Form N-CSRS Nuveen Minnesota Quality For: Nov 30
Tweet
Share
E-mailNews and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
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 811-22967
Nuveen Minnesota 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: November 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
| Closed-End | 30 November |
| Funds | 2022 |
Nuveen Municipal Closed-End Funds
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| NOM | Nuveen Missouri Quality Municipal Income Fund |
| NPV | Nuveen Virginia Quality Municipal Income Fund |
Semiannual Report
Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free
e-Reports
right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund
dividends and statements from your
financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund
dividends and statements directly from
Nuveen.
NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE
Table of Contents
3
Chair’s Letter
to Shareholders
Dear Shareholders,
With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering by how much and for how long. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets this year.
Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until their zero-COVID policy effectively ended in December 2022. This has necessitated increasingly forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who have signaled their intentions to slow inflation while tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.25% over a nine-month span to a range of 4.25% to 4.50% by year-end. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Additional rate hikes are expected in 2023, as Fed officials closely monitor inflation data along with other economic measures and will modify their rate setting policy based upon these factors. After contracting in the first half of 2022, U.S. gross domestic product resumed positive growth in the third quarter, according to the government’s estimates. The recent strength was largely attributed to a narrowing in the trade deficit while consumer and business activity has remained slower in part due to higher prices and borrowing costs. The sharp increase in the U.S. dollar’s value relative to other currencies in 2022 has added further uncertainty to the economic outlook. However, the still strong labor market suggests not all areas of the economy are weakening in unison.
While markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Terence
J. Toth
Chair of the Board
January 20, 2023
4
Nuveen
Georgia Quality Municipal Income Fund (NKG)
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)
Portfolio Manager Commentaries in Semiannual Shareholder Reports
The Funds include portfolio manager commentary in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s May 31, 2022 annual shareholder report.
For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.
For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.
For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.
Fund Mergers
During November 2022, the mergers of Nuveen Ohio Quality Municipal Income Fund (NUO) and NKG into Nuveen Municipal Credit Income Fund (NZF) was approved by each Fund’s Board of Trustees. Each merger is pending shareholder approval by NUO and NKG, respectively.
5
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that the Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. 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 tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
The Funds’ use of leverage significantly detracted from relative performance during the reporting period. However, the Funds’ use of leverage was accretive to overall common share income.
As of November 30, 2022, the Funds’ percentages of leverage are as shown in the accompanying table.
| NKG | NMT | NMS | NOM | NPV | |
| Effective Leverage* | 37.71% | 41.79% | 40.50% | 40.77% | 40.36% |
| Regulatory Leverage* | 32.58% | 39.51% | 40.50% | 39.98% | 36.86% |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. |
6
THE FUNDS’ REGULATORY LEVERAGE
As of November 30, 2022, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
| Variable Rate | ||||
| Variable Rate | Remarketed | |||
| Preferred* | Preferred** | |||
| Shares Issued at | Shares Issued at | |||
| Liquidation Preference | Liquidation Preference | Total | ||
| NKG | $ 58,500,000 | $ — | $ 58,500,000 | |
| NMT | $ 74,000,000 | $ — | $ 74,000,000 | |
| NMS | $ 49,800,000 | $ — | $ 49,800,000 | |
| NOM | $ 18,000,000 | $ — | $ 18,000,000 | |
| NPV | $128,000,000 | $ — | $128,000,000 |
| * | Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details. |
| ** | Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares for further details. |
Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details on preferred shares and each Fund’s respective transactions.
7
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of November 30, 2022. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investments value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
| Per Common Share Amounts | |||||
| Monthly Distributions (Ex-Dividend Date) | NKG | NMT | NMS | NOM | NPV |
| June 2022 | $0.0425 | $0.0430 | $0.0525 | $0.0415 | $0.0485 |
| July | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| August | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| September | 0.0385 | 0.0390 | 0.0480 | 0.0375 | 0.0485 |
| October | 0.0330 | 0.0335 | 0.0435 | 0.0320 | 0.0435 |
| November 2022 | 0.0330 | 0.0335 | 0.0435 | 0.0320 | 0.0435 |
| Total Distributions from Net Investment Income | $0.2240 | $0.2270 | $0.2835 | $0.2180 | $0.2810 |
| Yields | |||||
| Market Yield* | 3.82% | 3.73% | 4.51% | 3.57% | 4.33% |
| Taxable-Equivalent Yield* | 7.08% | 6.88% | 9.14% | 6.61% | 8.08% |
| * | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 46.6%, 45.8%, 50.7%, 46.1% and 46.6% for NKG, NMT, NMS, NOM and NPV, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower. |
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
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-closed-end-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
During August 2022, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of November 30, 2022, (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.
| NKG | NMT | NMS | NOM | NPV | |
| Common shares cumulatively repurchased and retired | 149,500 | 26,148 | 10,000 | 0 | 55,000 |
| Common shares authorized for repurchase | 1,035,000 | 930,000 | 575,000 | 230,000 | 1,790,000 |
| OTHER COMMON SHARE INFORMATION |
As of November 30, 2022, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:
| NKG | NMT | NMS | NOM | NPV | |
| Common share NAV | $11.64 | $12.15 | $12.64 | $11.50 | $12.23 |
| Common share price | $10.36 | $10.78 | $11.58 | $10.77 | $12.06 |
| Premium/(Discount) to NAV | (11.00)% | (11.28)% | (8.39)% | (6.35)% | (1.39)% |
| Average premium/(discount) to NAV | (10.07)% | (8.01)% | 6.80% | 4.87% | 2.29% |
9
| NKG | Nuveen Georgia Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NKG at Common Share NAV | (3.52)% | (15.08)% | 0.51% | 1.33% | |
| NKG at Common Share Price | (5.56)% | (21.82)% | (0.75)% | 0.51% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Georgia Index | (1.35)% | (8.12)% | 1.17% | 1.73% | |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Georgia Index.
Performance data shown 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.
Daily Common Share NAV and Share Price
10
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 158.7% |
| Other Assets Less Liabilities | 1.8% |
| Net Assets Plus Floating Rate Obligations | |
| & AMTP Shares, net of deferred | |
| offering costs | 160.5% |
| Floating Rate Obligations | (12.2)% |
| AMTP Shares, net of deferred | |
| offering costs | (48.3)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Georgia | 90.0% |
| Florida | 2.4% |
| West Virginia | 1.8% |
| Colorado | 1.5% |
| Puerto Rico | 1.5% |
| Illinois | 1.2% |
| Nevada | 1.1% |
| Washington | 0.5% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Utilities | 29.9% |
| Tax Obligation/General | 20.0% |
| Tax Obligation/Limited | 18.1% |
| Education and Civic Organizations | 8.7% |
| Health Care | 7.4% |
| U.S. Guaranteed | 7.3% |
| Transportation | 7.1% |
| Other | 1.5% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 4.4% |
| AAA | 10.9% |
| AA | 60.7% |
| A | 16.0% |
| BBB | 5.3% |
| BB or Lower | 0.5% |
| N/R (not rated) | 2.2% |
| 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 Georgia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
11
| NMT | Nuveen Massachusetts Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NMT at Common Share NAV | (4.12)% | (16.98)% | 0.01% | 1.45% | |
| NMT at Common Share Price | (9.84)% | (26.88)% | (2.09)% | 0.77% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Massachusetts Index | (1.09)% | (7.74)% | 1.27% | 1.77% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Massachusetts Index.
Performance data shown 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.
Daily Common Share NAV and Share Price
12
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.4% |
| Other Assets Less Liabilities | 0.7% |
| Net Assets Plus VRDP Shares, | |
| net of deferred offering costs | 165.1% |
| VRDP Shares, net of deferred | |
| offering cost | (65.1)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Massachusetts | 94.0% |
| Puerto Rico | 4.2% |
| Guam | 1.2% |
| Virgin Islands | 0.6% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Education and Civic Organizations | 30.8% |
| Tax Obligation/General | 16.6% |
| Health Care | 16.5% |
| Tax Obligation/Limited | 15.1% |
| Utilities | 5.8% |
| Transportation | 4.8% |
| Other | 10.4% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 3.9% |
| AAA | 7.4% |
| AA | 51.5% |
| A | 19.5% |
| BBB | 11.3% |
| BB or Lower | 1.3% |
| N/R (not rated) | 5.1% |
| 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 judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
13
| NMS | Nuveen Minnesota Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NMS at Common Share NAV | (5.30)% | (15.15)% | 0.79% | 2.17% | |
| NMS at Common Share Price | (23.36)% | (19.89)% | (0.25)% | 0.43% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Minnesota Index | (1.50)% | (7.23)% | 1.40% | 1.90% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Minnesota Index.
Performance data shown 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.
Daily Common Share NAV and Share Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 166.3% |
| Other Assets Less Liabilities | 1.7% |
| Net Assets Plus AMTP Shares, | |
| net of deferred offering costs | 168.0% |
| AMTP Shares, net of deferred | |
| offering costs | (68.0)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Minnesota | 99.6% |
| Guam | 0.4% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Health Care | 22.5% |
| Education and Civic Organizations | 20.2% |
| Tax Obligation/General | 17.1% |
| Tax Obligation/Limited | 9.1% |
| Utilities | 9.0% |
| Long-Term Care | 6.8% |
| Transportation | 5.4% |
| Other | 9.9% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 3.2% |
| AAA | 13.7% |
| AA | 23.9% |
| A | 30.9% |
| BBB | 6.8% |
| BB or Lower | 10.0% |
| N/R (not rated) | 11.5% |
| 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's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
15
| NOM | Nuveen Missouri Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NOM at Common Share NAV | (5.10)% | (14.73)% | 0.31% | 1.73% | |
| NOM at Common Share Price | (11.93)% | (23.28)% | (2.76)% | (0.43)% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Missouri Index | (1.77)% | (7.84)% | 1.50% | 2.15% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Missouri Index.
Performance data shown 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.
Daily Common Share NAV and Share Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.5% |
| Other Assets Less Liabilities | 3.6% |
| Net Assets Plus Floating Rate Obligations | |
| & MFP Shares, net of deferred | |
| offering costs | 168.1% |
| Floating Rate Obligations | (2.2)% |
| MFP Shares, net of deferred | |
| offering costs | (65.9)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Missouri | 96.8% |
| Puerto Rico | 2.4% |
| Guam | 0.8% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Health Care | 24.1% |
| Tax Obligation/Limited | 18.1% |
| Tax Obligation/General | 17.5% |
| Utilities | 13.5% |
| Education and Civic Organizations | 10.6% |
| Long-Term Care | 6.0% |
| Transportation | 5.6% |
| Other | 4.6% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 1.9% |
| AAA | 3.6% |
| AA | 45.3% |
| A | 26.6% |
| BBB | 10.2% |
| BB or Lower | 3.8% |
| N/R (not rated) | 8.6% |
| 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 Missouri's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
17
| NPV | Nuveen Virginia Quality Municipal |
| Income Fund | |
| Performance Overview and Holding Summaries as of | |
| November 30, 2022 |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of November 30, 2022*
| Cumulative | Average Annual | ||||
| 6-Month | 1-Year | 5-Year | 10-Year | ||
| NPV at Common Share NAV | (5.63)% | (16.61)% | 0.70% | 1.56% | |
| NPV at Common Share Price | (3.38)% | (25.01)% | 2.83% | 1.41% | |
| S&P Municipal Bond Index | (1.43)% | (7.94)% | 1.51% | 2.05% | |
| S&P Municipal Bond Virginia Index | (1.24)% | (7.29)% | 1.38% | 1.90% |
* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Virginia Index.
Performance data shown 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.
Daily Common Share NAV and Share Price
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| Fund Allocation | |
| (% of net assets) | |
| Long-Term Municipal Bonds | 164.8% |
| Other Assets Less Liabilities | 2.7% |
| Net Assets Plus Floating Rate Obligations | |
| & VRDP shares, net of deferred | |
| offering costs | 167.5% |
| Floating Rate Obligations | (9.3)% |
| VRDP Shares, net of deferred | |
| offering costs | (58.2)% |
| Net Assets | 100% |
| States and Territories2 | |
| (% of total municipal bonds) | |
| Virginia | 70.8% |
| District Of Columbia | 15.4% |
| Puerto Rico | 6.0% |
| Guam | 2.8% |
| Colorado | 2.0% |
| Virgin Islands | 1.6% |
| Pennsylvania | 1.2% |
| New York | 0.2% |
| Total | 100% |
| Portfolio Composition1 | |
| (% of total investments) | |
| Transportation | 28.0% |
| Health Care | 17.5% |
| Tax Obligation/Limited | 14.8% |
| U.S. Guaranteed | 11.0% |
| Education and Civic Organizations | 7.9% |
| Utilities | 6.1% |
| Long-Term Care | 5.1% |
| Other | 9.6% |
| Total | 100% |
| Portfolio Credit Quality | |
| (% of total investment exposure) | |
| U.S. Guaranteed | 10.2% |
| AAA | 5.2% |
| AA | 36.6% |
| A | 15.2% |
| BBB | 13.5% |
| BB or Lower | 7.7% |
| N/R (not rated) | 11.6% |
| 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 Virginia's personal income tax if, in the judgment of the Fund's sub-adviser, such purchases are expected to enhance the Fund's after-tax total return potential. |
19
Shareholder Meeting Report
The annual meeting of shareholders was held on November 18, 2022 for NMT. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
| NMT | |||
| Common and | |||
| Preferred | Preferred | ||
| shares voting | shares voting | ||
| together | together | ||
| as a class | as a class | ||
| Approval of the Board Members was reached as follows: | |||
| Judith M. Stockdale | |||
| For | 7,771,729 | — | |
| Withhold | 359,422 | — | |
| Total | 8,131,151 | — | |
| Carole E. Stone | |||
| For | 7,788,949 | — | |
| Withhold | 342,202 | — | |
| Total | 8,131,151 | — | |
| Margaret L. Wolff | |||
| For | 7,794,042 | — | |
| Withhold | 337,109 | — | |
| Total | 8,131,151 | — | |
| William C. Hunter | |||
| For | — | 740 | |
| Withhold | — | — | |
| Total | — | 740 | |
| Albin F. Moschner | |||
| For | — | 740 | |
| Withhold | — | — | |
| Total | — | 740 |
20
| NKG | Nuveen Georgia Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 158.7% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 158.7% (100.0% of Total Investments) | ||||
| Consumer Discretionary – 1.6% (1.0% of Total Investments) | ||||
| Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center | ||||
| Hotel Revenue Bonds, First Tier Series 2021A: | ||||
| $ 1,000 | 4.000%, 1/01/36 | 1/31 at 100.00 | BBB– | $ 922,800 |
| 1,220 | 4.000%, 1/01/54 | 1/31 at 100.00 | BBB– | 993,019 |
| 2,220 | Total Consumer Discretionary | 1,915,819 | ||
| Education and Civic Organizations – 13.9% (8.7% of Total Investments) | ||||
| 3,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/28 at 100.00 | AA | 2,958,180 |
| Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43 | ||||
| 1,340 | Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten | 10/23 at 100.00 | N/R | 1,349,568 |
| Academy Project, Series 2013B, 7.000%, 10/01/43 | ||||
| 3,000 | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts | 3/26 at 100.00 | A2 | 3,147,660 |
| Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36 | ||||
| 1,530 | Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College | 7/27 at 100.00 | A+ | 1,610,891 |
| Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37 | ||||
| 3,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/23 at 100.00 | AA | 3,031,410 |
| Refunding Series 2013A, 5.000%, 10/01/43 | ||||
| 2,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA | 2,074,660 |
| Refunding Series 2016A, 5.000%, 10/01/46, (UB) (4) | ||||
| 830 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, | 10/31 at 100.00 | A3 | 740,468 |
| Series 2021, 4.000%, 10/01/50 | ||||
| 2,000 | Savannah Economic Development Authority, Georgia, Revenue Bonds, Savannah State | 6/31 at 100.00 | A+ | 1,888,880 |
| University Projects, Refunding & Improvement Series 2021B, 4.000%, 6/15/44 | ||||
| 16,700 | Total Education and Civic Organizations | 16,801,717 | ||
| Health Care – 11.8% (7.4% of Total Investments) | ||||
| Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical | ||||
| Center, Series 1998: | ||||
| 205 | 5.250%, 12/01/23 (5),(6) | 12/22 at 100.00 | N/R | 14,096 |
| 745 | 5.375%, 12/01/28 (5),(6) | 1/23 at 100.00 | N/R | 51,226 |
| 4,245 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children’s Healthcare of | 7/29 at 100.00 | AA+ | 4,076,559 |
| Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/49 | ||||
| 550 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/32 at 100.00 | A+ | 499,345 |
| Wellstar Health System, Inc. Project, Series 2022A, 4.000%, 4/01/52 | ||||
| 875 | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, | 4/30 at 100.00 | A+ | 880,556 |
| Wellstar Health System, Series 2020A, 5.000%, 4/01/50 | ||||
| Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | ||||
| System, Inc Project, Series 2017A: | ||||
| 1,780 | 5.000%, 4/01/36 | 4/27 at 100.00 | A+ | 1,848,263 |
| 1,000 | 5.000%, 4/01/37 | 4/27 at 100.00 | A+ | 1,034,410 |
| 3,485 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/24 at 100.00 | AA– | 3,501,658 |
| Project, Series 2014A, 5.000%, 7/01/44 | ||||
| 2,500 | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. | 7/29 at 100.00 | AA | 2,381,650 |
| Project, Series 2019A, 4.000%, 7/01/49 – BAM Insured | ||||
| 15,385 | Total Health Care | 14,287,763 |
21
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Housing/Multifamily – 0.8% (0.5% of Total Investments) | ||||
| $ 1,205 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | B | $ 998,330 |
| Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35 | ||||
| Tax Obligation/General – 31.7% (20.0% of Total Investments) | ||||
| 2,030 | Atlanta, Georgia, General Obligation Bonds, Public Improvement Social Series 2022A-1, | 12/32 at 100.00 | Aa1 | 2,280,867 |
| 5.000%, 12/01/41 | ||||
| 4,000 | Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, | 8/26 at 100.00 | AA+ | 4,190,520 |
| 8/01/42, (UB) (4) | ||||
| 700 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 7/30 at 100.00 | AA | 671,195 |
| Tanner Medical Center Inc. Project, Series 2020, 4.000%, 7/01/50 | ||||
| 3,000 | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 7/25 at 100.00 | AA | 3,057,060 |
| Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41 | ||||
| 2,000 | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building | 6/28 at 100.00 | A+ | 2,021,420 |
| Series 2018A, 4.000%, 6/15/37 | ||||
| 1,760 | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp | 7/31 at 100.00 | A1 | 1,670,170 |
| County Hospital Project, Series 2021, 4.000%, 7/01/46 | ||||
| East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding | ||||
| Series 2017: | ||||
| 1,000 | 5.000%, 2/01/29 – AGM Insured | 2/27 at 100.00 | AA | 1,078,490 |
| 650 | 5.000%, 2/01/35 – AGM Insured | 2/27 at 100.00 | AA | 693,244 |
| 2,350 | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series | 6/28 at 100.00 | AA+ | 2,302,741 |
| 2018A, 4.000%, 12/01/43 | ||||
| Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | ||||
| Certificates, Northeast Georgia Health Services Inc., Series 2017B: | ||||
| 3,000 | 5.500%, 2/15/42, (UB) (4) | 2/27 at 100.00 | AA | 3,196,290 |
| 5,500 | 5.250%, 2/15/45, (UB) (4) | 2/27 at 100.00 | AA | 5,745,960 |
| 1,500 | Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, | 7/31 at 100.00 | AAA | 1,555,035 |
| Series 2021A, 4.000%, 7/15/37 | ||||
| 3,550 | Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28 | 2/25 at 100.00 | AAA | 3,728,423 |
| 170 | Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, | 3/29 at 100.00 | AA+ | 191,026 |
| 5.000%, 3/01/32 | ||||
| 345 | Lamar County School District, Georgia, General Obligation Bonds, Series 2017, | 9/27 at 100.00 | Aa1 | 376,381 |
| 5.000%, 3/01/33 | ||||
| Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation | ||||
| Certificates, Refunding Series 2019A: | ||||
| 500 | 5.000%, 10/01/34 | 10/29 at 100.00 | Aa2 | 559,810 |
| 370 | 5.000%, 10/01/36 | 10/29 at 100.00 | Aa2 | 408,613 |
| 195 | 5.000%, 10/01/37 | 10/29 at 100.00 | Aa2 | 214,206 |
| Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016: | ||||
| 500 | 5.000%, 8/01/30 | 2/26 at 100.00 | Aa1 | 534,815 |
| 400 | 5.000%, 8/01/31 | 2/26 at 100.00 | Aa1 | 427,440 |
| 3,500 | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, | 6/28 at 100.00 | Aa2 | 3,442,390 |
| 4.000%, 6/01/42 | ||||
| 37,020 | Total Tax Obligation/General | 38,346,096 | ||
| Tax Obligation/Limited – 28.7% (18.1% of Total Investments) | ||||
| Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta | ||||
| Parking Facility Project, Series 2017: | ||||
| 1,180 | 5.000%, 12/01/34 | 12/27 at 100.00 | AA+ | 1,282,802 |
| 1,260 | 5.000%, 12/01/36 | 12/27 at 100.00 | AA+ | 1,361,543 |
| 3,250 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A1 | 3,347,760 |
| Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44 | ||||
| 575 | Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, | No Opt. Call | A3 | 597,712 |
| 5.000%, 12/01/24 |
22
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited (continued) | ||||
| Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D: | ||||
| $ 1,200 | 5.000%, 1/01/30 | 1/27 at 100.00 | A2 | $ 1,282,332 |
| 1,525 | 5.000%, 1/01/31 | 1/27 at 100.00 | A2 | 1,625,864 |
| 725 | Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, | 7/23 at 100.00 | A | 729,205 |
| 5.000%, 7/01/41 | ||||
| 3,190 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding | No Opt. Call | Baa2 | 3,357,475 |
| Series 1993, 5.625%, 10/01/26 – NPFG Insured | ||||
| 245 | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding | No Opt. Call | AA– | 259,078 |
| Series 2005, 5.500%, 10/01/26 – NPFG Insured | ||||
| 3,020 | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, | No Opt. Call | AAA | 3,179,456 |
| Series 1998A, 4.750%, 6/01/28 – NPFG Insured | ||||
| 700 | Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue | 6/27 at 100.00 | AA | 766,661 |
| Bonds, Series 2017A, 5.000%, 6/01/29 | ||||
| Jones County Public Facilities Authority, Georgia, Revenue Bonds, Jones County Water & | ||||
| Sewer Projects, Series 2022: | ||||
| 1,055 | 4.000%, 4/01/35 – BAM Insured | 4/32 at 100.00 | AA | 1,098,466 |
| 1,425 | 4.000%, 4/01/39 – BAM Insured | 4/32 at 100.00 | AA | 1,433,493 |
| 1,725 | 4.000%, 4/01/42 – BAM Insured | 4/32 at 100.00 | AA | 1,706,767 |
| Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third | ||||
| Indenture, Series 2015B: | ||||
| 1,000 | 5.000%, 7/01/41 | 7/26 at 100.00 | AA+ | 1,047,540 |
| 3,000 | 5.000%, 7/01/42 | 7/26 at 100.00 | AA+ | 3,139,890 |
| 5,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, | 7/28 at 100.00 | AA | 4,658,450 |
| 4.000%, 7/01/48 | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 710 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 670,268 |
| 2,312 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 2,153,235 |
| 1,675 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa3 | 1,000,042 |
| Bonds, Refunding Subordinate Series 2021B. Exchange Purchase, 3.000%, 7/01/58 | ||||
| 34,772 | Total Tax Obligation/Limited | 34,698,039 | ||
| Transportation – 11.3% (7.1% of Total Investments) | ||||
| Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, | ||||
| Refunding Subordinate Lien Series 2014A: | ||||
| 2,575 | 5.000%, 1/01/32 | 1/24 at 100.00 | AA– | 2,627,916 |
| 3,750 | 5.000%, 1/01/34 | 1/24 at 100.00 | AA– | 3,820,463 |
| Georgia Ports Authority, Revenue Bonds, Series 2021: | ||||
| 4,500 | 4.000%, 7/01/46 | 7/31 at 100.00 | AA | 4,380,480 |
| 3,000 | 4.000%, 7/01/51 | 7/31 at 100.00 | AA | 2,843,430 |
| 13,825 | Total Transportation | 13,672,289 | ||
| U.S. Guaranteed – 11.5% (7.3% of Total Investments) (7) | ||||
| 500 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, | 5/24 at 100.00 | AA+ | 516,860 |
| 5/01/31, (Pre-refunded 5/01/24) | ||||
| 2,000 | Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & | 4/25 at 100.00 | AAA | 2,107,940 |
| Improvement Series 2015, 5.000%, 4/01/44, (Pre-refunded 4/01/25) | ||||
| 3,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/25 at 100.00 | AA | 3,185,430 |
| Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54, | ||||
| (Pre-refunded 2/15/25) | ||||
| 3,500 | Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, | 2/23 at 100.00 | AAA | 3,514,665 |
| 2/01/36, (Pre-refunded 2/01/23) | ||||
| 1,500 | Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series | 2/24 at 100.00 | Aa3 | 1,541,925 |
| 2014B, 5.000%, 2/01/37, (Pre-refunded 2/01/24) | ||||
| 3,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of | 4/24 at 100.00 | A2 | 3,095,400 |
| Art & Design Projects, Series 2014, 5.000%, 4/01/44, (Pre-refunded 4/01/24) | ||||
| 13,500 | Total U.S. Guaranteed | 13,962,220 |
23
| NKG | Nuveen Georgia Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities – 47.4% (29.9% of Total Investments) | ||||
| Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A: | ||||
| $ 4,000 | 5.000%, 11/01/39, (UB) (4) | 11/27 at 100.00 | Aa2 | $ 4,271,840 |
| 3,210 | 5.000%, 11/01/41 | 11/27 at 100.00 | Aa2 | 3,408,763 |
| 1,790 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, | 11/27 at 100.00 | Aa2 | 1,886,356 |
| 5.000%, 11/01/47 | ||||
| 260 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30 - | No Opt. Call | AA | 314,293 |
| AGM Insured | ||||
| Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021: | ||||
| 2,875 | 4.000%, 12/01/46 – BAM Insured | 12/31 at 100.00 | AA | 2,832,220 |
| 5,000 | 4.000%, 12/01/51 – BAM Insured | 12/31 at 100.00 | AA | 4,858,150 |
| 1,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 1,135,137 |
| Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45 | ||||
| 1,250 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe | 2/28 at 100.00 | BBB+ | 1,135,138 |
| Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45 | ||||
| 5 | Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, | 1/23 at 100.00 | Aa1 | 5,008 |
| 5.000%, 8/01/35 – AGM Insured | ||||
| 500 | Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36 | 5/26 at 100.00 | AA+ | 529,555 |
| 1,750 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33 | 3/27 at 100.00 | A2 | 1,859,602 |
| 1,000 | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 3/01/40 | 3/30 at 100.00 | A2 | 954,300 |
| DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B: | ||||
| 6,000 | 5.250%, 10/01/32 – AGM Insured | 10/26 at 100.00 | AAA | 6,512,340 |
| 300 | 5.000%, 10/01/35 – AGM Insured | 10/26 at 100.00 | AAA | 319,590 |
| 5,350 | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series | 1/23 at 100.00 | Aa3 | 5,356,580 |
| 2011A, 5.250%, 10/01/41 | ||||
| 1,000 | Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, | 1/23 at 100.00 | AA | 1,001,720 |
| 5.000%, 1/01/33 | ||||
| 3,000 | Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, | 1/23 at 100.00 | A1 | 3,000,750 |
| 5.000%, 1/01/43 | ||||
| 1,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A, | No Opt. Call | A | 1,001,290 |
| 5.000%, 5/15/49 | ||||
| 1,525 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, | 9/24 at 100.43 | Aa2 | 1,535,172 |
| 8/01/49, (Mandatory Put 12/02/24) | ||||
| 2,000 | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand | 6/23 at 100.40 | Aa1 | 2,007,560 |
| Bonds Series 2018A, 4.000%, 4/01/48, (Mandatory Put 9/01/23) | ||||
| 3,325 | Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020, 4.000%, 12/01/45 – | 12/30 at 100.00 | AA | 3,280,844 |
| AGM Insured | ||||
| 650 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project P Bonds, | 1/30 at 100.00 | BBB+ | 644,202 |
| Series 2021A, 5.000%, 1/01/56 | ||||
| 1,500 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | No Opt. Call | A2 | 1,037,175 |
| Series 2015A, 0.000%, 1/01/32 | ||||
| 2,260 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 7/26 at 100.00 | AA | 2,393,182 |
| Series 2016A, 5.000%, 1/01/30 – BAM Insured | ||||
| 1,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 7/28 at 100.00 | BBB+ | 990,790 |
| Series 2020A, 5.000%, 1/01/59 | ||||
| Oconee County, Georgia, Water and Sewerage Revenue Bonds, Series 2017A: | ||||
| 155 | 5.000%, 9/01/35 | 9/27 at 100.00 | AA | 167,056 |
| 535 | 5.000%, 9/01/37 | 9/27 at 100.00 | AA | 572,140 |
24
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Utilities (continued) | ||||
| $ 2,000 | South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, | 1/24 at 100.00 | AA | $ 2,042,320 |
| Refunding Series 2014, 5.000%, 1/01/30 | ||||
| 2,315 | Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek | 2/26 at 100.00 | Aa1 | 2,337,502 |
| Reservoir Project, Series 2016, 4.000%, 2/01/38 | ||||
| 56,805 | Total Utilities | 57,390,575 | ||
| $ 191,432 | Total Long-Term Investments (cost $197,310,705) | 192,072,848 | ||
| Floating Rate Obligations – (12.2)% | (14,800,000) | |||
| Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (48.3)% (8) | (58,455,313) | |||
| Other Assets Less Liabilities – 1.8% | 2,240,161 | |||
| Net Assets Applicable to Common Shares – 100% | $ 121,057,696 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
| (6) | For fair value measurement disclosure purposes, investment classified as Level 3. |
| (7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (8) | Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 30.4% |
| UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
See accompanying notes to financial statements.
25
| NMT | Nuveen Massachusetts Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 164.4% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 164.4% (100.0% of Total Investments) | ||||
| Education and Civic Organizations – 50.7% (30.8% of Total Investments) | ||||
| $ 210 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, | 6/26 at 100.00 | N/R | $ 195,983 |
| 5.000%, 6/15/49 | ||||
| 450 | Massachusetts Development Finance Agency, Revenue Bonds, Babson College, Refunding | 4/32 at 100.00 | A+ | 433,800 |
| Series 2022, 4.000%, 10/01/41 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Bentley College Issue, Series 2021A: | ||||
| 1,000 | 4.000%, 7/01/38 | 7/31 at 100.00 | A2 | 973,880 |
| 735 | 4.000%, 7/01/39 | 7/31 at 100.00 | A2 | 712,208 |
| 3,515 | Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, | 10/26 at 100.00 | A | 3,653,350 |
| Series 2016, 5.000%, 10/01/39 | ||||
| 2,200 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, | 7/23 at 100.00 | AA– | 2,222,374 |
| 5.000%, 7/01/38 | ||||
| 730 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T, | 7/27 at 100.00 | AA– | 769,960 |
| 5.000%, 7/01/42 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender | ||||
| Option Bond Trust 2016-XG0070: | ||||
| 575 | 12.103%, 10/01/48, 144A, (IF) (4) | 10/23 at 100.00 | AA– | 599,581 |
| 1,880 | 12.161%, 10/01/48, 144A, (IF) (4) | 10/23 at 100.00 | AA– | 1,960,464 |
| Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: | ||||
| 2,000 | 5.000%, 1/01/34 | 1/28 at 100.00 | BBB+ | 2,083,200 |
| 2,240 | 5.000%, 1/01/37 | 1/28 at 100.00 | BBB+ | 2,305,363 |
| 1,955 | Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, | 7/26 at 100.00 | BBB+ | 1,992,301 |
| 5.000%, 7/01/35 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, | ||||
| Series 2015H: | ||||
| 450 | 3.500%, 7/01/35 | 7/25 at 100.00 | AA | 442,931 |
| 190 | 5.000%, 7/01/37 | 7/25 at 100.00 | AA | 198,244 |
| 1,200 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, | 7/26 at 100.00 | BBB– | 1,215,300 |
| 5.000%, 7/01/47 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, | ||||
| Series 2014A: | ||||
| 875 | 5.000%, 3/01/39 | 3/24 at 100.00 | A1 | 883,706 |
| 1,400 | 5.000%, 3/01/44 | 3/24 at 100.00 | A1 | 1,414,602 |
| 500 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, | 10/23 at 100.00 | BBB | 504,360 |
| 5.250%, 10/01/39 | ||||
| 1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, | 10/30 at 100.00 | BBB | 1,016,917 |
| Series 2020M, 4.000%, 10/01/38 | ||||
| 1,230 | Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art | 7/25 at 100.00 | AA | 1,292,939 |
| Institute, Series 2015, 5.000%, 7/01/33 | ||||
| 450 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding | 7/29 at 100.00 | Baa2 | 469,233 |
| Series 2019, 5.000%, 7/01/36 | ||||
| 1,175 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Series | 7/31 at 100.00 | Baa2 | 1,003,685 |
| 2021, 4.000%, 7/01/51 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017: | ||||
| 2,200 | 5.000%, 4/01/35 | 10/27 at 100.00 | AA– | 2,370,874 |
| 1,250 | 5.000%, 4/01/36 | 10/27 at 100.00 | AA– | 1,343,263 |
26
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Education and Civic Organizations (continued) | ||||
| $ 875 | Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, | 8/25 at 100.00 | AA– | $ 908,836 |
| 5.000%, 8/15/38 | ||||
| 1,325 | Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, | 1/28 at 100.00 | Baa2 | 1,349,354 |
| 5.000%, 1/01/42 | ||||
| 1,510 | Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic | 6/28 at 100.00 | AA– | 1,618,237 |
| Institution, Series 2018, 5.000%, 6/01/43 | ||||
| 840 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/26 at 100.00 | A | 873,281 |
| Institute, Series 2016, 5.000%, 9/01/37 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | ||||
| Institute, Series 2017: | ||||
| 550 | 5.000%, 9/01/42 | 9/27 at 100.00 | A | 568,260 |
| 700 | 5.000%, 9/01/47 | 9/27 at 100.00 | A | 718,424 |
| 2,500 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/27 at 100.00 | A | 2,583,000 |
| Institute, Series 2017B, 5.000%, 9/01/42 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic | 9/29 at 100.00 | A | 929,490 |
| Institute, Series 2019, 4.000%, 9/01/44 | ||||
| 500 | Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, | 7/27 at 100.00 | Baa2 | 516,560 |
| Refunding Series 2017, 5.000%, 7/01/35 | ||||
| 3,000 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | No Opt. Call | AAA | 3,728,760 |
| Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | ||||
| 2,495 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, | 7/26 at 100.00 | AA– | 2,609,545 |
| Series 2016, 5.000%, 1/01/40 | ||||
| Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, | ||||
| Series 1999P: | ||||
| 1,090 | 6.000%, 5/15/29 | No Opt. Call | Aa3 | 1,227,340 |
| 1,000 | 6.000%, 5/15/59 | 5/29 at 105.00 | Aa3 | 1,175,160 |
| 500 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, | No Opt. Call | AA | 537,140 |
| Senior Series 2020B, 5.000%, 7/01/28, (AMT) | ||||
| 4,000 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 11/25 at 100.00 | Aa2 | 4,185,000 |
| 2015-1, 5.000%, 11/01/40 | ||||
| 690 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 11/29 at 100.00 | Aa2 | 757,682 |
| 2020-1, 5.000%, 11/01/36 | ||||
| 2,900 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series | 5/30 at 100.00 | Aa2 | 3,081,395 |
| 2022-1, 5.000%, 11/01/52 | ||||
| 54,985 | Total Education and Civic Organizations | 57,425,982 | ||
| Health Care – 27.1% (16.5% of Total Investments) | ||||
| 1,340 | Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series | 7/26 at 100.00 | BBB | 1,356,013 |
| 2016I, 5.000%, 7/01/41 | ||||
| 1,100 | Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, | 7/24 at 100.00 | A+ | 1,106,424 |
| Series 2014N, 5.000%, 7/01/44 | ||||
| 500 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/26 at 100.00 | BBB | 514,180 |
| Series 2016E, 5.000%, 7/01/32 | ||||
| 1,675 | Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding | 7/26 at 100.00 | A | 1,764,160 |
| Series 2016-I, 5.000%, 7/01/30 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1: | ||||
| 900 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 937,134 |
| 1,000 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 1,038,460 |
| 500 | 5.000%, 7/01/33 | 7/25 at 100.00 | A | 518,265 |
| Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series | ||||
| 2018J-2: | ||||
| 1,500 | 5.000%, 7/01/38 | 7/28 at 100.00 | A | 1,577,340 |
| 2,000 | 5.000%, 7/01/43 | 7/28 at 100.00 | A | 2,048,500 |
27
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| $ 2,800 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A1 | $ 2,835,560 |
| Issue, Series 2016N, 5.000%, 12/01/46 | ||||
| 3,500 | Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated | 8/25 at 100.00 | A | 3,538,535 |
| Group Issue, Series 2015F, 5.000%, 8/15/45 | ||||
| 2,145 | Massachusetts Development Finance Agency, Revenue Bonds, Mass General Brigham, Series | 1/30 at 100.00 | AA– | 2,251,435 |
| 2020A-2, 5.000%, 7/01/39 | ||||
| 1,080 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/23 at 100.00 | BB | 1,088,996 |
| Issue, Series 2014F, 5.750%, 7/15/43 | ||||
| 100 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center | 7/30 at 100.00 | BB | 95,875 |
| Issue, Series 2020G, 5.000%, 7/15/46, 144A | ||||
| 2,100 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System | 1/28 at 100.00 | AA– | 2,053,401 |
| Issue, Series 2017S-1, 4.000%, 7/01/41 | ||||
| 820 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System | 7/23 at 100.00 | BBB+ | 823,165 |
| Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 | ||||
| 170 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System | 7/31 at 100.00 | A– | 171,947 |
| Obligated Group Issue, Series 2021G, 5.000%, 7/01/50 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, | ||||
| Series 2013G: | ||||
| 1,000 | 5.000%, 7/01/37 | 7/23 at 100.00 | BBB+ | 1,003,860 |
| 2,200 | 5.000%, 7/01/44 | 7/23 at 100.00 | BBB+ | 2,204,884 |
| 610 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care | 1/27 at 100.00 | A– | 621,224 |
| Obligated Group Issue, Series 2017K, 5.000%, 7/01/38 | ||||
| Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care | ||||
| Obligated Group Issue, Series 2017L: | ||||
| 400 | 3.625%, 7/01/37 | 7/27 at 100.00 | A– | 348,832 |
| 1,095 | 5.000%, 7/01/44 | 7/27 at 100.00 | A– | 1,107,001 |
| 445 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | A– | 456,881 |
| Series 2016I, 5.000%, 7/01/36 | ||||
| 280 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, | 1/29 at 100.00 | BBB+ | 280,426 |
| 5.000%, 7/01/44 | ||||
| 1,020 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C, | 10/30 at 100.00 | AA | 932,576 |
| 4.000%, 10/01/45 – AGM Insured | ||||
| 30,280 | Total Health Care | 30,675,074 | ||
| Housing/Multifamily – 4.7% (2.8% of Total Investments) | ||||
| 215 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43 | 12/22 at 100.00 | AA+ | 215,211 |
| 725 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 | 12/28 at 100.00 | AA+ | 585,068 |
| 1,000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/50 | 12/28 at 100.00 | AA+ | 725,020 |
| 1,335 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/30 at 100.00 | AA+ | 891,459 |
| 2020D-1, 2.550%, 12/01/50 | ||||
| 400 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/30 at 100.00 | AA+ | 253,224 |
| 2021A-1, 2.450%, 12/01/51 | ||||
| 2,500 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series | 6/32 at 100.00 | AA+ | 2,605,950 |
| 2022C-1, 5.100%, 12/01/52 | ||||
| 6,175 | Total Housing/Multifamily | 5,275,932 | ||
| Housing/Single Family – 0.4% (0.3% of Total Investments) | ||||
| 500 | Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Social Series | 6/32 at 100.00 | AA+ | 491,520 |
| 2022-224, 4.350%, 12/01/42 |
28
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Long-Term Care – 4.8% (2.9% of Total Investments) | ||||
| Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the | ||||
| Charles, Inc. Issue, Series 2017: | ||||
| $ 1,040 | 4.125%, 10/01/42, 144A | 12/22 at 105.00 | BB+ | $ 986,513 |
| 250 | 5.000%, 10/01/47, 144A | 12/22 at 105.00 | BB+ | 254,705 |
| 460 | Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community | 7/25 at 100.00 | A+ | 471,072 |
| Lennox, Series 2015, 5.000%, 7/01/31 | ||||
| 485 | Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, | 12/25 at 103.00 | A– | 445,473 |
| Series 2019, 4.000%, 12/01/42 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/23 at 100.00 | BBB | 1,002,220 |
| 2013A, 5.250%, 1/01/26 | ||||
| 525 | Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series | 1/27 at 103.00 | BBB | 416,792 |
| 2022. Forward Delivery, 4.000%, 1/01/51, 144A | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc., Refunding | 10/24 at 104.00 | BBB | 976,820 |
| Series 2019, 5.000%, 10/01/49 | ||||
| 1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Salem Community Corporation, | 1/32 at 100.00 | N/R | 890,390 |
| Refunding Series 2022, 5.250%, 1/01/50 | ||||
| 5,760 | Total Long-Term Care | 5,443,985 | ||
| Tax Obligation/General – 27.4% (16.6% of Total Investments) | ||||
| 1,240 | Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, | 1/23 at 100.00 | AA | 1,242,120 |
| 5.000%, 2/15/32 | ||||
| 1,885 | Ludlow, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, | 2/27 at 100.00 | AA– | 1,471,129 |
| 3.000%, 2/01/49 | ||||
| 2,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, | 7/25 at 100.00 | Aa1 | 2,060,900 |
| 5.000%, 7/01/45 | ||||
| 3,895 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, | 11/27 at 100.00 | Aa1 | 4,106,498 |
| 5.000%, 11/01/46 | ||||
| 4,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, | 1/29 at 100.00 | Aa1 | 4,244,800 |
| 5.000%, 1/01/49 | ||||
| 3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2022C, | 10/32 at 100.00 | Aa1 | 3,293,310 |
| 5.000%, 10/01/47 | ||||
| 525 | Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 3.000%, 11/01/42 | 11/30 at 100.00 | Aa1 | 437,666 |
| 1,775 | North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series | 1/23 at 100.00 | Aa2 | 1,777,751 |
| 2012, 5.000%, 5/15/35 | ||||
| 1,685 | Northeast Metropolitan Regional Vocational Technical School District, Massachusetts, | 4/31 at 100.00 | AA | 1,634,265 |
| General Obligation Bonds, School Series 2022, 4.000%, 4/15/47 | ||||
| 1,950 | Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series | 9/27 at 100.00 | Aa2 | 1,613,333 |
| 2019, 3.000%, 9/01/42 | ||||
| 2,000 | Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1, 4.000%, 7/01/46 | 7/31 at 103.00 | N/R | 1,544,680 |
| 815 | Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022A, | 6/32 at 100.00 | AA | 889,320 |
| 5.000%, 6/01/50 | ||||
| 3,000 | Quincy, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2022B, | 7/32 at 100.00 | AA | 3,287,160 |
| 5.000%, 7/01/47 | ||||
| Revere, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan | ||||
| Series 2022: | ||||
| 1,625 | 4.000%, 8/01/42 , (WI/DD, Settling 12/08/22) | 8/31 at 100.00 | AA | 1,636,846 |
| 1,745 | 4.000%, 8/01/43 , (WI/DD, Settling 12/08/22) | 8/31 at 100.00 | AA | 1,753,429 |
| 31,140 | Total Tax Obligation/General | 30,993,207 |
29
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Tax Obligation/Limited – 24.8% (15.1% of Total Investments) | ||||
| $ 855 | Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, | 11/24 at 100.00 | AA | $ 887,943 |
| 5.000%, 5/01/33 – BAM Insured | ||||
| 500 | Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, | 5/27 at 100.00 | AA | 535,810 |
| 5.000%, 5/01/35 – BAM Insured | ||||
| 2,000 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series | 7/30 at 100.00 | AA | 2,288,520 |
| 2020B-1, 5.000%, 7/01/32 | ||||
| 1,000 | Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, | No Opt. Call | AA | 1,012,130 |
| 5.375%, 5/01/23 – SYNCORA GTY Insured | ||||
| 550 | Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2022A, | 5/32 at 100.00 | Aa2 | 526,993 |
| 4.000%, 5/01/47 | ||||
| 1,350 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Refunding | 8/25 at 100.00 | AAA | 1,413,707 |
| Senior Series 2015C, 5.000%, 8/15/37 | ||||
| 3,185 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 11/26 at 100.00 | AAA | 3,332,561 |
| Series 2016B, 5.000%, 11/15/46 | ||||
| 2,000 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated | 2/28 at 100.00 | AA+ | 2,133,080 |
| Series 2018A, 5.250%, 2/15/48 | ||||
| 1,500 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated | 2/29 at 100.00 | AA+ | 1,601,115 |
| Series 2019A, 5.000%, 2/15/44 | ||||
| 3,075 | Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series | No Opt. Call | AAA | 3,368,755 |
| 2005, 5.500%, 1/01/27 – NPFG Insured | ||||
| 2,000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated | 6/29 at 100.00 | AA+ | 2,139,340 |
| Bridge Programs, Series 2019A, 5.000%, 6/01/49 | ||||
| 1,500 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series | 6/25 at 100.00 | AA+ | 1,547,565 |
| 2015A, 5.000%, 6/01/45 | ||||
| 485 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | 10/32 at 100.00 | N/R | 489,084 |
| Series 2022A, 5.000%, 10/01/39 | ||||
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
| 865 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 805,600 |
| 843 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 212,453 |
| 4,218 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 793,659 |
| 775 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 708,117 |
| 1,260 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,195,501 |
| 2,867 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | 7/28 at 100.00 | N/R | 2,597,273 |
| Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 | ||||
| 520 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding | 1/23 at 100.00 | AA | 520,270 |
| Series 2012A, 5.000%, 10/01/32 – AGM Insured | ||||
| 31,348 | Total Tax Obligation/Limited | 28,109,476 | ||
| Transportation – 7.8% (4.8% of Total Investments) | ||||
| 2,500 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/47, (AMT) | 7/27 at 100.00 | AA | 2,559,600 |
| Massachusetts Port Authority, Revenue Bonds, Series 2014A: | ||||
| 1,000 | 5.000%, 7/01/39 | 7/24 at 100.00 | AA | 1,026,060 |
| 2,500 | 5.000%, 7/01/44 | 7/24 at 100.00 | AA | 2,550,525 |
| Massachusetts Port Authority, Revenue Bonds, Series 2015A: | ||||
| 715 | 5.000%, 7/01/40 | 7/25 at 100.00 | AA | 743,729 |
| 1,000 | 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 1,031,690 |
| 1,000 | Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, | 7/29 at 100.00 | A1 | 919,710 |
| Series 2019A, 4.000%, 7/01/44, (AMT) | ||||
| 8,715 | Total Transportation | 8,831,314 |
30
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| U.S. Guaranteed – 7.2% (4.4% of Total Investments) (5) | ||||
| $ 1,265 | Massachusetts Clean Energy Cooperative Corporation, Revenue Bonds, Massachusetts | 7/23 at 100.00 | A1 | $ 1,283,355 |
| Municipal Lighting Plant Cooperative, Series 2013, 5.000%, 7/01/32, (Pre-refunded 7/01/23) | ||||
| 1,610 | Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, | 5/24 at 100.00 | Aa2 | 1,664,289 |
| 5.000%, 5/01/44, (Pre-refunded 5/01/24) | ||||
| 1,000 | Massachusetts Development Finance Agency Revenue Bonds, Children?s Hospital Issue, | 10/24 at 100.00 | AA | 1,043,110 |
| Series 2014P, 5.000%, 10/01/46, (Pre-refunded 10/01/24) | ||||
| 1,410 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | N/R | 1,445,165 |
| Obligated Group, Series 2013, 5.250%, 11/15/41, (Pre-refunded 11/15/23) | ||||
| 335 | Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, | 11/23 at 100.00 | N/R | 345,623 |
| Series 2013A, 6.250%, 11/15/28, (Pre-refunded 11/15/23), 144A | ||||
| Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | ||||
| Series 2013A: | ||||
| 990 | 5.000%, 5/15/38, (Pre-refunded 5/15/23) | 5/23 at 100.00 | N/R | 1,001,128 |
| 885 | 5.000%, 5/15/38, (Pre-refunded 5/15/23) | 5/23 at 100.00 | AAA | 895,151 |
| 500 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2016B, 5.000%, | 8/26 at 100.00 | AA+ | 541,045 |
| 8/01/40, (Pre-refunded 8/01/26) | ||||
| 7,995 | Total U.S. Guaranteed | 8,218,866 | ||
| Utilities – 9.5% (5.8% of Total Investments) | ||||
| 565 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, | 7/24 at 100.00 | A– | 572,803 |
| Refunding Series 2014A, 5.000%, 7/01/29 | ||||
| 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 | A– | 1,272,312 |
| 420 | 5.000%, 7/01/40 | 7/27 at 100.00 | A– | 426,674 |
| 415 | Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, | 1/23 at 100.00 | A+ | 415,685 |
| 5.000%, 12/01/32 – NPFG Insured | ||||
| 1,000 | Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, | 2/24 at 100.00 | AAA | 1,017,490 |
| 5.000%, 2/01/45 | ||||
| 4,445 | Massachusetts Municipal Wholesale Electric Company, MMWEC, Revenue Bonds, Project 2015A, | 1/32 at 100.00 | AA– | 4,101,090 |
| Series 2021A, 4.000%, 7/01/46 | ||||
| 1,230 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B, | 8/27 at 100.00 | AA+ | 1,306,014 |
| 5.000%, 8/01/42 | ||||
| 1,000 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series | 4/27 at 100.00 | AA | 1,064,300 |
| 2017C, 5.000%, 4/15/37 | ||||
| 635 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series | 4/29 at 100.00 | AA | 641,369 |
| 2019E, 4.000%, 4/15/38 | ||||
| 10,960 | Total Utilities | 10,817,737 | ||
| $ 187,858 | Total Long-Term Investments (cost $191,997,656) | 186,283,093 | ||
| Variable Rate Demand Preferred Shares, net of deferred offering costs – (65.1)% (6) | (73,763,430) | |||
| Other Assets Less Liabilities – 0.7% | 760,399 | |||
| Net Assets Applicable to Common Shares – 100% | $ 113,280,062 |
31
| NMT | Nuveen Massachusetts Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
| (2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (6) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 39.6%. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| AMT | Alternative Minimum Tax |
| IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
| WI/DD | Purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
32
| NMS | Nuveen Minnesota Quality Municipal |
| Income Fund | |
| Portfolio of Investments | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| LONG-TERM INVESTMENTS – 166.3% (100.0% of Total Investments) | ||||
| MUNICIPAL BONDS – 166.3% (100.0% of Total Investments) | ||||
| Education and Civic Organizations – 33.7% (20.2% 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 | N/R | $ 475,895 |
| 50 | 5.000%, 7/01/36 | 7/24 at 102.00 | N/R | 48,324 |
| 250 | Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, | 7/25 at 100.00 | BB+ | 248,135 |
| Series 2015A, 5.250%, 7/01/40 | ||||
| 570 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 1/23 at 102.00 | BB+ | 571,647 |
| Academy, Series 2014A, 5.750%, 8/01/44 | ||||
| 750 | Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language | 8/27 at 102.00 | BB+ | 719,805 |
| Academy, Series 2019A, 5.250%, 8/01/43 | ||||
| 100 | Greenwood, Minnesota, Charter School Lease Revenue Bonds, Main Street School of | 7/26 at 100.00 | N/R | 84,070 |
| Performing Arts Project, Series 2016A, 5.000%, 7/01/47 | ||||
| 2,200 | Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series | 7/24 at 100.00 | BB | 2,004,948 |
| 2014A, 5.000%, 7/01/44 | ||||
| 1,575 | Independence, Minnesota, Charter School Lease Revenue Bonds, Beacon Academy Project, | 7/26 at 100.00 | N/R | 1,352,736 |
| Series 2016A, 5.000%, 7/01/46 | ||||
| Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Project, | ||||
| Series 2013A: | ||||
| 300 | 6.000%, 7/01/33 | 7/23 at 100.00 | BB+ | 301,611 |
| 1,425 | 6.000%, 7/01/43 | 7/23 at 100.00 | BB+ | 1,428,121 |
| Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, | ||||
| Refunding Series 2017: | ||||
| 500 | 5.000%, 5/01/37 | 5/27 at 100.00 | BB+ | 489,920 |
| 2,000 | 5.000%, 5/01/47 | 5/27 at 100.00 | BB+ | 1,838,680 |
| 1,580 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, | 3/27 at 100.00 | Aa2 | 1,581,138 |
| Refunding Series 2017, 4.000%, 3/01/42 | ||||
| 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 | Baa2 | 483,575 |
| 425 | 4.000%, 12/01/40 | 12/29 at 100.00 | Baa2 | 389,121 |
| 305 | Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, | 3/26 at 100.00 | Baa2 | 277,925 |
| Series 2016-8K, 4.000%, 3/01/43 | ||||
| 600 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Macalester College, | 3/27 at 100.00 | Aa3 | 572,958 |
| Refunding Series 2017, 4.000%, 3/01/48 | ||||
| 225 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine | 10/28 at 100.00 | Baa1 | 230,472 |
| University, Refunding Series 2018A, 5.000%, 10/01/45 | ||||
| 750 | Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, | 10/30 at 100.00 | A1 | 704,250 |
| Series 2021, 4.000%, 10/01/50 | ||||
| Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint | ||||
| Thomas, Series 2019: | ||||
| 750 | 5.000%, 10/01/33 | 10/29 at 100.00 | A2 | 818,108 |
| 235 | 5.000%, 10/01/40 | 10/29 at 100.00 | A2 | 246,900 |
| Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint | ||||
| Thomas, Series 2022B: | ||||
| 2,125 | 5.000%, 10/01/39 | 10/30 at 100.00 | A2 | 2,247,124 |
| 710 | 4.125%, 10/01/41 | 10/30 at 100.00 | A2 | 685,796 |
| 400 | 5.000%, 10/01/47 | 10/30 at 100.00 | A2 | 417,928 |
33
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Education and Civic Organizations (continued) | ||||
| $ 705 | Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School | 9/24 at 100.00 | BB– | $ 619,914 |
| Project, Series 2014A, 5.000%, 9/01/44 | ||||
| 1,250 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 12/29 at 100.00 | BBB– | 998,237 |
| Bonds, Community of Peace Academy Project, Series 2019, 4.000%, 12/01/49 | ||||
| Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | ||||
| Bonds, Twin Cities Academy Project, Series 2015A: | ||||
| 360 | 5.300%, 7/01/45 | 7/25 at 100.00 | BB | 336,193 |
| 510 | 5.375%, 7/01/50 | 7/25 at 100.00 | BB | 473,066 |
| 1,680 | Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue | 7/23 at 100.00 | BB | 1,521,408 |
| Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44 | ||||
| 800 | Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, | 1/23 at 100.00 | BB+ | 781,720 |
| Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33 | ||||
| 390 | Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint | 3/23 at 100.00 | BB | 331,652 |
| Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.625%, 3/01/43 | ||||
| 1,000 | Savage, Minnesota Charter School Lease Revenue Bonds, Aspen Academy Project, Series | 10/26 at 100.00 | N/R | 895,270 |
| 2016A, 5.000%, 10/01/41 | ||||
| 500 | St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, | 12/26 at 102.00 | BB+ | 445,520 |
| Higher Ground Academy Charter School, Series 2018, 5.125%, 12/01/49 | ||||
| 26,020 | Total Education and Civic Organizations | 24,622,167 | ||
| Health Care – 37.5% (22.5% of Total Investments) | ||||
| 250 | Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, | 3/26 at 100.00 | N/R | 245,143 |
| Refunding Series 2016, 4.000%, 3/01/32 | ||||
| 180 | City of Plato, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health | 4/27 at 100.00 | BBB | 183,121 |
| Services Project, Series 2017, 5.000%, 4/01/41 | ||||
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | ||||
| Essentia Health Obligated Group, Series 2018A: | ||||
| 110 | 4.250%, 2/15/43 | 2/28 at 100.00 | A– | 105,062 |
| 700 | 5.000%, 2/15/43 | 2/28 at 100.00 | A– | 713,006 |
| 4,750 | 5.000%, 2/15/48 | 2/28 at 100.00 | A– | 4,798,165 |
| 1,000 | 5.000%, 2/15/53 | 2/28 at 100.00 | A– | 1,005,130 |
| 510 | 5.000%, 2/15/58 | 2/28 at 100.00 | A– | 511,454 |
| Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | ||||
| Saint Luke’s Hospital of Duluth Obligated Group, Series 2021A: | ||||
| 200 | 4.000%, 6/15/33 | 6/31 at 100.00 | BBB– | 190,986 |
| 430 | 3.000%, 6/15/44 | 6/31 at 100.00 | BBB– | 295,634 |
| 150 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 6/32 at 100.00 | BBB– | 152,151 |
| Saint Luke’s Hospital of Duluth Obligated Group, Series 2022B, 5.250%, 6/15/47 | ||||
| Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health | ||||
| Services Project, Series 2013: | ||||
| 400 | 4.000%, 4/01/27 | 1/23 at 100.00 | BBB | 397,364 |
| 230 | 4.000%, 4/01/31 | 1/23 at 100.00 | BBB | 224,314 |
| 720 | Maple Grove, Minnesota, Health Care Facilities Revenue Refunding Bonds, North Memorial | 9/25 at 100.00 | Baa1 | 671,198 |
| Health Care, Series 2015, 4.000%, 9/01/35 | ||||
| Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, | ||||
| Series 2017: | ||||
| 200 | 5.000%, 5/01/31 | 5/27 at 100.00 | Baa1 | 208,834 |
| 165 | 5.000%, 5/01/32 | 5/27 at 100.00 | Baa1 | 171,325 |
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2021: | ||||
| 1,500 | 4.000%, 11/15/36 | 11/31 at 100.00 | AA– | 1,482,915 |
| 500 | 4.000%, 11/15/39 | 11/31 at 100.00 | AA– | 488,990 |
| 265 | Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | 11/25 at 100.00 | A | 252,240 |
| Series 2015A, 4.000%, 11/15/40 |
34
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Health Care (continued) | ||||
| Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, | ||||
| Series 2018A: | ||||
| $ 1,500 | 4.000%, 11/15/48 | 11/28 at 100.00 | A | $ 1,345,470 |
| 1,000 | 5.000%, 11/15/49 | 11/28 at 100.00 | A | 1,021,620 |
| 915 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2018A, | 5/28 at 100.00 | AA | 886,781 |
| 4.000%, 11/15/48 | ||||
| 1,000 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2022, | 11/32 at 100.00 | AA | 1,078,390 |
| 5.000%, 11/15/57 | ||||
| 1,275 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/26 at 100.00 | AA– | 1,259,458 |
| 2016A, 4.000%, 5/01/37 | ||||
| 1,000 | Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System, Series | 5/29 at 100.00 | AA– | 1,022,740 |
| 2019, 5.000%, 5/01/48 | ||||
| 3,920 | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue | 7/25 at 100.00 | A | 3,886,719 |
| Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 | ||||
| Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, | ||||
| Fairview Health Services, Series 2017A: | ||||
| 245 | 4.000%, 11/15/36 | 11/27 at 100.00 | A | 240,168 |
| 240 | 4.000%, 11/15/37 | 11/27 at 100.00 | A | 233,076 |
| 2,170 | 4.000%, 11/15/43 | 11/27 at 100.00 | A | 1,996,270 |
| 955 | Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp | 1/23 at 100.00 | N/R | 955,191 |
| Project, Series 2007-1, 5.000%, 8/01/36 | ||||
| Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional | ||||
| Medical Center, Refunding Series 2014: | ||||
| 765 | 4.000%, 9/01/31 | 9/24 at 100.00 | A | 761,343 |
| 630 | 5.000%, 9/01/34 | 9/24 at 100.00 | A | 636,275 |
| 27,875 | Total Health Care | 27,420,533 | ||
| Housing/Multifamily – 2.2% (1.3% of Total Investments) | ||||
| 1,635 | Coon Rapids, Minnesota, Multifamily Housing Revenue Bonds, Tralee Terrace Apartments | 1/23 at 100.00 | Aaa | 1,636,700 |
| Project, Series 2010, 4.500%, 6/01/26 | ||||
| Housing/Single Family – 0.6% (0.4% of Total Investments) | ||||
| 50 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C, | 1/23 at 100.00 | AA+ | 46,298 |
| 3.900%, 7/01/43 | ||||
| 20 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, | 7/24 at 100.00 | AA+ | 19,676 |
| 3.500%, 1/01/32 | ||||
| 445 | Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2020I, | 1/30 at 100.00 | AA+ | 391,787 |
| 1.700%, 1/01/31 | ||||
| 515 | Total Housing/Single Family | 457,761 | ||
| Industrials – 6.2% (3.7% of Total Investments) | ||||
| Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond | ||||
| Fund Series 2013-1: | ||||
| 1,400 | 4.500%, 6/01/33 | 6/23 at 100.00 | A+ | 1,414,224 |
| 600 | 4.750%, 6/01/39 | 6/23 at 100.00 | A+ | 607,632 |
| 2,650 | Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint | 1/23 at 100.00 | BBB | 2,488,668 |
| Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37, (AMT), 144A | ||||
| 4,650 | Total Industrials | 4,510,524 | ||
| Long-Term Care – 11.3% (6.8% of Total Investments) | ||||
| 805 | Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at | 11/24 at 100.00 | N/R | 674,010 |
| Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49 | ||||
| 380 | Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford | 11/24 at 100.00 | Baa1 | 347,936 |
| Foundation Project, Series 2014, 4.000%, 11/01/39 |
35
| NMS | Nuveen Minnesota Quality Municipal Income Fund |
| Portfolio of Investments (continued) | |
| November 30, 2022 (Unaudited) |
| Principal | Optional Call | |||
| Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
| Long-Term Care (continued) | ||||
| $ 875 | Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., | 1/23 at 100.00 | N/R | $ 701,750 |
| Refunding Series 2013, 5.200%, 3/01/43 | ||||
| Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield Senior Housing, Inc., | ||||
| Refunding Series 2015: | ||||
| 175 | 5.250%, 1/01/40 | 1/23 at 100.00 | N/R | 141,752 |
| 850 | 5.250%, 1/01/46 | 1/23 at 100.00 | N/R | 650,675 |
| 500 | Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, | 1/23 at 100.00 | N/R | 458,720 |
| Walker Highview Hills LLC Project, Refunding Series 2016A, 5.000%, 8/01/51, 144A | ||||
| 1,350 | Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding | 1/23 at 100.00 | N/R | 1,246,145 |
| Series 2012, 4.750%, 11/15/28 | ||||
| 750 | Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill | 5/23 at 100.00 | N/R | 683,003 |
| City Project, Series 2015, 5.250%, 11/01/45 | ||||
| 215 | Saint Joseph, Minnesota, Senior Housing and Healthcare Revenue Bonds, Woodcrest of | 7/24 at 102.00 | N/R | 176,248 |
| Country Manor Project, Series 2019 A, 5.000%, 7/01/55 | ||||
| 1,300 | Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Mount Olivet Careview | 6/26 at 100.00 | N/R | 1,021,020 |
| Home Project, Series 2016B, 4.900%, 6/01/49 | ||||
| 500 | Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care | 5/23 at 100.00 | N/R | 423,210 |
| Revenue Bonds, Episcopal Homes Project, Series 2013, 5.125%, 5/01/48 | ||||
| Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian | ||||
| Homes Bloomington Project, Refunding Series 2017: | ||||
| 500 | 4.125%, 9/01/34 | 9/24 at 100.00 | N/R | 464,395 |
| 350 | 4.125%, 9/01/35 | 9/24 at 100.00 | N/R | 321,051 |
| 585 | Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd | 1/23 at 100.00 | N/R | 509,675 |
| Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39 | ||||
| 500 | Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone Senior Living Community, | 8/24 at 102.00 | N/R | 475,255 |
| Refunding Series 2019, 5.000%, 8/01/49 | ||||
| 9,635 | Total Long-Term Care | 8,294,845 | ||
| Tax Obligation/General – 28.4% (17.1% of Total Investments) | ||||
| Brainerd Independent School District 181, Crow Wing County, Minnesota, General | ||||
| Obligation Bonds, Facilities Maintenance Series 2018D: | ||||
| 1,015 | 4.000%, 2/01/38 | 2/27 at 100.00 | AAA | 1,031,686 |
| 1,055 | 4.000%, 2/01/39 | 2/27 at 100.00 | AAA | 1,070,224 |
| 1,000 | Brainerd Independent School District 181, Crow Wing County, Minnesota, General | 2/27 at 100.00 | AAA | 1,008,770 |
| Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/42 | ||||
| 1,020 | Brooklyn Center Independent School District 286, Minnesota, General Obligation Bonds, | 2/27 at 100.00 | Aa1 | 1,014,645 |
| Series 2018A, 4.000%, 2/01/43 | ||||
| 300 | Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation | 2/25 at 67.23 | AAA | 189,498 |
| Bonds, School Building Series 2015A, 0.000%, 2/01/35 | ||||
| 1,000 | Cloquet Independent School District 94, Carlton and Sant Louis Counties, Minnesota, | 2/25 at 100.00 | Aa1 | 1,011,160 |
| General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 | ||||
| 540 | Duluth Independent School District 709, Saint Louis County, Minnesota, General | 2/28 at 89.86 | Aa1 | 357,950 |
| Obligation Bonds, Capital Appreciation Series 2021C, 0.000%, 2/01/33 | ||||
| 1,000 | Hennepin County, Minnesota, General Obligation Bonds, Series 2020A, 5.000%, 12/01/36 | 12/30 at 100.00 | AAA | 1,129,120 |
| 2,000 | Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, | 2/27 at 100.00 |