UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number  811-07484

Nuveen Massachusetts Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:  May 31

Date of reporting period:  May 31, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

May

31,

2024

Annual

Report

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

2

Table

of

Contents

Important

Notices

3

Portfolio

Managers’

Comments

4

Common

Share

Information

7

About

the

Funds’

Benchmarks

9

Fund

Performance,

Leverage

and

Holdings

Summaries

10

Report

of

Independent

Registered

Public

Accounting

Firm

19

Portfolios

of

Investments

20

Statement

of

Assets

and

Liabilities

44

Statement

of

Operations

45

Statement

of

Changes

in

Net

Assets

46

Statement

of

Cash

Flows

48

Financial

Highlights

50

Notes

to

Financial

Statements

55

Shareholder

Update

68

Important

Tax

Information

93

Shareholder

Meeting

Report

94

Additional

Fund

Information

95

Glossary

of

Terms

Used

in

this

Report

96

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

97

Board

Members

&

Officers

105

Important

Notices

3

Portfolio

Manager

Updates

Effective

October

13,

2023,

Stephen

Candido,

CFA,

was

added

as

a

portfolio

manager

of

NMT

and

Michael

Hamilton

was

added

as

a

portfolio

manager

of

NPV.

Effective

October

13,

2023,

Stephen

Candido,

CFA

and

Michael

Hamilton

were

added

as

portfolio

managers

of

NMS

and

NOM.

Effective

April

1,

2024,

Christopher

Drahn

retired

from

Nuveen

Asset

Management,

LLC

and

no

longer

serves

as

a

portfolio

manager

of

NMS

and

NOM.

Management

Fees

As

of

May

1,

2024,

each

Fund's

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

each

Fund's

average

daily

managed

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

Therefore,

the

maximum

management

fee

rate

for

each

Fund

is

the

fund-level

fee

listed

within

this

report

plus

0.1600%.

Refer

to

the

Notes

to

Financial

Statements

within

this

report

for

further

details

on

the

Funds'

management

fees.

4

Portfolio

Managers’

Comments

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(NMT)

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS)

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM)

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV)

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Michael

Hamilton

and

Stephen

Candido,

CFA,

are

the

portfolio

managers

for

the

Nuveen

Massachusetts

Quality

Municipal

Income

Fund,

Nuveen

Minnesota

Quality

Municipal

Income

Fund,

Nuveen

Missouri

Quality

Municipal

Income

Fund

and

Nuveen

Virginia

Quality

Municipal

Income

Fund.

Below

is

a

discussion

of

the

Funds’

performance

and

the

factors

that

contributed

and

detracted

during

the

twelve-month

reporting

period

ended

May

31,

2024.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(NMT)

What

factors

affected

markets

during

the

reporting

period?

•

Massachusetts’

economy

is

led

by

health

care,

education,

financial

services

and

technology

and

enjoys

the

highest

per

capita

income

among

the

50

states.

As

of

May

2024,

the

commonwealth’s

ratings

of

Aa1,

AA+,

and

AA+

were

maintained

by

Moody’s,

S&P

and

Fitch

respectively.

The

outlooks

were

all

stable.

•

Municipal

yields

rose

across

the

maturity

spectrum,

despite

a

steep

decline

in

November-December

2023,

when

Treasury

markets

moved

sharply

to

reassess

the

timing

of

potential

Federal

Reserve

(Fed)

rate

cuts

and

municipal

yields

followed

in

kind.

The

fourth

quarter

2023

rally

more

than

offset

negative

performance

in

much

of

the

rest

of

the

reporting

period.

•

Municipal

credit

fundamentals

remained

strong

in

the

reporting

period,

and

reduced

supply

issuance

continued

to

be

met

with

healthy

demand,

which

helped

municipal

credit

spreads

narrow.

This

drove

stronger

performance

in

bonds

lower

down

the

credit

ratings

spectrum

relative

to

the

highest

rated

paper.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

During

the

reporting

period,

the

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

weakness

to

buy

bonds

at

attractive

valuations

and

continued

to

seek

enhanced

income

opportunities

by

selling

bonds

with

lower

book

yields

and

replacing

them

with

bonds

with

higher

book

yields.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

twelve-month

reporting

period

ended

May

31,

2024,

NMT

returned

2.32%.

The

Fund

performed

in

line

with

the

returns

of

the

S&P

Municipal

Bond

Massachusetts

Index,

which

returned

2.33%.

Top

contributors

to

relative

performance

•

An

underweight

to

AAA

and

AA

rated

bonds,

which

underperformed,

and

an

overweight

to

lower

rated

(especially

non-rated)

bonds,

which

performed

well

as

credit

spreads

narrowed.

•

Duration

positioning,

particularly

an

underweight

to

eight-years

and

shorter,

which

lagged,

and

an

overweight

to

10-years

and

longer,

which

outperformed

as

the

yield

curve

flattened.

•

Security

selection,

where

performance

was

strong

across

a

diverse

group

of

holdings.

Top

detractors

from

relative

performance

•

The

Fund’s

use

of

leverage,

primarily

through

the

issuance

of

preferred

shares.

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS)

What

factors

affected

markets

during

the

reporting

period?

•

As

of

May

2024,

Minnesota’s

general

obligation

debt

carried

ratings

of

Aaa

from

Moody’s

and

AAA

from

S&P.

Minnesota’s

municipal

bond

new

issuance

totaled

$8.7

billion

for

the

twelve-month

period

ended

May

24,

2024,

a

50.4%

increase

from

the

same

period

a

year

earlier.

•

Municipal

yields

rose

across

the

maturity

spectrum,

despite

a

steep

decline

in

November-December

2023,

when

Treasury

markets

moved

sharply

to

reassess

the

timing

of

potential

Fed

rate

cuts

and

municipal

yields

followed

in

kind.

This

fourth

quarter

2023

rally

more

than

offset

negative

performance

in

much

of

the

rest

of

the

reporting

period.

5

•

Municipal

credit

fundamentals

remained

strong

in

the

reporting

period,

and

reduced

supply

issuance

continued

to

be

met

with

healthy

demand,

which

helped

municipal

credit

spreads

narrow.

This

drove

stronger

performance

in

bonds

lower

down

the

credit

ratings

spectrum

relative

to

the

highest

rated

paper.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

During

the

reporting

period,

the

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

weakness

to

buy

bonds

at

attractive

valuations

and

continued

to

seek

enhanced

income

opportunities

by

selling

bonds

with

lower

book

yields

and

replacing

them

with

bonds

with

higher

book

yields.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

twelve-month

reporting

period

ended

May

31,

2024,

NMS

returned

2.55%.

The

Fund

outperformed

the

returns

of

the

S&P

Municipal

Bond

Minnesota

Index,

which

returned

2.10%.

Top

contributors

to

relative

performance

•

An

underweight

to

AAA

and

AA

rated

bonds,

which

underperformed,

and

an

overweight

to

A

and

BB

rated

bonds,

which

performed

well

as

credit

spreads

narrowed.

•

Duration

positioning,

particularly

an

underweight

to

the

two-

to

six-year

segments,

which

lagged,

and

an

overweight

to

ten-years

and

longer,

which

outperformed

as

the

yield

curve

flattened.

Top

detractors

from

relative

performance

•

The

Fund’s

use

of

leverage

through

the

issuance

of

preferred

shares.

•

Overweight

to

six-

to

eight-year

duration

bonds,

which

underperformed

as

the

yield

curve

flattened.

•

Security

selection

overall

had

a

negative

impact,

but

there

were

no

individual

positions

that

were

notable

detractors.

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM)

What

factors

affected

markets

during

the

reporting

period?

•

As

of

May

2024,

Moody’s,

S&P

and

Fitch

rated

Missouri

general

obligation

debt

at

Aaa/AAA/AAA

with

stable

outlooks.

Missouri

municipal

bond

new

issuance

totaled

$4.4

billion

for

the

twelve-month

period

ended

May

24,

2024,

a

32%

decrease

from

the

same

period

a

year

earlier.

•

Municipal

yields

rose

across

the

maturity

spectrum,

despite

a

steep

decline

in

November-December

2023,

when

Treasury

markets

moved

sharply

to

reassess

the

timing

of

potential

Fed

rate

cuts

and

municipal

yields

followed

in

kind.

The

fourth

quarter

2023

rally

more

than

offset

negative

performance

in

much

of

the

rest

of

the

reporting

period.

•

Municipal

credit

fundamentals

remained

strong

in

the

reporting

period,

and

reduced

supply

issuance

continued

to

be

met

with

healthy

demand,

which

helped

municipal

credit

spreads

narrow.

This

drove

stronger

performance

in

bonds

lower

down

the

credit

ratings

spectrum

relative

to

the

highest

rated

paper.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

During

the

reporting

period,

the

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

weakness

to

buy

bonds

at

attractive

valuations

and

continued

to

seek

enhanced

income

opportunities

by

selling

bonds

with

lower

book

yields

and

replacing

them

with

bonds

with

higher

book

yields.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

twelve-month

reporting

period

ended

May

31,

2024,

NOM

returned

3.20%.

The

Fund

outperformed

the

returns

of

the

S&P

Municipal

Bond

Missouri

Index,

which

returned

2.87%.

Top

contributors

to

relative

performance

•

Duration

positioning,

particularly

the

underweight

to

six-years

and

shorter,

which

lagged,

and

an

overweight

to

10-years

and

longer,

which

outperformed

as

the

yield

curve

flattened.

•

Overweight

to

the

incremental

tax

sector,

which

outperformed,

and

an

underweight

to

the

single-family

housing

sector,

which

underperformed.

Top

detractors

from

relative

performance

•

The

Fund’s

use

of

leverage,

primarily

through

the

issuance

of

preferred

shares.

•

Overweight

to

six-

to

eight-year

duration

bonds,

which

underperformed

as

the

yield

curve

flattened.

•

Overweight

to

the

appropriation

sector,

which

underperformed.

Portfolio

Managers’

Comments

(continued)

6

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV)

What

factors

affected

markets

during

the

reporting

period?

•

As

of

May

2024,

Moody’s,

S&P,

and

Fitch

rate

Virginia

general

obligation

debt

at

Aaa/AAA/AAA

with

stable

outlooks.

Virginia

municipal

bond

new

issuance

totaled

$9.2

billion

for

the

twelve-month

period

ended

May

31,

2024,

a

90.1%

increase

from

the

same

period

a

year

earlier.

•

Municipal

yields

rose

across

the

maturity

spectrum,

despite

a

steep

decline

in

November-December

2023,

when

Treasury

markets

moved

sharply

to

reassess

the

timing

of

potential

Fed

rate

cuts

and

municipal

yields

followed

in

kind.

The

fourth

quarter

2023

rally

more

than

offset

negative

performance

in

much

of

the

rest

of

the

reporting

period.

•

Municipal

credit

fundamentals

remained

strong

in

the

reporting

period,

and

reduced

supply

issuance

continued

to

be

met

with

healthy

demand,

which

helped

municipal

credit

spreads

narrow.

This

drove

stronger

performance

in

bonds

lower

down

the

credit

ratings

spectrum

relative

to

the

highest

rated

paper.

What

key

strategies

were

used

to

manage

the

Fund

during

the

reporting

period?

•

During

the

reporting

period,

the

Fund’s

trading

activity

remained

focused

on

pursuing

its

investment

objectives.

There

were

no

material

changes

to

the

Fund’s

positioning.

•

The

portfolio

management

team

took

advantage

of

periods

of

market

weakness

to

buy

bonds

at

attractive

valuations

and

continued

to

seek

enhanced

income

opportunities

by

selling

bonds

with

lower

book

yields

and

replacing

them

with

bonds

with

higher

book

yields.

How

did

the

Fund

perform

and

what

factors

affected

relative

performance?

For

the

twelve-month

reporting

period

ended

May

31,

2024,

NPV

returned

3.17%.

The

Fund

outperformed

the

returns

of

the

S&P

Municipal

Bond

Virginia

Index,

which

returned

2.51%.

Top

contributors

to

relative

performance

•

Duration

positioning,

particularly

an

overweight

to

long-duration

bonds,

which

outperformed

as

the

yield

curve

flattened.

•

Credit

ratings

allocations,

especially

an

overweight

to

lower

investment

grade

(A

and

BBB

rated)

and

below

investment

grade

bonds

(rated

BB

and

lower,

including

non-rated).

•

Overweight

to

the

toll

roads

sector,

which

outperformed.

Top

detractors

from

relative

performance

•

The

Fund’s

use

of

leverage,

primarily

through

the

issuance

of

preferred

shares.

•

Exposure

to

AAA

and

AA

rated

bonds

in

the

10-year

duration

range,

which

underperformed

because

the

highest

credit

quality

bonds

lagged.

•

Lower-coupon

bonds,

especially

in

the

single-family

and

multi-family

housing

sectors,

which

underperformed.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Common

Share

Information

7

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

May

31,

2024.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each

Fund

sought

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflected

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

paid

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

reported

a

negative

undistributed

net

ordinary

income.

Refer

to

the

Notes

to

Financial

Statements

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

Updated

Distribution

Policy

On

October

23,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

each

Fund’s

distribution

policy.

Effective

for

distributions

payable

on

December

1,

2023,

each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NMT

NMS

NOM

NPV

June

$0.0260

$0.0360

$0.0255

$0.0340

July

0.0260

0.0360

0.0255

0.0340

August

0.0260

0.0360

0.0255

0.0340

September

0.0260

0.0360

0.0255

0.0340

October

0.0260

0.0360

0.0255

0.0340

November

0.0310

0.0410

0.0315

0.0365

December

0.0310

0.0410

0.0315

0.0365

January

0.0310

0.0410

0.0315

0.0365

February

0.0310

0.0410

0.0315

0.0365

March

0.0415

0.0500

0.0395

0.0450

April

0.0415

0.0500

0.0395

0.0450

May

0.0415

0.0500

0.0395

0.0450

Total

Distributions

from

Net

Investment

Income

$0.3785

$0.4940

$0.3720

$0.4510

Yields

NMT

NMS

NOM

NPV

Market

Yield*

4.71%

5.56%

4.76%

5.12%

Taxable-Equivalent

Yield*

9.38%

11.26%

8.76%

9.57%

*

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

49.8%,

50.7%,

45.6%

and

46.6%

for

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.

Common

Share

Information

(continued)

8

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

May

31,

2024

,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

NMT

NMS

NOM

NPV

Common

shares

cumulatively

repurchased

and

retired

26,148

10,000

0

55,000

Common

shares

authorized

for

repurchase

930,000

575,000

230,000

1,790,000

About

the

Funds’

Benchmarks

9

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

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

Massachusetts

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

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

index

designed

to

measure

the

performance

of

the

tax-exempt

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

index

designed

to

measure

the

performance

of

the

tax-exempt

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

index

designed

to

measure

the

performance

of

the

tax-exempt

Virginia

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

10

Fund

Performance,

Leverage

and

Holdings

Summaries

The

Fund

Performance,

Leverage

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

performance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Impact

of

Leverage

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

preferred

shares

and/or

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-

term

periods.

Leverage

Ratios

Each

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“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

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Nuveen

Massachusetts

Quality

Municipal

In-

come

Fund

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

11

NMT

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Massachusetts

Index.

Daily

Common

Share

NAV

and

Share

Price

Information

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

May

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NMT

at

Common

Share

NAV

3/18/93

2.33%

(0.69)%

1.90%

NMT

at

Common

Share

Price

3/18/93

6.63%

(0.22)%

1.88%

S&P

Municipal

Bond

Index

—

2.88%

1.06%

2.30%

S&P

Municipal

Bond

Massachusetts

Index

—

2.33%

0.74%

1.98%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.02

$10.58

(11.98)%

(14.63)%

12

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

39.8%

Regulatory

Leverage

39.8%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

161

.9‌

%

Short-Term

Municipal

Bonds

1

.8‌

%

Other

Assets

&

Liabilities,

Net

2.1%

VRDP

Shares,

Net

(

65

.8‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.8%

AAA

15.4%

AA

48.2%

A

16.6%

BBB

11.9%

BB

or

Lower

1.3%

N/R

(not

rated)

5.8%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Education

and

Civic

Organizations

29.8%

Tax

Obligation/General

21.2%

Health

Care

19.1%

Tax

Obligation/Limited

16.2%

Utilities

5.0%

Transportation

2.9%

Housing/Multifamily

2.8%

Other

3.0%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Massachusetts

93.3%

Puerto

Rico

4.9%

Guam

1.2%

Virgin

Islands

0.6%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Massachusetts

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Minnesota

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

13

NMS

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Minnesota

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

May

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NMS

at

Common

Share

NAV

6/25/93

2.56%

(0.02)%

2.31%

NMS

at

Common

Share

Price

6/25/93

2.41%

(0.62)%

0.13%

S&P

Municipal

Bond

Index

—

2.88%

1.06%

2.30%

S&P

Municipal

Bond

Minnesota

Index

—

2.10%

0.82%

1.99%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.44

$10.80

(13.18)%

(13.60)%

14

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

40.9%

Regulatory

Leverage

40.9%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

167

.3‌

%

Other

Assets

&

Liabilities,

Net

1.8%

AMTP

Shares,

Net

(

69

.1‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.5%

AAA

13.7%

AA

26.8%

A

26.3%

BBB

10.2%

BB

or

Lower

11.0%

N/R

(not

rated)

11.5%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Education

and

Civic

Organizations

24.6%

Health

Care

21.2%

Tax

Obligation/General

19.2%

Tax

Obligation/Limited

10.3%

Utilities

7.4%

Transportation

6.3%

Long-Term

Care

5.3%

Other

5.7%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Minnesota

99.6%

Guam

0.4%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Minnesota

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Missouri

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

15

NOM

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Missouri

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

May

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NOM

at

Common

Share

NAV

5/20/93

3.20%

(0.29)%

2.00%

NOM

at

Common

Share

Price

5/20/93

4.79%

(3.12)%

(0.03)%

S&P

Municipal

Bond

Index

—

2.88%

1.06%

2.30%

S&P

Municipal

Bond

Missouri

Index

—

2.87%

1.09%

2.30%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$11.45

$9.95

(13.10)%

(14.35)%

16

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

40.9%

Regulatory

Leverage

40.1%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

167

.7‌

%

Other

Assets

&

Liabilities,

Net

0.7%

Floating

Rate

Obligations

(2.2)%

MFP

Shares,

Net

(

66

.2‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

AAA

2.4%

AA

54.8%

A

23.4%

BBB

6.9%

BB

or

Lower

4.0%

N/R

(not

rated)

8.5%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

23.5%

Health

Care

20.4%

Tax

Obligation/General

19.4%

Utilities

13.6%

Transportation

8.4%

Education

and

Civic

Organizations

6.4%

Long-Term

Care

5.7%

Other

2.6%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Missouri

97.3%

Puerto

Rico

2.7%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Missouri

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Virginia

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

17

NPV

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Virginia

Index.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of May

31,

2024

 -

Common

Share

Price 

Total

Returns

as

of

May

31,

2024

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NPV

at

Common

Share

NAV

3/18/93

3.18%

0.06%

2.35%

NPV

at

Common

Share

Price

3/18/93

1.30%

(0.07)%

1.97%

S&P

Municipal

Bond

Index

—

2.88%

1.06%

2.30%

S&P

Municipal

Bond

Virginia

Index

—

2.51%

0.89%

2.10%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.16

$10.54

(13.32)%

(13.49)%

18

Fund

Performance,

Leverage

and

Holdings

May

31,

2024

(continued)

Leverage

and

Holdings

Leverage

Effective

Leverage

40.3%

Regulatory

Leverage

37.0%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

164

.7‌

%

Other

Assets

&

Liabilities,

Net

2.6%

Floating

Rate

Obligations

(8.7)%

VRDP

Shares,

Net

(

58

.6‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.5%

AAA

5.5%

AA

39.2%

A

16.5%

BBB

12.4%

BB

or

Lower

7.6%

N/R

(not

rated)

14.3%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Transportation

30.3%

Health

Care

18.7%

Tax

Obligation/Limited

13.7%

Housing/Multifamily

8.4%

Education

and

Civic

Organizations

7.9%

Long-Term

Care

5.2%

U.S.

Guaranteed

4.7%

Other

11.1%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Virginia

71.4%

District

of

Columbia

16.1%

Puerto

Rico

6.3%

Guam

2.2%

Virgin

Islands

1.4%

Pennsylvania

1.2%

Colorado

1.2%

New

York

0.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Virginia

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Report

of

Independent

Registered

Public

Accounting

Firm

19

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Massachusetts

Quality

Municipal

Income

Fund,

Nuveen

Minnesota

Quality

Municipal

Income

Fund,

Nuveen

Missouri

Quality

Municipal

Income

Fund,

and

Nuveen

Virginia

Quality

Municipal

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Nuveen

Massachusetts

Quality

Municipal

Income

Fund,

Nuveen

Minnesota

Quality

Municipal

Income

Fund,

Nuveen

Missouri

Quality

Municipal

Income

Fund,

and

Nuveen

Virginia

Quality

Municipal

Income

Fund

(the

Funds),

including

the

portfolios

of

investments,

as

of

May 31, 2024,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

May 31, 2024,

the

results

of

their

operations

and

their

cash

flows

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

May 31, 2024,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

July 25, 2024

20

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

Portfolio

of

Investments

May

31,

2024

NMT

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

161.9% (98.9%

of

Total

Investments)  

X

181,557,333

MUNICIPAL

BONDS

-

161.9%  (98.9%

of

Total

Investments)

X

181,557,333

Education

and

Civic

Organizations

-

46.9%

(28.7%

of

Total

Investments)

$

210

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019,

5.000%,

6/15/49

6/26

at

100.00

$

203,582

3,515

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016,

5.000%,

10/01/39

10/26

at

100.00

3,570,207

2,200

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2013S,

5.000%,

7/01/38

6/24

at

100.00

2,117,449

730

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T,

5.000%,

7/01/42

7/27

at

100.00

753,451

5,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF,

4.000%,

10/01/46

10/33

at

100.00

4,863,901

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A:

2,000

5.000%,

1/01/34

1/28

at

100.00

2,054,047

2,240

5.000%,

1/01/37

1/28

at

100.00

2,290,550

1,955

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016,

5.000%,

7/01/35

7/26

at

100.00

1,982,854

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H:

450

3.500%,

7/01/35

7/25

at

100.00

414,440

190

5.000%,

7/01/37

7/25

at

100.00

192,421

1,200

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017,

5.000%,

7/01/47

7/26

at

100.00

1,203,347

500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022,

5.000%,

7/01/52

7/32

at

100.00

498,043

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2014A:

875

5.000%,

3/01/39

6/24

at

100.00

853,204

1,400

5.000%,

3/01/44

6/24

at

100.00

1,332,095

1,100

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2020M,

4.000%,

10/01/38

10/30

at

100.00

1,007,409

1,230

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2015,

5.000%,

7/01/33

7/25

at

100.00

1,247,663

450

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019,

5.000%,

7/01/36

7/29

at

100.00

461,027

1,175

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00

973,145

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017:

2,200

5.000%,

4/01/35

10/27

at

100.00

2,294,215

1,250

5.000%,

4/01/36

10/27

at

100.00

1,300,421

875

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q,

5.000%,

8/15/38

8/25

at

100.00

884,972

1,325

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H,

5.000%,

1/01/42

1/28

at

100.00

1,331,152

1,510

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018,

5.000%,

6/01/43

6/28

at

100.00

1,560,669

840

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2016,

5.000%,

9/01/37

9/26

at

100.00

860,462

550

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017,

5.000%,

9/01/42

9/27

at

100.00

565,033

2,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B,

5.000%,

9/01/42

9/27

at

100.00

2,568,331

500

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017,

5.000%,

7/01/35

7/27

at

100.00

509,332

3,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A,

5.750%,

1/01/42

-

AMBAC

Insured

No

Opt.

Call

3,580,710

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

2,495

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2016,

5.000%,

1/01/40

7/26

at

100.00

$

2,545,440

Massachusetts

Development

Finance

Authority,

Revenue

Refunding

Bonds,

Boston

University,

Series

1999P:

1,090

6.000%,

5/15/29

No

Opt.

Call

1,166,770

1,000

6.000%,

5/15/59

5/29

at

105.00

1,117,928

2,900

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1,

5.000%,

11/01/52

5/30

at

100.00

3,046,012

3,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2024-1,

5.000%,

11/01/46

5/34

at

100.00

3,278,015

Total

Education

and

Civic

Organizations

52,628,297

Health

Care

-

31.3%

(19.1%

of

Total

Investments)

1,340

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

South

Shore

Hospital,

Series

2016I,

5.000%,

7/01/41

7/26

at

100.00

1,341,544

1,100

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N,

5.000%,

7/01/44

7/24

at

100.00

1,100,187

3,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T,

4.000%,

3/01/54

3/34

at

100.00

2,835,641

500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E,

5.000%,

7/01/32

7/26

at

100.00

508,712

2,350

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G,

5.250%,

7/01/48

7/33

at

100.00

2,483,895

1,675

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I,

5.000%,

7/01/30

7/26

at

100.00

1,709,388

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1:

900

5.000%,

7/01/30

7/25

at

100.00

906,069

1,000

5.000%,

7/01/32

7/25

at

100.00

1,007,079

500

5.000%,

7/01/33

7/25

at

100.00

503,548

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2:

1,500

5.000%,

7/01/38

7/28

at

100.00

1,535,884

2,000

5.000%,

7/01/53

7/28

at

100.00

2,013,568

2,800

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-

Farber

Cancer

Institute

Issue,

Series

2016N,

5.000%,

12/01/46

12/26

at

100.00

2,832,008

3,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lahey

Health

System

Obligated

Group

Issue,

Series

2015F,

5.000%,

8/15/45

8/25

at

100.00

3,508,074

2,145

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2020A-2,

5.000%,

7/01/39

1/30

at

100.00

2,289,774

2,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024D,

5.000%,

7/01/54

1/34

at

100.00

2,099,175

1,080

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2014F,

5.750%,

7/15/43

7/24

at

100.00

1,048,152

100

(c)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G,

5.000%,

7/15/46

7/30

at

100.00

92,615

820

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F,

5.000%,

7/01/37

7/24

at

100.00

820,466

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G:

1,000

5.000%,

7/01/37

7/24

at

100.00

983,067

2,200

5.000%,

7/01/44

7/24

at

100.00

2,079,493

610

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017K,

5.000%,

7/01/38

1/27

at

100.00

618,166

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

347,396

1,095

5.000%,

7/01/44

7/27

at

100.00

1,103,901

445

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care,

Series

2016I,

5.000%,

7/01/36

7/26

at

100.00

451,780

280

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A,

5.000%,

7/01/44

1/29

at

100.00

269,957

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

22

NMT

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

700

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2020C,

4.000%,

10/01/45

-

AGM

Insured

10/30

at

100.00

$

661,272

Total

Health

Care

35,150,811

Housing/Multifamily

-

4.6%

(2.8%

of

Total

Investments)

215

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2003H,

5.125%,

6/01/43

6/24

at

100.00

215,050

665

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2019B-1,

3.100%,

12/01/44

12/28

at

100.00

509,501

1,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2020A-1,

3.000%,

12/01/50

12/28

at

100.00

720,116

1,335

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020D-1,

2.550%,

12/01/50

6/30

at

100.00

845,539

400

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2021A-1,

2.450%,

12/01/51

6/30

at

100.00

236,447

2,500

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1,

5.100%,

12/01/52

6/32

at

100.00

2,587,907

Total

Housing/Multifamily

5,114,560

Housing/Single

Family

-

0.4%

(0.3%

of

Total

Investments)

500

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022-224,

4.350%,

12/01/42

6/32

at

100.00

487,981

Total

Housing/Single

Family

487,981

Long-Term

Care

-

3.2%

(1.9%

of

Total

Investments)

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017:

1,040

(c)

4.125%,

10/01/42

6/24

at

104.00

946,713

250

(c)

5.000%,

10/01/47

6/24

at

104.00

250,134

460

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015,

5.000%,

7/01/31

7/25

at

100.00

461,453

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019,

5.000%,

10/01/49

10/24

at

104.00

999,924

1,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022,

5.250%,

1/01/50

1/32

at

100.00

908,561

Total

Long-Term

Care

3,566,785

Tax

Obligation/General

-

34.8%

(21.2%

of

Total

Investments)

2,000

Concord,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2023,

4.000%,

1/15/53

1/33

at

100.00

1,916,281

1,240

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011,

5.000%,

2/15/32

7/24

at

100.00

1,241,319

3,000

Lincoln,

Massachusetts,

General

Obligation

Bonds,

School

Series

2019,

4.000%,

3/01/49

3/28

at

100.00

2,874,330

2,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015C,

5.000%,

7/01/45

7/25

at

100.00

2,014,506

3,895

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F,

5.000%,

11/01/46

11/27

at

100.00

3,996,020

4,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A,

5.000%,

1/01/49

1/29

at

100.00

4,142,721

3,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C,

5.000%,

10/01/47

10/32

at

100.00

3,211,591

1,750

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A,

5.000%,

1/01/54

1/34

at

100.00

1,866,429

5,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2023D,

5.000%,

10/01/51

10/33

at

100.00

5,346,480

1,775

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012,

5.000%,

5/15/35

7/24

at

100.00

1,776,878

2,370

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2024,

4.000%,

5/15/45

5/33

at

100.00

2,278,511

2,010

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019,

3.000%,

9/01/43

9/27

at

100.00

1,605,344

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

2,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

$

1,808,872

1,500

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B,

5.000%,

7/01/51

7/32

at

100.00

1,591,155

Revere,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2022:

1,625

4.000%,

8/01/42

8/31

at

100.00

1,613,345

1,745

4.000%,

8/01/43

8/31

at

100.00

1,708,098

Total

Tax

Obligation/General

38,991,880

Tax

Obligation/Limited

-

26.4%

(16.2%

of

Total

Investments)

855

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2014,

5.000%,

5/01/33

-

BAM

Insured

11/24

at

100.00

858,166

500

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2017,

5.000%,

5/01/35

-

BAM

Insured

5/27

at

100.00

521,685

3,000

Massachusetts

Bay

Transportation

Authority,

Assessment

Bonds,

Sustainability

Series

2022A-2,

5.000%,

7/01/52

7/32

at

100.00

3,186,965

2,500

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1,

5.250%,

7/01/53

7/33

at

100.00

2,723,115

1,350

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Refunding

Senior

Series

2015C,

5.000%,

8/15/37

8/25

at

100.00

1,369,388

3,185

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Senior

Series

2016B,

5.000%,

11/15/46

11/26

at

100.00

3,245,510

2,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018A,

5.250%,

2/15/48

2/28

at

100.00

2,074,704

2,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

2,078,198

5,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2023B,

5.000%,

6/01/49

6/33

at

100.00

5,360,676

485

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

503,351

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

13,888

0.000%,

7/01/46

7/28

at

41.38

4,448,365

4,218

0.000%,

7/01/51

7/28

at

30.01

1,003,197

775

4.750%,

7/01/53

7/28

at

100.00

770,134

1,016

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00

1,007,013

490

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

7/24

at

100.00

494,570

Total

Tax

Obligation/Limited

29,645,037

Transportation

-

4.7%

(2.9%

of

Total

Investments)

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A:

1,000

5.000%,

7/01/39

7/24

at

100.00

1,000,414

2,500

5.000%,

7/01/44

7/24

at

100.00

2,500,464

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A:

715

5.000%,

7/01/40

7/25

at

100.00

723,162

1,000

5.000%,

7/01/45

7/25

at

100.00

1,008,933

Total

Transportation

5,232,973

U.S.

Guaranteed

-

1.4%

(0.8%

of

Total

Investments)

(d)

1,000

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

Children's

Hospital

Issue,

Series

2014P,

5.000%,

10/01/46,

(Pre-refunded

10/01/24)

10/24

at

100.00

1,004,099

500

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2016B,

5.000%,

8/01/40,

(Pre-refunded

8/01/26)

8/26

at

100.00

516,827

Total

U.S.

Guaranteed

1,520,926

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

24

NMT

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

-

8.2%

(5.0%

of

Total

Investments)

$

565

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

7/01/29

7/24

at

100.00

$

565,388

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017:

1,250

5.000%,

7/01/37

7/27

at

100.00

1,286,574

420

5.000%,

7/01/40

7/27

at

100.00

430,140

415

Lynn

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2003A,

5.000%,

12/01/32

-

NPFG

Insured

7/24

at

100.00

415,332

4,445

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A,

4.000%,

7/01/46

1/32

at

100.00

4,210,328

1,230

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2017B,

5.000%,

8/01/42

8/27

at

100.00

1,269,593

1,000

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2017C,

5.000%,

4/15/37

4/27

at

100.00

1,040,728

Total

Utilities

9,218,083

Total

Municipal

Bonds

(cost

$183,549,797)

181,557,333

Total

Long-Term

Investments

(cost

$183,549,797)

181,557,333

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.8%

(1.1%

of

Total

Investments)  

X

2,000,000

MUNICIPAL

BONDS

-

1.8%  (1.1%

of

Total

Investments)

X

2,000,000

Education

and

Civic

Organizations

-

1

.8

%

(

1

.1

%

of

Total

Investments)

$

2,000

(e)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Variable

Rate

Demand

Series

2008U-6C,

3.950%,

10/01/42,

(Mandatory

Put

5/31/24)

5/24

at

100.00

$

2,000,000

Total

Education

and

Civic

Organizations

2,000,000

Total

Municipal

Bonds

(cost

$2,000,000)

2,000,000

Total

Short-Term

Investments

(cost

$2,000,000)

2,000,000

Total

Investments

(cost

$185,549,797)

-

163.7%

183,557,333

VRDP

Shares,

Net

-

(65.8)%

(f)

(

73,778,067

)

Other

Assets

&

Liabilities,

Net

-

2.1%

2,322,858

Net

Assets

Applicable

to

Common

Shares

-

100%

$

112,102,124

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$1,289,462

or

0.7%

of

Total

Investments.

(d)

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.

(e)

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.

(f)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

40.2%.

See

Notes

to

Financial

Statements

25

Nuveen

Minnesota

Quality

Municipal

Income

Fund

Portfolio

of

Investments

May

31,

2024

NMS

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

167.3% (100.0%

of

Total

Investments)  

X

120,452,992

MUNICIPAL

BONDS

-

167.3%  (100.0%

of

Total

Investments)

X

120,452,992

Education

and

Civic

Organizations

-

41.2%

(24.6%

of

Total

Investments)

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A:

$

500

4.000%,

7/01/28

7/24

at

102.00

$

480,140

50

5.000%,

7/01/36

7/24

at

102.00

47,622

500

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2015A,

5.250%,

7/01/40

7/25

at

100.00

501,171

570

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A,

5.750%,

8/01/44

7/24

at

101.00

570,325

750

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2019A,

5.250%,

8/01/43

8/27

at

102.00

750,280

100

Greenwood,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Main

Street

School

of

Performing

Arts

Project,

Series

2016A,

5.000%,

7/01/47

7/26

at

100.00

85,152

2,200

Hugo,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Noble

Academy

Project,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

2,091,493

1,575

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Beacon

Academy

Project,

Series

2016A,

5.000%,

7/01/46

7/26

at

100.00

1,369,715

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A:

300

6.000%,

7/01/33

7/24

at

100.00

300,241

1,425

6.000%,

7/01/43

7/24

at

100.00

1,425,636

1,255

Minnesota

Department

of

Iron

Range

Resource

and

Rehabilitation,

Educational

Facilities

Revenue

Bonds,

Series

2023A,

5.000%,

10/01/41

10/33

at

100.00

1,377,570

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017:

500

5.000%,

5/01/37

5/27

at

100.00

477,339

2,000

5.000%,

5/01/47

5/27

at

100.00

1,773,028

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017:

1,580

4.000%,

3/01/42

3/27

at

100.00

1,539,367

1,165

5.000%,

3/01/44

3/27

at

100.00

1,188,871

2,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Series

2023,

5.000%,

3/01/53

3/33

at

100.00

2,109,669

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019:

500

4.000%,

12/01/34

12/29

at

100.00

469,678

425

4.000%,

12/01/40

12/29

at

100.00

370,904

305

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

St.

Benedict,

Series

2016-8K,

4.000%,

3/01/43

3/26

at

100.00

265,764

600

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunding

Series

2017,

4.000%,

3/01/48

3/27

at

100.00

560,510

225

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

Catherine

University,

Refunding

Series

2018A,

5.000%,

10/01/45

10/28

at

100.00

222,345

750

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2019,

5.000%,

10/01/35

10/29

at

100.00

793,359

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B:

710

4.125%,

10/01/41

10/30

at

100.00

700,470

2,445

5.000%,

10/01/47

10/30

at

100.00

2,536,546

705

Otsego,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Kaleidoscope

Charter

School

Project,

Series

2014A,

5.000%,

9/01/44

9/24

at

100.00

625,961

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019:

500

5.000%,

12/01/39

12/29

at

100.00

479,999

1,250

4.000%,

12/01/49

12/29

at

100.00

950,238

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

26

NMS

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Refunding

Series

2020A,

5.000%,

9/01/40

9/30

at

100.00

$

972,820

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

350,188

510

5.375%,

7/01/50

7/25

at

100.00

494,338

1,680

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

German

Immersion

School,

Series

2013A,

5.000%,

7/01/44

7/24

at

100.00

1,561,222

390

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Lease

Revenue

Bonds,

Saint

Paul

Conservatory

for

Performing

Artists

Charter

School

Project,

Series

2013A,

4.625%,

3/01/43

7/24

at

100.00

336,012

1,000

Savage,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Aspen

Academy

Project,

Series

2016A,

5.000%,

10/01/41

10/26

at

100.00

924,525

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2018:

500

5.000%,

12/01/43

12/26

at

102.00

492,048

500

5.125%,

12/01/49

12/26

at

102.00

487,839

Total

Education

and

Civic

Organizations

29,682,385

Health

Care

-

35.5%

(21.2%

of

Total

Investments)

250

Chippewa

County,

Minnesota,

Gross

Revenue

Hospital

Bonds,

Montevideo

Hospital

Project,

Refunding

Series

2016,

4.000%,

3/01/32

3/26

at

100.00

235,413

180

City

of

Plato,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2017,

5.000%,

4/01/41

4/27

at

100.00

180,935

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A:

1,400

5.000%,

2/15/43

2/28

at

100.00

1,421,369

5,050

5.000%,

2/15/53

2/28

at

100.00

5,081,526

430

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2021A,

3.000%,

6/15/44

6/31

at

100.00

350,797

150

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B,

5.250%,

6/15/47

6/32

at

100.00

160,799

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013:

400

4.000%,

4/01/27

7/24

at

100.00

387,898

230

4.000%,

4/01/31

7/24

at

100.00

219,719

500

Maple

Grove,

Minnesota,

Health

Care

Facilities

Revenue

Refunding

Bonds,

North

Memorial

Health

Care,

Series

2015,

4.000%,

9/01/35

9/25

at

100.00

461,836

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

203,440

165

5.000%,

5/01/32

5/27

at

100.00

167,381

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021:

1,500

4.000%,

11/15/36

11/31

at

100.00

1,509,435

500

4.000%,

11/15/39

11/31

at

100.00

488,630

265

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A,

4.000%,

11/15/40

11/25

at

100.00

239,245

1,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A,

4.000%,

11/15/48

11/28

at

100.00

842,474

1,000

Minnesota

Agricultural

and

Economic

Development

Board,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2024A,

5.250%,

1/01/54

1/34

at

100.00

1,068,072

915

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2018A,

4.000%,

11/15/48

5/28

at

100.00

882,970

1,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2016A,

4.000%,

5/01/37

5/26

at

100.00

953,643

1,675

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

1,712,512

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

3,920

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

HealthPartners

Obligated

Group,

Refunding

Series

2015A,

4.000%,

7/01/35

7/25

at

100.00

$

3,795,495

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A:

230

4.000%,

11/15/36

11/27

at

100.00

215,316

240

4.000%,

11/15/37

11/27

at

100.00

222,674

2,170

4.000%,

11/15/43

11/27

at

100.00

1,892,018

1,000

5.000%,

11/15/47

11/27

at

100.00

1,005,467

905

Saint

Paul

Port

Authority,

Minnesota,

Lease

Revenue

Bonds,

Regions

Hospital

Parking

Ramp

Project,

Series

2007-1,

5.000%,

8/01/36

7/24

at

100.00

905,276

Shakopee,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Francis

Regional

Medical

Center,

Refunding

Series

2014:

325

4.000%,

9/01/31

9/24

at

100.00

307,271

630

5.000%,

9/01/34

9/24

at

100.00

630,119

Total

Health

Care

25,541,730

Housing/Multifamily

-

2.2%

(1.3%

of

Total

Investments)

1,560

Coon

Rapids,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

Tralee

Terrace

Apartments

Project,

Series

2010,

4.500%,

6/01/26

7/24

at

100.00

1,560,655

Total

Housing/Multifamily

1,560,655

Housing/Single

Family

-

0.1%

(0.1%

of

Total

Investments)

45

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2013C,

3.900%,

7/01/43

7/24

at

100.00

40,275

20

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2014C,

3.500%,

1/01/32

7/24

at

100.00

18,620

Total

Housing/Single

Family

58,895

Industrials

-

6.3%

(3.8%

of

Total

Investments)

Minneapolis,

Minnesota,

Limited

Tax

Supported

Development

Revenue

Bonds,  Common

Bond

Fund

Series

2013-1:

1,400

4.500%,

6/01/33

12/24

at

100.00

1,407,782

600

4.750%,

6/01/39

12/24

at

100.00

602,576

2,650

(c)

Saint

Paul

Port

Authority,

Minnesota,

Solid

Waste

Disposal

Revenue

Bonds,

Gerdau

Saint

Paul

Steel

Mill

Project,

Series

2012-7,

4.500%,

10/01/37,

(AMT)

7/24

at

100.00

2,571,861

Total

Industrials

4,582,219

Long-Term

Care

-

8.9%

(5.3%

of

Total

Investments)

805

Anoka,

Minnesota,

Health

Care

and

Housing

Facility

Revenue

Bonds,

The

Homestead

at

Anoka,

Inc.

Project,

Series

2014,

5.125%,

11/01/49

11/24

at

100.00

696,797

250

Bethel,

Minnesota,

Housing

and

Health

Care

Facilities

Revenue

Bonds,

Ecumen

Obligated

Group

Series

2024A,

6.250%,

3/01/54

3/31

at

103.00

243,068

380

Center

City,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Hazelden

Betty

Ford

Foundation

Project,

Series

2014,

4.000%,

11/01/39

11/24

at

100.00

352,630

875

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2013,

5.200%,

3/01/43

7/24

at

100.00

726,998

Columbus,

Minnesota,

Senior

Housing

Revenue

Bonds,

Richfield

Senior

Housing,

Inc.,

Refunding

Series

2015:

175

5.250%,

1/01/40

7/24

at

100.00

145,492

850

5.250%,

1/01/46

7/24

at

100.00

677,620

500

(c)

Dakota

County

Community

Development

Agency,

Minnesota,

Senior

Housing

Revenue

Bonds,

Walker

Highview

Hills

LLC

Project,

Refunding

Series

2016A,

5.000%,

8/01/51

7/24

at

100.00

460,958

750

Minneapolis,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Ecumen

Abiitan

Mill

City

Project,  Series

2015,

5.250%,

11/01/45

7/24

at

100.00

672,667

215

Saint

Joseph,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Woodcrest

of

Country

Manor

Project,

Series

2019

A,

5.000%,

7/01/55

7/24

at

102.00

181,426

500

Saint

Paul

Housing

and

Redevelopment

Authority

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Homes

Project,

Series

2013,

5.125%,

5/01/48

7/24

at

100.00

416,588

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

28

NMS

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

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

$

477,197

350

4.125%,

9/01/35

9/24

at

100.00

330,799

585

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013,

5.125%,

1/01/39

7/24

at

100.00

502,507

500

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019,

5.000%,

8/01/49

8/24

at

102.00

498,546

Total

Long-Term

Care

6,383,293

Tax

Obligation/General

-

32.2%

(19.2%

of

Total

Investments)

2,205

Bird

Island-Olivia-Lake

Lillian

Independent

School

District

2534,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2024A,

5.000%,

2/01/49

2/34

at

100.00

2,346,368

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

1,017,770

1,055

4.000%,

2/01/39

2/27

at

100.00

1,045,093

1,000

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/42

2/27

at

100.00

973,528

1,020

Brooklyn

Center

Independent

School

District

286,

Minnesota,

General

Obligation

Bonds,

Series

2018A,

4.000%,

2/01/43

2/27

at

100.00

1,016,051

300

Circle

Pines

Independent

School

District

12,

Centennial,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A,

0.010%,

2/01/35

2/25

at

67.23

196,390

1,000

Cloquet

Independent

School

District

94,

Carlton

and

Sant

Louis

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

4.000%,

2/01/36

2/25

at

100.00

1,000,457

1,000

Corcoran,

Minnesota,

General

Obligation

Bonds,

Series

2023A,

4.000%,

2/01/48

-

BAM

Insured

2/31

at

100.00

953,174

500

Dover-Eyota

Independent

School

District

533,

Minnesota,

General

Obligation

Bonds,

School

Building  

Facilities

Maintenance

Series

2023A,

4.000%,

2/01/44

2/31

at

100.00

484,841

540

Duluth

Independent

School

District

709,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Capital

Appreciation

Series

2021C,

0.000%,

2/01/33

2/28

at

89.86

351,605

500

GFW

Independent

School

District

No.

2365,

Sibley,

Renville,

McLeod

and

Nicollet

Counties,

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2023A,

5.000%,

2/01/48

2/31

at

100.00

527,237

1,000

Independent

School

District

621,

Mounds

View,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/42

2/27

at

100.00

991,990

Independent

School

District

No.

2397

(Le

Sueur-Henderson),

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A:

1,145

5.000%,

2/01/36

2/31

at

100.00

1,264,148

1,000

4.500%,

2/01/41

2/31

at

100.00

1,027,886

1,500

Maple

River

Independent

School

District

2135,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A,

4.000%,

2/01/50

2/30

at

100.00

1,425,509

1,345

Minneapolis,

Minnesota,

General

Obligation

Bonds,

Improvement

&

Various

Purpose

Series

2018,

4.000%,

12/01/40

12/26

at

100.00

1,347,621

310

Minnetonka

Independent

School

District

276,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2023B,

5.000%,

2/01/39

2/32

at

100.00

334,823

1,000

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A,

4.000%,

2/01/34

2/27

at

100.00

1,014,132

1,000

Round

Lake-Brewster

Independent

School

District

2907,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A,

4.000%,

2/01/42

2/32

at

100.00

975,954

1,000

Saint

James

Independent

School

District

840,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B,

4.000%,

2/01/45

2/26

at

100.00

1,000,895

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

1,000

Saint

Louis

Park

Independent

School

District

283,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2022A,

5.000%,

2/01/36

2/31

at

100.00

$

1,092,367

1,000

Sartell

Independent

School

District

748,

Stearns

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Capital

Appreciation

Series

2016B,

0.000%,

2/01/39

2/25

at

62.98

490,096

800

Sartell,

Minnesota,

General

Obligation

Bonds,

Series

2022A,

4.000%,

2/01/43

2/30

at

100.00

790,014

1,500

Sibley

East

Independent

School

District

2310,

Sibley,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A,

4.000%,

2/01/40

2/25

at

100.00

1,500,114

Total

Tax

Obligation/General

23,168,063

Tax

Obligation/Limited

-

17.2%

(10.3%

of

Total

Investments)

1,000

Anoka-Hennepin

Independent

School

District

11,

Minnesota,

Certificates

of

ParticIpation,

Series

2015A,

4.000%,

2/01/41

7/24

at

100.00

934,239

500

Elbow

Lake

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

Grant

County

Public

Project,

Series

2023A,

5.000%,

12/15/44

12/32

at

100.00

500,391

500

Minneapolis,

Minnesota,

Tax

Incriment

Revenue

Bonds,

Ivy

Tower

Project,

Series

2015,

5.000%,

3/01/29

7/24

at

100.00

494,942

200

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2017A,

4.000%,

8/01/35

8/27

at

100.00

199,026

500

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2018D,

4.000%,

8/01/39

8/28

at

100.00

493,848

1,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022A,

5.000%,

8/01/40

8/32

at

100.00

1,087,682

2,230

Minnesota

Housing

Finance

Agency,

Nonprofit

Housing

Bonds,

State

Appropriation

Series

2011,

5.000%,

8/01/31

7/24

at

100.00

2,232,167

1,595

New

London

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

SWWC

Service

Cooperative

Lease

With

Option

to

Purchase

Project,

Public

Series

2023,

4.500%,

2/01/33

2/28

at

100.00

1,604,543

1,000

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015A,

3.750%,

2/01/36

2/25

at

100.00

984,532

750

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015B,

4.000%,

2/01/42

2/25

at

100.00

719,598

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

146,120

500

4.000%,

2/01/38

2/25

at

100.00

498,275

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

2700

University

at

Westgate

Station,

Series

2015B:

455

4.875%,

4/01/30

7/24

at

100.00

455,010

755

5.250%,

4/01/43

7/24

at

100.00

736,433

800

Saint

Paul,

Minnesota,

Sales

Tax

Revenue

Bonds,

Series

2014G,

3.750%,

11/01/33

11/24

at

100.00

779,868

635

Zumbro

Education

District

6012,

Minnesota,

Certificates

of

Participation

Series

2021A,

4.000%,

2/01/41

2/31

at

100.00

557,259

Total

Tax

Obligation/Limited

12,423,933

Transportation

-

10.5%

(6.3%

of

Total

Investments)

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A:

300

5.000%,

1/01/39

7/29

at

100.00

315,711

500

5.000%,

1/01/44

7/29

at

100.00

521,545

250

5.000%,

1/01/49

7/29

at

100.00

258,179

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B:

1,000

5.000%,

1/01/44,

(AMT)

7/29

at

100.00

1,024,633

2,000

5.000%,

1/01/49,

(AMT)

7/29

at

100.00

2,037,088

1,600

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C,

5.000%,

1/01/46

1/27

at

100.00

1,632,669

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

30

NMS

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

500

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A,

5.000%,

1/01/52

1/32

at

100.00

$

524,858

1,175

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

5.250%,

1/01/47,

(AMT)

1/32

at

100.00

1,237,547

Total

Transportation

7,552,230

U.S.

Guaranteed

-

0.8%

(0.5%

of

Total

Investments)

(d)

580

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

5.000%,

11/15/44,

(Pre-

refunded

11/15/25)

11/25

at

100.00

590,317

Total

U.S.

Guaranteed

590,317

Utilities

-

12.4%

(7.4%

of

Total

Investments)

415

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

420,000

30

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A,

5.000%,

1/01/50

7/30

at

100.00

30,549

500

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014A,

4.000%,

10/01/33

10/24

at

100.00

496,236

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Series

2016:

965

5.000%,

10/01/35

10/26

at

100.00

988,729

2,795

5.000%,

10/01/47

10/26

at

100.00

2,808,054

655

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2021-1.

501

C3,

4.000%,

10/01/41

10/27

at

100.00

600,889

200

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2023-3,

4.750%,

10/01/43

10/33

at

100.00

201,066

100

Southern

Minnesota

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

1994A,

0.000%,

1/01/26

-

NPFG

Insured

No

Opt.

Call

93,429

3,200

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/49

7/28

at

100.00

3,270,320

Total

Utilities

8,909,272

Total

Municipal

Bonds

(cost

$123,391,883)

120,452,992

Total

Long-Term

Investments

(cost

$123,391,883)

120,452,992

AMTP

Shares,

Net

-

(69.1)%

(e)

(

49,777,879

)

Other

Assets

&

Liabilities,

Net

-

1.8%

1,318,066

Net

Assets

Applicable

to

Common

Shares

-

100%

$

71,993,179

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$3,032,818

or

2.5%

of

Total

Investments.

(d)

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.

(e)

AMTP

Shares,

Net

as

a

percentage

of

Total

Investments

is

41.3%.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

31

Nuveen

Missouri

Quality

Municipal

Income

Fund

Portfolio

of

Investments

May

31,

2024

NOM

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

167.7% (100.0%

of

Total

Investments)  

X

45,136,970

MUNICIPAL

BONDS

-

167.7%  (100.0%

of

Total

Investments)

X

45,136,970

Consumer

Staples

-

4.2%

(2.5%

of

Total

Investments)

$

1,055

Missouri

Development

Finance

Board,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

and

Gamble

Inc.,

Series

1999,

5.200%,

3/15/29,

(AMT)

No

Opt.

Call

$

1,120,192

Total

Consumer

Staples

1,120,192

Education

and

Civic

Organizations

-

10.7%

(6.4%

of

Total

Investments)

410

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Kansas

City

University

of

Medicine

and

Biosciences,

Series

2013A,

5.000%,

6/01/33

6/24

at

100.00

410,290

600

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southwest

Baptist

University

Project,

Series

2012,

5.000%,

10/01/33

7/24

at

100.00

585,669

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2015A,

4.000%,

10/01/42

10/25

at

100.00

973,602

500

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2019A,

5.000%,

10/01/46

4/29

at

100.00

518,350

115

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Webster

University,

Refunding

Series

2017,

4.000%,

4/01/34

4/27

at

100.00

94,496

210

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2019A,

4.000%,

10/01/39

-

AGM

Insured

10/29

at

100.00

205,403

100

Saline

County

Industrial

Development

Authority,

Missouri,

First

Mortgage

Revenue

Bonds,

Missouri

Valley

College,

Series

2017,

4.500%,

10/01/40

7/24

at

100.00

86,965

Total

Education

and

Civic

Organizations

2,874,775

Health

Care

-

34.2%

(20.4%

of

Total

Investments)

300

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016,

5.000%,

8/01/30

8/26

at

100.00

261,865

210

Bridgeton

Industrial

Development

Authority,

Missouri,

Senior

Housing

Revenue

Bonds,

The

Sarah

Community

Project,

Refunding

Series

2016,

4.000%,

5/01/33

5/25

at

100.00

210,158

400

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2017A,

5.000%,

3/01/36

3/27

at

100.00

409,866

300

Hannibal

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Hannibal

Regional

Healthcare

System,

Series

2017,

5.000%,

10/01/42

10/27

at

100.00

300,654

315

Joplin

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Freeman

Health

System,

Series

2015,

5.000%,

2/15/35

7/24

at

100.00

309,082

250

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2015A,

4.000%,

1/01/45

1/25

at

100.00

238,929

750

(c)

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Variable

Rate

Demand

Obligation

Series

2017D,

4.000%,

1/01/58,

(Mandatory

Put

1/01/48),

(UB)

1/28

at

100.00

698,867

1,730

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A,

5.000%,

11/15/44

7/24

at

100.00

1,730,308

500

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2015A,

5.000%,

11/15/33

11/25

at

100.00

501,906

390

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012,

4.000%,

11/15/42

7/24

at

100.00

363,134

550

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F,

4.250%,

11/15/48

11/24

at

100.00

519,865

650

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C,

5.000%,

11/15/42

11/27

at

100.00

660,445

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2023,

5.500%,

12/01/48

12/33

at

100.00

1,092,970

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A,

4.000%,

2/15/54

2/29

at

100.00

920,643

350

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Children's

Mercy

Hospital,

Series

2017A,

4.000%,

5/15/48

5/25

at

102.00

324,147

Nuveen

Missouri

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

32

NOM

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

125

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lake

Regional

Health

System,

Series

2021,

4.000%,

2/15/51

8/31

at

100.00

$

100,731

600

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Ranken-Jordan

Project,

Refunding

&

Improvement

Series

2016,

5.000%,

11/15/46

11/25

at

100.00

564,136

Total

Health

Care

9,207,706

Housing/Single

Family

-

0.1%

(0.1%

of

Total

Investments)

40

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2017A-

2,

3.800%,

11/01/37

11/26

at

100.00

37,681

Total

Housing/Single

Family

37,681

Long-Term

Care

-

9.5%

(5.7%

of

Total

Investments)

100

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A,

5.250%,

5/15/37

5/27

at

100.00

91,125

500

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2014A,

5.000%,

2/01/44

7/24

at

100.00

488,947

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A:

400

5.000%,

2/01/36

2/26

at

100.00

401,173

500

5.000%,

2/01/46

2/26

at

100.00

482,650

100

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019C,

4.000%,

2/01/48

2/29

at

100.00

82,580

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2012:

250

5.000%,

9/01/32

7/24

at

100.00

250,067

250

5.000%,

9/01/42

7/24

at

100.00

245,288

430

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A,

5.875%,

9/01/43

7/24

at

100.00

430,274

100

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Saint

Andrew's

Resources

for

Seniors,

Series

2015A,

5.125%,

12/01/45

12/25

at

100.00

88,957

Total

Long-Term

Care

2,561,061

Tax

Obligation/General

-

32.6%

(19.4%

of

Total

Investments)

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

1,001,104

335

4.000%,

3/01/36

3/26

at

100.00

335,506

340

Clay

County

Reorganized

School

District

R-II

Smithville,

Missouri,

General

Obligation

Bonds,

Refunding

Series

2015,

4.000%,

3/01/36

3/27

at

100.00

342,100

350

Fenton

Missouri

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019,

4.000%,

3/01/39

3/27

at

100.00

347,952

200

Fort

Zumwalt

School

District,

Callaway

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018,

5.000%,

3/01/36

3/27

at

100.00

208,019

500

Jefferson

City

School

District,

Missouri,

General

Obligation

Bonds,

Series

2023A,

5.500%,

3/01/43

3/32

at

100.00

550,547

225

Jefferson

County

School

District

R-1

Northwest,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program

Series

2023,

5.000%,

3/01/43

3/31

at

100.00

237,086

1,000

Joplin

Schools,

Missouri,

General

Obligation

Bonds,

Refunding,

Direct

Deposit

Program

Series

2017,

4.000%,

3/01/32

3/27

at

100.00

1,010,344

300

Kansas

City,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018A,

4.000%,

2/01/35

2/28

at

100.00

302,833

500

Lebanon

School

District

R3,

LaClede

County,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

Series

2024,

4.000%,

3/01/44

3/34

at

100.00

485,065

1,250

Saint

Charles

County

Francis

Howell

School

District,

Missouri,

General

Obligation

Bonds,

Series

2022,

5.000%,

3/01/42

3/31

at

100.00

1,339,065

1,000

Saint

Louis

County

Pattonville

School

District

R3,

Missouri,

General

Obligation

Bonds,

Series

2023,

5.250%,

3/01/43

3/31

at

100.00

1,079,331

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

1,000

Valley

Park

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019,

4.000%,

3/01/39

3/27

at

100.00

$

994,149

500

Webster

Groves

School

District,

Missouri,

Crossover

General

Obligation

Bonds,

Series

2024,

5.000%,

3/01/43

3/32

at

100.00

535,400

Total

Tax

Obligation/General

8,768,501

Tax

Obligation/Limited

-

39.5%

(23.5%

of

Total

Investments)

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District,

Mass

Transit

Sales

Tax

Appropriation

Bonds,

Refunding

Combined

Lien

Series

2019:

1,500

4.000%,

10/01/36

10/29

at

100.00

1,509,970

1,160

4.000%,

10/01/48

10/29

at

100.00

1,099,763

15

Blue

Springs,

Missouri,

Special

Obligation

Tax

Increment

Bonds,

Adams

Farm

Project,

Special

Districts

Refunding

&

Improvement

Series

2015A,

4.750%,

6/01/30

7/24

at

100.00

14,577

145

Clay,

Jackson

&

Platte

Counties

Consolidated

Public

Library

District

3,

Missouri,

Certificates

of

Participation,

Mid-Continent

Public

Library

Project,

Series

2018,

4.000%,

3/01/35

3/26

at

100.00

143,859

215

Conley

Road

Transportation

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

5.125%,

5/01/41

5/25

at

100.00

214,778

296

(d)

Fulton,

Missouri,

Tax

Increment

Revenue

Bonds,

Fulton

Commons

Redevelopment

Project,

Series

2006,

5.000%,

6/01/28

7/24

at

100.00

85,785

Howard

Bend

Levee

District,

St.

Louis

County,

Missouri,

Levee

District

Improvement

Bonds,

Series

2013B:

250

4.875%,

3/01/33

7/24

at

100.00

238,689

200

5.000%,

3/01/38

7/24

at

100.00

185,612

300

Kansas

City

Industrial

Development

Authority,

Missouri,

Downtown

Redevelopment

District

Revenue

Bonds,

Series

2011A,

5.000%,

9/01/32

7/24

at

100.00

300,320

75

(e)

Kansas

City

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Ward

Parkway

Center

Community

Improvement

District,

Senior

Refunding

&

Improvement

Series

2016,

4.250%,

4/01/26

No

Opt.

Call

73,027

500

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Arena

Project,

Refunding

&

Improvement

Series

2016E,

5.000%,

4/01/40

4/25

at

100.00

488,999

325

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Redevelopment

District,

Series

2014C,

5.000%,

9/01/33

7/24

at

100.00

325,082

400

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2024B,

4.000%,

9/01/45

9/33

at

100.00

380,329

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B:

100

(e)

5.000%,

2/01/40

2/28

at

100.00

94,105

100

(e)

5.000%,

2/01/50

2/28

at

100.00

91,218

250

Marshall

School

District,

Missouri,

Certificates

of

Participation,

Series

2023,

5.000%,

3/01/49

-

BAM

Insured

3/33

at

100.00

260,196

245

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of

Branson

-

Branson

Landing

Project,

Series

2015A,

4.000%,

6/01/34

7/24

at

100.00

244,817

155

Ozark

R-6

School

District,

Christian

County,

Missouri,

General

Obligation

Bonds,

Series

2023,

5.000%,

4/01/45

4/31

at

100.00

158,017

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

350

0.000%,

7/01/46

7/28

at

41.38

112,106

97

0.000%,

7/01/51

7/28

at

30.01

23,070

500

4.750%,

7/01/53

7/28

at

100.00

496,860

117

5.000%,

7/01/58

7/28

at

100.00

117,038

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

252

4.329%,

7/01/40

7/28

at

100.00

251,212

200

4.329%,

7/01/40

7/28

at

100.00

199,374

50

(e)

Saint

Charles

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Wentzville

Parkway

Regional

Community

Improvement

District

Project,

Series

2019B,

4.250%,

11/01/49

11/29

at

102.00

39,785

Nuveen

Missouri

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

34

NOM

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

250

(e)

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Chesterfield

Blue

Valley

Community

Improvement

District

Project,

Series

2014A,

5.250%,

7/01/44

7/24

at

100.00

$

219,148

500

Saint

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

Annual

Appropriation

Redevelopment

Revenue

Bonds,

National

Geospatial-

Intelligence

Agency

Offsite

Improvements,

Series

2022C,

5.125%,

6/01/46

6/30

at

100.00

495,432

1,000

Saint

Louis

Municipal

Finance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Convention

Center,

Expansion

&

Improvement

Projects

Series

2020,

5.000%,

10/01/49

-

AGM

Insured

10/30

at

100.00

1,023,500

600

Springfield,

Missouri,

Special

Obligation

Bonds,

Sewer

System

Improvements

Project,

Series

2015,

4.000%,

4/01/35

4/25

at

100.00

572,420

125

(e)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023,

6.000%,

10/01/49

10/30

at

100.00

121,600

450

The

Industrial

Development

Authority

of

the

City

of

Saint

Louis,

Missouri,

Development

Financing

Revenue

Bonds,

Ballpark

Village

Development

Project,

Series

2017A,

4.750%,

11/15/47

11/26

at

100.00

340,289

170

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017,

4.500%,

6/01/36

6/26

at

100.00

170,133

185

Universal

City

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

District

Markets

at

Olive

Project

Series

2023A,

5.500%,

6/15/42

6/33

at

100.00

181,917

320

Wentzville,

Missouri,

Certificates

of

Participation,

Series

2023,

5.000%,

3/01/37

3/33

at

100.00

349,098

Total

Tax

Obligation/Limited

10,622,125

Transportation

-

14.1%

(8.4%

of

Total

Investments)

450

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019A,

5.000%,

3/01/44,

(AMT)

3/29

at

100.00

460,415

2,000

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019B,

5.000%,

3/01/46,

(AMT)

3/29

at

100.00

2,044,288

1,265

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2017C,

5.000%,

7/01/47

-

AGM

Insured

7/27

at

100.00

1,289,673

Total

Transportation

3,794,376

Utilities

-

22.8%

(13.6%

of

Total

Investments)

150

Franklin

County

Public

Water

Supply

District

3,

Missouri,

Certificates

of

Participation,

Series

2017,

4.000%,

12/01/37

12/24

at

100.00

150,327

500

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2023A,

4.000%,

1/01/48

1/33

at

100.00

477,556

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B:

500

5.000%,

5/01/47

5/32

at

100.00

535,639

500

5.250%,

5/01/52

5/32

at

100.00

540,800

500

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of  Independence

Annual

Appropriation

Electric

System,

Refunding

Series

2022,

5.000%,

6/01/34

-

AGM

Insured

6/32

at

100.00

551,207

500

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Water

Facility

Revenue

Bonds,

Tri-County

Water

Authority,

Series

2015,

5.000%,

1/01/40

1/25

at

100.00

502,848

500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2014A,

5.000%,

1/01/33

1/25

at

100.00

501,740

500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2015A,

4.000%,

1/01/35

1/26

at

100.00

498,443

500

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018,

5.000%,

12/01/43

6/27

at

100.00

507,608

500

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project,

Series

2022,

5.000%,

12/01/44

12/30

at

100.00

524,082

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

585

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Refunding

Series

2016C,

5.000%,

12/01/32

12/25

at

100.00

$

593,437

550

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2018,

4.000%,

12/01/39

12/25

at

100.00

543,752

260

Stone

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2021B,

4.000%,

12/01/51

12/28

at

100.00

223,114

Total

Utilities

6,150,553

Total

Municipal

Bonds

(cost

$45,953,686)

45,136,970

Total

Long-Term

Investments

(cost

$45,953,686)

45,136,970

Floating

Rate

Obligations

-

(2.2)%  

(

600,000

)

MFP

Shares,

Net

-

(66.2)%

(f)

(

17,811,506

)

Other

Assets

&

Liabilities,

Net

-

0.7%

182,564

Net

Assets

Applicable

to

Common

Shares

-

100%

$

26,908,028

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$638,883

or

1.4%

of

Total

Investments.

(f)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

39.5%.

AMT

Alternative

Minimum

Tax

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

See

Notes

to

Financial

Statements

36

Nuveen

Virginia

Quality

Municipal

Income

Fund

Portfolio

of

Investments

May

31,

2024

NPV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

164.7% (100.0%

of

Total

Investments)  

X

358,994,856

MUNICIPAL

BONDS

-

164.7%  (100.0%

of

Total

Investments)

X

358,994,856

Consumer

Staples

-

6.1%

(3.7%

of

Total

Investments)

$

1,000

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2002,

5.625%,

5/15/43

7/24

at

100.00

$

1,011,849

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A:

490

5.250%,

6/01/32

6/24

at

100.00

482,470

705

5.625%,

6/01/47

6/24

at

100.00

681,668

5,135

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1,

5.000%,

6/01/47

6/24

at

100.00

4,739,311

6,645

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007B2,

5.200%,

6/01/46

6/24

at

100.00

6,392,416

Total

Consumer

Staples

13,307,714

Education

and

Civic

Organizations

-

13.0%

(7.9%

of

Total

Investments)

1,000

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Refunding

Series

2021C,

4.000%,

1/01/46

1/31

at

100.00

935,694

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

1,105,732

565

4.000%,

1/01/40

1/27

at

100.00

550,280

245

Amherst

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Sweet

Briar

College,

Series

2006,

5.000%,

9/01/26

7/24

at

100.00

241,514

1,000

(c)

Industrial

Development

Authority

of

the

City

of

Lexington,

Virginia,

Washington

and

Lee

University,

Educational

Facility

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

1/01/43

1/28

at

100.00

1,037,930

1,500

Loudoun

County

Industrial

Development

Authority,

Virginia,

Multi-Modal

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Series

2022A,

4.000%,

10/01/52

10/32

at

100.00

1,454,879

2,000

Madison

County

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Woodberry

Forest

School,

Series

2021,

3.000%,

10/01/50

10/30

at

100.00

1,474,107

500

Montgomery

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Virginia

Tech

Foundation,

Refunding

Series

2017A,

4.000%,

6/01/36

6/27

at

100.00

504,093

750

Roanoke

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Lynchburg

College,

Series

2018A,

5.000%,

9/01/43

9/28

at

100.00

731,755

1,000

Salem

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Roanoke

College,

Series

2020,

4.000%,

4/01/45

4/30

at

100.00

843,791

2,500

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Green

Series

2015A-2,

5.000%,

4/01/45

4/25

at

100.00

2,514,190

1,515

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

4/01/39

4/27

at

100.00

1,571,270

9,000

(c)

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

4/01/39,

(UB)

4/27

at

100.00

9,334,279

1,000

(d)

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Green

Series

2015B,

5.000%,

7/01/45

7/25

at

100.00

918,142

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Refunding

Series

2015A:

1,500

(d)

5.000%,

7/01/35

7/25

at

100.00

1,488,613

4,000

(d)

5.000%,

7/01/45

7/25

at

100.00

3,672,566

Total

Education

and

Civic

Organizations

28,378,835

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

30.9%

(18.7%

of

Total

Investments)

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020:

$

1,550

5.000%,

7/01/29

No

Opt.

Call

$

1,649,874

2,000

4.000%,

7/01/39

7/30

at

100.00

1,955,568

225

4.000%,

7/01/40

7/30

at

100.00

217,521

2,055

4.000%,

7/01/45

7/30

at

100.00

1,931,473

1,465

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2023A,

5.000%,

7/01/53,

(Mandatory

Put

7/01/31)

7/30

at

100.00

1,553,636

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019:

1,470

5.000%,

7/01/34

7/29

at

100.00

1,548,568

1,205

4.000%,

7/01/37

7/29

at

100.00

1,176,107

1,000

4.000%,

7/01/43

7/29

at

100.00

932,427

1,920

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

1,802,041

2,700

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

4.000%,

8/01/49

8/29

at

100.00

2,479,479

4,005

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Refunding

Series

2022,

4.000%,

5/15/42

5/32

at

100.00

3,937,193

2,500

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2014A,

4.000%,

5/15/44

7/24

at

100.00

2,399,580

2,500

Front

Royal

and

Warren

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2018,

4.000%,

1/01/50

1/25

at

103.00

2,260,394

3,500

(d)

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2015A,

5.330%,

7/01/45

7/25

at

100.00

3,421,525

3,000

(d)

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2017A,

5.000%,

7/01/46

7/27

at

100.00

2,892,964

2,310

Isle

Economic

Development

Authority,

Wight

County,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System

Series

2023,

5.250%,

7/01/48

-

AGM

Insured

7/33

at

100.00

2,476,993

4,885

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2017A,

5.000%,

1/01/47

1/27

at

100.00

4,904,097

1,575

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2021,

4.000%,

1/01/55

1/32

at

100.00

1,422,892

2,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B,

4.000%,

11/01/48

11/28

at

100.00

1,904,006

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Series

2020A:

875

4.000%,

7/01/36

7/30

at

100.00

880,785

5,000

4.000%,

7/01/51

7/30

at

100.00

4,709,009

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

1,014,134

1,360

4.000%,

6/15/37

6/26

at

100.00

1,301,990

7,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2020A,

4.000%,

12/01/49

6/30

at

100.00

6,489,585

3,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2022A,

5.000%,

10/01/42

10/32

at

100.00

3,197,914

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Sentara

Healthcare,

Refunding

Series

2020:

1,150

4.000%,

11/01/38

11/29

at

100.00

1,149,488

2,000

4.000%,

11/01/39

11/29

at

100.00

1,994,875

Nuveen

Virginia

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

38

NPV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

1,520,529

1,000

5.000%,

1/01/35

1/26

at

100.00

1,013,515

2,000

4.000%,

1/01/37

1/26

at

100.00

1,945,601

1,215

5.000%,

1/01/44

1/26

at

100.00

1,219,903

Total

Health

Care

67,303,666

Housing/Multifamily

-

13.9%

(8.4%

of

Total

Investments)

1,070

(d)

Richmond

Redevelopment

and

Housing

Authority,

Virginia,

Multi-Family

Housing

Revenue

Bonds,

American

Tobacco

Apartments,

Series

2017,

5.550%,

1/01/37

1/27

at

100.00

1,026,022

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015A:

1,000

3.500%,

3/01/35

6/24

at

100.00

951,532

1,000

3.625%,

3/01/39

6/24

at

100.00

902,987

900

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015C,

4.000%,

8/01/45

8/24

at

100.00

828,438

2,750

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015E,

3.750%,

12/01/40

12/24

at

100.00

2,497,525

1,500

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2016B,

3.350%,

5/01/36

5/25

at

100.00

1,373,101

1,700

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2017A,

3.875%,

3/01/47

3/26

at

100.00

1,479,402

3,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2019A,

3.800%,

9/01/44

3/28

at

100.00

2,656,144

1,855

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020E,

2.500%,

7/01/45

7/29

at

100.00

1,232,671

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2022F,

5.000%,

10/01/52

10/31

at

100.00

1,025,922

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2023E,

5.250%,

10/01/63

10/32

at

100.00

1,018,110

1,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2024A,

4.450%,

9/01/44

9/33

at

100.00

981,396

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A:

7,650

(c)

4.000%,

7/01/48

-

AGM

Insured,

(UB)

7/33

at

100.00

7,092,269

2,600

(c)

4.125%,

7/01/58

-

AGM

Insured,

(UB)

7/33

at

100.00

2,421,971

5,000

(c)

4.375%,

7/01/63

-

AGM

Insured,

(UB)

7/33

at

100.00

4,804,826

Total

Housing/Multifamily

30,292,316

Housing/Single

Family

-

1.0%

(0.6%

of

Total

Investments)

1,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023C,

4.875%,

7/01/48

7/32

at

100.00

1,008,354

1,200

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-I,

4.550%,

10/01/49

4/33

at

100.00

1,176,858

Total

Housing/Single

Family

2,185,212

Long-Term

Care

-

8.5%

(5.2%

of

Total

Investments)

3,225

Albemarle

County,

Virginia,

Residential

Care

Facility

Revenue

Bonds,  Westminster-Canterbury

of

the

Blue

Ridge,

Refunding

Series

2022A,

4.000%,

6/01/42

6/29

at

103.00

3,038,951

700

Henrico

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

of

Richmond,

Refunding

Series

2020,

4.000%,

10/01/45

10/26

at

103.00

636,987

1,155

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Refunding

Series

2021A,

4.000%,

12/01/40

12/27

at

103.00

1,008,571

200

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A,

6.875%,

12/01/58

12/30

at

103.00

217,457

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

$

1,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

WindsorMeade,

Series

2021A,

4.000%,

6/01/47

6/27

at

103.00

$

778,301

1,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2016,

4.000%,

1/01/37

1/25

at

102.00

962,584

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2022.

Forward

Delivery:

1,120

4.000%,

1/01/42

1/29

at

103.00

1,020,608

1,000

4.000%,

1/01/48

1/29

at

103.00

864,883

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A:

625

5.000%,

1/01/49

7/24

at

104.00

533,068

2,700

5.250%,

1/01/54

7/24

at

104.00

2,341,075

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

619,755

2,000

5.000%,

1/01/46

1/25

at

102.00

1,693,349

2,920

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,

5.000%,

9/01/31

9/24

at

102.00

2,877,968

320

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A,

7.000%,

9/01/53

9/30

at

103.00

356,763

1,900

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

National

Senior

Campuses

Inc

Obligated

Group,

Series

2020A,

4.000%,

1/01/51

7/27

at

103.00

1,642,821

Total

Long-Term

Care

18,593,141

Tax

Obligation/General

-

3.8%

(2.3%

of

Total

Investments)

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

3,300

0.000%,

7/01/33

7/31

at

89.94

2,191,627

4,000

4.000%,

7/01/33

7/31

at

103.00

3,999,896

1,000

4.000%,

7/01/41

7/31

at

103.00

929,526

1,000

Virginia

State,

General

Obligation

Bonds,

Series

2022A,

5.000%,

6/01/52

6/32

at

100.00

1,075,221

Total

Tax

Obligation/General

8,196,270

Tax

Obligation/Limited

-

22.5%

(13.7%

of

Total

Investments)

1,340

Arlington

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Refunding

County

Projects,

Series

2017,

5.000%,

2/15/37

8/27

at

100.00

1,393,524

1,000

(d)

Cherry

Hill

Community

Development

Authority,

Virginia,

Special

Assesment

Bonds,

Potomac

Shores

Project,

Series

2015,

5.400%,

3/01/45

3/25

at

100.00

1,000,769

750

Dulles

Town

Center

Community

Development

Authority,

Loudon

County,

Virginia

Special

Assessment

Refunding

Bonds,

Dulles

Town

Center

Project,

Series

2012,

4.250%,

3/01/26

7/24

at

100.00

731,001

1,500

Fairfax

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Metrorail

Parking

System

Project,

Series

2017,

5.000%,

4/01/42

4/27

at

100.00

1,539,722

1,425

(d)

Farms

of

New

Kent

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Refunding

Series

2021A,

3.750%,

3/01/36

3/31

at

100.00

1,316,372

4,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/34

11/25

at

100.00

4,036,057

1,000

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/33

12/26

at

100.00

1,020,236

2,000

Hampton

Roads

Transportation

Accountability

Commision,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2020A,

5.000%,

7/01/45

7/30

at

100.00

2,110,817

3,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2022A,

4.000%,

7/01/57

7/32

at

100.00

2,826,416

Nuveen

Virginia

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

40

NPV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,000

(d)

Industrial

Development

Authority

of

the

City

of

Alexandria,

Virginia,

Tourism

Development

Financing

Program

Revenue

Bonds

(699

Prince

Street

Hotel

Project),

Senior

Series

2022A-1

(Tax-Exempt)

and

Senior

Series

2022B-1,

7.750%,

9/01/44

9/32

at

110.31

$

1,075,625

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015:

905

(d)

5.000%,

3/01/35

3/25

at

100.00

890,305

2,995

(d)

5.000%,

3/01/45

3/25

at

100.00

2,810,436

440

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/32

No

Opt.

Call

470,915

Peninsula

Town

Center

Community

Development

Authority,

Virginia,

Special

Obligation

Bonds,

Refunding

Series

2018:

360

(d)

4.500%,

9/01/28

9/27

at

100.00

350,636

3,000

(d)

5.000%,

9/01/45

9/27

at

100.00

2,753,533

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

22

0.000%,

7/01/24

No

Opt.

Call

21,935

96

0.000%,

7/01/27

No

Opt.

Call

85,601

94

0.000%,

7/01/29

7/28

at

98.64

77,723

219

0.000%,

7/01/31

7/28

at

91.88

166,884

136

0.000%,

7/01/33

7/28

at

86.06

95,098

3,609

0.000%,

7/01/51

7/28

at

30.01

858,354

8,320

5.000%,

7/01/58

7/28

at

100.00

8,322,698

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

1,550

4.329%,

7/01/40

7/28

at

100.00

1,545,150

150

4.536%,

7/01/53

7/28

at

100.00

144,049

62

4.784%,

7/01/58

7/28

at

100.00

61,452

1,500

(d)

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015,

5.000%,

9/01/33

9/25

at

100.00

1,506,944

2,240

(d)

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Working

Capital

Series

2014A,

5.000%,

10/01/34

-

AGM

Insured

10/24

at

100.00

2,248,981

1,500

Virginia

Commonwealth

Transportation

Board,

Federal

Transportation

Grant

Anticipation

Revenue

Notes,

Series

2016,

5.000%,

9/15/30

9/26

at

100.00

1,546,876

1,000

Virginia

Gateway

Community

Development

Authority,

Prince

William

County,

Virginia,

Special

Assessment

Refunding

Bonds,

Series

2012,

5.000%,

3/01/30

6/24

at

100.00

974,620

2,000

Virginia

Public

Building

Authority,

Public

Facilities

Revenue

Bonds,

Series

2019B,

4.000%,

8/01/38,

(AMT)

8/29

at

100.00

1,948,732

35

Virginia

Resources

Authority,

Infrastructure

Revenue

Bonds,

Pooled

Financing

Program,

Series

2012A,

5.000%,

11/01/42

7/24

at

100.00

35,001

120

(d)

Virginia

Small

Business

Finance

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Downtown

Norfolk

and

Virginia

Beach

Oceanfront

Hotel

Projects,

Series

2018A,

8.375%,

4/01/41

4/28

at

112.76

117,818

300

(d)

Virginia

Small

Business

Financing

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Virginia

Beach

Oceanfront

South

Hotel

Project,

Senior

Series

2020A-1,

8.000%,

10/01/43

10/30

at

120.40

299,921

1,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Series

2018,

4.000%,

5/15/38

5/28

at

100.00

1,007,134

2,470

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Second

Lien

Green

Series

2023A,

5.250%,

7/15/53

7/33

at

100.00

2,693,154

920

Western

Virginia

Regional

Jail

Authority,

Virginia,

Facility

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

12/01/36

12/26

at

100.00

942,704

Total

Tax

Obligation/Limited

49,027,193

Transportation

-

49.9%

(30.3%

of

Total

Investments)

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A:

375

4.000%,

7/01/34

7/26

at

100.00

376,034

400

4.000%,

7/01/35

7/26

at

100.00

401,381

250

4.000%,

7/01/38

7/26

at

100.00

247,257

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016:

$

5,320

5.000%,

7/01/41

-

AGM

Insured

7/26

at

100.00

$

5,414,380

1,705

5.000%,

7/01/46

7/26

at

100.00

1,711,429

4,200

5.000%,

7/01/51

7/26

at

100.00

4,204,106

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B:

2,000

4.750%,

7/15/32

7/28

at

100.00

2,043,768

1,000

4.875%,

7/15/40

-

AGM

Insured

7/28

at

100.00

1,026,347

4,225

4.875%,

7/15/40

7/28

at

100.00

4,270,282

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B:

4,500

4.000%,

10/01/44

10/29

at

100.00

4,258,507

3,335

4.000%,

10/01/53

-

AGM

Insured

10/29

at

100.00

3,109,516

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

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

3,653,936

11,825

0.000%,

10/01/34

-

AGC

Insured

No

Opt.

Call

7,713,600

1,135

0.000%,

10/01/36

-

AGC

Insured

No

Opt.

Call

671,518

5,010

0.000%,

10/01/39

-

AGC

Insured

No

Opt.

Call

2,508,675

6,700

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B,

6.500%,

10/01/44

10/28

at

100.00

7,289,213

7,300

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

10/01/35,

(AMT)

10/26

at

100.00

7,430,461

375

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

10/01/34,

(AMT)

10/27

at

100.00

385,851

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A:

2,000

(c)

5.000%,

10/01/32,

(AMT)

10/28

at

100.00

2,086,305

3,290

(c)

5.000%,

10/01/36,

(AMT)

10/28

at

100.00

3,422,946

2,000

5.000%,

10/01/38,

(AMT)

10/28

at

100.00

2,070,625

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A:

1,000

5.000%,

10/01/30,

(AMT)

10/29

at

100.00

1,054,385

4,000

5.000%,

10/01/40,

(AMT)

10/29

at

100.00

4,148,211

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016:

95

5.000%,

8/01/26,

(AMT)

6/24

at

100.00

95,030

595

5.000%,

8/01/31,

(AMT)

6/24

at

100.00

595,061

1,585

Norfolk

Airport

Authority,

Virginia,

Airport

Revenue

Bonds,

Series

2019,

5.000%,

7/01/38

7/29

at

100.00

1,659,870

Virginia

Port

Authority,

Port

Facilities

Revenue

Bonds,

Refunding

Series

2016B:

3,000

5.000%,

7/01/41,

(AMT)

7/26

at

100.00

3,006,738

3,000

5.000%,

7/01/45,

(AMT)

7/26

at

100.00

2,991,376

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017:

9,035

5.000%,

12/31/49,

(AMT)

6/27

at

100.00

9,101,150

805

5.000%,

12/31/52,

(AMT)

6/27

at

100.00

809,293

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022:

1,000

5.000%,

7/01/33,

(AMT)

1/32

at

100.00

1,052,988

500

5.000%,

1/01/36,

(AMT)

1/32

at

100.00

525,619

260

5.000%,

7/01/38,

(AMT)

1/32

at

100.00

270,238

3,120

4.000%,

7/01/39,

(AMT)

1/32

at

100.00

2,959,023

1,500

4.000%,

1/01/42,

(AMT)

1/32

at

100.00

1,375,980

1,500

5.000%,

12/31/47,

(AMT)

12/32

at

100.00

1,523,445

1,840

5.000%,

12/31/52,

(AMT)

12/32

at

100.00

1,853,213

Nuveen

Virginia

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

42

NPV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022:

$

2,500

4.000%,

1/01/39,

(AMT)

1/32

at

100.00

$

2,410,414

5,000

3.000%,

1/01/41,

(AMT)

1/32

at

100.00

3,984,444

3,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2017B,

5.000%,

7/01/36

7/27

at

100.00

3,106,743

2,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2018,

5.000%,

7/01/43

7/27

at

100.00

2,041,898

Total

Transportation

108,861,256

U.S.

Guaranteed

-

7.7%

(4.7%

of

Total

Investments)

(e)

900

Alexandria

Industrial

Development

Authority,

Virginia,

Residential

Care

Facilities

Mortgage

Revenue

Bonds,

Goodwin

House

Incorporated,

Series

2015,

5.000%,

10/01/50,

(Pre-refunded

10/01/25)

10/25

at

100.00

915,177

325

Bristol,

Virginia,

General

Obligation

Utility

System

Revenue

Bonds,

Series

2002,

5.000%,

11/01/24

-

AGM

Insured,

(ETM)

No

Opt.

Call

326,599

705

Chesapeake

Bay

Bridge

and

Tunnel

Commission,

Virginia,

General

Resolution

Revenue

Bonds,

Refunding

Series

1998,

5.500%,

7/01/25

-

NPFG

Insured,

(ETM)

No

Opt.

Call

708,752

100

Embrey

Mill

Community

Development

Authority,

Virginia,

Special

Assessment

Revenue

Bonds,

Series

2015,

5.600%,

3/01/45,

(Pre-refunded

3/01/25)

3/25

at

100.00

101,346

1,000

Fairfax

County

Economic

Development

Authority,

Virginia,

County

Facilities

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/33,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,053,693

Fairfax

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facilities

Mortgage

Revenue

Bonds,

Goodwin

House,

Inc.,

Series

2016A:

700

4.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00

713,750

1,965

5.000%,

10/01/42,

(Pre-refunded

10/01/24)

10/24

at

102.00

2,009,914

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

1,488,693

1,010

5.000%,

10/01/42,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,062,600

1,000

5.000%,

10/01/43,

(Pre-refunded

10/01/27)

10/27

at

100.00

1,052,080

1,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A,

5.500%,

7/01/57,

(Pre-refunded

1/01/28)

1/28

at

100.00

1,076,055

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2016A:

5,000

5.000%,

1/15/33,

(Pre-refunded

1/15/26)

1/26

at

100.00

5,126,619

1,000

5.000%,

1/15/35,

(Pre-refunded

1/15/26)

1/26

at

100.00

1,025,324

150

Virgin

Islands

Public

Finance

Authority,

Matching

Fund

Loan

Notes

Revenue

Bonds,

Senior

Lien

Series

2013A,

5.000%,

10/01/24

-

AGM

Insured,

(ETM)

No

Opt.

Call

150,280

Total

U.S.

Guaranteed

16,810,882

Utilities

-

7.4%

(4.5%

of

Total

Investments)

4,300

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.750%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

4,408,299

1,675

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016,

5.000%,

1/01/46

7/26

at

100.00

1,695,182

3,000

Norfolk,

Virginia,

Water

Revenue

Bonds,

Series

2015A,

5.250%,

11/01/44

11/24

at

100.00

3,011,425

2,000

(d)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47

7/30

at

100.00

2,020,772

1,000

(d)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42

7/31

at

100.00

925,699

725

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2023C,

5.000%,

1/15/47

1/34

at

100.00

784,468

730

Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Refunding

Series

2007A,

5.000%,

7/01/24

7/24

at

100.00

728,224

1,000

Virginia

Resources

Authority,

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Refunding

Series

2014B,

4.000%,

10/01/27

10/24

at

100.00

995,516

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

1,500

(d)

Virginia

Small

Business

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Covanta

Project,

Series

2018,

5.000%,

1/01/48,

(AMT),

(Mandatory

Put

7/01/38)

7/24

at

100.00

$

1,468,786

Total

Utilities

16,038,371

Total

Municipal

Bonds

(cost

$362,076,983)

358,994,856

Total

Long-Term

Investments

(cost

$362,076,983)

358,994,856

Floating

Rate

Obligations

-

(8.7)%  

(

18,950,000

)

VRDP

Shares,

Net

-

(58.6)%

(f)

(

127,708,933

)

Other

Assets

&

Liabilities,

Net

-

2.6%

5,698,539

Net

Assets

Applicable

to

Common

Shares

-

100%

$

218,034,462

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(d)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$32,206,429

or

9.0%

of

Total

Investments.

(e)

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.

(f)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

35.6%.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

44

May

31,

2024

NMT

NMS

NOM

NPV

ASSETS

Long-term

investments,

at

value

†

$

181,557,333‌

$

120,452,992‌

$

45,136,970‌

$

358,994,856‌

Short-term

investments,

at

value

◊

2,000,000‌

–‌

–‌

–‌

Cash

103,027‌

–‌

–‌

1,574,285‌

Receivables:

Interest

2,702,359‌

1,673,297‌

560,055‌

5,348,144‌

Investments

sold

–‌

40,000‌

185,000‌

5,000‌

Other

15,246‌

9,794‌

15,976‌

35,082‌

Total

assets

186,377,965‌

122,176,083‌

45,898,001‌

365,957,367‌

LIABILITIES

Cash

overdraft

–‌

47,716‌

441,385‌

–‌

Floating

rate

obligations

–‌

–‌

600,000‌

18,950,000‌

AMTP

Shares,

Net

*

–‌

49,777,879‌

–‌

–‌

MFP

Shares,

Net

**

–‌

–‌

17,811,506‌

–‌

VRDP

Shares,

Net

***

73,778,067‌

–‌

–‌

127,708,933‌

Payables:

Management

fees

95,905‌

63,170‌

23,619‌

185,731‌

Dividends

376,188‌

273,829‌

89,993‌

770,976‌

Interest

—‌

—‌

9,761‌

251,667‌

Accrued

expenses:

Custodian

fees

17,244‌

13,360‌

8,381‌

28,260‌

Investor

relations

—‌

84‌

845‌

—‌

Trustees

fees

2,810‌

1,815‌

668‌

17,449‌

Professional

fees

552‌

367‌

—‌

2,141‌

Shareholder

reporting

expenses

4,766‌

1,395‌

40‌

6,191‌

Shareholder

servicing

agent

fees

309‌

3,289‌

3,775‌

1,557‌

Total

liabilities

74,275,841‌

50,182,904‌

18,989,973‌

147,922,905‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

112,102,124‌

$

71,993,179‌

$

26,908,028‌

$

218,034,462‌

Common

shares

outstanding

9,324,616‌

5,787,058‌

2,349,992‌

17,924,699‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.02‌

$

12

.44‌

$

11

.45‌

$

12

.16‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

93,246‌

$

57,871‌

$

23,500‌

$

179,247‌

Paid-in

capital

128,900,675‌

80,605,707‌

30,584,464‌

249,968,336‌

Total

distributable

earnings

(loss)

(

16,891,797‌

)

(

8,670,399‌

)

(

3,699,936‌

)

(

32,113,121‌

)

Net

assets

applicable

to

common

shares

$

112,102,124‌

$

71,993,179‌

$

26,908,028‌

$

218,034,462‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

183,549,797‌

$

123,391,883‌

$

45,953,686‌

$

362,076,983‌

◊

Short-term

investments,

cost

$

2,000,000‌

$

—‌

$

—‌

$

—‌

*

AMTP

Shares,

liquidation

preference

—‌

49,800,000‌

—‌

—‌

**

MFP

Shares,

liquidation

preference

—‌

—‌

18,000,000‌

—‌

***

    VRDP

Shares,

liquidation

preference

74,000,000‌

—‌

—‌

128,000,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

45

Year

Ended

May

31,

2024

NMT

NMS

NOM

NPV

INVESTMENT

INCOME

Interest

$

7,462,164‌

$

5,446,057‌

$

1,948,379‌

$

15,781,382‌

Total

investment

income

7,462,164‌

5,446,057‌

1,948,379‌

15,781,382‌

EXPENSES

–

–

–

–

Management

fees

1,145,008‌

743,868‌

277,495‌

2,182,303‌

Shareholder

servicing

agent

fees

1,883‌

16,965‌

17,372‌

5,973‌

Interest

expense

and

amortization

of

offering

costs

3,246,377‌

2,219,791‌

846,133‌

6,660,150‌

Trustees

fees

6,849‌

4,477‌

1,649‌

12,736‌

Custodian

expenses,

net

14,999‌

16,107‌

9,806‌

20,253‌

Investor

relations

expenses

8,833‌

7,688‌

2,375‌

16,383‌

Professional

fees

58,639‌

50,427‌

42,538‌

84,766‌

Shareholder

reporting

expenses

19,796‌

16,080‌

12,679‌

29,737‌

Stock

exchange

listing

fees

7,576‌

7,576‌

7,585‌

7,575‌

Other

43,303‌

20,565‌

23,045‌

64,953‌

Total

expenses

4,553,263‌

3,103,544‌

1,240,677‌

9,084,829‌

Net

investment

income

(loss)

2,908,901‌

2,342,513‌

707,702‌

6,696,553‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

2,661,809‌

)

(

1,490,027‌

)

(

189,446‌

)

(

773,176‌

)

Net

realized

gain

(loss)

(

2,661,809‌

)

(

1,490,027‌

)

(

189,446‌

)

(

773,176‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

2,324,031‌

991,029‌

334,007‌

1,063,916‌

Net

change

in

unrealized

appreciation

(depreciation)

2,324,031‌

991,029‌

334,007‌

1,063,916‌

Net

realized

and

unrealized

gain

(loss)

(

337,778‌

)

(

498,998‌

)

144,561‌

290,740‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

2,571,123‌

$

1,843,515‌

$

852,263‌

$

6,987,293‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

46

NMT

NMS

Year

Ended

5/31/24

Year

Ended

5/31/23

Year

Ended

5/31/24

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

2,908,901‌

$

3,447,162‌

$

2,342,513‌

$

2,765,569‌

Net

realized

gain

(loss)

(

2,661,809‌

)

(

4,090,271‌

)

(

1,490,027‌

)

(

1,993,359‌

)

Net

change

in

unrealized

appreciation

(depreciation)

2,324,031‌

(

3,049,188‌

)

991,029‌

(

3,840,538‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

2,571,123‌

(

3,692,297‌

)

1,843,515‌

(

3,068,328‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

3,146,605‌

)

(

3,641,263‌

)

(

2,521,791‌

)

(

2,933,841‌

)

Return

of

Capital

(

382,762‌

)

–‌

(

337,016‌

)

–‌

Total

distributions

(

3,529,367‌

)

(

3,641,263‌

)

(

2,858,807‌

)

(

2,933,841‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Reinvestments

of

distributions

—‌

—‌

—‌

26,890‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

—‌

26,890‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

958,244‌

)

(

7,333,560‌

)

(

1,015,292‌

)

(

5,975,279‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

113,060,368‌

120,393,928‌

73,008,471‌

78,983,750‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

112,102,124‌

$

113,060,368‌

$

71,993,179‌

$

73,008,471‌

See

Notes

to

Financial

Statements

47

NOM

NPV

Year

Ended

5/31/24

Year

Ended

5/31/23

Year

Ended

5/31/24

Year

Ended

5/31/23

OPERATIONS

Net

investment

income

(loss)

$

707,702‌

$

851,586‌

$

6,696,553‌

$

8,077,815‌

Net

realized

gain

(loss)

(

189,446‌

)

(

749,699‌

)

(

773,176‌

)

(

8,086,587‌

)

Net

change

in

unrealized

appreciation

(depreciation)

334,007‌

(

1,300,561‌

)

1,063,916‌

(

9,466,959‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

852,263‌

(

1,198,674‌

)

6,987,293‌

(

9,475,731‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

800,145‌

)

(

887,033‌

)

(

7,268,770‌

)

(

8,969,819‌

)

Return

of

Capital

(

74,052‌

)

–‌

(

815,269‌

)

–‌

Total

distributions

(

874,197‌

)

(

887,033‌

)

(

8,084,039‌

)

(

8,969,819‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Reinvestments

of

distributions

—‌

11,599‌

—‌

93,914‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

11,599‌

—‌

93,914‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

21,934‌

)

(

2,074,108‌

)

(

1,096,746‌

)

(

18,351,636‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

26,929,962‌

29,004,070‌

219,131,208‌

237,482,844‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

26,908,028‌

$

26,929,962‌

$

218,034,462‌

$

219,131,208‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

48

Year

Ended

May

31,

2024

NMT

NMS

NOM

NPV

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

2,571,123‌

$

1,843,515‌

$

852,263‌

$

6,987,293‌

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

(

41,408,822‌

)

(

34,473,529‌

)

(

8,249,407‌

)

(

45,929,734‌

)

Proceeds

from

sale

and

maturities

of

investments

40,873,733‌

34,847,553‌

7,686,651‌

49,753,043‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(

500,000‌

)

—‌

800,000‌

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

1,121,758‌

83,585‌

158,748‌

517,616‌

Amortization

of

deferred

offering

costs

9,776‌

4,773‌

8,096‌

15,214‌

(Increase)

Decrease

in:

Receivable

for

interest

94,210‌

(

7,384‌

)

(

39,707‌

)

(

43,450‌

)

Receivable

for

investments

sold

—‌

(

5,000‌

)

(

65,000‌

)

5,397,689‌

Other

assets

3,733‌

3,147‌

(

4,912‌

)

14,206‌

Increase

(Decrease)

in:

Payable

for

interest

—‌

—‌

1,048‌

15,847‌

Payable

for

investments

purchased

-

regular

settlement

—‌

—‌

—‌

(

4,955,448‌

)

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(

1,932,540‌

)

—‌

(

558,715‌

)

—‌

Payable

for

management

fees

(

4,214‌

)

(

695‌

)

(

54‌

)

(

1,541‌

)

Accrued

custodian

fees

(

1,564‌

)

(

2,201‌

)

(

922‌

)

(

1,669‌

)

Accrued

investor

relations

fees

(

2,670‌

)

(

1,884‌

)

(

103‌

)

(

4,761‌

)

Accrued

Trustees

fees

297‌

185‌

71‌

(

12,772‌

)

Accrued

professional

fees

(

1,299‌

)

(

1,001‌

)

(

829‌

)

(

768‌

)

Accrued

shareholder

reporting

expenses

(

1,599‌

)

(

4,406‌

)

(

3,931‌

)

(

4,211‌

)

Accrued

shareholder

servicing

agent

fees

138‌

2,642‌

2,552‌

1,200‌

Accrued

other

expenses

(

9,860‌

)

(

6,550‌

)

(

6,614‌

)

(

8,589‌

)

Net

realized

(gain)

loss

from

investments

2,661,809‌

1,490,027‌

189,446‌

773,176‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(

2,324,031‌

)

(

991,029‌

)

(

334,007‌

)

(

1,063,916‌

)

Net

cash

provided

by

(used

in)

operating

activities

1,149,978‌

2,781,748‌

434,674‌

11,448,425‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

816,251‌

2,217,915‌

136,238‌

2,345,994‌

(Repayments)

of

borrowings

(

816,251‌

)

(

2,217,915‌

)

(

136,238‌

)

(

2,345,994‌

)

Proceeds

from

floating

rate

obligations

—‌

—‌

—‌

12,200,000‌

(Repayments

of)

floating

rate

obligations

—‌

—‌

—‌

(

13,600,000‌

)

Increase

(Decrease)

in:

Cash

overdraft

—‌

6,902‌

407,881‌

(

579,979‌

)

Cash

distributions

paid

to

common

shareholders

(

3,389,042‌

)

(

2,788,650‌

)

(

842,555‌

)

(

7,894,161‌

)

Net

cash

provided

by

(used

in)

financing

activities

(

3,389,042‌

)

(

2,781,748‌

)

(

434,674‌

)

(

9,874,140‌

)

Net

increase

(decrease)

in

Cash

(

2,239,064‌

)

–‌

–‌

1,574,285‌

Cash

at

the

beginning

of

period

2,342,091‌

—‌

—‌

—‌

Cash

at

the

end

of

period

$

103,027‌

$

—‌

$

—‌

$

1,574,285‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NMT

NMS

NOM

NPV

Cash

paid

for

interest

$

3,229,389‌

$

2,209,423‌

$

836,334‌

$

6,613,747‌

Financial

Highlights

50

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NMT

5/31/24

$

12.12

$

0.31

$

(

0.03

)

$

0.28

$

(

0.34

)

$

—

$

(

0.04

)

$

(

0.38

)

$

12.02

$

10.58

5/31/23

12.91

0.37

(

0.77

)

(

0.40

)

(

0.39

)

—

—

(

0.39

)

12.12

10.29

5/31/22

15.36

0.51

(

2.43

)

(

1.92

)

(

0.53

)

—

—

(

0.53

)

12.91

12.20

5/31/21

14.65

0.57

0.69

1.26

(

0.55

)

—

—

(

0.55

)

15.36

14.92

5/31/20

14.73

0.52

(

0.10

)

0.42

(

0.50

)

—

—

(

0.50

)

14.65

13.15

NMS

5/31/24

12.62

0.40

(

0.09

)

0.31

(

0.43

)

—

(

0.06

)

(

0.49

)

12.44

10.80

5/31/23

13.65

0.48

(

1.00

)

(

0.52

)

(

0.51

)

—

—

(

0.51

)

12.62

11.04

5/31/22

15.62

0.64

(

1.98

)

(

1.34

)

(

0.63

)

—

—

(

0.63

)

13.65

15.45

5/31/21

14.81

0.66

0.76

1.42

(

0.61

)

—

—

(

0.61

)

15.62

16.24

5/31/20

15.19

0.59

(

0.40

)

0.19

(

0.57

)

—

—

(

0.57

)

14.81

13.55

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

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.

See

Notes

to

Financial

Statements

51

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMT

5/31/24

2

.88

%

5/31/23

2

.03

5/31/22

0

.54

5/31/21

0

.49

5/31/20

1

.14

NMS

5/31/24

3

.08

5/31/23

2

.22

5/31/22

0

.65

5/31/21

0

.60

5/31/20

1

.32

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

2

.33‌

%

6

.63‌

%

$

112,102

4

.04‌

%

2

.58‌

%

22‌

%

(

3

.07‌

)

(

12

.60‌

)

113,060

3

.19‌

3

.02‌

24‌

(

12

.84‌

)

(

15

.12‌

)

120,394

1

.60‌

3

.45‌

18‌

8

.69‌

17

.81‌

143,244

1

.54‌

3

.77‌

8‌

2

.83‌

6

.14‌

136,572

2

.20‌

3

.47‌

11‌

2

.56‌

2

.41‌

71,993

4

.30‌

3

.25‌

29‌

(

3

.79‌

)

(

25

.51‌

)

73,008

3

.46‌

3

.74‌

19‌

(

8

.87‌

)

(

0

.84‌

)

78,984

1

.77‌

4

.22‌

19‌

9

.74‌

24

.89‌

90,310

1

.71‌

4

.30‌

5‌

1

.24‌

2

.57‌

85,644

2

.46‌

3

.85‌

12‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

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

Notes

to

Financial

Statements),

where

applicable,

as

follows:

Financial

Highlights

(continuted)

52

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NOM

5/31/24

$

11.46

$

0.30

$

0.06

$

0.36

$

(

0.34

)

$

—

$

(

0.03

)

$

(

0.37

)

$

11.45

$

9.95

5/31/23

12.35

0.36

(

0.87

)

(

0.51

)

(

0.38

)

—

—

(

0.38

)

11.46

9.86

5/31/22

14.16

0.49

(

1.78

)

(

1.29

)

(

0.52

)

—

—

(

0.52

)

12.35

12.46

5/31/21

13.64

0.55

0.48

1.03

(

0.51

)

—

—

(

0.51

)

14.16

14.70

5/31/20

13.84

0.50

(

0.21

)

0.29

(

0.49

)

—

—

(

0.49

)

13.64

14.56

NPV

5/31/24

12.23

0.37

0.01

0.38

(

0.40

)

—

(

0.05

)

(

0.45

)

12.16

10.54

5/31/23

13.25

0.45

(

0.97

)

(

0.52

)

(

0.50

)

—

—

(

0.50

)

12.23

10.86

5/31/22

15.48

0.59

(

2.24

)

(

1.65

)

(

0.58

)

—

—

(

0.58

)

13.25

12.77

5/31/21

14.51

0.61

0.94

1.55

(

0.58

)

—

—

(

0.58

)

15.48

16.13

5/31/20

14.67

0.54

(

0.17

)

0.37

(

0.53

)

—

—

(

0.53

)

14.51

13.40

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

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.

See

Notes

to

Financial

Statements

53

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NOM

5/31/24

3

.14

%

5/31/23

2

.25

5/31/22

0

.69

5/31/21

0

.63

5/31/20

1

.29

NPV

5/31/24

3

.05

5/31/23

2

.16

5/31/22

0

.63

5/31/21

0

.58

5/31/20

1

.18

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

3

.20‌

%

4

.79‌

%

$

26,908

4

.60‌

%

2

.63‌

%

17‌

%

(

4

.13‌

)

(

18

.12‌

)

26,930

3

.71‌

3

.12‌

25‌

(

9

.35‌

)

(

11

.98‌

)

29,004

2

.03‌

3

.61‌

25‌

7

.66‌

4

.69‌

33,225

1

.93‌

3

.95‌

13‌

2

.07‌

7

.93‌

31,996

2

.66‌

3

.58‌

10‌

3

.18‌

1

.30‌

218,034

4

.16‌

3

.07‌

13‌

(

3

.94‌

)

(

11

.31‌

)

219,131

3

.28‌

3

.64‌

29‌

(

10

.89‌

)

(

17

.67‌

)

237,483

1

.64‌

3

.97‌

18‌

10

.80‌

25

.01‌

277,004

1

.58‌

3

.99‌

7‌

2

.48‌

7

.74‌

259,338

2

.20‌

3

.65‌

18‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

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

Notes

to

Financial

Statements),

where

applicable,

as

follows:

54

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

AMTP

Shares

MFP

Shares

VRDP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

NMT

5/31/24

$

—

$

—

$

—

$

—

$

74,000

$

251,489

5/31/23

—

—

—

—

74,000

252,784

5/31/22

—

—

—

—

74,000

262,694

5/31/21

—

—

—

—

74,000

293,573

5/31/20

—

—

—

—

74,000

284,556

NMS

5/31/24

49,800

244,565

—

—

—

—

5/31/23

49,800

246,603

—

—

—

—

5/31/22

52,800

249,590

—

—

—

—

5/31/21

52,800

271,041

—

—

—

—

5/31/20

52,800

262,204

—

—

—

—

NOM

5/31/24

—

—

18,000

249,489

—

—

5/31/23

—

—

18,000

249,611

—

—

5/31/22

—

—

18,000

261,134

—

—

5/31/21

—

—

18,000

284,581

—

—

5/31/20

—

—

18,000

277,757

—

—

NPV

5/31/24

—

—

—

—

128,000

270,339

5/31/23

—

—

—

—

128,000

271,196

5/31/22

—

—

—

—

128,000

285,533

5/31/21

—

—

—

—

128,000

316,409

5/31/20

—

—

—

—

128,000

302,608

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

Notes

to

Financial

Statements

55

1.

General

Information 

Fund

Information:

The

state

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(NMT)

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS)

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM)

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

"1940

Act"),

as

amended,

as

closed-end

management

investment

companies.

NMT

and

NPV

were

organized

as

Massachusetts

business

trusts

on

January

12,

1993.

NMS

and

NOM

were

organized

as

Massachusetts

business

trusts

on

April

28,

2014

and

March

29,

1993,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

May

31,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

May

31,

2024

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Fund’s

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Funds.

Developments

Regarding

the

Funds’

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

56

Notes

to

Financial

Statements

(continued)

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds’

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Investment

income

also

reflects

dividend

income,

which

is

recorded

on

the

ex-dividend

date.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Fund

Gross

Custodian

Fee

Credits

NMT

$

5,941

NMS

2,570

NOM

1,738

NPV

13,128

57

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations

and

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

later

in

these Notes

to

Financial

Statements.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

later

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

NMT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

181,557,333

$

–

$

181,557,333

Short-Term

Investments:

Municipal

Bonds

–

2,000,000

–

2,000,000

Total

$

–

$

183,557,333

$

–

$

183,557,333

NMS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

120,452,992

$

–

$

120,452,992

Total

$

–

$

120,452,992

$

–

$

120,452,992

NOM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

45,136,970

$

–

$

45,136,970

Total

$

–

$

45,136,970

$

–

$

45,136,970

NPV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

358,994,856

$

–

$

358,994,856

Total

$

–

$

358,994,856

$

–

$

358,994,856

58

Notes

to

Financial

Statements

(continued)

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NMT

$

—

$

—

$

—

NMS

—

—

—

NOM

600,000

—

600,000

NPV

18,950,000

—

18,950,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NMT

$

—

—

%

NMS

—

—

NOM

600,000

3.98

NPV

19,128,630

4.05

59

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any

such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows

(sometimes

referred

to

as

“shortfall

payments”).

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period,

the

Funds

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NMT

$

—

$

—

$

—

NMS

—

—

—

NOM

600,000

—

600,000

NPV

18,950,000

—

18,950,000

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

NMT

$

41,408,822

$

40,873,733

NMS

34,473,529

34,847,553

NOM

8,249,407

7,686,651

NPV

45,929,734

49,753,043

60

Notes

to

Financial

Statements

(continued)

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Preferred

Shares

Adjustable

Rate

MuniFund

Term

Preferred

Shares:

NMS

has

issued

and

has

outstanding

Adjustable

Rate

MuniFund

Term

Preferred

(“AMTP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

AMTP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

The

details

of

the

Fund’s

AMTP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

Fund

is

obligated

to

redeem

its

AMTP

Shares

by

the

date

as

specified

in

its

offering

document

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

AMTP

Shares

are

subject

to

optional

and

mandatory

redemption

in

certain

circumstances.

The

AMTP

Shares

may

be

redeemed

at

the

option

of

the

Fund,

subject

to

payment

of

premium

for

approximately

six

months

following

the

date

of

issuance

(“Premium

Expiration

Date”),

and

at

the

redemption

price

per

share

thereafter.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

AMTP

Shares

are

short-term

or

short/intermediate-term

instruments

that

pay

a

variable

dividend

rate

tied

to

a

short-term

index,

plus

an

additional

fixed

“spread”

amount

which

is

initially

established

at

the

time

of

issuance

and

may

be

adjusted

in

the

future

based

upon

a

mutual

agreement

between

the

majority

owner

and

the

Fund.

From

time-to-time

the

majority

owner

may

propose

to

the

Fund

an

adjustment

to

the

dividend

rate.

Should

the

majority

owner

and

the

Fund

fail

to

agree

upon

an

adjusted

dividend

rate,

and

such

proposed

dividend

rate

adjustment

is

not

withdrawn,

the

Fund

will

be

required

to

redeem

all

outstanding

shares

upon

the

end

of

a

notice

period.

In

addition,

the

Fund

may

be

obligated

to

redeem

a

certain

amount

of

the

AMTP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

and

leverage

ratio

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

Term

Redemption

Date

and

Premium

Expiration

Date

for

the

Fund’s

AMTP

Shares

are

as

follows:

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

NMT

NMS

Year

Ended

5/31/24

Year

Ended

5/31/23

Year

Ended

5/31/24

Year

Ended

5/31/23

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

—

—

1,953

Total

—

—

—

1,953

NOM

NPV

Year

Ended

5/31/24

Year

Ended

5/31/23

Year

Ended

5/31/24

Year

Ended

5/31/23

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

970

—

7,763

Total

—

970

—

7,763

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

NMS

2028

498

$49,800,000

$49,777,879

Fund

Notice

Period

Series

Term

Redemption

Date

Premium

Expiration

Date

NMS

360-day

2028

December

1,

2028*

November

30,

2019

61

The

average

liquidation

preference

of

AMTP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

AMTP

Shares

are

subject

to

restrictions

on

transfer,

generally

do

not

trade,

and

market

quotations

are

generally

not

available.

The

fair

value

of

AMTP

Shares

is

expected

to

be

approximately

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

AMTP

Shares

remains

roughly

in

line

with

the

“spread”

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market

environment.

In

present

market

conditions,

the

Fund's

Adviser

has

determined

that

the

fair

value

of

AMTP

Shares

is

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

For

financial

reporting

purposes,

the

liquidation

preference

of

AMTP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“AMTP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

AMTP

Share

dividends

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

AMTP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

AMTP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

in

connection

with

the

Fund’s

offering

of

AMTP

Shares

were

recorded

as

deferred

charges,

which

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

components

of

“AMTP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

MuniFund

Preferred

Shares:

NOM

has

issued

and

have

outstanding

MuniFund

Preferred

(“MFP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

These

MFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

The

Fund is

obligated

to

redeem

their

MFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

MFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

MFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Fund.

The

modes

within

MFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

MFP

Share.

•

Variable

Rate

Remarketed

Mode

(“VRRM”)

–

Dividends

for

MFP

Shares

within

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

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.

During

the

current

reporting

period,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

approximated

their

liquidation

preference.

•

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

Operations.

Fund

Average

Liquidation

Preference

of

AMTP

Shares

Outstanding

Annualized

Dividend

Rate

NMS

$

49,800,000

4.43

%

62

Notes

to

Financial

Statements

(continued)

For

financial

reporting

purposes,

the

liquidation

preference

of

MFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

MFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

MFP

shares

are

recognized

as

a

component

on

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

MFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

MFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund.

The

Fund

may

also

be

required

to

redeem

certain

MFP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Costs

incurred

in

connection

with

the

Fund’s

offering

of

MFP

Shares

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

are

recognized

as

a

component

of

“MFP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

details

of

the

Fund’s

MFP

Shares

outstanding

were

as

follows:

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

Variable

Rate

Demand

Preferred

Shares:

The

following

Funds

have

issued

and

have

outstanding

Variable

Rate

Demand

Preferred

(“VRDP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

VRDP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

As

of

the

end

of

the

reporting

period,

details

of

the

Funds’

VRDP

Shares

outstanding

were

as

follows:

VRDP

Shares

include

a

liquidity

feature

that

allows

VRDP

shareholders

to

have

their

shares

purchased

by

a

liquidity

provider

with

whom

each

Fund

has

contracted

in

the

event

that

VRDP

Shares

are

not

able

to

be

successfully

remarketed.

Each

Fund

is

required

to

redeem

any

VRDP

Shares

that

are

still

owned

by

the

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

Each

Fund

pays

an

annual

remarketing

fee

on

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding.

Each

Fund’s

VRDP

Shares

have

successfully

remarketed

since

issuance.

Each

Fund’s

Series

1

VRDP

Shares

are

considered

to

be

Special

Rate

VRDP,

which

are

sold

to

institutional

investors.

During

the

special

rate

period,

the

VRDP

Shares

will

not

be

remarketed

by

a

remarketing

agent,

be

subject

to

optional

or

mandatory

tender

events,

or

be

supported

by

a

liquidity

provider

and

are

not

subject

to

remarketing

fees

or

liquidity

fees.

During

the

special

rate

period,

VRDP

dividends

will

be

set

monthly

as

a

floating

rate

based

on

the

predetermined

formula.

Following

the

initial

special

rate

period,

Special

Rate

Period

VRDP

Shares

may

transition

to

traditional

VRDP

Shares

with

dividends

set

at

weekly

remarketings,

and

be

supported

by

designated

liquidity

provider,

or

the

Board

may

approve

a

subsequent

special

rate

period.

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

Term

Redemption

Date

Mode

Mode

Termination

Date

NOM

A

180

$18,000,000

$17,811,506

October

1,

2047

VRM

October

1,

2047*

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

NOM

$

18,000,000

4.52

%

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

Special

Rate

Period

Expiration

Maturity

NMT

1

740

N/A**

$74,000,000

$73,778,067

March

1,

2047

March

1,

2047

NPV

1

1,280

N/A**

$128,000,000

$127,708,933

July

16,

2025

August

3,

2043

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

**

Not

applicable.

Series

is

considered

to

be

Special

Rate

VRDP

and

therefore

does

not

pay

a

remarketing

fee.

63

Dividends

on

the

VRDP

Shares

(which

are

treated

as

interest

payments

for

financial

reporting

purposes)

are

set

at

a

rate

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

VRDP

Shares

is

expected

to

approximate

its

liquidation

preference.

In

the

event

that

VRDP

shares

are

unable

to

be

successfully

remarketed,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

VRDP

Shares.

Subject

to

certain

conditions,

VRDP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

each

Fund.

Each

Fund

may

also

redeem

certain

of

the

VRDP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

The

average

liquidation

preference

of

VRDP

Shares

outstanding

and

annualized

dividend

rate

for

each

Fund

during

the

current

fiscal

period

were

as

follows:

For

financial

reporting

purposes,

the

liquidation

preference

of

VRDP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Unpaid

dividends

on

VRDP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Dividends

accrued

on

VRDP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

by

the

Funds

in

connection

with

their

offerings

of

VRDP

Shares

were

recorded

as

a

deferred

charge,

which

are

being

amortized

over

the

life

of

the

shares

and

are

recognized

as

a

component

of

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offerings

costs”

on

the

Statement

of

Operations.

In

addition

to

interest

expense,

each

Fund

also

pays

a

per

annum

liquidity

fee

to

the

liquidity

provider,

as

well

as

a

remarketing

fee,

which

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees,”

respectively,

on

the

Statement

of

Operations.

Preferred

Share

Transactions

:

There

were

no

transactions

in

preferred

shares

during

the

Funds'

current

and

prior

fiscal

period.

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

nondeductible

expenses,

taxable

market

discount,

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund’s

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NMT

$

74,000,000

4.36

%

NPV

128,000,000

4.57

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NMT

$

185,505,320

$

2,085,016

$

(4,033,003)

$

(1,947,987)

NMS

123,223,114

1,328,258

(4,098,381)

(2,770,123)

NOM

45,334,337

432,934

(1,230,301)

(797,367)

NPV

343,073,341

7,312,494

(10,340,978)

(3,028,484)

64

Notes

to

Financial

Statements

(continued)

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

were

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NMT

$

—

$

—

$

—

$

(1,947,987)

$

(14,556,838)

$

—

$

(386,972)

$

(16,891,797)

NMS

—

1,627

—

(2,770,123)

(5,612,550)

—

(289,353)

(8,670,399)

NOM

—

—

—

(797,367)

(2,809,744)

—

(92,825)

(3,699,936)

NPV

—

209

—

(3,028,484)

(28,278,234)

—

(806,612)

(32,113,121)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

May

1,

2024

and

paid

on

June

3,

2024.

5/31/24

5/31/23

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

NMT

$

3,146,605

$

—

$

—

$

382,762

$

3,631,783

$

9,480

$

—

$

—

NMS

2,519,045

2,746

—

337,016

2,925,712

8,129

—

—

NOM

800,145

—

—

74,052

887,033

—

—

—

NPV

7,268,216

554

—

815,269

8,893,503

76,316

—

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

NMT

$

5,216,423

$

9,340,415

$

14,556,838

NMS

2,087,901

3,524,649

5,612,550

NOM

855,365

1,954,379

2,809,744

NPV

11,605,401

16,672,833

28,278,234

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

65

For

the

period

June

1,

2023

through

April

30,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

was

calculated

according

to

the

following

schedule:

*

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

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Effective

May

1,

2024,

the

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

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

eligible

assets

in

certain

circumstances. 

As

of

May

31,

2024,

the

annual

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser (each

an,

“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

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

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

NMT

0.1577%

NMS

0.1577%

NOM

0.1577%

NPV

0.1577%

66

Notes

to

Financial

Statements

(continued)

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote. As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

then

those

disclosed

in

the

Notes

to

Financial

Statements,

when

applicable.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2025

unless

extended

or

renewed. 

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

Each

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Funds’

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NMT

$

2,291,015

$

7,610,344

$

(736,958

)

NMS

17,074,435

15,910,798

(528,056

)

NOM

826,837

933,168

(33,604

)

NPV

7,560,800

4,494,500

(103,352

)

Fund

Maximum

Outstanding

Balance

NMT

$

524,827

NMS

1,823,661

NOM

69,472

NPV

1,670,418

67

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

11.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

12.

Subsequent

Events

Variable

Rate

Demand

Preferred

Shares:

During

July

2024,

NPV

extended

the

special

rate

period

for

its

Series

1

VRDP

Shares

to

July

16,

2025.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NMT

7

$

391,454

6.42

%

NMS

19

542,352

6.40

NOM

10

44,337

6.46

NPV

7

1,101,937

6.53

68

Shareholder

Update

(Unaudited)

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(NMT)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

and

Massachusetts

personal

income

taxes

and

to

enhance

portfolio

value

relative

to

the

Massachusetts

municipal

bond

market

by

investing

in

tax-exempt

Massachusetts

municipal

obligations

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80% of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Massachusetts

income

taxes.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

securities

that

at

the

time

of

investment

are

investment

grade

quality.

A

security

is

considered

investment

grade

quality

if

it

is

rated

within

the

four

highest

letter

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

that

rates

such

security

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

AMT

Bonds.

The

Fund

may

invest

up

to

15%

of

its

net

assets

in

inverse

floating

rate

securities.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

and

(ii)

policy

of

investing

at

least

80% of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Massachusetts

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

Tender

Option

Bond

(TOB)

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Massachusetts

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

Commonwealth

of

Massachusetts,

a

municipality

in

Massachusetts,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

Commonwealth

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

sub-adviser

to

be

reliable),

is

exempt

from

regular

federal

and

Massachusetts

income

taxes.

The

Fund

may

invest

in

municipal

bonds

issued

by

United

States

territories

and

possessions

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

Massachusetts

income

taxes.

69

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

Issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

70

Shareholder

Update

(Unaudited)

(continued)

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short-term

and

long-

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares,

investments

in

inverse

floating

rate

securities

and

reverse

repurchase

agreements. As

a

fundamental

policy,

the

Fund

may

not

issue

senior

securities,

as

defined

in

the

1940

Act,

other

than

Preferred

Shares.

Additionally,

as

a

fundamental

policy,

the

Fund

may

not

borrow

money,

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

and

then

only

in

an

amount

not

exceeding

one-third

of

the

value

of

the

Fund’s

total

assets

including

the

amount

borrowed.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

intermediate-

term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

Fund

may

not

achieve

its

investment

objectives.

71

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

seek

to

provide

current

income

exempt

from

both

regular

federal

and

Minnesota

income

taxes.

The

Fund’s

secondary

investment

objective

is

to

enhance

portfolio

value

relative

to

the

Minnesota

municipal

bond

market

by

investing

in

Minnesota

municipal

securities

that

the

Fund’s

sub-adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80% of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Minnesota

income

taxes.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

securities

that

at

the

time

of

investment

are

investment

grade

quality.

A

security

is

considered

investment

grade

quality

if

it

is

rated

within

the

four

highest

letter

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

that

rates

such

security

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

by

all

NRSROs

that

rate

the

security

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

AMT

Bonds.

The

Fund

may

invest

up

to

15%

of

its

net

assets

in

inverse

floating

rate

securities.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

and

(ii)

policy

of

investing

at

least

80% of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Minnesota

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

Tender

Option

Bond

(TOB)

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Minnesota

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

Minnesota,

a

municipality

of

Minnesota,

or

a

political

subdivision

of

either,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

sub-

adviser

to

be

reliable),

is

exempt

from

regular

federal

and

Minnesota

income

taxes,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

issued

by

U.S.

territories

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

Minnesota

income

taxes.

72

Shareholder

Update

(Unaudited)

(continued)

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

73

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short-term

and

long-

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

regulatory

leverage

to

pursue

its

investment

objectives.

Regulatory

leverage

consists

of

“senior

securities”

as

defined

under

the

1940

Act,

which

include

(1) borrowings,

including

loans

from

financial

institutions;

(2) issuance

of

debt

securities;

and

(3) issuance

of

Preferred

Shares.

In

addition,

the

Fund

may

also

enter

into

certain

derivatives

transactions

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

Additionally,

as

a

fundamental

policy,

the

Fund

may

not

borrow

money,

except

for

repurchase

of

its

shares

or

as

a

temporary

measure

for

extraordinary

or

emergency

purposes,

including

the

payment

of

dividends

and

the

settlement

of

securities

transactions

which

otherwise

might

require

untimely

dispositions

of

Fund

securities.

The

Fund

may

use

leverage

in

an

amount

permissible

under

the

1940

Act

and

related

SEC

guidance.

The

amounts

and

forms

of

leverage

used

by

the

Fund

may

vary

with

prevailing

market

or

economic

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

intermediate-

term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

Fund

may

not

achieve

its

investment

objectives.

74

Shareholder

Update

(Unaudited)

(continued)

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

and

Missouri

personal

income

taxes

and

to

enhance

portfolio

value

relative

to

the

Missouri

municipal

bond

market

by

investing

in

tax-exempt

Missouri

municipal

obligations

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80% of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Missouri

income

taxes.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

securities

that

at

the

time

of

investment

are

investment

grade

quality.

A

security

is

considered

investment

grade

quality

if

it

is

rated

within

the

four

highest

letter

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

that

rates

such

security

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

AMT

Bonds.

The

Fund

may

invest

up

to

15%

of

its

net

assets

in

inverse

floating

rate

securities.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

and

(ii)

policy

of

investing

at

least

80% of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Missouri

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

Tender

Option

Bond

(TOB)

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Missouri

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

municipal

securities

in

which

the

Fund

will

invest

are

generally

issued

by

the

State

of

Missouri,

a

municipality

of

Missouri,

or

a

political

subdivision

of

either,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

investment

sub-adviser

to

be

reliable),

is

exempt

from

regular

federal

and

Missouri

personal

income

taxes,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

invest

in

municipal

bonds

issued

by

United

States

territories

and

possessions

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

Missouri

personal

income

taxes.

75

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

76

Shareholder

Update

(Unaudited)

(continued)

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short-term

and

long-term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares,

investments

in

inverse

floating

rate

securities

and

reverse

repurchase

agreements. As

a

fundamental

policy,

the

Fund

may

not

issue

senior

securities,

as

defined

in

the

1940

Act,

other

than

Preferred

Shares.

Additionally,

as

a

fundamental

policy,

the

Fund

may

not

borrow

money,

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

and

then

only

in

an

amount

not

exceeding

one-third

of

the

value

of

the

Fund’s

total

assets

including

the

amount

borrowed.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

intermediate-

term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

Fund

may

not

achieve

its

investment

objectives.

77

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

provide

current

income

exempt

from

both

regular

federal

and

Virginia

income

taxes.

The

Fund’s

secondary

investment

objective

is

to

enhance

portfolio

value

relative

to

the

Virginia

municipal

bond

market

by

investing

in tax-exempt Virginia

municipal

securities

that

the

Fund’s

investment

sub-adviser,

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80% of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

Virginia

income

taxes.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

securities

that

at

the

time

of

investment

are

investment

grade

quality.

A

security

is

considered

investment

grade

quality

if

it

is

rated

within

the

four

highest

letter

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

that

rates

such

security

(even

if

it

is

rated

lower

by

another),

or

if

it

is

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

by

any

NRSRO

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

AMT

Bonds.

The

Fund

may

invest

up

to

15%

of

its

net

assets

in

inverse

floating

rate

securities.

The

Fund

will

generally

maintain

an

investment

portfolio

with

an

overall

weighted

average

maturity

of

greater

than

10

years.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

and

(ii)

policy

of

investing

at

least

80% of

its

Assets

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

Virginia

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

Tender

Option

Bond

(TOB)

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Virginia

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

municipal

securities

in

which

the

Fund

will

invest

are

generally

issued

by

the

Commonwealth

of

Virginia,

a

municipality

in

Virginia,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

investment

adviser

to

be

reliable),

is

exempt

from

both

regular

federal

income

taxes

and

Virginia

78

Shareholder

Update

(Unaudited)

(continued)

personal

income

tax,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

79

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short-term

and

long-term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below

C-,

at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares,

investments

in

inverse

floating

rate

securities

and

reverse

repurchase

agreements. As

a

fundamental

policy,

the

Fund

may

not

issue

senior

securities,

as

defined

in

the

1940

Act,

other

than

Preferred

Shares.

Additionally,

as

a

fundamental

policy,

the

Fund

may

not

borrow

money,

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

and

then

only

in

an

amount

not

exceeding

one-third

of

the

value

of

the

Fund’s

total

assets

including

the

amount

borrowed.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

intermediate-

term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

Fund

may

not

achieve

its

investment

objectives.

80

Shareholder

Update

(Unaudited)

(continued)

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

NMT

NMS

NOM

NPV

Portfolio

Level

Risks

Alternative

Minimum

Tax

Risk

X

X

X

X

Below

Investment

Grade

Risk

X

X

X

X

Call

Risk

X

X

X

X

Credit

Risk

X

X

X

X

Credit

Spread

Risk

X

X

X

X

Defaulted

or

Distressed

Securities

Risk

X

X

X

X

Deflation

Risk

X

X

X

X

Derivatives

Risk

X

X

X

X

Duration

Risk

X

X

X

X

Economic

Sector

Risk

X

X

X

X

Financial

Futures

and

Options

Transactions

Risk

X

X

X

X

Hedging

Risk

X

X

X

X

Income

Risk

X

X

X

X

Inflation

Risk

X

X

X

X

Insurance

Risk

X

X

X

X

Interest

Rate

Risk

X

X

X

X

Inverse

Floating

Rate

Securities

Risk

X

X

X

X

Municipal

Securities

Market

Liquidity

Risk

X

X

X

X

Municipal

Securities

Market

Risk

X

X

X

X

Other

Investment

Companies

Risk

X

X

X

X

Puerto

Rico

Municipal

Securities

Market

Risk

X

X

X

X

Reinvestment

Risk

X

X

X

X

Restricted

and

Illiquid

Investments

Risk

X

X

X

X

Special

Considerations

Related

to

Single

State

Concentration

Risk

X

X

X

X

Special

Risks

Related

to

Certain

Municipal

Obligations

X

X

X

X

Structured

Products

Risk

X

X

X

X

Swap

Transactions

Risk

X

X

X

X

Tax

Risk

X

X

X

X

Taxability

Risk

X

X

X

X

Tobacco

Settlement

Bond

Risk

X

X

X

X

Unrated

Securities

Risk

X

X

X

X

Valuation

Risk

X

X

X

X

When-Issued

and

Delayed-Delivery

Transactions

X

X

X

X

Zero

Coupon

Bonds

Risk

X

X

X

X

81

Risk

NMT

NMS

NOM

NPV

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

X

Counterparty

Risk

X

X

X

X

Cybersecurity

Risk

X

X

X

X

Economic

and

Political

Events

Risk

X

X

X

X

Fund

Tax

Risk

X

X

X

X

Global

Economic

Risk

X

X

X

X

Investment

and

Market

Risk

X

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

X

Leverage

Risk

X

X

X

X

Market

Discount

from

Net

Asset

Value

X

X

X

X

Recent

Market

Conditions

X

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

X

82

Shareholder

Update

(Unaudited)

(continued)

Portfolio

Level

Risks:

Alternative

Minimum

Tax

Risk.

The

Fund

may

invest

in

AMT

Bonds.

Therefore,

a

portion

of

the

Fund’s

otherwise

exempt-interest

dividends

may

be

taxable

to

those

shareholders

subject

to

the

federal

alternative

minimum

tax.

Below

Investment

Grade

Risk.

Municipal

securities

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

dividends

or

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

municipal

securities

of

comparable

terms

and

duration.

Issuers

of

lower

grade

municipal

securities

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

securities

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

municipal

securities

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

municipal

securities,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

municipal

security.

If

a

below

investment

grade

municipal

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Call

Risk.

The

Fund

may

invest

in

municipal

securities

that

are

subject

to

call

risk.

Such

municipal

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

municipal

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Credit

Risk.

Issuers

of

municipal

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

municipal

security

experiencing

non-payment

and

potentially

a

decrease

in

the

net

asset

value

(“NAV”)

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

municipal

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

municipal

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Defaulted

or

Distressed

Securities

Risk.

Investments

in

“distressed”

securities,

meaning

those

whose

issuers

are

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition,

present

a

substantial

risk

of

future

default.

In

the

event

distressed

securities

become

defaulted

securities

or

the

Fund

otherwise

holds

defaulted

securities,

the

Fund

may

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Defaulted

or

distressed

securities

may

be

subject

to

restrictions

on

resale.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

municipal

security

or

other

asset

without

buying

or

selling

the

municipal

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

The

use

of

certain

derivatives

involves

leverage,

which

can

cause

the

Fund’s

portfolio

to

be

more

volatile

than

if

the

portfolio

had

not

been

leveraged.

Leverage

can

significantly

magnify

the

effect

of

price

movements

of

the

reference

asset,

disproportionately

increasing

the

Fund’s

losses

and

reducing

the

Fund’s

opportunities

for

gains

when

the

reference

asset

changes

in

unexpected

ways.

In

some

instances,

such

leverage

could

result

in

losses

that

exceed

the

original

amount

invested.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation,

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Economic

Sector

Risk.

The

Fund

may

invest

a

significant

amount

of

its

total

assets

in

municipal

securities

in

the

same

economic

sector.

This

may

make

the

Fund

more

susceptible

to

adverse

economic,

political

or

regulatory

occurrences

affecting

an

economic

sector

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

value

of

the

Fund’s

assets.

In

addition,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

health

care

facilities,

private

educational

facilities,

special

taxing

83

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies,

whose

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

assets

in

one

or

more

sectors,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

municipal

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

municipal

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

increase.

Insurance

Risk.

The

Fund

may

purchase

municipal

securities

that

are

secured

by

insurance,

bank

credit

agreements

or

escrow

accounts.

The

credit

quality

of

the

companies

that

provide

such

credit

enhancements

will

affect

the

value

of

those

securities.

Certain

significant

providers

of

insurance

for

municipal

securities

have

incurred

significant

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower

credit

quality

investments.

As

a

result,

such

losses

reduced

the

insurers’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

insurance

if

they

are

called

upon

to

do

so

in

the

future.

While

an

insured

municipal

security

will

typically

be

deemed

to

have

the

rating

of

its

insurer,

if

the

insurer

of

a

municipal

security

suffers

a

downgrade

in

its

credit

rating

or

the

market

discounts

the

value

of

the

insurance

provided

by

the

insurer,

the

value

of

the

municipal

security

would

more

closely,

if

not

entirely,

reflect

such

rating.

In

such

a

case,

the

value

of

insurance

associated

with

a

municipal

security

may

not

add

any

value.

The

insurance

feature

of

a

municipal

security

does

not

guarantee

the

full

payment

of

principal

and

interest

through

the

life

of

an

insured

obligation,

the

market

value

of

the

insured

obligation

or

the

NAV

of

the

common

shares

represented

by

such

insured

obligation.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

If

the

Fund

invests

in

floating

rate

securities,

the

market

value

of

such

securities

may

fall

in

a

declining

interest

rate

environment

and

may

also

fall

in

a

rising

interest

rate

environment

if

there

is

a

lag

between

the

rise

in

interest

rates

and

the

reset.

A

secondary

risk

associated

with

declining

interest

rates

is

the

risk

that

income

earned

by

the

Fund

on

floating

rate

securities

may

decline

due

to

lower

coupon

payments

on

floating-rate

securities.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

84

Shareholder

Update

(Unaudited)

(continued)

Municipal

Securities

Market

Liquidity

Risk.

Inventories

of

municipal

securities

held

by

brokers

and

dealers

have

decreased

in

recent

years,

lessening

their

ability

to

make

a

market

in

these

securities.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities

at

attractive

prices,

and

increase

municipal

security

price

volatility

and

trading

costs,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

municipal

securities,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities.

As

a

result,

the

Fund

may

be

forced

to

accept

a

lower

price

to

sell

a

security,

to

sell

other

securities

to

raise

cash,

or

to

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

municipal

securities

to

raise

cash

to

meet

its

obligations,

those

sales

could

further

reduce

the

municipal

securities’

prices

and

hurt

performance.

Municipal

Securities

Market

Risk.

The

amount

of

public

information

available

about

the

municipal

securities

in

the

Fund’s

portfolio

is

generally

less

than

that

for

corporate

equities

or

bonds,

and

the

investment

performance

of

the

Fund

may

therefore

be

more

dependent

on

the

analytical

abilities

of

the

sub-adviser

than

if

the

Fund

were

a

stock

fund

or

taxable

bond

fund.

The

secondary

market

for

municipal

securities,

particularly

below

investment

grade

municipal

securities,

also

tends

to

be

less

well-developed

or

liquid

than

many

other

securities

markets,

which

may

adversely

affect

the

Fund’s

ability

to

sell

its

municipal

securities

at

attractive

prices.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Puerto

Rico

Municipal

Securities

Market

Risk.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

issued

by

the

Commonwealth

of

Puerto

Rico

or

its

political

subdivisions,

agencies,

instrumentalities,

or

public

corporations

(collectively

referred

to

as

“Puerto

Rico”

or

the

“Commonwealth”),

it

will

be

disproportionally

affected

by

political,

social

and

economic

conditions

and

developments

in

the

Commonwealth.

In

addition,

economic,

political

or

regulatory

changes

in

that

territory

could

adversely

affect

the

value

of

the

Fund’s

investment

portfolio.

Puerto

Rico

currently

is

experiencing

significant

fiscal

and

economic

challenges,

including

substantial

debt

service

obligations,

high

levels

of

unemployment,

underfunded

public

retirement

systems,

and

persistent

government

budget

deficits.

These

challenges

may

negatively

affect

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Several

major

ratings

agencies

have

downgraded

the

general

obligation

debt

of

Puerto

Rico

to

below

investment

grade

and

continue

to

maintain

a

negative

outlook

for

this

debt,

which

increases

the

likelihood

that

the

rating

will

be

lowered

further.

Puerto

Rico

recently

defaulted

on

its

debt

by

failing

to

make

full

payment

due

on

its

outstanding

bonds,

and

there

can

be

no

assurance

that

Puerto

Rico

will

be

able

to

satisfy

its

future

debt

obligations.

Further

downgrades

or

defaults

may

place

additional

strain

on

the

Puerto

Rico

economy

and

may

negatively

affect

the

value,

liquidity,

and

volatility

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Additionally,

numerous

issuers

have

entered

Title

III

of

the

Puerto

Rico

Oversite,

Management

and

Economic

Stability

Act

(“PROMESA”),

which

is

similar

to

bankruptcy

protection,

through

which

the

Commonwealth

of

Puerto

Rico

can

restructure

its

debt.

However,

Puerto

Rico’s

case

is

the

first

ever

heard

under

PROMESA

and

there

is

no

existing

case

precedent

to

guide

the

proceedings.

Accordingly,

Puerto

Rico’s

debt

restructuring

process

could

take

significantly

longer

than

traditional

municipal

bankruptcy

proceedings.

Further,

it

is

not

clear

whether

a

debt

restructuring

process

will

ultimately

be

approved

or,

if

so,

the

extent

to

which

it

will

apply

to

Puerto

Rico

municipal

securities

sold

by

an

issuer

other

than

the

territory.

A

debt

restructuring

could

reduce

the

principal

amount

due,

the

interest

rate,

the

maturity,

and

other

terms

of

Puerto

Rico

municipal

securities,

which

could

adversely

affect

the

value

of

Puerto

Rican

municipal

securities.

Legislation

that

would

allow

Puerto

Rico

to

restructure

its

municipal

debt

obligations,

thus

increasing

the

risk

that

Puerto

Rico

may

never

pay

off

municipal

indebtedness,

or

may

pay

only

a

small

fraction

of

the

amount

owed,

could

also

impact

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

These

challenges

and

uncertainties

have

been

exacerbated

by

multiple

hurricanes

and

the

resulting

natural

disasters

that

have

stuck

Puerto

Rico

since

2017.

The

full

extent

of

the

natural

disasters’

impact

on

Puerto

Rico’s

economy

and

foreign

investment

in

Puerto

Rico

is

difficult

to

estimate.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

municipal

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Restricted

and

Illiquid

Investments

Risk

.

 Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or,

if

they

are

unregistered,

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

85

Special

Considerations

Related

to

Single

State

Concentration

Risk.

Because

the

Fund

primarily

invests

in

municipal

securities

from

a

single

state,

the

Fund

is

more

susceptible

to

political,

economic

or

regulatory

factors

affecting

issuers

of

single

state

municipal

securities.

Information

regarding

the

financial

condition

of

the

state

is

ordinarily

included

in

various

public

documents

issued

thereby,

such

as

the

official

statements

prepared

in

connection

with

the

issuance

of

general

obligation

bonds

for

the

state.

Additionally,

the

states

are

party

to

numerous

legal

proceedings,

many

of

which

normally

occur

in

governmental

operations.

The

creditworthiness

of

obligations

issued

by

local

issuers

of

the

state

may

be

unrelated

to

the

creditworthiness

of

obligations

issued

by

the

state,

and

that

there

is

no

obligation

on

the

part

of

the

state

to

make

payment

on

such

local

obligations

in

the

event

of

default.

Special

Risks

Related

to

Certain

Municipal

Obligations.

Municipal

leases

and

certificates

of

participation

involve

special

risks

not

normally

associated

with

general

obligations

or

revenue

bonds.

Leases

and

installment

purchase

or

conditional

sale

contracts

(which

normally

provide

for

title

to

the

leased

asset

to

pass

eventually

to

the

governmental

issuer)

have

evolved

as

a

means

for

governmental

issuers

to

acquire

property

and

equipment

without

meeting

the

constitutional

and

statutory

requirements

for

the

issuance

of

debt.

The

debt

issuance

limitations

are

deemed

to

be

inapplicable

because

of

the

inclusion

in

many

leases

or

contracts

of

“non-appropriation”

clauses

that

relieve

the

governmental

issuer

of

any

obligation

to

make

future

payments

under

the

lease

or

contract

unless

money

is

appropriated

for

such

purpose

by

the

appropriate

legislative

body.

In

addition,

such

leases

or

contracts

may

be

subject

to

the

temporary

abatement

of

payments

in

the

event

that

the

governmental

issuer

is

prevented

from

maintaining

occupancy

of

the

leased

premises

or

utilizing

the

leased

equipment.

Although

the

obligations

may

be

secured

by

the

leased

equipment

or

facilities,

the

disposition

of

the

property

in

the

event

of

non-appropriation

or

foreclosure

might

prove

difficult,

time

consuming

and

costly,

and

may

result

in

a

delay

in

recovering

or

the

failure

to

fully

recover

the

Fund’s

original

investment.

In

the

event

of

non-appropriation,

the

issuer

would

be

in

default

and

taking

ownership

of

the

assets

may

be

a

remedy

available

to

the

Fund,

although

the

Fund

does

not

anticipate

that

such

a

remedy

would

normally

be

pursued.

Certificates

of

participation

involve

the

same

risks

as

the

underlying

municipal

leases.

In

addition,

the

Fund

may

be

dependent

upon

the

municipal

authority

issuing

the

certificates

of

participation

to

exercise

remedies

with

respect

to

the

underlying

securities.

Certificates

of

participation

also

entail

a

risk

of

default

or

bankruptcy,

both

of

the

issuer

of

the

municipal

lease

and

also

the

municipal

agency

issuing

the

certificate

of

participation.

Structured

Products

Risk.

In

addition

to

the

general

risks

associated

with

investments

in

debt

securities,

holders

of

structured

products

bear

risks

of

the

underlying

investments,

index

or

reference

obligation

(collectively,

the

“reference

instrument”)

and

are

subject

to

counterparty,

valuation

and

liquidity

risks.

The

Fund

may

have

the

right

to

receive

payments

to

which

it

is

entitled

only

from

the

structured

product,

and

generally

does

not

have

direct

rights

against

the

issuer

or

the

entity

that

sold

assets

to

the

special

purpose

trust.

While

certain

structured

products

enable

the

investor

to

acquire

interests

in

a

pool

of

securities

without

the

brokerage

and

other

expenses

associated

with

directly

holding

the

same

securities,

investors

in

structured

products

generally

pay

their

share

of

the

structured

product’s

administrative

and

other

expenses.

When

investing

in

structured

products,

it

is

impossible

to

predict

whether

the

reference

instrument

will

rise

or

fall,

but

prices

of

the

reference

instrument

(and,

therefore,

the

prices

of

structured

products)

will

be

influenced

by

the

same

types

of

political

and

economic

events

that

affect

particular

issuers

of

securities

and

capital

markets

generally.

Structured

products

may

also

be

less

liquid,

more

volatile

and

more

difficult

to

price

than

other

types

of

securities.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts,

interest

rate

swaps

and

MMD

Rate

Locks.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

investment

adviser

and/or

the

sub-adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/

or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Tax

Risk.

The

value

of

the

Fund’s

investments

and

its

NAV

may

be

adversely

affected

by

changes

in

tax

rates,

rules

and

policies.

Because

interest

income

from

municipal

securities

is

normally

not

subject

to

regular

federal

income

taxation,

the

attractiveness

of

municipal

securities

in

relation

to

other

investment

alternatives

is

affected

by

changes

in

federal

income

tax

rates

or

changes

in

the

tax

exempt

status

of

interest

income

from

municipal

securities.

Additionally,

the

Fund

is

not

a

suitable

investment

for

individual

retirement

accounts,

for

other

tax

exempt

or

tax-deferred

accounts,

for

investors

who

are

not

sensitive

to

the

federal

income

tax

consequences

of

their

investments.

Taxability

Risk.

The

Fund

will

invest

in

municipal

securities

in

reliance

at

the

time

of

purchase

on

an

opinion

of

bond

counsel

to

the

issuer

that

the

interest

paid

on

those

securities

will

be

excludable

from

gross

income

for

regular

federal

income

tax

purposes,

and

the

sub-adviser

will

not

independently

verify

that

opinion.

Subsequent

to

the

Fund’s

acquisition

of

such

a

municipal

security,

however,

the

security

may

be

determined

to

pay,

or

to

have

paid,

taxable

income.

As

a

result,

the

treatment

of

dividends

previously

paid

or

to

be

paid

by

the

Fund

as

“exempt-interest

dividends”

could

be

adversely

affected,

subjecting

the

Fund’s

shareholders

to

increased

federal

income

tax

liabilities.

Certain

other

investments

made

by

the

Fund,

including

derivatives

transactions,

may

result

in

the

receipt

of

taxable

income

or

gains

by

the

Fund.

Tobacco

Settlement

Bond

Risk.

The

Fund

may

invest

in

tobacco

settlement

bonds.

Tobacco

settlement

bonds

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement,

an

agreement

between

46

states

and

nearly

all

of

the

U.S.

tobacco

manufacturers

(the

“MSA”).

Under

the

terms

of

the

MSA,

the

actual

amount

of

future

settlement

payments

by

tobacco-manufacturers

is

dependent

on

many

factors,

including,

among

other

things,

reduced

cigarette

consumption.

Payments

made

by

tobacco

manufacturers

could

be

negatively

impacted

if

the

decrease

in

tobacco

consumption

is

significantly

greater

than

the

forecasted

decline.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

86

Shareholder

Update

(Unaudited)

(continued)

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

Valuation

Risk.

The

municipal

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

municipal

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Declaration

of

Trust

and

the

Fund’s

by-laws

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status.

These

provisions

could

have

the

effect

of

depriving

the

common

shareholders

of

opportunities

to

sell

their

common

shares

at

a

premium

over

the

then-current

market

price

of

the

common

shares.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Economic

and

Political

Events

Risk.

The

Fund

may

be

more

sensitive

to

adverse

economic,

business

or

political

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

municipal

securities

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

or

moral

obligation

bonds).

Such

developments

may

adversely

affect

a

specific

industry

or

local

political

and

economic

conditions,

and

thus

may

lead

to

declines

in

the

creditworthiness

and

value

of

such

municipal

securities.

Fund

Tax

Risk.

The

Fund

has

elected

to

be

treated

and

intends

to

qualify

each

year

as

a

Regulated

Investment

Company

(“RIC”)

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”).

As

a

RIC,

the

Fund

is

not

expected

to

be

subject

to

U.S.

federal

income

tax

to

the

extent

that

it

distributes

its

investment

company

taxable

income

and

net

capital

gains.

To

qualify

for

the

special

tax

treatment

available

to

a

RIC,

the

Fund

must

comply

with

certain

investment,

distribution,

and

diversification

requirements.

Under

certain

circumstances,

the

Fund

may

be

forced

to

sell

certain

assets

when

it

is

not

advantageous

in

order

to

meet

these

requirements,

which

may

reduce

the

Fund’s

overall

return.

If

the

Fund

fails

to

meet

any

of

these

requirements,

subject

to

the

opportunity

to

cure

such

failures

under

applicable

provisions

of

the

Code,

the

Fund’s

income

would

be

subject

to

a

double

level

of

U.S.

federal

income

tax.

The

Fund’s

income,

including

its

net

capital

gain,

would

first

be

subject

to

U.S.

federal

income

tax

at

regular

corporate

rates,

even

if

such

income

were

distributed

to

shareholders

and,

second,

all

distributions

by

the

Fund

from

earnings

and

profits,

including

distributions

of

net

capital

gain

(if

any),

would

be

taxable

to

shareholders

as

dividends.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

asset

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

war,

natural

87

and

environmental

disasters,

the

spread

of

infectious

illnesses

or

other

public

health

emergencies,

terrorist

attacks

in

the

United

States

and

around

the

world,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—to

international

events,

further

downgrade

of

U.S.

government

securities,

changes

in

the

U.S.

president

or

political

shifts

in

Congress

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

Hamas’

attack

on

Israel

in

October

2023

and

the

ensuing

conflict,

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-

range

ballistic

missile

programs.

In

addition,

Russia’s

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

global

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events,

and

the

future

impact

of

these

and

similar

events

on

the

global

economy

and

securities

markets

is

uncertain.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

88

Shareholder

Update

(Unaudited)

(continued)

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

Additionally,

in

October

2023

armed

conflict

broke

out

between

Israel

and

the

militant

group

Hamas

after

Hamas

infiltrated

Israel’s

southern

border

from

the

Gaza

Strip.

Israel

has

since

declared

war

against

Hamas

and

this

conflict

has

escalated

into

a

greater

regional

conflict.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

The

U.S.

Federal

Reserve

(the

“Fed”)

has

in

the

past

sharply

raised

interest

rates

and

has

signaled

an

intention

to

maintain

higher

interest

rates

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

 Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

("FDIC")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

89

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements

and

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

the

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

May

31,

2024

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Funds

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

May

31,

2024)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

certain

derivative

instruments.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Funds.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

the

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

the

Funds

are

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

the

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

the

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

the

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

the

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

NMT

NMS

NOM

NPV

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

39.76%

40.89%

40.87%

40.26%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

4.38%

4.44%

4.55%

4.52%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.74%

1.82%

1.86%

1.82%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

(19.49)%

(19.99)%

(20.05)%

(19.78)%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

(11.19)%

(11.53)%

(11.60)%

(11.41)%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

(2.89)%

(3.07)%

(3.14)%

(3.04)%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

5.41%

5.39%

5.31%

5.33%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

13.71

%

13.84%

13.77%

13.70%

90

Shareholder

Update

(Unaudited)

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

month

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

91

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

required

to

be

reported

in

connection

with:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

February

24,

2022

the

Board

of

the

Funds

suspended

the

Control-Share

By-Law

provisions.

Subsequently,

on

February

28,

2024,

the

Board

of

the

Funds

adopted

Amended

and

Restated

By-Laws

to

eliminate

the

Control

Share

By-

Law

provisions

in

their

entirety.

Other

than

the

elimination

of

the

Control

Share

By-Law

provisions,

the

Amended

and

Restated

By-Laws

are

identical

to

the

previously

adopted

by-laws.

Principal

Risks

The

following

principal

risks

have

been

added

for

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

(NMT),

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS),

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM),

and

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV):

Structured

Products

Risk.

In

addition

to

the

general

risks

associated

with

investments

in

debt

securities,

holders

of

structured

products

bear

risks

of

the

underlying

investments,

index

or

reference

obligation

(collectively,

the

“reference

instrument”)

and

are

subject

to

counterparty,

valuation

and

liquidity

risks.

The

Fund

may

have

the

right

to

receive

payments

to

which

it

is

entitled

only

from

the

structured

product,

and

generally

does

not

have

direct

rights

against

the

issuer

or

the

entity

that

sold

assets

to

the

special

purpose

trust.

While

certain

structured

products

enable

the

investor

to

acquire

interests

in

a

pool

of

securities

without

the

brokerage

and

other

expenses

associated

with

directly

holding

the

same

securities,

investors

in

structured

products

generally

pay

their

share

of

the

structured

product’s

administrative

and

other

expenses.

When

investing

in

structured

products,

it

is

impossible

to

predict

whether

the

reference

instrument

will

rise

or

fall,

but

prices

of

the

reference

instrument

(and,

therefore,

the

prices

of

structured

products)

will

be

influenced

by

the

same

types

of

political

and

economic

events

that

affect

particular

issuers

of

securities

and

capital

markets

generally.

Structured

products

may

also

be

less

liquid,

more

volatile

and

more

difficult

to

price

than

other

types

of

securities.

When-Issued

and

Delayed-Delivery

Transactions

Risk.

The

Fund

may

invest

in

securities

on

a

“when-issued”

or

“delayed-delivery”

basis.

When-issued

and

delayed-delivery

transactions

may

involve

an

element

of

risk

because

no

interest

accrues

on

the

securities

prior

to

settlement

and,

because

securities

are

subject

to

market

fluctuations,

the

value

of

the

securities

at

time

of

delivery

may

be

less

(or

more)

than

their

cost.

A

separate

account

of

the

Fund

will

be

established

with

its

custodian

consisting

of

cash

equivalents

or

liquid

securities

having

a

market

value

at

all

times

at

least

equal

to

the

amount

of

any

delayed

payment

commitment.

The

following

principal

risk

factor

has

been

renamed

“Restricted

and

Illiquid

Investments

Risk”:

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Investment

Policies

The

following

investment

policy

has

been

removed

from

the

“Investment

Policies”

section

of

the

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(“NMS”)

as

it

is

duplicative

of

the

investment

policy

limit

required

under

the

Investment

Company

Act

of

1940,

as

amended:

“The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other open- or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

bonds

of

the

types

in

which

the

Fund

may

invest

directly.”

Portfolio

Managers

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(“NMS”)

Effective

October

13,

2023,

Michael

S.

Hamilton

and

Stephen

J.

Candido

were

added

as

portfolio

managers

to

the

Fund.

Effective

April

1,

2024,

Christopher

L.

Drahn

no

longer

serves

as

portfolio

manager

to

the

Fund.

92

Shareholder

Update

(Unaudited)

(continued)

Nuveen

Massachusetts

Quality

Municipal

Income

Fundo

(“NMT”)

Effective

October

13,

2023,

Stephen

J.

Candido

has

been

added

as

a

portfolio

manager

to

the

Fund.

Michael

S.

Hamilton

continues

to

serve

as

a

portfolio

manager

of

the

Fund.

Nuveen

Missouri

Quality

Municipal

Income

Fund

(“NOM”)

Effective

October

13,

2023,

Michael

S.

Hamilton

and

Stephen

J.

Candido

were

added

as

portfolio

managers

to

the

Fund.

Effective

April

1,

2024,

Christopher

L.

Drahn

no

longer

serves

as

portfolio

manager

to

the

Fund.

Nuveen

Virginia

Quality

Municipal

Income

Fund

(“NPV”)

Effective

October

13,

2023,

Michael

S.

Hamilton

was

added

as

a

portfolio

manager

to

the

Fund.

Stephen

J.

Candido

continues

to

serve

as

a

portfolio

manager

of

the

Fund.

93

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

 net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NMT

$

—

NMS

—

NOM

—

NPV

—

94

Shareholder

Meeting

Report

(Unaudited)

The

annual

meetings

of

shareholders

were

held

on

December

12,

2023,

for

NMT

and

April

12,

2024,

for

NMS,

NOM,

and

NPV;

at

these

meetings

the

shareholders

were

asked

to

elect

Board

members.

NMT

NMS

NOM

NPV

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

Approval

of

the

Board

Members

was

reached

as

follows:

Amy

B.R.

Lancellotta

For

5,337,074

—

—

—

—

—

—

—

Withhold

2,621,383

—

—

—

—

—

—

—

Total

7,958,457

—

—

—

—

—

—

—

John

K.

Nelson

For

5,315,092

—

—

—

—

—

—

—

Withhold

2,643,365

—

—

—

—

—

—

—

Total

7,958,457

—

—

—

—

—

—

—

Joanne

T.

Medero

For

—

—

4,009,753

—

1,619,167

—

13,235,750

—

Withhold

—

—

269,178

—

200,658

—

476,630

—

Total

—

—

4,278,931

—

1,819,825

—

13,712,380

—

Loren

M.

Starr

For

—

—

4,021,315

—

1,614,251

—

13,234,849

—

Withhold

—

—

257,616

—

205,574

—

477,531

—

Total

—

—

4,278,931

—

1,819,825

—

13,712,380

—

Matthew

Thornton

III

For

—

—

4,030,858

—

1,619,167

—

13,251,995

—

Withhold

—

—

248,073

—

200,658

—

460,385

—

Total

—

—

4,278,931

—

1,819,825

—

13,712,380

—

Terence

J.

Toth

For

5,315,779

—

—

—

—

—

—

—

Withhold

2,642,678

—

—

—

—

—

—

—

Total

7,958,457

—

—

—

—

—

—

—

Robert

L.

Young

For

5,312,753

—

—

—

—

—

—

—

Withhold

2,645,704

—

—

—

—

—

—

—

Total

7,958,457

—

—

—

—

—

—

—

Albin

F.

Moschner

For

—

740

—

498

—

180

—

1,280

Withhold

—

—

—

—

—

—

—

—

Total

—

740

—

498

—

180

—

1,280

Margaret

L.

Wolff

For

—

740

—

498

—

180

—

1,280

Withhold

—

—

—

—

—

—

—

—

Total

—

740

—

498

—

180

—

1,280

95

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

The

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Joseph

A.

Boateng

Michael

A.

Forrester

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NMT

NMS

NOM

NPV

Common

shares

repurchased

0

0

0

0

96

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

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,

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancing,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

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.

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

97

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

Nuveen

Minnesota

Quality

Municipal

Income

Fund

Nuveen

Missouri

Quality

Municipal

Income

Fund

Nuveen

Virginia

Quality

Municipal

Income

Fund

The

Approval

Process

At

meetings

held

on

April

18

and

19,

2024

(the

“Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds

approved,

for

their

respective

Fund,

the

renewal

of

the

investment

management

agreement

(each

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(“NFAL”;

NFAL

is

an

“Adviser”)

pursuant

to

which

NFAL

serves

as

investment

adviser

to

such

Fund.

Similarly,

for

each

Fund,

the

Board

approved

the

renewal

of

the

sub-advisory

agreement

(each

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund.

The

Board

Members

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

and,

therefore,

the

Board

is

deemed

to

be

comprised

of

all

disinterested

Board

Members.

References

to

the

Board

and

the

Board

Members

are

interchangeable.

Below

is

a

summary

of

the

annual

review

process

the

Board

undertook

related

to

its

most

recent

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund.

In

accordance

with

applicable

law,

following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

NFAL

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each

a

“Fund

Adviser.”

In

addition,

the

fund

complex

consists

of

the

group

of

funds

advised

by

NFAL

(collectively

referred

to

as

the

“Nuveen

funds”)

and

the

group

of

funds

advised

by

Teachers

Advisors,

LLC

(“TAL”

and

such

funds

are

collectively,

the

“TC

funds”).

For

clarity,

NFAL

serves

as

Adviser

to

the

Nuveen

funds,

including

the

Funds,

and

TAL

serves

as

“Adviser”

to

the

TC

funds.

The

Board

Members

considered

that

the

prior

separate

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

Accordingly,

at

the

Meeting,

the

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

as

well

as

reviewed

the

investment

management

agreements

for

the

TC

funds.

Depending

on

the

appropriate

context,

references

to

“the

Adviser”

may

be

to

NFAL

with

respect

to

the

Nuveen

funds

and/or

TAL

with

respect

to

the

TC

funds.

The

Board

Members

considered

the

review

of

the

advisory

agreements

of

the

Nuveen

funds

and

the

TC

funds

to

be

an

ongoing

process.

The

Board

Members

therefore

employed

the

accumulated

information,

knowledge

and

experience

they

had

gained

during

their

tenure

on

the

respective

board

of

the

TC

funds

or

Nuveen

funds

(as

the

case

may

be)

governing

the

applicable

funds

and

working

with

the

respective

investment

advisers

and

sub-

advisers,

as

applicable,

in

their

review

of

the

advisory

agreements

for

the

fund

complex.

During

the

course

of

the

year

prior

to

the

Meeting,

the

Board

and/or

its

committees

received

a

wide

variety

of

materials

that

covered

a

range

of

topics

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements,

including

reports

on

fund

investment

results

over

various

periods;

product

initiatives

for

various

funds;

fund

expenses;

compliance,

regulatory

and

risk

management

matters;

trading

practices,

including

soft

dollar

arrangements

(as

applicable);

the

liquidity

and

derivatives

risk

management

programs;

management

of

distributions;

valuation

of

securities;

payments

to

financial

intermediaries

(as

applicable);

securities

lending

(as

applicable);

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

met

periodically

with

and/or

received

presentations

by

key

investment

professionals

managing

a

fund’s

portfolio.

In

particular,

at

the

Board

meeting

held

on

February

27-29,

2024

(the

“February

Meeting”),

the

Board

and/or

its

Investment

Committee

received

the

annual

performance

review

of

the

funds

as

described

in

further

detail

below.

The

presentations,

discussions

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

and

consider

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

sub-advisers,

as

applicable,

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

the

advisory

agreements.

The

materials

provided

at

the

Meeting

and/or

prior

meetings

covered

a

wide

range

of

matters

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

the

consolidation

of

the

Nuveen

fund

family

and

TC

fund

family;

a

review

of

product

actions

advanced

in

2023

for

the

benefit

of

particular

funds

and/or

the

fund

complex;

a

review

of

each

sub-adviser,

if

applicable,

and/or

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

funds

considered

to

have

met

certain

challenged

performance

measurements;

an

analysis

of

the

fees

and

expense

ratios

of

the

funds

with

a

focus

on

funds

considered

to

have

certain

expense

characteristics;

a

list

of

management

fee

and,

if

applicable,

sub-advisory

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

primary

and

secondary

markets

for

the

Nuveen

closed-end

funds

(including,

among

other

things,

premium

or

discount

data

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

during

2023);

a

description

of

the

profitability

and/or

financial

data

of

Nuveen,

TAL

and

the

sub-advisers;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

funds,

as

applicable.

The

Board

also

considered

information

provided

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

fee

and

expense

levels

of

each

respective

fund

to

those

of

a

peer

universe.

98

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

fund

complex

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

over

time.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Board

Members.

As

part

of

their

review,

the

Board

Members

and

independent

legal

counsel

met

by

videoconference

in

executive

session

on

April

10,

2024

(the

“April

Executive

Session”)

to

review

and

discuss

materials

provided

in

connection

with

their

annual

review

of

the

advisory

agreements

for

the

fund

complex.

After

reviewing

this

information,

the

Board

Members

requested,

directly

or

through

independent

legal

counsel,

additional

information,

and

the

Board

subsequently

reviewed

and

discussed

the

responses

to

these

follow-up

questions

and

requests.

The

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

of

management

were

present.

In

connection

with

their

annual

review,

the

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decisions

to

renew

each

Advisory

Agreement

were

not

based

on

a

single

identified

factor,

but

rather

each

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

annual

review

process.

The

contractual

arrangements

may

reflect

the

results

of

prior

year(s)

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

funds’

advisory

arrangements

and

oversight

of

the

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

annual

review

process

and

may

have

placed

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

each

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

roles

of

NFAL

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

considered

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

other

services

to

manage

and

operate

the

applicable

funds.

The

Board

considered

the

Adviser’s

and

its

affiliates’

dedication

of

resources,

time,

people

and

capital

as

well

as

continual

program

of

improvement

and

innovation

aimed

at

enhancing

the

funds

and

fund

complex

for

investors

and

meeting

the

needs

of

an

increasingly

complex

regulatory

environment.

In

particular,

over

the

past

several

years,

the

Board

considered

the

significant

resources,

both

financial

and

personnel,

the

Adviser

and

its

affiliates

have

committed

in

working

to

consolidate

the

Nuveen

fund

family

and

TC

fund

family

under

one

centralized

umbrella.

The

Board

considered

that

the

organizational

changes

in

bringing

together

Nuveen,

its

affiliates

and

TIAA’s

(as

defined

below)

asset

management

businesses,

consolidating

the

Nuveen

and

TC

fund

families

and

other

initiatives

were

anticipated

to

provide

various

benefits

for

the

funds

through,

among

other

things,

enhanced

operating

efficiencies,

centralized

investment

leadership

and

a

centralized

shared

resources

and

support

model.

As

part

of

these

efforts,

the

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

In

addition,

in

conjunction

with

these

consolidation

efforts,

the

Board

approved

at

the

Meeting

changes

to

fee

and

breakpoint

structures

(as

applicable)

that

could

provide

cost

savings

to

participating

funds,

as

described

in

further

detail

below.

The

Board

also

reviewed

information

regarding

other

product

actions

undertaken

or

continued

by

management

in

the

2023

calendar

year

in

seeking

to

improve

the

effectiveness

of

the

organization,

the

product

line-up

as

well

as

particular

funds

through,

among

other

things,

continuing

to

review

and

optimize

the

product

line

and

gaining

efficiencies

through

mergers

and

liquidations;

reviewing

and

updating

investment

policies

and

benchmarks;

implementing

fee

waivers

and/or

expense

cap

changes

for

certain

funds;

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

considered.

In

its

review,

the

Board

considered

that

the

funds

operated

in

a

highly

regulated

industry

and

the

scope

and

complexity

of

the

services

and

resources

that

the

Adviser

and

its

affiliates

must

provide

to

manage

and

operate

the

applicable

funds

have

expanded

over

the

years

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments,

such

as

the

adoption

of

the

tailored

shareholder

report

or

the

revised

fund

name

rule.

In

considering

the

breadth

and

quality

of

services

the

Adviser

and

its

various

teams

provide,

the

Board

considered

that

the

Adviser

provides

investment

advisory

services.

With

respect

to

the

Nuveen

funds,

such

funds

utilize

sub-advisers

to

manage

the

portfolios

of

the

funds

subject

to

the

supervision

of

NFAL.

Accordingly,

the

Board

considered

that

NFAL

and

its

affiliates,

among

other

things,

oversee

and

review

the

performance

of

the

respective

sub-adviser

and

its

investment

team(s);

evaluate

Nuveen

fund

performance

and

market

conditions;

evaluate

investment

strategies

and

recommend

changes

thereto;

set

and

manage

distributions

consistent

with

the

respective

Nuveen

fund’s

product

design;

oversee

trade

execution

and,

as

applicable,

securities

lending;

evaluate

investment

risks;

and

manage

valuation

matters.

With

respect

to

closed-end

Nuveen

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

considered

that,

with

respect

to

such

funds,

management

actively

monitors

any

discount

from

net

asset

value

per

share

at

which

the

respective

Nuveen

fund’s

common

stock

trades

and

evaluates

potential

avenues

to

mitigate

the

discount,

including

evaluating

the

level

of

distributions

that

the

fund

pays.

The

Board

further

considered

that

over

the

course

of

the

2023

calendar

year,

the

Nuveen

global

public

product

team

which

supports

the

funds

in

the

fund

complex

and

their

99

shareholders

assessed

the

investment

personnel

across

the

investment

leadership

teams

which

resulted

in

additions

or

other

modifications

to

the

portfolio

management

teams

of

various

funds.

The

Board

also

reviewed

a

description

of

the

compensation

structure

applicable

to

certain

portfolio

managers.

In

addition

to

the

above

investment

advisory

services,

the

Board

further

considered

the

extensive

compliance,

regulatory,

administrative

and

other

services

the

Adviser

and

its

various

teams

or

affiliates

provide

to

manage

and

operate

the

applicable

funds.

Given

the

highly

regulated

industry

in

which

the

funds

operate,

the

Board

considered

the

breadth

of

the

Adviser’s

compliance

program

and

related

policies

and

procedures.

The

Board

reviewed

various

initiatives

the

Adviser’s

compliance

team

undertook

or

continued

in

2023,

in

part,

to

address

new

regulatory

requirements,

support

international

business

growth

and

product

development,

enhance

international

trading

capabilities,

enhance

monitoring

capabilities

in

light

of

the

new

regulatory

requirements

and

guidance

and

maintain

a

comprehensive

training

program.

The

Board

further

considered,

among

other

things,

that

other

non-advisory

services

provided

included,

among

other

things,

board

support

and

reporting;

establishing

and

reviewing

the

services

provided

by

other

fund

service

providers

(such

as

a

fund’s

custodian,

accountant,

and

transfer

agent);

risk

management,

including

reviews

of

the

liquidity

risk

management

and

derivatives

risk

management

programs;

legal

support

services;

regulatory

advocacy;

and

cybersecurity,

business

continuity

and

disaster

recovery

planning

and

testing.

Aside

from

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and/or

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

funds,

including

to

enhance

global

talent,

middle

office

systems,

software

and

international

and

internal

capabilities.

The

Board

considered

the

access

provided

by

the

Adviser

and

its

affiliates

to

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

considered

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

funds

including

during

stressed

times.

The

Board

considered

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates

and

the

Adviser’s

continuing

commitment

to

provide

high

quality

services.

In

its

review,

the

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

applicable

funds,

including

entrepreneurial

risks

in

sponsoring

and

supporting

new

funds

and

smaller

funds

and

ongoing

risks

with

managing

the

funds,

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

With

respect

to

the

Funds,

the

Board

considered

the

division

of

responsibilities

between

NFAL

and

the

Sub-Adviser

and

considered

that

the

Sub-

Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

NFAL

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

NFAL

which

included,

among

other

things,

a

summary

of

changes

in

the

leadership

teams

and/or

portfolio

manager

teams;

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time;

and

data

reflecting

product

changes

(if

any)

taken

with

respect

to

certain

Nuveen

funds.

The

Board

considered

that

NFAL

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Funds.

In

this

regard,

the

Board

and/or

its

Investment

Committee

reviewed,

among

other

things,

performance

of

the

Funds

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December

31,

2023

and

March

31,

2024.

The

Board

performed

its

annual

review

of

fund

performance

at

its

February

Meeting

and

an

additional

review

at

the

April

Executive

Session

and

also

reviewed

and

discussed

performance

data

at

its

other

regularly

scheduled

quarterly

meetings

throughout

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

were

provided

at

the

Meeting

and

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

management’s

analysis

of

a

fund’s

performance

with

particular

focus

on

funds

that

met

certain

challenged

performance

measurements

as

determined

pursuant

to

a

methodology

approved

by

the

Board

or

additional

measurements

as

determined

by

management’s

investment

analysts.

As

various

Nuveen

funds

have

modified

their

portfolio

teams

and/or

made

significant

changes

to

their

portfolio

strategies

over

time,

the

Board

reviewed,

among

other

things,

certain

tracking

performance

data

over

specific

periods

comparing

performance

before

and

after

such

changes.

The

Board

considered

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

considered

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

over

the

various

time

periods

and

considered

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”),

subject

to

certain

exceptions,

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies,

dates

of

fund

inception

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

fund.

With

respect

to

relative

performance

of

a

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

management

generally

has

ranked

the

relevancy

of

the

Performance

Peer

Groups

to

the

Funds

as

low,

medium

or

high.

100

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

In

its

review

of

relative

performance,

the

Board

considered

a

Fund’s

performance

relative

to

its

Performance

Peer

Group,

among

other

things,

by

evaluating

its

quartile

ranking

with

the

1st

quartile

representing

the

top

performing

funds

within

the

Performance

Peer

Group

and

the

4th

quartile

representing

the

lowest

performing

funds.

The

Board

also

considered

that

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore,

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

at

various

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

considered

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

providing

higher

levels

of

income.

The

Board

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

considered

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

considered

that

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

considered

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances,

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

more

closely

until

performance

improves,

discuss

with

the

Adviser

the

reasons

for

such

results,

consider

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

discuss

and

evaluate

the

potential

consequences

of

such

steps

and

review

the

results

of

any

steps

undertaken.

The

performance

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Massachusetts

Quality

Municipal

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

year

period

and

third

quartile

for

the

three-

and

five-year

periods

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2024

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-

year

period

ended

March

31,

2024

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2024.

In

its

review,

the

Board,

however,

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Minnesota

Quality

Municipal

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

March

31,

2024

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

March

31,

2024.

In

its

review,

the

Board,

however,

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Missouri

Quality

Municipal

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023

and

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-year

periods

ended

December

31,

2023

and

March

31,

2024.

In

addition,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

third

quartile

for

the

five-year

period

ended

December

31,

2023.

The

Fund

also

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

and

third

quartile

for

the

five-year

period

ended

March

31,

2024.

In

its

review,

the

Board,

however,

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

101

For

Nuveen

Virginia

Quality

Municipal

Income

Fund,

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

third

quartile

for

the

three-year

period

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

March

31,

2024

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

second

quartile

for

the

three-year

period

ended

March

31,

2024.

In

its

review,

the

Board,

however,

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

the

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

reviewed

information

about

other

expenses

and

the

total

operating

expense

ratio

of

each

Fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Board

Members

reviewed,

among

other

things,

each

Fund’s

management

fee

rates

and

net

total

expense

ratio

in

relation

to

similar

data

for

a

comparable

universe

of

funds

(the

“Expense

Universe”)

established

by

Broadridge.

The

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Expense

Universe

and

considered

that

differences

between

the

applicable

fund

and

its

respective

Expense

Universe

as

well

as

changes

to

the

composition

of

the

Expense

Universe

from

year

to

year,

may

limit

some

of

the

value

of

the

comparative

data.

The

Board

Members

also

considered

that

it

can

be

difficult

to

compare

management

fees

among

funds

as

there

are

variations

in

the

services

that

are

included

for

the

fees

paid.

The

Board

Members

took

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Board

Members

also

considered

a

Fund’s

operating

expense

ratio

as

it

more

directly

reflected

a

shareholder’s

total

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Board

Members

considered,

in

particular,

each

fund

with

a

net

total

expense

ratio

(based

on

common

assets

and

excluding

investment-related

costs

such

as

the

costs

of

leverage

and

taxes

for

closed-end

funds)

meeting

certain

expense

or

fee

criteria

when

compared

to

its

Expense

Universe

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

net

total

expense

ratio

both

including

and

excluding

investment-

related

expenses

(e.g.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

considered

that

leverage

expenses

will

vary

across

funds

and

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

excluding

investment-related

costs

and

taxes

for

the

closed-end

funds.

The

Board

also

considered

that

the

use

of

leverage

for

closed-end

funds

may

create

a

conflict

of

interest

for

NFAL

and

the

applicable

sub-adviser

given

the

increase

of

assets

from

leverage

upon

which

an

advisory

or

sub-advisory

fee

is

based.

The

Board

Members

considered,

however,

that

NFAL

and

the

sub-advisers

(as

applicable)

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

NFAL

and/or

a

sub-

adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Board

Members

also

considered,

in

relevant

part,

a

Fund’s

management

fee

and

net

total

expense

ratio

in

light

of

the

Fund’s

performance

history,

including

reviewing

certain

funds

identified

by

management

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

their

evaluation

of

the

fee

arrangements

for

the

Funds,

the

Board

Members

also

reviewed

the

management

fee

schedules

and

the

expense

reimbursements

and/or

fee

waivers

agreed

to

by

the

Adviser

for

the

respective

fund

(if

any).

In

its

review,

the

Board

considered

that

the

management

fees

of

the

Nuveen

funds

were

generally

comprised

of

two

components,

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

As

indicated

above,

the

Board

approved

a

revised

fee

schedule

which

would

reduce

and

streamline

the

asset

thresholds

necessary

to

meet

breakpoints

in

the

complex-level

fee

component.

The

Board

considered

that

management

anticipated

approximately

$50

million

in

savings

for

Nuveen

fund

shareholders

as

a

result

of

the

revised

fee

schedule

as

well

as

additional

estimated

savings

over

time.

The

Board

further

considered

management’s

representation

that

there

will

be

no

increase

to

any

Nuveen

fund’s

respective

advisory

agreement

fee

rate

as

a

result

of

the

revised

complex-level

fee

schedule.

In

its

review,

the

Board

considered

that

across

the

Nuveen

fund

and

TC

fund

complex,

management

estimated

that

fund-level

breakpoints

resulted

in

approximately

$82.5

million

in

reduced

fees

overall

in

2023.

In

addition,

the

Board

considered

that

management

determined

that

the

Nuveen

funds

achieved

additional

fee

reductions

of

approximately

$49

million

due

to

the

complex-wide

management

fee

structure

in

2023.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund.

In

its

review,

the

Board

considered

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

NFAL,

not

the

Funds.

The

Board’s

considerations

regarding

the

comparative

fee

data

for

each

of

the

Funds

are

set

forth

below.

102

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

For

Nuveen

Massachusetts

Quality

Municipal

Income

Fund,

the

Fund’s

contractual

management

fee

rate

and

net

total

expense

ratio

matched

the

Expense

Universe

median

and

the

actual

management

fee

rate

was

slightly

above

(within

5

basis

points

of)

the

Expense

Universe

median.

In

its

review,

the

Board,

however,

also

considered

the

composition

of

the

Expense

Universe

which

included

only

two

peers

unaffiliated

with

Nuveen

funds.

For

Nuveen

Minnesota

Quality

Municipal

Income

Fund,

although

the

Fund’s

net

total

expense

ratio

was

above

the

Expense

Universe

median,

the

Fund’s

contractual

management

fee

rate

matched

the

Expense

Universe

median

and

the

actual

management

fee

rate

was

slightly

above

(within

5

basis

points

of)

the

Expense

Universe

median.

In

its

review,

the

Board,

however,

also

considered

the

composition

of

the

Expense

Universe

which

included

only

two

peers

unaffiliated

with

Nuveen

funds.

For

Nuveen

Missouri

Quality

Municipal

Income

Fund,

although

the

Fund’s

net

total

expense

ratio

was

above

the

Expense

Universe

median,

the

Fund’s

contractual

management

fee

rate

matched

the

Expense

Universe

median

and

the

actual

management

fee

rate

was

slightly

above

(within

5

basis

points

of)

the

Expense

Universe

median.

The

Board

Members

considered

that

the

Fund’s

net

total

expense

ratio

was

above

the

Expense

Universe

median

due,

in

part,

to

the

small

size

of

the

Fund

compared

to

peers

in

the

peer

set

and

the

composition

of

the

peer

set

which

included

only

two

peers

unaffiliated

with

Nuveen

funds.

For

Nuveen

Virginia

Quality

Municipal

Income

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

either

matched

or

were

below

the

Expense

Universe

median.

In

its

review,

the

Board,

however,

also

considered

the

composition

of

the

Expense

Universe

which

included

only

two

peers

unaffiliated

with

Nuveen

funds.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

that

the

Adviser,

affiliated

sub-advisers

and/or

their

affiliate(s)

provide

investment

management

services

to

other

types

of

clients

which

may

include:

separately

managed

accounts,

retail

managed

accounts,

foreign

funds

(UCITS),

other

investment

companies

(as

sub-advisers),

limited

partnerships

and

collective

investment

trusts.

The

Board

reviewed

the

equal

weighted

average

fee

or

other

fee

data

for

the

other

types

of

clients

managed

in

a

similar

manner

to

certain

of

the

Nuveen

funds

and

TC

funds.

The

Board

considered

the

Adviser’s

rationale

for

the

differences

in

the

management

fee

rates

of

the

funds

compared

to

the

management

fee

rates

charged

to

these

other

types

of

clients.

In

this

regard,

the

Board

considered

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

regulatory,

disclosure

and

governance

requirements;

servicing

relationships

with

vendors;

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

and

account

sizes

all

may

contribute

to

variations

in

relative

fee

rates.

Further,

differences

in

the

client

base,

governing

bodies,

distribution,

jurisdiction

and

operational

complexities

also

would

contribute

to

variations

in

management

fees

assessed

the

funds

compared

to

foreign

fund

clients.

In

addition,

differences

in

the

level

of

advisory

services

required

for

passively

managed

funds

also

contribute

to

differences

in

the

management

fee

levels

of

such

funds

compared

to

actively

managed

funds.

As

a

general

matter,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

considered

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

The

Board

further

considered

that

a

sub-adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

that

the

varying

levels

of

fees

were

reasonable

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Board

Members

considered

various

profitability

data

relating

to

the

Fund

Advisers’

services

to

the

Nuveen

funds.

With

respect

to

the

Nuveen

funds,

the

Board

Members

reviewed

the

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

overall

as

well

as

profitability

data

of

certain

other

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2023

and

2022

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution)

for

the

2023

and

2022

calendar

years.

The

Board

Members

also

considered

the

rationale

for

the

change

in

Nuveen’s

profitability

from

2022

to

2023.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

NFAL

derived

from

its

exchange-traded

fund

product

line

for

the

2023

and

2022

calendar

years.

103

In

developing

the

profitability

data,

the

Board

Members

considered

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

single

universally

recognized

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

refinements

Nuveen

had

made

to

the

methodology

that

had

occurred

over

the

years

from

2010

through

2021

to

provide

Nuveen’s

profitability

analysis,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2023.

The

Board

of

the

Nuveen

funds

had

also

appointed

two

Board

Members

to

serve

as

the

Board’s

liaisons

to

meet

with

representatives

of

NFAL

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

considered

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2014

to

2023.

In

their

review

of

the

comparative

data,

the

Board

Members

considered

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

the

profitability

data,

the

Board

considered

that

NFAL

and

TAL

are

affiliates

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

NFAL

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

TIAA,

and

TAL

is

an

indirect

wholly

owned

subsidiary

of

TIAA.

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2023

and

2022

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

considered

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

considered

the

reinvestments

the

Adviser,

its

parent

and/or

other

affiliates

made

into

their

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds,

initiatives

in

international

expansion,

investments

in

infrastructure

and

continued

investments

in

enhancements

to

technological

capabilities.

The

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December

31,

2023

and

December

31,

2022.

The

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

grouped

by

similar

types

of

funds

(such

as

municipal,

taxable

fixed

income,

equity,

real

assets

and

index/asset

allocation)

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2023

and

December

31,

2022.

In

evaluating

the

reasonableness

of

the

compensation,

the

Board

Members

also

considered

the

indirect

benefits

NFAL

or

the

Sub-Adviser

received

that

were

directly

attributable

to

the

management

of

the

applicable

funds

as

discussed

in

further

detail

below.

Based

on

its

review,

the

Board

was

satisfied

that

each

Fund

Adviser’s

level

of

profitability

from

its

relationship

with

each

Nuveen

fund

was

not

unreasonable

over

various

time

frames

in

light

of

the

nature,

extent

and

quality

of

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

funds

in

the

fund

complex,

including

the

Funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

such

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

considered

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

the

rates

at

which

certain

expenses

are

incurred

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

there

are

various

methods

that

may

be

employed

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

the

Adviser’s

business

which

can

enhance

the

services

provided

to

the

applicable

funds

for

the

fees

paid.

The

Board

considered

that

the

Adviser

has

generally

employed

one

or

more

of

these

various

methods

among

the

applicable

funds.

In

this

regard,

the

Board

considered,

as

noted

above,

that

the

management

fee

of

NFAL

generally

was

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

With

this

structure,

the

Board

considered

that

the

complex-level

breakpoint

schedule

was

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

assets

of

eligible

funds

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

were

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

As

summarized

above,

the

Board

approved

a

new

complex-level

breakpoint

schedule

which

would

simplify

and

reduce

the

complex-level

fee

rates

at

various

thresholds

and

expanded

the

eligible

funds

whose

assets

would

be

included

in

calculating

the

complex-level

fee,

effective

May

1,

2024.

Among

other

things,

the

assets

of

certain

TC

funds

advised

by

TAL

would

be

phased

into

the

calculation

of

the

complex-wide

assets

in

determining

the

complex-level

fee

over

a

ten-year

period.

The

Board

considered

the

cost

savings

and

additional

potential

sharing

of

economies

of

scale

as

a

result

of

the

reduced

complex-level

breakpoint

schedule

and

the

additional

assets

from

more

eligible

funds

in

calculating

the

assets

of

the

104

Statement

Regarding

Basis

for

Approval

of

Investment

Advisory

Contract

(Unaudited)

(continued)

complex

for

determining

the

complex-level

fee

component.

The

Board

reviewed

the

projected

shareholder

savings

derived

from

such

modifications

over

a

ten-year

period

from

2024

to

2033.

The

Board

considered

management’s

representation

that

there

will

be

no

increase

to

any

fund’s

respective

advisory

agreement

fee

rate.

The

Board

also

considered

that

with

respect

to

Nuveen

closed-end

funds,

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

The

Board

Members

also

considered

the

continued

reinvestment

in

Nuveen/TIAA’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

were

not

specific

to

individual

funds,

but

rather

incurred

across

a

variety

of

products

and

services

pursuant

to

which

the

family

of

funds

as

a

whole

may

benefit.

The

Board

further

considered

that

the

Adviser

and

its

affiliates

have

provided

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

without

raising

advisory

fees

to

the

funds,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

The

Board

considered

the

Adviser’s

and/or

its

affiliates’

ongoing

efforts

to

streamline

the

product

line-up,

among

other

things,

to

create

more

scaled

funds

which

may

help

improve

both

expense

and

trading

economies.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

management’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Board

Members

received

and

considered

information

regarding

various

indirect

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

funds

in

the

fund

complex,

including

the

Funds.

These

benefits

included,

among

other

things,

economies

of

scale

to

the

extent

the

Adviser

or

its

affiliates

share

investment

resources

and/or

personnel

with

other

clients

of

the

Adviser.

The

funds

may

also

be

used

as

investment

options

for

other

products

or

businesses

offered

by

the

Adviser

and/or

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans,

and

affiliates

of

the

Adviser

may

serve

as

sub-advisers

to

various

funds

in

which

case

all

advisory

and

sub-advisory

fees

generated

by

such

funds

stay

within

Nuveen.

The

Board

considered

that

an

affiliate

of

the

Adviser

received

compensation

in

2023

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services

in

2023

and

2022.

In

addition,

the

Board

Members

considered

that

the

Adviser

and

Sub-Adviser

may

utilize

soft

dollar

brokerage

arrangements

attributable

to

the

respective

funds

to

obtain

research

and

other

services

for

any

or

all

of

their

clients,

although

the

Board

Members

also

considered

reimbursements

of

such

costs

by

the

Adviser

and/or

Sub-Adviser.

The

Adviser

and

its

affiliates

may

also

benefit

from

the

advisory

relationships

with

the

funds

in

the

fund

complex

to

the

extent

this

relationship

results

in

potential

investors

viewing

the

TIAA

group

of

companies

as

a

leading

retirement

plan

provider

in

the

academic

and

nonprofit

market

and

a

single

source

for

all

their

financial

service

needs.

The

Adviser

and/or

its

affiliates

may

further

benefit

to

the

extent

that

they

have

pricing

or

other

information

regarding

vendors

the

funds

utilize

in

establishing

arrangements

with

such

vendors

for

other

products.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

105

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupatio

n(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Joseph

A.

Boateng

1963

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

II

Chief

Investment

Officer,

Casey

Family

Programs

(since

2007);

formerly,

Director

of

U.S.

Pension

Plans,

Johnson

&

Johnson

(2002–2006);

Board

Member,

Lumina

Foundation

(since

2019)

and

Waterside

School

(since

2021);

Board

Member

(2012–2019)

and

Emeritus

Board

Member

(since

2020),

Year-Up

Puget

Sound;

Investment

Advisory

Committee

Member

and

Former

Chair

(since

2007),

Seattle

City

Employees’

Retirement

System;

Investment

Committee

Member

(since

2019),

The

Seattle

Foundation;

Trustee

(2018–2023),

the

College

Retirement

Equities

Fund;

Manager

(2019–2023),

TIAA

Separate

Account

VA-1.

211

Michael

A.

Forrester

1967

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

I

Formerly,

Chief

Executive

Officer

(2014–2021)

and

Chief

Operating

Officer

(2007–2014),

Copper

Rock

Capital

Partners,

LLC;

Trustee,

Dexter

Southfield

School

(since

2019);

Member

(since

2020),

Governing

Council

of

the

Independent

Directors

Council

(IDC);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2007–2023).

211

Thomas

J.

Kenny

1963

730

Third

Avenue

New

York,

NY

10017

Co-Chair

and

Board

Member

2024

Class

I

Formerly,

Advisory

Director

(2010–2011),

Partner

(2004–2010),

Managing

Director

(1999–2004)

and

Co-Head

of

Global

Cash

and

Fixed

Income

Portfolio

Management

Team

(2002–2010),

Goldman

Sachs

Asset

Management;

Director

(since

2015)

and

Chair

of

the

Finance

and

Investment

Committee

(since

2018),

Aflac

Incorporated;

Director

(since

2018),

ParentSquare;

formerly,

Director

(2021–2022)

and

Finance

Committee

Chair

(2016–2022),

Sansum

Clinic;

formerly,

Advisory

Board

Member

(2017–2019),

B’Box;

formerly,

Member

(2011–2012),

the

University

of

California

at

Santa

Barbara

Arts

and

Lectures

Advisory

Council;

formerly,

Investment

Committee

Member

(2012–2020),

Cottage

Health

System;

formerly,

Board

member

(2009–2019)

and

President

of

the

Board

(2014–2018),

Crane

Country

Day

School;

Trustee

(2011–

2023)

and

Chairman

(2017–2023),

the

College

Retirement

Equities

Fund;

Manager

(2011–2023)

and

Chairman

(2017–2023),

TIAA

Separate

Account

VA-1.

216

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

IDC

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

216

106

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-

2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

216

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

216

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Formerly,

Member

of

Board

of

Directors

of

Core12

LLC

(2008–

2023)

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients);

formerly,

Member

of

The

President’s

Council

of

Fordham

University

(2010–2019);

formerly,

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009–2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012–2014);

formerly,

Trustee

and

Chairman

of

the

Board

of

Trustees

of

Marian

University

(2010–2014);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007–2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

216

Loren

M.

Starr

1961

730

Third

Avenue

New

York,

NY

10017

Board

Member

2024

Class

III

Independent

Consultant/Advisor

(since

2021);

formerly,

Vice

Chair,

Senior

Managing

Director

(2020–2021),

Chief

Financial

Officer,

Senior

Managing

Director

(2005–2020),

Invesco

Ltd.;

Director

(since

2023)

and

Audit

Committee

member

(since

2024),

AMG;

formerly,

Chair

and

Member

of

the

Board

of

Directors

(2014–2021),

Georgia

Leadership

Institute

for

School

Improvement

(GLISI);

formerly,

Chair

and

Member

of

the

Board

of

Trustees

(2014–2018),

Georgia

Council

on

Economic

Education

(GCEE);

Trustee,

the

College

Retirement

Equities

Fund

and

Manager,

TIAA

Separate

Account

VA-1

(2022–2023).

215

107

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

216

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2008

Class

II

Formerly,

a

Co–Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008–2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012–2021);

Chair

and

Member

of

the

Board

of

Directors

(since

2021),

Kehrein

Center

for

the

Arts

(philanthropy);

Member

of

the

Board

of

Directors

(since

2008),

Catalyst

Schools

of

Chicago

(philanthropy);

Member

of

the

Board

of

Directors

(since

2012),

formerly,

Investment

Committee

Chair

(2017–2022),

Mather

Foundation

Board

(philanthropy);

formerly,

Member

(2005–2016),

Chicago

Fellowship

Board

(philanthropy);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010–2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012–2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008–2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004–2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000–2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005–2007),

Northern

Trust

Global

Investments

Board

(2004–2007),

Northern

Trust

Japan

Board

(2004–2007),

Northern

Trust

Securities

Inc.

Board

(2003–

2007)

and

Northern

Trust

Hong

Kong

Board

(1997–2004).

216

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

of

the

Board

of

Trustees

(since

2004)

formerly,

Chair

(2015-2022)

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-

2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

216

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Co-Chair

and

Board

Member

2017

Class

I

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

216

108

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

(Principal

Executive

Officer)

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

of

Nuveen;

has

previously

held

various

positions

with

Nuveen.

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen;

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer

(2017-2022)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Assistant

Secretary

2013

Managing

Director

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

of

Nuveen;

Managing

Director,

Assistant

Secretary

and

Associate

General

Counsel

of

Nuveen

Asset

Management,

LLC;

has

previously

held

various

positions

with

Nuveen;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC.

Jeremy

D.

Franklin

1983

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2024

Managing

Director

and

Assistant

Secretary,

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary,

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel,

Teachers

Insurance

and

Annuity

Association

of

America;

Vice

President

and

Assistant

Secretary,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Vice

President,

Associate

General

Counsel,

and

Assistant

Secretary,

TIAA

Separate

Account

VA-1

and

College

Retirement

Equities

Fund.

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Senior

Managing

Director

and

Head

of

Investment

Oversight

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC;

has

previously

held

various

positions

with

Nuveen;

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2022

Managing

Director,

General

Counsel

and

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC;

Managing

Director

and

Assistant

Secretary

of

TIAA

SMA

Strategies

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC,

TIAA-CREF

Investment

Management,

LLC,

and

Nuveen

Alternative

Advisors

LLC;

has

previously  held

various

positions

with

Nuveen/TIAA.

109

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President,

Secretary

and

General

Counsel

of

Nuveen

Investments,

Inc.;

Executive

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC  and

Nuveen

Fund

Advisors,

LLC;

Executive

Vice

President

and

Secretary

of

Nuveen

Asset

Management,

LLC;

Executive

Vice

President,

General

Counsel

and

Secretary

of

Teachers

Advisors,

LLC,

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Alternative

Investments,

LLC;

Executive

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary  of

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

has

previously

held

various

positions

with

Nuveen;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC;

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC.  

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

of

Nuveen,

TIAA-

CREF

Funds,

TIAA-CREF

Life

Funds,

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC,

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

has

previously

held

various

positions

with

TIAA.

Mary

Beth

Ramsay

1965

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                            

Vice

President

2024

Chief

Risk

Officer,

Nuveen

and

TIAA

Financial

Risk;

Head

of

Nuveen

Risk

&

Compliance;

Executive

Vice

President,

Teachers

Insurance

and

Annuity

Association

of

America;

Executive

Vice

President,

Risk,

TIAA

Separate

Account

VA-1

and

the

College

Retirement

Equities

Fund;

formerly,

Senior

Vice

President,

Head

of

Sales

and

Client

Solutions

(2019-2022)

and

U.S.

Chief

Pricing

Actuary

(2016-2019),

SCOR

Global

Life

Americas;

Member

of

the

Board

of

Directors

of

Society

of

Actuaries.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Controller

(Principal

Financial

Officer)

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen;

Senior

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

and

Nuveen

Asset

Management,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

previously

held

various

positions

with

TIAA.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

and

Nuveen

Fund

Advisors,

LLC;

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

and

Nuveen

Asset

Management,

LLC;

Vice

President

and

Associate

General

Counsel

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262                                                                

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA.

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respec

tive

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-A-0524P

3668222-INV-Y-07/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.

Item 3. Audit Committee Financial Expert.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) had determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional

investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4. Principal Accountant Fees and Services.

Nuveen Massachusetts Quality Municipal Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
May 31, 2024	$	26,600		$	218		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
May 31, 2023	$	28,000		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and

Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
May 31, 2024	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%
May 31, 2023	$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

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

Fiscal Year Ended	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
May 31, 2024	$	0	$	0	$	0	$	0
May 31, 2023	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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

Item 4(i) and Item 4(j) are not applicable to the registrant.

Item 5. Audit Committee of Listed Registrants.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Albin F. Moschner, John K. Nelson, Chair, Loren M. Starr, Margaret L. Wolff and Robert L. Young.

Item 6. Investments.

(a) Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

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

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

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

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Michael Hamilton, Managing Director, manages tax-exempt fixed income portfolios for Nuveen. He began working in the investment industry when he joined the firm in 1989, as a fixed-income fund manager and trader. He became a portfolio manager in 1992. He received a B.A. from the College of Idaho and an M.B.A. from Western Washington University. He is a member of the CFA Institute and the Portland Society of Financial Analysts.

Stephen J. Candido, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager for high yield municipal strategies at Nuveen, managing high yield funds and institutional accounts. He also has responsibility for tax-exempt open-end funds and closed-end funds that allocate to both investment grade and high yield municipals. Stephen started working in the investment industry in 1996 when he joined Nuveen in the unit trust division. Prior to his current role, he was a vice president and senior research analyst specializing in high yield sectors including land secured credits, project finance and housing. Stephen was also an assistant vice president for Nuveen’s global structured products team beginning in 2005. He also served as the manager of the fixed income unit trust product management and pricing group starting in 2001 and prior to that held positions as an equity research analyst and fixed income pricing analyst. Stephen graduated with a B.S. in Finance from Miami University and an M.B.A. in Finance from the University of Illinois at Chicago. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Michael Hamilton	Registered Investment Company		18	$	16.18 billion
	Other Pooled Investment Vehicles		0	$	0
	Other Accounts		7	$	580.39 million
Stephen J. Candido	Registered Investment Company		29	$	54.63 billion
	Other Pooled Investment Vehicles		2	$	502.90 million
	Other Accounts		7	$	283.81 million

* Assets are as of May 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

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

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

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

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

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

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

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

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject

to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

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

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

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

(a)(4) Beneficial Ownership of NMT Securities

As of May 31, 2024, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Michael Hamilton	X
Stephen J. Candido	X

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

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

Nuveen Massachusetts Quality Municipal Income Fund

By:	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer

Date: August 6, 2024

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

By:	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: August 6, 2024

By:	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Controller
	(principal financial officer)

Date: August 6, 2024