|
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. |
|
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.
|
|
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.
|
|
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
|
|
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
|
)%
|
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%
|
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%
|
A
|
17.5%
|
BBB
|
7.8%
|
N/R (not rated)
|
2.4%
|
Total
|
100%
|
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%
|
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%
|
A
|
22.9%
|
BBB
|
18.5%
|
BB or Lower
|
6.6%
|
N/R (not rated)
|
10.7%
|
Total
|
100%
|
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%
|
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%
|
A
|
21.2%
|
BBB
|
8.4%
|
BB or Lower
|
4.2%
|
N/R (not rated)
|
1.9%
|
Total
|
100%
|
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%
|
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%
|
A
|
25.8%
|
BBB
|
11.1%
|
BB or Lower
|
7.5%
|
N/R (not rated)
|
15.7%
|
Total
|
100%
|
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%
|
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%
|
A
|
20.2%
|
BBB
|
9.9%
|
BB or Lower
|
4.5%
|
N/R (not rated)
|
8.3%
|
Total
|
100%
|
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%
|
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%
|
A
|
12.1%
|
BBB
|
14.9%
|
BB or Lower
|
9.0%
|
N/R (not rated)
|
7.9%
|
Total
|
100%
|
|
|
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
|
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
|
A
|
2,115,512
|
|
1,000
|
5.000%, 4/01/37
|
4/27 at 100.00
|
A
|
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
|
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
|
|
|
|
|
5
|
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
|
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)
|
|
|
|
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
|
|
|
|
|
5
|
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
|
|
|
|
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
|
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.
|
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
|
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
|
A
|
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
|
A
|
1,062,180
|
|
1,250
|
5.000%, 10/01/45
|
10/24 at 100.00
|
A
|
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
|
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
|
A
|
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
|
A
|
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
|
A
|
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
|
A
|
1,126,950
|
|
5,500
|
5.000%, 7/01/45
|
7/24 at 100.00
|
A
|
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
|
A
|
4,828,415
|
|
11,500
|
5.000%, 7/01/43
|
7/22 at 100.00
|
A
|
12,348,355
|
|
1,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University
|
7/25 at 100.00
|
A
|
1,148,320
|
|
|
of Maryland Medical System Issue, Series 2015, 5.000%, 7/01/35
|
|
|
|
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
|
|
|
Health Care (continued)
|
|
|
|
|
$ 5,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University
|
7/27 at 100.00
|
A
|
$ 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
|
A
|
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
|
|
|
|
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
|
A
|
2,567,918
|
|
1,000
|
3.625%, 1/01/37
|
1/26 at 100.00
|
A
|
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
|
A
|
2,502,952
|
|
4,090
|
5.000%, 1/01/45
|
7/26 at 100.00
|
A
|
4,731,966
|
|
2,480
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
|
12/19 at 100.00
|
A
|
2,483,596
|
|
|
Retirement Community, Series 2007, 4.750%, 7/01/34
|
|
|
|
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
|
|
|
|
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
|
|
|
|
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
|
C
|
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
|
|
3
|
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
|
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
|
A
|
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
|
A
|
611,261
|
|
355
|
5.000%, 7/01/33 (AMT)
|
7/28 at 100.00
|
A
|
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
|
|
|
|
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
|
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
|
C
|
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
|
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.
|
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
|
A
|
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
|
|
|
|
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
|
A
|
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
|
A
|
1,053,189
|
|
1,000
|
5.000%, 7/01/32
|
7/25 at 100.00
|
A
|
1,164,330
|
|
500
|
5.000%, 7/01/33
|
7/25 at 100.00
|
A
|
581,180
|
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
|
A
|
$ 1,807,680
|
|
2,000
|
5.000%, 7/01/43
|
7/28 at 100.00
|
A
|
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
|
A
|
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
|
|
5
|
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
|
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
|
|
|
|
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
|
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
|
|
|
|
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.
|
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
|
|
|
|
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
|
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
|
A
|
818,925
|
|
630
|
5.000%, 9/01/34
|
9/24 at 100.00
|
A
|
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)
|
|
|
|
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
|
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
|
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)
|
|
|
|
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
|
(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.
|
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
|
A
|
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
|
A
|
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
|
|
|
|
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
|
|
|
|
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
|
|
|
|
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
|
A
|
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:
|
|
|
|
|
2
|
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
|
|
9
|
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
|
|
|
|
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
|
A
|
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
|
A
|
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
|
(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.
|
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
|
|
|
|
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
|
A
|
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
|
A
|
185,168
|
|
2,000
|
5.000%, 1/01/47
|
1/27 at 100.00
|
A
|
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
|
|
|
|
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
|
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
|
|
|
|
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
|
C
|
719,665
|
|
|
5.500%, 7/01/29 – AMBAC Insured
|
|
|
|
|
5,875
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding
|
No Opt. Call
|
C
|
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
|
C
|
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
|
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
|
A
|
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
|
|
|
|
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
|
A
|
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)
|
|
|
|
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
|
A
|
2,150,884
|
|
1,890
|
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System,
|
No Opt. Call
|
A
|
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)
|
|
|
|
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
|
B
|
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
|
C
|
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
|
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.
|
|
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
|
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
|
|
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
|
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
|
|
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
|
|
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
|
|
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
|
|
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
|
—
|
—
|
—
|
|
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
|
—
|
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.
|
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.
|
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.
|
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.
|
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.
|
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.
|
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.
|
|
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.
|
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.
|
•
|
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)
|
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.
|
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
|
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
|
%
|
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
|
|
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
|
|
NMT
|
NMS
|
||||||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
222,335
|
$
|
581,750
|
|
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.
|
|
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
|
%
|
|
|
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
|
|
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.
|
|
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
|
%
|
•
|
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its
liquidation preference. Shareholders have the ability to request a best- efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the
shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or
redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on
the Statement of Operations.
|
•
|
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal /
conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread’ being demanded by
investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could
vary if market conditions change materially.
|
•
|
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its
liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in
the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum
rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. The Fund is required to redeem any shares that are still owned by a liquidity
provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP Shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are
recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
|
|
|
|
|
Liquidation
|
|
|
|
|
|
|
|
Preference,
|
Term
|
|
Mode
|
|
|
Shares
|
Liquidation
|
net of deferred
|
Redemption
|
|
Termination
|
Fund
|
Series
|
Outstanding
|
Preference
|
offering costs
|
Date
|
Mode
|
Date
|
NOM
|
A
|
180
|
$18,000,000
|
$17,775,140
|
October 1, 2047
|
VRM
|
October 12, 2022
|
|
NOM
|
|||
Average liquidation preference of MFP Shares outstanding
|
$
|
18,000,000
|
||
Annualized dividend rate
|
2.25
|
%
|
|
|
|
|
|
Liquidation
|
|
|
|
|
|
|
|
Preference,
|
Special Rate
|
|
|
|
Shares
|
Liquidation
|
Remarketing
|
net of deferred
|
Period
|
|
Fund
|
Series
|
Outstanding
|
Preference
|
Fees*
|
offering costs
|
Expiration
|
Maturity
|
NMT
|
1
|
740
|
$ 74,000,000
|
N/A
|
$ 73,734,155
|
March 1, 2047
|
March 1, 2047
|
NPV
|
1
|
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.
|
|
NMT
|
NPV
|
||||||
Average liquidation preference of VRDP Shares outstanding
|
$
|
74,000,000
|
$
|
128,000,000
|
||||
Annualized dividend rate
|
2.21
|
%
|
2.30
|
%
|
|
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
|
|
Year Ended
May 31, 2019
|
||||||||
NKG
|
Series
|
Shares
|
Amount
|
||||||
VMTP Shares redeemed
|
2019
|
(820
|
)
|
$
|
(82,000,000
|
)
|
|
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
|
)
|
|
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
|
|
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. |
|
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.
|
|
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
|
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
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%. |
Inter-Fund Trades
|
NOM
|
NPV
|
||||||
Purchases
|
$
|
—
|
$
|
—
|
||||
Sales
|
816,885
|
3,098,495
|
|
NMY
|
|||
Maximum outstanding balance
|
$
|
8,700,000
|
|
NMY
|
|||
Utilization period (days outstanding)
|
13
|
|||
Average daily balance outstanding
|
$
|
7,715,385
|
||
Average annual interest rate
|
3.40
|
%
|
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
|
|
NKG
|
NMY
|
NMT
|
NMS
|
NOM
|
NPV
|
Common shares repurchased
|
—
|
—
|
—
|
—
|
—
|
—
|
■
|
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.
|
■
|
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.
|
Nuveen Securities, LLC member of FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
(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.
|
(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.
|