10/01/24 – AGM Insured 
 
 
 
1,725 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 
10/22 at 100.00 
AA 
1,878,818 
 
 
2012A, 5.000%, 10/01/32 – AGM Insured 
 
 
 
3,500 
 
Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation 
9/26 at 100.00 
AA+ 
4,283,265 
 
 
Revenue Notes, Series 2016, 5.000%, 9/15/30 
 
 
 
2,000 
 
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2019B, 
8/29 at 100.00 
AA+ 
2,272,840 
 
 
4.000%, 8/01/38 (AMT) 
 
 
 
2,000 
 
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 
8/25 at 100.00 
AA+ 
2,406,740 
 
 
5.000%, 8/01/26 
 
 
 
1,250 
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 
AAA 
1,371,450 
 
 
Series 2012A, 5.000%, 11/01/42 
 
 
 
120 
 
Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue 
4/28 at 112.76 
N/R 
142,687 
 
 
Bonds, Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 
 
 
 
 
 
4/01/41, 144A 
 
 
 
1,000 
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/22 at 100.00 
AA+ 
1,058,960 
 
 
2012, 4.000%, 5/15/37 
 
 
 
 
72


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,000 
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/27 at 100.00 
AA+ 
$ 1,110,140 
 
 
2017, 4.000%, 5/15/42 
 
 
 
1,000 
 
Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 
5/28 at 100.00 
AA+ 
1,138,780 
 
 
2018, 4.000%, 5/15/38 
 
 
 
1,835 
 
Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding 
12/26 at 100.00 
Aa2 
2,206,753 
 
 
Series 2016, 5.000%, 12/01/36 
 
 
 
83,039 
 
Total Tax Obligation/Limited 
 
 
87,578,981 
 
 
Transportation – 44.3% (28.8% 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 
914,880 
375 
 
4.000%, 7/01/34 
7/26 at 100.00 
A2 
415,710 
400 
 
4.000%, 7/01/35 
7/26 at 100.00 
A2 
442,504 
250 
 
4.000%, 7/01/38 
7/26 at 100.00 
A2 
274,588 
 
 
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 
2,013,810 
8,320 
 
5.000%, 7/01/46 
7/26 at 100.00 
BBB 
9,620,083 
 
 
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
 
 
 
 
 
Appreciation Series 2012B: 
 
 
 
2,000 
 
0.000%, 7/15/32 (6) 
7/28 at 100.00 
BBB 
2,006,700 
4,125 
 
0.000%, 7/15/40 (6) 
7/28 at 100.00 
BBB 
4,095,217 
1,000 
 
0.000%, 7/15/40 – AGM Insured (6) 
7/28 at 100.00 
AA 
1,002,400 
2,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
2,454,540 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding First Senior Lien Series 2019A, 
 
 
 
 
 
5.000%, 10/01/37 
 
 
 
3,800 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
A– 
4,059,008 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
 
 
 
 
 
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B: 
 
 
 
4,000 
 
0.000%, 10/01/26 – AGC Insured 
No Opt. Call 
AA 
3,443,680 
11,825 
 
0.000%, 10/01/34 – AGC Insured 
No Opt. Call 
AA 
7,699,139 
1,135 
 
0.000%, 10/01/36 – AGC Insured 
No Opt. Call 
AA 
687,912 
5,010 
 
0.000%, 10/01/39 – AGC Insured 
No Opt. Call 
AA 
2,692,675 
6,700 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
A– 
8,967,414 
 
 
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
750 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/20 at 100.00 
AA– 
772,635 
 
 
Series 2010B, 5.000%, 10/01/26 (AMT) 
 
 
 
 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, 
 
 
 
 
 
Series 2010A: 
 
 
 
3,400 
 
5.000%, 10/01/30 
10/20 at 100.00 
AA– 
3,507,474 
420 
 
5.000%, 10/01/35 
10/20 at 100.00 
AA– 
433,314 
7,300 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/26 at 100.00 
AA– 
8,623,490 
 
 
Series 2016A, 5.000%, 10/01/35 (AMT) 
 
 
 
375 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/27 at 100.00 
AA– 
450,863 
 
 
Series 2017, 5.000%, 10/01/34 (AMT) 
 
 
 
 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
 
 
 
 
 
Series 2018A: 
 
 
 
2,000 
 
5.000%, 10/01/32 (AMT) 
10/28 at 100.00 
AA– 
2,459,060 
3,290 
 
5.000%, 10/01/36 (AMT) 
10/28 at 100.00 
AA– 
3,999,488 
2,000 
 
5.000%, 10/01/38 (AMT) 
10/28 at 100.00 
AA– 
2,416,000 
4,000 
 
Metropolitan Washington DC Airports Authority, Airport System Revenue Bonds, Refunding 
10/29 at 100.00 
AA– 
4,890,520 
 
 
Series 2019A, 5.000%, 10/01/40 (AMT) 
 
 
 
 
73

   
NPV 
Nuveen Virginia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Transportation (continued) 
 
 
 
 
 
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 (AMT) 
8/21 at 100.00 
BB 
$ 157,328 
595 
 
5.000%, 8/01/31 (AMT) 
8/21 at 100.00 
BB 
621,965 
1,740 
 
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2019, 5.000%, 7/01/43 
7/29 at 100.00 
2,150,884 
1,890 
 
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, 
No Opt. Call 
1,992,079 
 
 
Series 2002, 5.250%, 7/15/22 – FGIC Insured 
 
 
 
9,035 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 
6/27 at 100.00 
BBB 
10,323,391 
 
 
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (AMT) 
 
 
 
2,500 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 
BBB 
2,659,225 
 
 
LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) 
 
 
 
2,285 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes 
1/22 at 100.00 
BBB 
2,426,190 
 
 
LLC Project, Series 2019, 5.000%, 7/01/49 (AMT) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
750 
 
5.250%, 1/01/32 (AMT) 
7/22 at 100.00 
BBB 
815,272 
5,025 
 
6.000%, 1/01/37 (AMT) 
7/22 at 100.00 
BBB 
5,552,876 
5,700 
 
5.500%, 1/01/42 (AMT) 
7/22 at 100.00 
BBB 
6,192,708 
 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
 
 
 
 
 
Bonds, Series 2017B: 
 
 
 
3,000 
 
5.000%, 7/01/36 
7/27 at 100.00 
AA– 
3,639,510 
2,000 
 
5.000%, 7/01/42 
7/27 at 100.00 
AA– 
2,393,360 
1,000 
 
Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue 
7/27 at 100.00 
AA– 
1,194,750 
 
 
Bonds, Series 2018, 5.000%, 7/01/43 
 
 
 
112,625 
 
Total Transportation 
 
 
118,462,642 
 
 
U.S. Guaranteed – 16.1% (10.5% of Total Investments) (7) 
 
 
 
610 
 
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 
7/20 at 100.00 
N/R 
624,420 
 
 
5.000%, 7/15/25 (Pre-refunded 7/15/20) 
 
 
 
1,490 
 
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 
No Opt. Call 
AA 
1,647,478 
 
 
11/01/24 – AGM Insured (ETM) 
 
 
 
430 
 
Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21 – 
No Opt. Call 
AA 
446,319 
 
 
AGM Insured (ETM) 
 
 
 
1,030 
 
Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, 
No Opt. Call 
Baa2 
1,217,522 
 
 
Refunding Series 1998, 5.500%, 7/01/25 – NPFG Insured (ETM) 
 
 
 
2,145 
 
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours 
11/20 at 100.00 
AA 
2,216,235 
 
 
Health, Series 2010C-2, 5.000%, 11/01/42 (Pre-refunded 11/01/20) – AGC Insured 
 
 
 
3,375 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health 
1/23 at 100.00 
BBB+ 
3,782,430 
 
 
Initiatives, Series 2013A, 5.250%, 1/01/40 (Pre-refunded 1/01/23) 
 
 
 
4,150 
 
Fairfax County Economic Development Authority, Virginia, Transportation District 
4/20 at 100.00 
Aaa 
4,203,576 
 
 
Improvement Revenue Bonds, Silver Line Phase 1 Project, Series 2011, 5.000%, 4/01/27 
 
 
 
 
 
(Pre-refunded 4/01/20) 
 
 
 
 
 
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 
1,348,665 
5,205 
 
5.000%, 1/01/39 (Pre-refunded 1/01/21) 
1/21 at 100.00 
AA+ 
5,420,695 
 
 
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate 
 
 
 
 
 
Series 2018A: 
 
 
 
1,415 
 
5.000%, 10/01/40 (Pre-refunded 10/01/27) 
10/27 at 100.00 
AA+ 
1,787,810 
1,010 
 
5.000%, 10/01/42 (Pre-refunded 10/01/27) 
10/27 at 100.00 
AA+ 
1,276,105 
1,000 
 
5.000%, 10/01/43 (Pre-refunded 10/01/27) 
10/27 at 100.00 
AA+ 
1,263,470 
410 
 
Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon 
No Opt. Call 
A+ 
424,350 
 
 
Secours Health System, Series 1996, 6.250%, 8/15/20 – NPFG Insured (ETM) 
 
 
 
 
74


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed (7) (continued) 
 
 
 
$ 1,630 
 
Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30 
3/27 at 100.00 
AA+ 
$ 2,040,532 
 
 
(Pre-refunded 3/01/27) 
 
 
 
 
 
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 
6,041,305 
150 
 
5.000%, 7/15/34 (Pre-refunded 7/15/20) 
7/20 at 100.00 
AA 
153,641 
1,630 
 
Prince William County Industrial Development Authority, Virginia, Student Housing 
9/21 at 100.00 
A+ 
1,740,970 
 
 
Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 
 
 
 
 
 
2011A, 5.125%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
710 
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 
No Opt. Call 
A2 
782,193 
 
 
5.250%, 7/01/22 – AGM Insured (ETM) 
 
 
 
1,200 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century 
2/21 at 100.00 
AA+ 
1,240,452 
 
 
College Program, Series 2011A, 4.000%, 2/01/29 (Pre-refunded 2/01/21) 
 
 
 
4,010 
 
Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, 
11/22 at 100.00 
N/R 
4,453,145 
 
 
Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22) 
 
 
 
1,020 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health 
4/20 at 100.00 
Aa3 
1,036,861 
 
 
Care, Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/15/20) 
 
 
 
39,815 
 
Total U.S. Guaranteed 
 
 
43,148,174 
 
 
Utilities – 4.9% (3.2% of Total Investments) 
 
 
 
2,000 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
2,145,000 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory Put 7/01/22) (8) 
 
 
 
 
 
Guam Power Authority, Revenue Bonds, Series 2012A: 
 
 
 
1,500 
 
5.000%, 10/01/30 – AGM Insured 
10/22 at 100.00 
AA 
1,636,995 
495 
 
5.000%, 10/01/34 
10/22 at 100.00 
BBB 
528,076 
 
 
Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A: 
 
 
 
5,000 
 
5.000%, 1/15/33 
1/26 at 100.00 
AA 
5,963,000 
1,000 
 
5.000%, 1/15/35 
1/26 at 100.00 
AA 
1,187,400 
730 
 
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding 
12/19 at 100.00 
CCC 
702,625 
 
 
Series 2007A, 5.000%, 7/01/24 
 
 
 
1,000 
 
Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta 
7/23 at 100.00 
1,062,110 
 
 
Project, Series 2018, 5.000%, 1/01/48 (AMT) (Mandatory Put 7/01/38) , 144A 
 
 
 
11,725 
 
Total Utilities 
 
 
13,225,206 
 
 
Water and Sewer – 3.3% (2.1% of Total Investments) 
 
 
 
1,675 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 
A– 
1,933,620 
 
 
Refunding Series 2017, 5.000%, 7/01/40 
 
 
 
810 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 
A– 
888,117 
 
 
2013, 5.500%, 7/01/43 
 
 
 
3,000 
 
Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44 
11/24 at 100.00 
AA+ 
3,513,240 
1,000 
 
Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/42 
11/27 at 100.00 
AA+ 
1,218,570 
625 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A, 
7/22 at 100.00 
653,906 
 
 
5.250%, 7/01/42 
 
 
 
1,000 
 
Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland 
11/22 at 63.13 
AA 
589,250 
 
 
County – Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34 
 
 
 
8,110 
 
Total Water and Sewer 
 
 
8,796,703 
$ 386,250 
 
Total Long-Term Investments (cost $379,529,102) 
 
 
410,760,445 
 
 
Floating Rate Obligations – (7.6)% 
 
 
(20,350,000) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (47.8)% (9) 
 
 
(127,640,592) 
 
 
Other Assets Less Liabilities – 1.7% 
 
 
4,463,611 
 
 
Net Asset Applicable to Common Shares – 100% 
 
 
$ 267,233,464 
 
75

   
NPV 
Nuveen Virginia Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
November 30, 2019 (Unaudited) 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as  COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. 
(6) 
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. 
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(9) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 31.1%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
76

Statement of Assets and Liabilities
November 30, 2019 (Unaudited)
                   
 
 
NKG
   
NMY
   
NMT
 
Assets 
                 
Long-term investments, at value (cost $207,692,600, $516,412,122 and $195,366,628, respectively) 
 
$
220,906,273
   
$
552,522,472
   
$
210,270,864
 
Short-term investments, at value (cost $231,260, $ — and $ —, respectively) 
   
257,797
     
     
 
Cash 
   
920,231
     
     
 
Receivable for: 
                       
Interest 
   
2,977,364
     
8,499,954
     
2,973,011
 
Investments sold 
   
200,000
     
3,334,148
     
1,285,490
 
Other assets 
   
872
     
31,744
     
2,614
 
Total assets 
   
225,262,537
     
564,388,318
     
214,531,979
 
Liabilities 
                       
Cash overdraft 
   
     
3,365,975
     
763,068
 
Floating rate obligations 
   
19,600,000
     
28,405,000
     
 
Payable for: 
                       
Dividends 
   
376,980
     
989,684
     
371,820
 
Interest 
   
245,825
     
564,949
     
117,042
 
Investments purchased 
   
     
     
222,335
 
Offering costs 
   
66,075
     
68,943
     
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs 
                       
(liquidation preference $58,500,000, $182,000,000 and $ —, respectively) 
   
58,364,506
     
181,819,390
     
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
                       
(liquidation preference $ —, $ — and $ —, respectively) 
   
     
     
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
                       
(liquidation preference $ —, $ — and $74,000,000, respectively) 
   
     
     
73,734,155
 
Accrued expenses: 
                       
Management fees 
   
110,464
     
269,390
     
108,488
 
Trustees fees 
   
2,107
     
35,535
     
2,194
 
Other 
   
52,193
     
94,365
     
63,931
 
Total liabilities 
   
78,818,150
     
215,613,231
     
75,383,033
 
Net assets applicable to common shares 
 
$
146,444,387
   
$
348,775,087
   
$
139,148,946
 
Common shares outstanding 
   
10,399,813
     
23,099,664
     
9,322,751
 
Net asset value (“NAV”) per common share outstanding 
 
$
14.08
   
$
15.10
   
$
14.93
 
   
Net assets applicable to common shares consist of: 
                       
Common shares, $0.01 par value per share 
 
$
103,998
   
$
230,997
   
$
93,228
 
Paid-in surplus 
   
137,139,032
     
324,922,804
     
129,291,642
 
Total distributable earnings 
   
9,201,357
     
23,621,286
     
9,764,076
 
Net assets applicable to common shares 
 
$
146,444,387
   
$
348,775,087
   
$
139,148,946
 
Authorized shares: 
                       
Common 
 
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
77

 
Statement of Assets and Liabilities (continued) 
 
 
 

   
 
 
NMS
   
NOM
   
NPV
 
Assets 
                 
Long-term investments, at value (cost $130,229,317, $47,531,533 and $379,529,102, respectively) 
 
$
139,148,493
   
$
50,715,069
   
$
410,760,445
 
Short-term investments, at value (cost $2,100,000, $ — and $ —, respectively) 
   
2,100,000
     
     
 
Cash 
   
87,549
     
13,936
     
910,743
 
Receivable for: 
                       
Interest 
   
1,700,614
     
556,970
     
5,449,846
 
Investments sold 
   
30,643
     
5,016
     
362,640
 
Other assets 
   
881
     
7,315
     
28,930
 
Total assets 
   
143,068,180
     
51,298,306
     
417,512,604
 
Liabilities 
                       
Cash overdraft 
   
     
     
 
Floating rate obligations 
   
     
600,000
     
20,350,000
 
Payable for: 
                       
Dividends 
   
277,546
     
97,029
     
740,928
 
Interest 
   
89,216
     
40,051
     
461,211
 
Investments purchased 
   
581,750
     
     
764,125
 
Offering costs 
   
85,461
     
     
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs 
                       
(liquidation preference $52,800,000, $ —,and $ —, respectively) 
   
52,664,544
     
     
 
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
                       
(liquidation preference $ —, $18,000,000 and $ —, respectively) 
   
     
17,775,140
     
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
                       
(liquidation preference $ —, $ — and $128,000,000, respectively) 
   
     
     
127,640,592
 
Accrued expenses: 
                       
Management fees 
   
70,345
     
25,488
     
201,634
 
Trustees fees 
   
1,458
     
522
     
26,268
 
Other 
   
45,374
     
33,162
     
94,382
 
Total liabilities 
   
53,815,694
     
18,571,392
     
150,279,140
 
Net assets applicable to common shares 
 
$
89,252,486
   
$
32,726,914
   
$
267,233,464
 
Common shares outstanding 
   
5,782,386
     
2,345,018
     
17,878,247
 
Net asset value (“NAV”) per common share outstanding 
 
$
15.44
   
$
13.96
   
$
14.95
 
   
Net assets applicable to common shares consist of: 
                       
Common shares, $0.01 par value per share 
 
$
57,824
   
$
23,450
   
$
178,782
 
Paid-in surplus 
   
80,906,861
     
30,620,851
     
250,144,899
 
Total distributable earnings 
   
8,287,801
     
2,082,613
     
16,909,783
 
Net assets applicable to common shares 
 
$
89,252,486
   
$
32,726,914
   
$
267,233,464
 
Authorized shares: 
                       
Common 
 
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
78

 
Statement of Operations
 
Six Months Ended November 30, 2019 (Unaudited) 
 
 
 

   
 
 
NKG
   
NMY
   
NMT
 
Investment Income 
 
$
4,075,000
   
$
10,678,939
   
$
3,992,353
 
Expenses 
                       
Management fees 
   
685,028
     
1,646,260
     
663,970
 
Interest expense and amortization of offering costs 
   
833,226
     
2,409,315
     
820,824
 
Custodian fees 
   
14,471
     
32,886
     
17,354
 
Trustees fees 
   
2,792
     
7,236
     
2,907
 
Professional fees 
   
16,015
     
22,085
     
14,744
 
Shareholder reporting expenses 
   
10,996
     
21,388
     
9,269
 
Shareholder servicing agent fees 
   
7,701
     
10,596
     
508
 
Stock exchange listing fees 
   
3,440
     
3,440
     
3,440
 
Investor relations expenses 
   
6,029
     
14,840
     
6,170
 
Other 
   
17,292
     
43,654
     
18,040
 
Total expenses 
   
1,596,990
     
4,211,700
     
1,557,226
 
Net investment income (loss) 
   
2,478,010
     
6,467,239
     
2,435,127
 
Realized and Unrealized Gain (Loss) 
                       
Net realized gain (loss) from investments 
   
(35,719
)
   
455,200
     
42,133
 
Change in net unrealized appreciation (depreciation) of investments 
   
2,158,916
     
5,890,832
     
1,683,695
 
Net realized and unrealized gain (loss) 
   
2,123,197
     
6,346,032
     
1,725,828
 
Net increase (decrease) in net assets applicable to common shares 
                       
from operations 
 
$
4,601,207
   
$
12,813,271
   
$
4,160,955
 
 
See accompanying notes to financial statements.
79

 
Statement of Operations (continued) 
 
 
 
 

   
 
 
NMS
   
NOM
   
NPV
 
Investment Income 
 
$
2,815,574
   
$
1,018,627
   
$
7,772,406
 
Expenses 
                       
Management fees 
   
429,724
     
156,023
     
1,232,019
 
Interest expense and amortization of offering costs 
   
624,458
     
211,905
     
1,673,512
 
Custodian fees 
   
15,231
     
10,037
     
26,003
 
Trustees fees 
   
1,933
     
691
     
5,392
 
Professional fees 
   
17,957
     
13,307
     
26,343
 
Shareholder reporting expenses 
   
8,317
     
5,353
     
18,324
 
Shareholder servicing agent fees 
   
7,406
     
7,412
     
3,035
 
Stock exchange listing fees 
   
3,440
     
3,444
     
3,440
 
Investor relations expenses 
   
4,256
     
1,783
     
11,206
 
Other 
   
14,768
     
13,011
     
40,932
 
Total expenses 
   
1,127,490
     
422,966
     
3,040,206
 
Net investment income (loss) 
   
1,688,084
     
595,661
     
4,732,200
 
Realized and Unrealized Gain (Loss) 
                       
Net realized gain (loss) from investments 
   
135,607
     
22,986
     
255,009
 
Change in net unrealized appreciation (depreciation) of investments 
   
1,317,153
     
262,775
     
4,710,571
 
Net realized and unrealized gain (loss) 
   
1,452,760
     
285,761
     
4,965,580
 
Net increase (decrease) in net assets applicable to common shares 
                       
from operations 
 
$
3,140,844
   
$
881,422
   
$
9,697,780
 
 
See accompanying notes to financial statements.
80

Statement of Changes in Net Assets
(Unaudited)
                         
 
 
NKG
   
NMY
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
 
Operations 
                       
Net investment income (loss) 
 
$
2,478,010
   
$
4,839,423
   
$
6,467,239
   
$
12,560,036
 
Net realized gain (loss) from investments 
   
(35,719
)
   
(791,963
)
   
455,200
     
(1,232,606
)
Change in net unrealized appreciation (depreciation) of investments 
   
2,158,916
     
5,780,144
     
5,890,832
     
12,354,292
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
4,601,207
     
9,827,604
     
12,813,271
     
23,681,722
 
Distributions to Common Shareholders 
                               
Dividends 
   
(2,308,758
)
   
(4,517,765
)
   
(6,098,311
)
   
(12,245,568
)
Decrease in net assets applicable to 
                               
common shares from distributions 
                               
to common shareholders 
   
(2,308,758
)
   
(4,517,765
)
   
(6,098,311
)
   
(12,245,568
)
Capital Share Transactions 
                               
Common shares: 
                               
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
   
     
     
     
 
Cost of shares repurchased and retired 
   
     
(1,642,533
)
   
     
(2,918,158
)
Net increase (decrease) in net assets 
                               
applicable to common shares from 
                               
capital share transactions 
   
     
(1,642,533
)
   
     
(2,918,158
)
Net increase (decrease) in net assets 
                               
applicable to common shares 
   
2,292,449
     
3,667,306
     
6,714,960
     
8,517,996
 
Net assets applicable to common 
                               
shares at the beginning of period 
   
144,151,938
     
140,484,632
     
342,060,127
     
333,542,131
 
Net assets applicable to common 
                               
shares at the end of period 
 
$
146,444,387
   
$
144,151,938
   
$
348,775,087
   
$
342,060,127
 
 
See accompanying notes to financial statements.
81

Statement of Changes in Net Assets (Unaudited) (continued)
                         
 
 
NMT
   
NMS
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
 
Operations 
                       
Net investment income (loss) 
 
$
2,435,127
   
$
4,875,152
   
$
1,688,084
   
$
3,569,638
 
Net realized gain (loss) from investments 
   
42,133
     
(762,614
)
   
135,607
     
(377,996
)
Change in net unrealized appreciation (depreciation) of investments 
   
1,683,695
     
4,696,560
     
1,317,153
     
3,251,354
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
4,160,955
     
8,809,098
     
3,140,844
     
6,442,996
 
Distributions to Common Shareholders 
                               
Dividends 
   
(2,293,397
)
   
(4,689,887
)
   
(1,700,021
)
   
(3,576,981
)
Decrease in net assets applicable to 
                               
common shares from distributions 
                               
to common shareholders 
   
(2,293,397
)
   
(4,689,887
)
   
(1,700,021
)
   
(3,576,981
)
Capital Share Transactions 
                               
Common shares: 
                               
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
   
     
     
     
 
Cost of shares repurchased and retired 
   
     
(305,767
)
   
     
(121,032
)
Net increase (decrease) in net assets 
                               
applicable to common shares from 
                               
capital share transactions 
   
     
(305,767
)
   
     
(121,032
)
Net increase (decrease) in net assets 
                               
applicable to common shares 
   
1,867,558
     
3,813,444
     
1,440,823
     
2,744,983
 
Net assets applicable to common 
                               
shares at the beginning of period 
   
137,281,388
     
133,467,944
     
87,811,663
     
85,066,680
 
Net assets applicable to common 
                               
shares at the end of period 
 
$
139,148,946
   
$
137,281,388
   
$
89,252,486
   
$
87,811,663
 
 
See accompanying notes to financial statements.
82


                         
 
 
NOM
   
NPV
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
 
Operations 
                       
Net investment income (loss) 
 
$
595,661
   
$
1,223,981
   
$
4,732,200
   
$
9,564,575
 
Net realized gain (loss) from investments 
   
22,986
     
152,623
     
255,009
     
(837,682
)
Change in net unrealized appreciation (depreciation) of investments 
   
262,775
     
671,591
     
4,710,571
     
9,418,868
 
Net increase (decrease) in net assets applicable to common shares 
                               
from operations 
   
881,422
     
2,048,195
     
9,697,780
     
18,145,761
 
Distributions to Common Shareholders 
                               
Dividends 
   
(604,958
)
   
(1,209,776
)
   
(4,666,223
)
   
(9,479,610
)
Decrease in net assets applicable to 
                               
common shares from distributions 
                               
to common shareholders 
   
(604,958
)
   
(1,209,776
)
   
(4,666,223
)
   
(9,479,610
)
Capital Share Transactions 
                               
Common shares: 
                               
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
   
6,868
     
     
     
 
Cost of shares repurchased and retired 
   
     
     
     
(639,145
)
Net increase (decrease) in net assets 
                               
applicable to common shares from 
                               
capital share transactions 
   
6,868
     
     
     
(639,145
)
Net increase (decrease) in net assets 
                               
applicable to common shares 
   
283,332
     
838,419
     
5,031,557
     
8,027,006
 
Net assets applicable to common 
                               
shares at the beginning of period 
   
32,443,582
     
31,605,163
     
262,201,907
     
254,174,901
 
Net assets applicable to common 
                               
shares at the end of period 
 
$
32,726,914
   
$
32,443,582
   
$
267,233,464
   
$
262,201,907
 
 
See accompanying notes to financial statements.
83

 
Statement of Cash Flows
 
Six Months Ended November 30, 2019 (Unaudited) 
 
 
 

   
 
 
NKG
   
NMY
   
NMT
 
Cash Flows from Operating Activities: 
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
4,601,207
   
$
12,813,271
   
$
4,160,955
 
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 
   
(6,485,075
)
   
(33,163,354
)
   
(13,841,103
)
Proceeds from sales and maturities of investments 
   
4,097,728
     
38,808,422
     
13,657,414
 
Proceeds from (Purchase of) short-term investments, net 
   
     
     
 
Taxes paid 
   
(100
)
   
(4,224
)
   
(2,265
)
Amortization (Accretion) of premiums and discounts, net 
   
754,242
     
1,125,167
     
759,276
 
Amortization of deferred offering costs 
   
7,542
     
10,053
     
4,888
 
(Increase) Decrease in: 
                       
Receivable for interest 
   
(136,291
)
   
(201,679
)
   
32,242
 
Receivable for investments sold 
   
1,840,513
     
(2,226,638
)
   
(1,285,490
)
Other assets 
   
3,339
     
(124
)
   
6,834
 
Increase (Decrease) in: 
                       
Payable for interest 
   
125,018
     
167,821
     
117,042
 
Payable for investments purchased 
   
     
(1,684,730
)
   
222,335
 
Payable for offering costs 
   
     
(71
)
   
 
Accrued management fees 
   
(5,509
)
   
(6,041
)
   
(2,839
)
Accrued Trustees fees 
   
161
     
3,872
     
161
 
Accrued other expenses 
   
(4,750
)
   
(6,885
)
   
(9,633
)
Net realized (gain) loss from investments 
   
35,719
     
(455,200
)
   
(42,133
)
Change in net unrealized (appreciation) depreciation of investments 
   
(2,158,916
)
   
(5,890,832
)
   
(1,683,695
)
Net cash provided by (used in) operating activities 
   
2,674,828
     
9,288,828
     
2,093,989
 
Cash Flows from Financing Activities: 
                       
Proceeds from borrowings 
   
     
8,700,000
     
 
(Repayments) of borrowings 
   
     
(8,700,000
)
   
 
Increase (Decrease) in cash overdraft 
   
     
(3,192,216
)
   
198,756
 
Cash distributions paid to common shareholders 
   
(2,308,674
)
   
(6,096,612
)
   
(2,292,745
)
Net cash provided by (used in) financing activities 
   
(2,308,674
)
   
(9,288,828
)
   
(2,093,989
)
Net Increase (Decrease) in Cash 
   
366,154
     
     
 
Cash at the beginning of period 
   
554,077
     
     
 
Cash at the end of period 
 
$
920,231
   
$
   
$
 
   
Supplemental Disclosure of Cash Flow Information 
 
NKG
   
NMY
   
NMT
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
700,666
   
$
2,231,440
   
$
698,894
 
Non-cash financing activities not included herein consist of reinvestments of 
                       
common share distributions 
   
     
     
 
 
See accompanying notes to financial statements.
84


                   
 
 
NMS
   
NOM
   
NPV
 
Cash Flows from Operating Activities: 
                 
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations 
 
$
3,140,844
   
$
881,422
   
$
9,697,780
 
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 
   
(9,637,700
)
   
(1,578,765
)
   
(27,753,377
)
Proceeds from sales and maturities of investments 
   
8,200,188
     
2,293,566
     
25,547,966
 
Proceeds from (Purchase of) short-term investments, net 
   
900,000
     
205,000
     
395,000
 
Taxes paid 
   
     
(743
)
   
(2,292
)
Amortization (Accretion) of premiums and discounts, net 
   
23,431
     
84,538
     
626,064
 
Amortization of deferred offering costs 
   
7,541
     
4,048
     
7,607
 
(Increase) Decrease in: 
                       
Receivable for interest 
   
18,611
     
(19,008
)
   
(449,541
)
Receivable for investments sold 
   
(10,779
)
   
654,874
     
4,105,076
 
Other assets 
   
3,293
     
(252
)
   
(2,757
)
Increase (Decrease) in: 
                       
Payable for interest 
   
(25,642
)
   
40,051
     
461,211
 
Payable for investments purchased 
   
581,750
     
(1,651,530
)
   
(5,845,041
)
Payable for offering costs 
   
(72
)
   
     
 
Accrued management fees 
   
(1,743
)
   
(746
)
   
(5,431
)
Accrued Trustees fees 
   
107
     
34
     
2,875
 
Accrued other expenses 
   
(8,465
)
   
(12,119
)
   
6,694
 
Net realized (gain) loss from investments 
   
(135,607
)
   
(22,986
)
   
(255,009
)
Change in net unrealized (appreciation) depreciation of investments 
   
(1,317,153
)
   
(262,775
)
   
(4,710,571
)
Net cash provided by (used in) operating activities 
   
1,738,604
     
614,609
     
1,826,254
 
Cash Flows from Financing Activities: 
                       
Proceeds from borrowings 
   
     
     
 
(Repayments) of borrowings 
   
     
     
 
Increase (Decrease) in cash overdraft 
   
     
(2,562
)
   
 
Cash distributions paid to common shareholders 
   
(1,700,078
)
   
(598,111
)
   
(4,661,571
)
Net cash provided by (used in) financing activities 
   
(1,700,078
)
   
(600,673
)
   
(4,661,571
)
Net Increase (Decrease) in Cash 
   
38,526
     
13,936
     
(2,835,317
)
Cash at the beginning of period 
   
49,023
     
     
3,746,060
 
Cash at the end of period 
 
$
87,549
   
$
13,936
   
$
910,743
 
   
Supplemental Disclosure of Cash Flow Information 
 
NMS
   
NOM
   
NPV
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
642,560
   
$
167,806
   
$
1,204,694
 
Non-cash financing activities not included herein consists of reinvestments of 
                       
common share distributions 
   
     
6,868
     
 
 
See accompanying notes to financial statements.
85

Financial Highlights (Unaudited)
 
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:
                                           
2020(e) 
 
$
13.86
   
$
0.24
   
$
0.20
   
$
0.44
   
$
(0.22
)
 
$
   
$
(0.22
)
 
$
   
$
14.08
   
$
12.47
 
2019 
   
13.32
     
0.46
     
0.48
     
0.94
     
(0.43
)
   
     
(0.43
)
   
0.03
     
13.86
     
12.46
 
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
 
   
NMY 
                                                                               
Year Ended 5/31:
                                                         
2020(e) 
   
14.81
     
0.28
     
0.27
     
0.55
     
(0.26
)
   
     
(0.26
)
   
     
15.10
     
13.42
 
2019 
   
14.29
     
0.54
     
0.49
     
1.03
     
(0.53
)
   
     
(0.53
)
   
0.02
     
14.81
     
12.79
 
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
 
   
(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. 
 
86


                                 
           
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)
 
   
   
 
3.20
%
   
1.87
%
 
$
146,444
     
2.18
%**
   
3.39
%**
   
2
%
 
7.49
     
13.72
     
144,152
     
2.45
     
3.50
     
20
 
 
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
 
   
   
   
 
3.75
     
7.02
     
348,775
     
2.42
**
   
3.72
**
   
6
 
 
7.56
     
9.40
     
342,060
     
2.61
     
3.82
     
17
 
 
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
 
   
(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 5 – 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 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
         
NKG 
 
 
NMY 
 
Year Ended 5/31: 
 
Year Ended 5/31: 
2020(e) 
1.14%** 
 
2020(e) 
1.38%** 
2019 
1.36 
 
2019 
1.56 
2018 
1.11 
 
2018 
1.21 
2017 
1.03 
 
2017 
1.04 
2016 
0.55 
 
2016 
0.55 
2015 
0.54 
 
2015 
0.52 
   
(d) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. 
(e) 
For the six months ended November 30, 2019. 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
87

 
Financial Highlights (Unaudited) (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
   
Total
   
Premium
per
Share
Sold
through
Shelf
Offering
   
Discount
per
Share
Repurchased
and
Retired
   
Ending
NAV
   
Ending
Share
Price
 
NMT 
                                                                             
Year Ended 5/31:
                                           
2020(h) 
 
$
14.73
   
$
0.26
   
$
0.19
   
$
   
$
   
$
0.45
   
$
(0.25
)
 
$
   
$
(0.25
)
 
$
   
$
   
$
14.93
   
$
14.04
 
2019 
   
14.28
     
0.52
     
0.42
     
     
     
0.94
     
(0.50
)
   
     
(0.50
)
   
     
0.01
     
14.73
     
12.84
 
2018 
   
14.72
     
0.59
     
(0.40
)
   
     
     
0.19
     
(0.63
)
   
     
(0.63
)
   
     
     
14.28
     
12.64
 
2017 
   
15.34
     
0.64
     
(0.58
)
   
     
     
0.06
     
(0.68
)
   
     
(0.68
)
   
     
     
14.72
     
13.90
 
2016 
   
14.67
     
0.69
     
0.69
     
     
     
1.38
     
(0.71
)
   
     
(0.71
)
   
     
     
15.34
     
14.99
 
2015 
   
14.65
     
0.65
     
0.05
     
     
     
0.70
     
(0.68
)
   
     
(0.68
)
   
     
     
14.67
     
13.14
 
   
NMS 
                                                                                                       
Year Ended 5/31:
                                                         
2020(h) 
   
15.19
     
0.29
     
0.25
     
     
     
0.54
     
(0.29
)
   
     
(0.29
)
   
     
     
15.44
     
13.92
 
2019 
   
14.69
     
0.62
     
0.50
     
     
     
1.12
     
(0.62
)
   
     
(0.62
)
   
     
*
   
15.19
     
13.76
 
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
 
   
(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. 
 
88


                                 
           
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)
 
   
   
 
3.04
%
   
11.30
%
 
$
139,149
     
2.24
%**
   
3.50
%**
   
7
%
 
6.87
     
5.80
     
137,281
     
2.45
     
3.70
     
16
 
 
1.29
     
(4.84
)
   
133,468
     
2.13
     
4.04
     
17
 
 
0.43
     
(2.78
)
   
137,639
     
1.91
     
4.29
     
12
 
 
9.64
     
20.01
     
143,395
     
1.62
     
4.65
     
13
 
 
4.84
     
3.75
     
137,130
     
1.96
     
4.57
     
14
 
   
   
   
 
3.60
     
3.26
     
89,252
     
2.53
**
   
3.79
**
   
6
 
 
7.88
     
6.13
     
87,812
     
2.75
     
4.25
     
30
 
 
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
 
   
(c) 
Ratios do not reflect the effect of dividend payments to RPS shareholders, during periods when RPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to RPS and other subsequent forms of preferred shares issued by the Fund, where applicable. For the years ended June 30, 2014 and prior, NMS includes the RPS of Minnesota Municipal Income Portfolio (MXA). 
(d) 
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – 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 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
         
NMT 
 
 
NMS 
 
Year Ended 5/31:
 
Year Ended 5/31:
2020(h) 
1.18%** 
 
2020(h) 
1.40%** 
2019 
1.30 
 
2019 
1.59 
2018 
1.00 
 
2018 
1.06 
2017 
0.83 
 
2017 
1.29 
2016 
0.58 
 
2016 
0.62 
2015 
0.86 
 
2015(f) 
0.61** 
 
 
 
Year Ended 6/30:
 
 
 
2014(g) 
0.18** 
 
 
 
Year Ended 8/31:
 
 
 
2013 
— 
   
(e) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. 
(f) 
For the eleven months ended May 31, 2015. 
(g) 
For the ten months ended June 30, 2014. 
(h) 
For the six months ended November 30, 2019. 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
89

 
Financial Highlights (Unaudited) (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
   
Accumu-
lated Net
Realized
Gains
   
Return of
Capital
   
Total
   
Discount
Per
Share
Repurchased
and Retired
   
Ending
NAV
   
Ending
Share
Price
 
NOM 
                                                                 
Year Ended 5/31:
                                           
2020(f) 
 
$
13.84
   
$
0.25
   
$
0.13
   
$
0.38
   
$
(0.26
)
 
$
   
$
   
$
(0.26
)
 
$
   
$
13.96
   
$
14.45
 
2019 
   
13.48
     
0.52
     
0.36
     
0.88
     
(0.52
)
   
     
     
(0.52
)
   
     
13.84
     
13.97
 
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
 
NPV 
                                                                                       
Year Ended 5/31:
                                                         
2020(f) 
   
14.67
     
0.26
     
0.28
     
0.54
     
(0.26
)
   
     
     
(0.26
)
   
     
14.95
     
14.41
 
2019 
   
14.17
     
0.53
     
0.49
     
1.02
     
(0.53
)
   
     
     
(0.53
)
   
0.01
     
14.67
     
12.92
 
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
 
   
(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. 
 
90


                                 
           
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)
 
   
   
 
2.74
%
   
5.36
%
 
$
32,727
     
2.58
%**
   
3.64
%**
   
3
%
 
6.70
     
9.06
     
32,444
     
2.72
     
3.90
     
23
 
 
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
 
   
   
 
3.70
     
13.66
     
267,233
     
2.28
**
   
3.55
**
   
6
 
 
7.49
     
9.23
     
262,202
     
2.48
     
3.81
     
21
 
 
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
 
   
(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 5 – 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 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
         
NOM 
 
 
NPV 
 
Year Ended 5/31:
 
Year Ended 5/31:
2020(f) 
1.29%** 
 
2020(f) 
1.26%** 
2019 
1.40 
 
2019 
1.42 
2018 
1.19 
 
2018 
1.02 
2017 
0.99 
 
2017 
0.94 
2016 
0.69 
 
2016 
0.62 
2015 
1.44 
 
2015 
0.59 
   
(d) 
During the period ended May 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows: 
       
Ratios to Average Net Assets 
 
 
 
Net Investment 
 
NPV 
Expenses 
Income (Loss) 
 
Year Ended 5/31:
 
 
2015 
1.70% 
4.88% 
 
   
(e) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. 
(f) 
For the six months ended November 30, 2019. 
Rounds to less than $0.01 per share. 
** 
Annualized. 
 
See accompanying notes to financial statements.
91

 
Financial Highlights (Unaudited) (continued) 
 
 
 

   
 
 
AMTP Shares
at the End of Period
   
VMTP Shares
at the End of Period
 
 
 
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
NKG 
                       
Year Ended 5/31:
             
2020(a) 
 
$
58,500
   
$
350,332
   
$
   
$
 
2019 
   
58,500
     
346,414
     
     

 
2018 
   
     
     
82,000
     
271,323
 
2017 
   
     
     
82,000
     
277,532
 
2016 
   
     
     
75,000
     
302,480
 
2015 
   
     
     
75,000
     
296,588
 
   
NMY 
                               
Year Ended 5/31:
                 
2020(a) 
   
182,000
     
291,635
     
     

 
2019 
   
182,000
     
287,945
     
     

 
2018 
   
     
     
197,000
     
269,311
 
2017 
   
     
     
197,000
     
273,821
 
2016 
   
     
     
167,000
     
311,126
 
2015 
   
     
     
167,000
     
306,168
 
 
(a) 
For the six months ended November 30, 2019.
 
See accompanying notes to financial statements.
92


                                                             
 
 
AMTP Shares
at the End of Period
   
RPS at the
End of Period
   
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 $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $25,000
Share
   
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
 
NMT 
                                                           
Year Ended 5/31:
                                     
2020(e) 
 
$
   
$
   
$
   
$
   
$
   
$
   
$
   
$
   
$
74,000
   
$
288,039
 
2019 
   
     
     
     
     
     
     
     
     
74,000
     
285,515
 
2018 
   
     
     
     
     
     
     
     
     
74,000
     
280,362
 
2017 
   
     
     
     
     
     
     
     
     
74,000
     
285,999
 
2016 
   
     
     
     
     
     
     
74,000
     
293,776
     
     
 
2015 
   
     
     
     
     
     
     
74,000
     
285,311
     
     
 
   
NMS 
                                                                               
Year Ended 5/31:
                                                 
2020(e) 
   
52,800
     
269,039
     
     
     
     
     
     
     
     
 
2019 
   
52,800
     
266,310
     
     
     
     
     
     
     
     
 
2018 
   
     
     
     
     
     
     
52,800
     
261,111
     
     
 
2017 
   
     
     
     
     
     
     
52,800
     
260,466
     
     
 
2016 
   
     
     
     
     
     
     
44,100
     
299,415
     
     
 
2015(c) 
   
     
     
     
     
     
     
44,100
     
295,352
     
     
 
Year Ended 6/30:
                                                 
2014(d) 
   
     
     
     
     
     
     
31,100
     
307
*
   
     
 
Year Ended 8/31:
                                                 
2013 
   
     
     
31,100
     
73
*
   
     
     
     
     
     
 
   
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
 
NMT 
     
Series 2015 (NMT PRC) 
     
Ending Market Value per Share 
   
 
Average Market Value per Share 
   
10.02
Ω
Series 2016 (NMT PRD) 
       
Ending Market Value per Share 
   
 
Average Market Value per Share 
   
10.03
Ω
Series 2015 (NMT PRE) (b) 
       
Ending Market Value per Share 
   
 
Average Market Value per Share 
   
10.00
Δ
Series 2015-1 (NMT PRF) (b) 
       
Ending Market Value per Share 
   
 
Average Market Value per Share 
   
10.00
Δ
   
(b) 
MTP Shares issued in connection with the reorganizations. 
(c) 
For the eleven months ended May 31, 2015. 
(d) 
For the ten months ended June 30, 2014. 
(e) 
For the six months ended November 30, 2019. 
Ω
For the period June 1, 2014 through July 11, 2014. 
Δ
For the period June 9, 2014 (effective date of the reorganizations) through July 11, 2014. 
 
See accompanying notes to financial statements.
93

 
Financial Highlights (Unaudited) (continued) 
 
 
 

   
 
 
MFP Shares
at the End of Period
   
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 $100,000
Share
   
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
 
NOM 
                                               
Year Ended 5/31:
                         
2020(b) 
 
$
18,000
   
$
281,816
   
$
   
$
   
$
   
$
   
$
   
$
 
2019 
   
18,000
     
280,242
     
     
     
     
     
     
 
2018 
   
18,000
     
275,584
     
     
     
     
     
     
 
2017 
   
     
     
     
     
18,000
     
281,436
     
     
 
2016 
   
     
     
     
     
18,000
     
287,651
     
     
 
2015 
   
     
     
     
     
18,000
     
280,372
     
     
 
   
NPV 
                                                               
Year Ended 5/31:
                                 
2020(b) 
   
     
     
     
     
     
     
128,000
     
308,776
 
2019 
   
     
     
     
     
     
     
128,000
     
304,845
 
2018 
   
     
     
     
     
     
     
128,000
     
298,574
 
2017 
   
     
     
     
     
     
     
128,000
     
302,993
 
2016 
   
     
     
     
     
     
     
128,000
     
310,125
 
2015 
   
     
     
     
     
     
     
128,000
     
303,206
 
   
(a) 
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows: 
       
 
 
2015
 
   
NOM 
     
Series 2015 (NOM PRC) 
     
Ending Market Value per Share 
 
$
 
Average Market Value per Share 
   
10.03
Δ
   
(b) 
For the six months ended November 30, 2019. 
Δ
For the period June 1, 2014, through February 9, 2015. 
 
See accompanying notes to financial statements.
94

Notes to
Financial Statements (Unaudited)
1. General Information
Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
Nuveen Georgia Quality Municipal Income Fund (NKG)
Nuveen Maryland Quality Municipal Income Fund (NMY)
Nuveen Massachusetts Quality Municipal Income Fund (NMT)
Nuveen Minnesota Quality Municipal Income Fund (NMS)
Nuveen Missouri Quality Municipal Income Fund (NOM)
Nuveen Virginia Quality Municipal Income Fund (NPV)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified closed-end management investment companies. NKG, NMS and NOM were organized as Massachusetts business trusts on October 26, 2001, April 28, 2014 and March 29, 1993, respectively. NMY, NMT and NPV were organized as Massachusetts business trusts on January 12, 1993.
The end of the reporting period for the Funds is November 30, 2019, and the period covered by these Notes to Financial Statements is the six months ended November 30, 2019 (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.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees 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.
Distributions to Common Shareholders
Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties.
95

Notes to Financial Statements (Unaudited) (continued)
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.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which 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.
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 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
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 effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management early implemented this guidance and it did not have a material impact on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds’ investments in securities is recorded at their estimated fair value. 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 participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
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.
96


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 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 
 
$
   
$
220,825,033
   
$
81,240
**
 
$
220,906,273
 
Short-Term Investments*: 
                               
Municipal Bonds 
   
     
     
257,797
**
   
257,797
 
Total 
 
$
   
$
220,825,033
   
$
339,037
   
$
221,164,070
 
NMY 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
552,522,472
   
$
   
$
552,522,472
 
NMT 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
210,270,864
   
$
   
$
210,270,864
 
NMS 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
139,148,493
   
$
   
$
139,148,493
 
Short-Term Investments*: 
                               
Municipal Bonds 
   
     
2,100,000
     
     
2,100,000
 
Total 
 
$
   
$
141,248,493
   
$
   
$
141,248,493
 
NOM 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
50,715,069
   
$
   
$
50,715,069
 
NPV 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
410,760,445
   
$
   
$
410,760,445
 
   
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. 
 
4. 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
97

Notes to Financial Statements (Unaudited) (continued)
“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 Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Earnings due from the Underlying Bond and interest due to the holders of the Floaters as of the end of the reporting period are recognized as components of “Receivable for interest” and “Payable for interest” on the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                                     
Floating Rate Obligations Outstanding 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
19,600,000
   
$
28,405,000
   
$
   
$
   
$
600,000
   
$
20,350,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
     
     
7,325,000
     
     
     
 
Total 
 
$
19,600,000
   
$
28,405,000
   
$
7,325,000
   
$
   
$
600,000
   
$
20,350,000
 
 
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
   
NMT
   
NMS
   
NOM
   
NPV
 
Average floating rate obligations outstanding 
 
$
19,600,000
   
$
28,405,000
   
$
   
$
   
$
600,000
   
$
20,350,000
 
Average annual interest rate and fees 
   
1.84
%
   
1.87
%
   
%
   
%
   
1.83
%
   
1.90
%
 
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
98


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.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under such facilities for any of the 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
   
NMT
   
NMS
   
NOM
   
NPV
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
19,600,000
   
$
28,405,000
   
$
   
$
   
$
600,000
   
$
20,350,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
     
     
7,325,000
     
     
     
 
Total 
 
$
19,600,000
   
$
28,405,000
   
$
7,325,000
   
$
   
$
600,000
   
$
20,350,000
 
 
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.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
                                     
 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Purchases 
 
$
6,485,075
   
$
33,163,354
   
$
13,841,103
   
$
9,637,700
   
$
1,578,765
   
$
27,753,377
 
Sales and maturities 
   
4,097,728
     
38,808,422
     
13,657,414
     
8,200,188
     
2,293,566
     
25,547,966
 
 
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:
             
 
 
NMT
   
NMS
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
222,335
   
$
581,750
 
 
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim 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,
99

Notes to Financial Statements (Unaudited) (continued)
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.
5. 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 a 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
 
 
 
Six Months
   
Year
 
 
 
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
 
Additional authorized common shares 
   
     
500,000
*
Common shares sold 
   
     
 
Offering proceeds, net of offering costs 
 
$
   
$
 
 
*
Represents additional authorized common shares for the period June 1, 2018 through March 29, 2019.
 
Costs incurred by the Fund in connection with its initial shelf registrations are recorded as a prepaid expense and recognized as “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.
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Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable. were as follows:
                                     
 
 
NKG
   
NMY
   
NMT
 
 
 
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
 
Common shares: 
                                   
Repurchased and retired 
   
     
(149,500
)
   
     
(247,500
)
   
     
(26,148
)
Weighted average common share: 
                                               
Price per share repurchased and retired 
   
   
$
10.97
     
   
$
11.77
     
   
$
11.67
 
Discount per share repurchased and retired 
   
     
15.65
%
   
     
15.60
%
   
     
15.20
%

   
 
 
NMS
   
NOM
   
NPV
 
 
 
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
   
11/30/19
   
5/31/19
 
Common shares: 
                                               
Issued to shareholders due to reinvestment of distributions 
   
     
     
492
     
     
     
 
Repurchased and retired 
   
     
(10,000
)
   
     
     
     
(55,000
)
Weighted average common share: 
                                               
Price per share repurchased and retired 
   
   
$
12.08
     
     
     
   
$
11.60
 
Discount per share repurchased and retired 
   
     
15.12
%
   
     
     
     
15.41
%
 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publically available.
The details of the each Funds’ AMTP Shares outstanding as of the end of the reporting period, were as follows:
                     
 
 
             
Liquidation
 
 
 
             
Preference,
 
 
  
 
Shares
   
Liquidation
   
net of deferred
 
Fund 
Series 
 
Outstanding
   
Preference
   
offering costs
 
NKG 
2028 
   
585
   
$
58,500,000
   
$
58,364,506
 
NMY 
2028 
   
1,820
   
$
182,000,000
   
$
181,819,390
 
NMS 
2028 
   
528
   
$
52,800,000
   
$
52,664,544
 
 
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
101

Notes to Financial Statements (Unaudited) (continued)
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
         
 
Notice 
 
Term 
Premium 
Fund 
Period 
Series 
Redemption Date 
Expiration Date 
NKG 
540-day 
2028 
December 1 2028* 
February 13, 2019 
NMY 
360-day 
2028 
December 1 2028* 
November 30, 2019 
NMS 
360-day 
2028 
December 1 2028* 
November 30, 2019 
   

Subject to early termination by either the Fund or the holder.
 
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
                   
 
 
NKG
   
NMY
   
NMS
 
Average liquidation preference of AMTP shares outstanding 
 
$
58,500,000
   
$
182,000,000
   
$
52,800,000
 
Annualized dividend rate 
   
2.21
%
   
2.34
%
   
2.34
%
 
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) 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.
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 publicly 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.
102


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.
Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the shares. These offering costs are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, details of the Fund’s MFP Shares outstanding were as follows:
               
 
 
 
 
Liquidation 
 
 
 
 
 
 
 
Preference, 
Term 
 
Mode 
 
 
Shares 
Liquidation 
net of deferred 
Redemption 
 
Termination 
Fund 
Series 
Outstanding 
Preference 
offering costs 
Date 
Mode 
Date 
NOM 
180 
$18,000,000 
$17,775,140 
October 1, 2047 
VRM 
October 12, 2022 
 
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 
   
2.25
%
 
Variable Rate Demand Preferred Shares
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows:
               
 
 
 
 
 
Liquidation 
 
 
 
 
 
 
 
Preference, 
Special Rate 
 
 
 
Shares 
Liquidation 
Remarketing 
net of deferred 
Period 
 
Fund 
Series 
Outstanding 
Preference 
Fees* 
offering costs 
Expiration 
Maturity 
NMT 
740 
$ 74,000,000 
N/A 
$ 73,734,155 
March 1, 2047 
March 1, 2047 
NPV 
1,280 
$128,000,000 
N/A 
$127,640,592 
July 22, 2020 
August 3, 2043 
 
Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series. 
N/A 
Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee. 

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
103

Notes to Financial Statements (Unaudited) (continued)
Each Fund’s Series 1 VRDP Shares are considered to be Special Rate VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarketing fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
             
 
 
NMT
   
NPV
 
Average liquidation preference of VRDP Shares outstanding 
 
$
74,000,000
   
$
128,000,000
 
Annualized dividend rate 
   
2.21
%
   
2.30
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
               
 
Year Ended
May 31, 2019
 
NKG 
Series 
 
Shares
   
Amount
 
AMTP Shares issued 
2028 
   
585
   
$
58,500,000
 
   
 
Year Ended
May 31, 2019
 
NMY 
Series 
 
Shares
   
Amount
 
AMTP Shares issued 
2028 
   
1,820
   
$
182,000,000
 
   
 
Year Ended
May 31, 2019
 
NMS 
Series 
 
Shares
   
Amount
 
AMTP Shares issued 
2028 
   
528
   
$
52,800,000
 
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
               
 
Year Ended
May 31, 2019
 
NKG 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
2019 
   
(820
)
 
$
(82,000,000
)
 
104


               
 
Year Ended
May 31, 2019
 
NMY 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
2019 
   
(1,970
)
 
$
(197,000,000
)
   
 
Year Ended
May 31, 2019
 
NMS 
Series 
 
Shares
   
Amount
 
VMTP Shares redeemed 
2019 
   
(528
)
 
$
(52,800,000
)
 
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 November 30, 2019.
                                     
 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Tax cost of investments 
 
$
188,181,609
   
$
487,623,439
   
$
195,351,458
   
$
132,236,828
   
$
46,882,713
   
$
359,022,918
 
Gross unrealized: 
                                               
Appreciation 
 
$
14,188,518
   
$
37,371,035
   
$
14,970,627
   
$
9,041,655
   
$
3,335,150
   
$
31,583,151
 
Depreciation 
   
(806,055
)
   
(876,998
)
   
(51,221
)
   
(29,990
)
   
(102,794
)
   
(195,664
)
Net unrealized appreciation (depreciation) of investments 
 
$
13,382,463
   
$
36,494,037
   
$
14,919,406
   
$
9,011,665
   
$
3,232,356
   
$
31,387,487
 
 
Permanent differences, primarily due to taxable market discount, federal taxes paid, nondeductible offering costs and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of May 31, 2019, the Funds’ last tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2019, the Funds’ last tax year end, were as follows:
                                     
 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Undistributed net tax-exempt income1 
 
$
413,573
   
$
773,839
   
$
196,312
   
$
117,668
   
$
23,928
   
$
781,077
 
Undistributed net ordinary income2 
   
1,775
     
72,541
     
40,864
     
     
13,659
     
43,605
 
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, 2019, paid on June 3, 2019.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
105

Notes to Financial Statements (Unaudited) (continued)
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2019 was designated for purposes of the dividends paid deduction as follows:
                                     
 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Distributions from net tax-exempt income 
 
$
6,188,258
   
$
17,010,459
   
$
6,479,015
   
$
4,937,092
   
$
1,628,103
   
$
12,646,691
 
Distributions from net ordinary income2 
   
6,423
     
11,453
     
     
     
11,866
     
7,470
 
Distributions from net long-term capital gains 
   
     
     
     
     
     
 
   
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
As of May 31, 2019, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
                                     
 
 
NKG
   
NMY
   
NMT
   
NMS
   
NOM
   
NPV
 
Not subject to expiration: 
                                   
Short-term 
 
$
1,193,816
   
$
6,816,587
   
$
1,580,494
   
$
173,312
   
$
404,344
   
$
5,236,046
 
Long-term 
   
3,020,168
     
6,269,681
     
3,613,690
     
385,436
     
693,007
     
9,588,846
 
Total 
 
$
4,213,984
   
$
13,086,268
   
$
5,194,184
   
$
558,748
   
$
1,097,351
   
$
14,824,892
 
 
During the Funds’ last tax year ended May 31, 2019, NOM utilized $163,117 of its capital loss carryforward.
As of May 31, 2019, the Funds’ last tax year end, $48,370 of NKG’s capital loss carryforward expired.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
       
Average Daily Managed Assets* 
 
Fund-Level Fee 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
 
 
106


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, but do not include certain Nuveen Funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of November 30, 2019, the complex-level fee for each Fund was 0.1562%.
 
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 
 
NOM
   
NPV
 
Purchases 
 
$
   
$
 
Sales 
   
816,885
     
3,098,495
 
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 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. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 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% per annum or (b) the Fed Funds rate plus 1.00% 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.
107

Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, NMY utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
       
 
 
NMY
 
Maximum outstanding balance 
 
$
8,700,000
 
 
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:
       
 
 
NMY
 
Utilization period (days outstanding) 
   
13
 
Average daily balance outstanding 
 
$
7,715,385
 
Average annual interest rate 
   
3.40
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
108

Additional Fund
Information
             
Board of Trustees 
 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
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 
 
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http:www.sec.gov.

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

CEO Certification Disclosure
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 
NMT 
NMS 
NOM 
NPV 
Common shares repurchased 
— 
— 
— 
— 
— 
— 
 
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
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 cumula- tive performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receiv- ables) 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 govern- ments 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.
110


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 Massachusetts Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Massachusetts municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Minnesota Index: An 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 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.
111

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 asset 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

Notes


113

Notes



114

Notes



115




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

ESA-A-1119D 1049631-INV-B-01/21



 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
 
ITEM 13. EXHIBITS.

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

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

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

(a)(4)
Change in the registrant’s independent public accountant. Not applicable.
 
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.



 
SIGNATURES

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

(Registrant) Nuveen Maryland Quality Municipal Income Fund

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

Date: February 7, 2020
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: February 7, 2020
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: February 7, 2020

 
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