Nuveen Virginia Quality Municipal Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07490

Nuveen Virginia Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 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: February 28, 2019

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 

 

 

 

 

Item 1. Schedule of Investments

 

 

NPV
Nuveen Virginia Quality Municipal Income Fund
Portfolio of Investments    February 28, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 156.6% (98.7% of Total Investments)        
    MUNICIPAL BONDS – 156.6% (98.7% of Total Investments)        
    Consumer Staples  – 6.3% (3.9% of Total Investments)        
    Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:        
$ 560   5.250%, 6/01/32   5/19 at 100.00 N/R $535,651
700   5.625%, 6/01/47   2/19 at 100.00 N/R 645,708
8,135   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47   2/19 at 100.00 B- 7,772,098
6,645   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2007B2, 5.200%, 6/01/46   6/21 at 100.00 B- 6,596,558
120   Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31   3/19 at 100.00 A3 120,189
16,160   Total Consumer Staples       15,670,204
    Education and Civic Organizations – 12.6% (7.9% of Total Investments)        
1,615   Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2012, 3.750%, 1/01/30   1/22 at 100.00 A1 1,655,956
    Alexandria Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Episcopal High School, Series 2017:        
1,105   4.000%, 1/01/37   1/27 at 100.00 A1 1,154,294
565   4.000%, 1/01/40   1/27 at 100.00 A1 585,323
580   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26   3/19 at 100.00 B+ 575,354
1,000   Industrial Development Authority of the City of Lexington, Virginia, Washington and Lee University, Educational Facility Revenue Bonds, Refunding Series 2018A, 5.000%, 1/01/43   1/28 at 100.00 AA 1,153,720
500   Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech Foundation, Refunding Series 2017A, 4.000%, 6/01/36   6/27 at 100.00 Aa2 529,150
750   Roanoke Economic Development Authority, Virginia, Educational Facilities Revenue Bonds, Lynchburg College, Series 2018A, 5.000%, 9/01/43   9/28 at 100.00 BBB+ 813,255
2,500   The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Green Series 2015A-2, 5.000%, 4/01/45   4/25 at 100.00 AAA 2,849,725
    The Rector and Visitors of the University of Virginia, General Pledge Revenue Bonds, Refunding Series 2017A:        
9,000   5.000%, 4/01/42 (UB) (4)   4/27 at 100.00 AAA 10,385,280
1,515   5.000%, 4/01/42   4/27 at 100.00 AAA 1,748,189
1,000   Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Green Series 2015B, 5.000%, 7/01/45, 144A   7/25 at 100.00 BB+ 1,028,860
1

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount University Project, Refunding Series 2015A:        
$ 1,500   5.000%, 7/01/35, 144A   7/25 at 100.00 BB+ $1,565,970
4,000   5.000%, 7/01/45, 144A   7/25 at 100.00 BB+ 4,115,440
1,195   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2001, 5.375%, 1/01/21   No Opt. Call AA 1,255,599
1,460   Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University, Series 2015A, 5.000%, 1/01/40   1/25 at 100.00 AA 1,658,604
500   Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke College, Series 2011, 5.750%, 4/01/41   4/20 at 100.00 BBB+ 517,380
28,785   Total Education and Civic Organizations       31,592,099
    Health Care – 20.0% (12.6% of Total Investments)        
5,000   Arlington County Industrial Development Authority, Virginia, Hospital Facility Revenue Bonds, Virginia Hospital Center Arlington Health System, Refunding Series 2010, 5.000%, 7/01/31   7/20 at 100.00 AA- 5,170,050
3,375   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/40   1/23 at 100.00 BBB+ 3,594,442
1,000   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2012A, 5.000%, 5/15/40   5/22 at 100.00 AA+ 1,086,710
2,000   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2018A, 4.000%, 5/15/48   5/28 at 100.00 AA+ 2,051,840
4,950   Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23   No Opt. Call AA+ 5,425,695
2,500   Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/23   No Opt. Call A- 2,802,250
3,500   Industrial Development Authority of the City of Newport News, Virginia, Health System Revenue Bonds, Riverside Health System, Series 2015A, 5.330%, 7/01/45, 144A   7/25 at 100.00 N/R 3,664,570
    Lynchburg Economic Development Authority, Virginia, Hospital Revenue Bonds, Centra Health Obligated Group, Refunding Series 2017A:        
155   5.000%, 1/01/31   1/27 at 100.00 A 178,982
2,000   5.000%, 1/01/47   1/27 at 100.00 A 2,221,300
1,000   Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, Sentara Healthcare Systems, Refunding Series 2018B, 4.000%, 11/01/48   11/28 at 100.00 AA 1,030,700
3,155   Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 5.000%, 11/01/46   11/22 at 100.00 Aa3 3,387,208
    Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, Mary Washington Healthcare Obligated Group, Refunding Series 2016:        
1,000   5.000%, 6/15/32   6/26 at 100.00 A- 1,123,170
1,440   5.000%, 6/15/35   6/26 at 100.00 A- 1,597,018
1,360   4.000%, 6/15/37   6/26 at 100.00 A- 1,375,218
3,200   Virginia Commonwealth University Health System Authority, General Revenue Bonds, Series 2017B, 5.000%, 7/01/46   7/27 at 100.00 AA- 3,595,072
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 2,975   Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%, 11/01/40   5/20 at 100.00 AA $3,079,304
2,335   Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2014A, 5.000%, 1/01/44   1/24 at 100.00 A+ 2,510,335
    Winchester Economic Development Authority, Virginia, Hospital Revenue Bonds, Valley Health System Obligated Group, Refunding Series 2015:        
1,500   5.000%, 1/01/33   1/26 at 100.00 A+ 1,690,845
1,000   5.000%, 1/01/35   1/26 at 100.00 A+ 1,120,870
2,000   4.000%, 1/01/37   1/26 at 100.00 A+ 2,053,220
1,215   5.000%, 1/01/44   1/26 at 100.00 A+ 1,326,075
46,660   Total Health Care       50,084,874
    Housing/Multifamily – 6.4% (4.1% of Total Investments)        
1,000   Richmond Redevelopment and Housing Authority, Virginia, Multi-Family Housing Revenue Bonds, American Tobacco Apartments, Series 2017, 5.550%, 1/01/37, 144A   1/27 at 100.00 N/R 1,014,480
400   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45   10/19 at 100.00 AA+ 405,544
530   Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32   2/20 at 100.00 AA+ 541,692
1,000   Virginia Housing Development Authority, Rental Housing Bonds, Series 2012A, 3.625%, 3/01/32   3/21 at 100.00 AA+ 1,006,230
    Virginia Housing Development Authority, Rental Housing Bonds, Series 2015A:        
1,000   3.500%, 3/01/35   3/24 at 100.00 AA+ 1,000,680
1,000   3.625%, 3/01/39   3/24 at 100.00 AA+ 990,330
900   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015C, 4.000%, 8/01/45   8/24 at 100.00 AA+ 907,452
2,750   Virginia Housing Development Authority, Rental Housing Bonds, Series 2015E, 3.750%, 12/01/40   12/24 at 100.00 AA+ 2,758,112
1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36   5/25 at 100.00 AA+ 1,472,220
1,700   Virginia Housing Development Authority, Rental Housing Bonds, Series 2017A, 3.875%, 3/01/47   3/26 at 100.00 AA+ 1,703,570
3,000   Virginia Housing Development Authority, Rental Housing Bonds, Series 2019A, 3.800%, 9/01/44 (WI/DD, Settling 3/26/19)   3/28 at 100.00 AA+ 2,993,250
1,340   Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51   4/20 at 100.00 AA+ 1,359,216
16,120   Total Housing/Multifamily       16,152,776
    Housing/Single Family – 1.6% (1.0% of Total Investments)        
    Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:        
715   4.400%, 10/01/31   10/22 at 100.00 AAA 755,877
3,000   4.750%, 10/01/38   10/22 at 100.00 AAA 3,162,660
3,715   Total Housing/Single Family       3,918,537
3

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Long-Term Care – 6.9% (4.3% of Total Investments)        
$ 900   Alexandria Industrial Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House Incorporated, Series 2015, 5.000%, 10/01/45   10/25 at 100.00 BBB+ $956,844
    Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2016A:        
1,965   5.000%, 10/01/36   10/24 at 102.00 BBB+ 2,127,643
1,100   5.000%, 10/01/42   10/24 at 102.00 BBB+ 1,180,311
700   4.000%, 10/01/42   10/24 at 102.00 BBB+ 678,510
1,000   Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Revenue Bonds, Vinson Hall LLC, Series 2013A, 5.000%, 12/01/42   12/23 at 100.00 BBB+ 1,044,940
875   Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Refunding Series 2015, 4.000%, 10/01/35   10/20 at 100.00 BBB+ 878,176
1,000   Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2016, 4.000%, 1/01/37   1/25 at 102.00 BBB- 994,910
1,000   Lexington Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Kendal at Lexington Retirement Community Inc., Refunding Series 2017A, 5.000%, 1/01/42   1/23 at 103.00 BBB- 1,062,230
    Prince William County Industrial Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster at Lake Ridge, Refunding Series 2016:        
670   5.000%, 1/01/37   1/25 at 102.00 BBB 700,994
2,000   5.000%, 1/01/46   1/25 at 102.00 BBB 2,061,900
1,000   Roanoke Economic Development Authority, Virgina, Residential Care Facility Mortgage Revenue Refunding Bonds, Virginia Lutheran Homes Brandon Oaks Project, Series 2012, 4.625%, 12/01/27   12/22 at 100.00 N/R 1,021,110
1,500   Roanoke Industrial Development Authority, Virginia, Residential Revenue Bonds, Virginia Lutheran Homes Incorporated, Series 2006, 5.000%, 12/01/39   3/19 at 100.00 N/R 1,500,375
    Suffolk Economic Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./United Church Homes and Services Obligated Group, Refunding Series 2016:        
1,000   5.000%, 9/01/26   9/24 at 102.00 N/R 1,070,080
1,920   5.000%, 9/01/31   9/24 at 102.00 N/R 2,005,306
16,630   Total Long-Term Care       17,283,329
    Tax Obligation/General – 2.8% (1.8% of Total Investments)        
2,035   Arlington County, Virginia, General Obligation Bonds, Refunding Series 2014B, 5.000%, 8/15/22   No Opt. Call AAA 2,268,211
830   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25   7/20 at 100.00 Aa1 866,005
1,510   Fairfax County, Virginia, General Obligation Bonds, Refunding Public Improvement Series 2011A, 5.000%, 4/01/20   No Opt. Call AAA 1,565,311
1,630   Norfolk, Virginia, General Obligation Bonds, Refunding Series 2017C, 5.000%, 9/01/30   3/27 at 100.00 AA+ 1,950,426
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 380   Richmond, Virginia, General Obligation Bonds, Refunding & Public Improvement Series 2017D, 5.000%, 3/01/33   No Opt. Call AA+ $ 489,030
6,385   Total Tax Obligation/General       7,138,983
    Tax Obligation/Limited – 30.0% (18.9% of Total Investments)        
    Arlington County Industrial Development Authority, Virginia, Revenue Bonds, Refunding County Projects, Series 2017:        
1,730   5.000%, 2/15/35   8/27 at 100.00 Aa1 2,012,717
1,340   5.000%, 2/15/37   8/27 at 100.00 Aa1 1,546,775
    Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:        
415   5.250%, 7/15/25  –  ACA Insured   3/19 at 100.00 N/R 408,875
520   5.500%, 7/15/35  –  ACA Insured   3/19 at 100.00 N/R 483,366
290   Cofina, Puerto Rico, Series 2007A Senior Bonds Due 2041 National Custodial Trust Taxable Trust Unit, 0.000%, 8/01/41 (5)   No Opt. Call N/R 243,040
881   Cofina, Puerto Rico, Series 2007A Senior Bonds Due 2041 National Custodial Trust Tax-Exempt Trust Unit, 0.000%, 8/01/41 (5)   No Opt. Call N/R 777,032
600   Dulles Town Center Community Development Authority, Loudon County, Virginia, Special Assessment Refunding Bonds, Dulles Town Center Project, Series 2012, 4.250%, 3/01/26   3/22 at 100.00 N/R 597,486
100   Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, Series 2015, 5.600%, 3/01/45, 144A   3/25 at 100.00 N/R 101,165
1,000   Fairfax County Economic Development Authority, Virginia, County Facilities Revenue Bonds, Refunding Series 2017B, 5.000%, 10/01/33   10/27 at 100.00 AA+ 1,182,980
1,500   Fairfax County Economic Development Authority, Virginia, Revenue Bonds, Metrorail Parking System Project, Series 2017, 5.000%, 4/01/42   4/27 at 100.00 AA+ 1,701,945
4,000   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/34   11/25 at 100.00 BB 4,271,760
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
1,020   5.000%, 1/01/31   1/22 at 100.00 BB 1,058,954
500   5.250%, 1/01/36   1/22 at 100.00 BB 522,170
925   Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Refunding Series 2015, 5.000%, 6/15/19   No Opt. Call AA- 933,473
1,000   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/34   12/26 at 100.00 BB 1,076,900
    Hampton Roads Transportation Accountability Commission, Virginia, Hampton Roads Transportation Fund Revenue Bonds, Senior Lien Series 2018A:        
4,000   5.000%, 7/01/48 (UB) (4)   1/28 at 100.00 AA+ 4,580,600
2,000   5.000%, 7/01/52   1/28 at 100.00 AA+ 2,283,480
13,000   5.000%, 7/01/52 (UB) (4)   1/28 at 100.00 AA+ 14,842,620
1,000   5.500%, 7/01/57   1/28 at 100.00 AA+ 1,177,410
960   Lower Magnolia Green Community Development Authority, Virginia, Special Assessment Bonds, Series 2015, 5.000%, 3/01/45, 144A   3/25 at 100.00 N/R 960,979
5

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Peninsula Town Center Community Development Authority, Virginia, Special Obligation Bonds, Refunding Series 2018:        
$ 360   4.500%, 9/01/28, 144A   9/27 at 100.00 N/R $375,736
3,000   5.000%, 9/01/45, 144A   9/27 at 100.00 N/R 3,117,750
645   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 7/01/29  –  AMBAC Insured   No Opt. Call C 711,654
5,875   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 0.000%, 7/01/28  –  AMBAC Insured   No Opt. Call C 3,549,557
5,085   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/29  –  AMBAC Insured   No Opt. Call C 2,898,755
1,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Bonds, 2019A-1, 4.500%, 7/01/34   7/25 at 100.00 N/R 1,001,250
760   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Refunding Series 2007CC, 5.500%, 7/01/28  –  NPFG Insured   No Opt. Call Baa2 830,057
1,500   Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A   9/25 at 100.00 A 1,592,070
2,240   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Working Capital Series 2014A, 5.000%, 10/01/34  –  AGM Insured, 144A   10/24 at 100.00 AA 2,384,010
1,600   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Refunding Series 2013B, 5.000%, 10/01/24  –  AGM Insured   No Opt. Call AA 1,724,880
2,000   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien, Series 2013A, 5.000%, 10/01/24  –  AGM Insured   No Opt. Call AA 2,156,340
1,725   Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32  –  AGM Insured   10/22 at 100.00 AA 1,854,185
3,500   Virginia Commonwealth Transportation Board, Federal Transportation Grant Anticipation Revenue Notes, Series 2016, 5.000%, 9/15/30   9/26 at 100.00 AA+ 4,158,560
2,000   Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2015A, 5.000%, 8/01/26   8/25 at 100.00 AA+ 2,368,120
1,250   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42   11/22 at 100.00 AAA 1,377,187
95   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A, 5.000%, 5/01/19   3/19 at 100.00 AA 95,237
120   Virginia Small Business Finance Authority, Tourism Development Financing Program Revenue Bonds,Downtown Norfolk and Virginia Beach Oceanfront Hotel Projects, Series 2018A, 8.375%, 4/01/41, 144A   4/28 at 112.76 N/R 138,548
1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2012, 4.000%, 5/15/37   5/22 at 100.00 AA+ 1,033,400
1,000   Virginia Transportation Board, Transportation Revenue Bonds, Capital Projects, Series 2018, 4.000%, 5/15/38   5/28 at 100.00 AA+ 1,047,270
1,835   Western Virginia Regional Jail Authority, Virginia, Facility Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/36   12/26 at 100.00 Aa2 2,090,671
73,371   Total Tax Obligation/Limited       75,268,964
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation – 40.0% (25.2% of Total Investments)        
    Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Refunding Series 2016A:        
$ 775   5.000%, 7/01/32   7/26 at 100.00 A2 $884,476
375   4.000%, 7/01/34   7/26 at 100.00 A2 397,999
400   4.000%, 7/01/35   7/26 at 100.00 A2 423,296
250   4.000%, 7/01/38   7/26 at 100.00 A2 262,248
    Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016:        
1,705   5.000%, 7/01/41  –  AGM Insured   7/26 at 100.00 AA 1,928,918
8,320   5.000%, 7/01/46   7/26 at 100.00 BBB 9,079,532
    Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B:        
2,000   0.000%, 7/15/32 (6)   7/28 at 100.00 BBB 1,777,540
4,125   0.000%, 7/15/40 (6)   7/28 at 100.00 BBB 3,597,247
1,000   0.000%, 7/15/40  –  AGM Insured (6)   7/28 at 100.00 AA 888,940
4,800   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53   4/22 at 100.00 BBB+ 4,963,104
    Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B:        
4,000   0.000%, 10/01/26  –  AGC Insured   No Opt. Call AA 3,191,160
11,825   0.000%, 10/01/34  –  AGC Insured   No Opt. Call AA 6,587,116
1,135   0.000%, 10/01/36  –  AGC Insured   No Opt. Call AA 575,604
5,010   0.000%, 10/01/39  –  AGC Insured   No Opt. Call AA 2,173,839
6,700   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44   10/28 at 100.00 BBB+ 8,457,075
750   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2010B, 5.000%, 10/01/26 (AMT)   10/20 at 100.00 AA- 784,605
    Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2010A:        
3,400   5.000%, 10/01/30   10/20 at 100.00 AA- 3,559,596
420   5.000%, 10/01/35   10/20 at 100.00 AA- 438,379
7,300   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/35 (AMT)   10/26 at 100.00 AA- 8,246,080
375   Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/34 (AMT)   10/27 at 100.00 AA- 430,039
    Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Refunding Series 2018A:        
2,000   5.000%, 10/01/32 (AMT)   10/28 at 100.00 AA- 2,346,340
3,290   5.000%, 10/01/36 (AMT)   10/28 at 100.00 AA- 3,786,494
2,000   5.000%, 10/01/38 (AMT)   10/28 at 100.00 AA- 2,281,660
7

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016:        
$ 150   5.000%, 8/01/26 (AMT)   8/21 at 100.00 BB $157,148
595   5.000%, 8/01/31 (AMT)   8/21 at 100.00 BB 617,247
2,460   Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22  –  FGIC Insured   No Opt. Call A 2,589,224
8,460   Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (AMT)   6/27 at 100.00 BBB 9,109,220
2,500   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (AMT)   1/22 at 100.00 BBB 2,611,575
    Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:        
750   5.250%, 1/01/32 (AMT)   7/22 at 100.00 BBB 799,072
5,025   6.000%, 1/01/37 (AMT)   7/22 at 100.00 BBB 5,491,772
5,700   5.500%, 1/01/42 (AMT)   7/22 at 100.00 BBB 6,089,709
    Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2017B:        
3,000   5.000%, 7/01/36   7/27 at 100.00 AA- 3,480,990
1,000   5.000%, 7/01/42   7/27 at 100.00 AA- 1,136,920
1,000   Washington Metropolitan Area Transit Authority, District of Columbia, Gross Revenue Bonds, Series 2018, 5.000%, 7/01/43   7/27 at 100.00 AA- 1,134,970
102,595   Total Transportation       100,279,134
    U.S. Guaranteed – 17.6% (11.1% of Total Investments) (7)        
610   Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25 (Pre-refunded 7/15/20)   7/20 at 100.00 N/R 637,352
1,750   Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24  –  AGM Insured (ETM)   No Opt. Call AA 1,924,597
630   Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2001, 5.000%, 7/15/21  –  AGM Insured (ETM)   No Opt. Call AA 655,547
1,030   Chesapeake Bay Bridge and Tunnel Commission, Virginia, General Resolution Revenue Bonds, Refunding Series 1998, 5.500%, 7/01/25  –  NPFG Insured (ETM)   No Opt. Call Baa2 1,217,553
2,145   Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health, Series 2010C-2, 5.000%, 11/01/42 (Pre-refunded 11/01/20)  –  AGC Insured   11/20 at 100.00 AA 2,256,240
4,150   Fairfax County Economic Development Authority, Virginia, Transportation District Improvement Revenue Bonds, Silver Line Phase 1 Project, Series 2011, 5.000%, 4/01/27 (Pre-refunded 4/01/20)   4/20 at 100.00 Aaa 4,301,558
3,340   Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Tender Option Bond Trust 2016-XG0021, 12.732%, 5/15/35 (Pre-refunded 5/15/19), 144A (IF)   5/19 at 100.00 AA+ 3,416,954
1,100   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.375%, 12/01/24 (Pre-refunded 12/01/19)   12/19 at 100.00 N/R 1,131,295
8

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (7) (continued)        
    Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A:        
$ 1,295   5.000%, 1/01/39 (Pre-refunded 1/01/21)   1/21 at 100.00 N/R $1,374,578
5,205   5.000%, 1/01/39 (Pre-refunded 1/01/21)   1/21 at 100.00 AA+ 5,524,847
795   Henrico County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Bon Secours Health System, Series 1996, 6.250%, 8/15/20  –  NPFG Insured (ETM)   No Opt. Call A+ 827,309
1,000   Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 1,008,180
    Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D:        
5,900   5.000%, 7/15/34 (Pre-refunded 7/15/20)   7/20 at 100.00 N/R 6,168,627
150   5.000%, 7/15/34 (Pre-refunded 7/15/20)   7/20 at 100.00 AA 156,933
1,630   Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41 (Pre-refunded 9/01/21)   9/21 at 100.00 A+ 1,766,056
710   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22  –  AGM Insured (ETM)   No Opt. Call A2 789,910
1,000   Richmond, Virginia, General Obligation Bonds, Public Improvement Series 2009A, 5.000%, 7/15/22 (Pre-refunded 7/15/19)   7/19 at 100.00 AA+ 1,012,670
1,200   Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2011A, 4.000%, 2/01/29 (Pre-refunded 2/01/21)   2/21 at 100.00 AA+ 1,254,600
3,195   Virginia Port Authority, Port Facilities Revenue Bonds, Refunding Series 2010, 5.000%, 7/01/40 (Pre-refunded 7/01/19)   7/19 at 100.00 A 3,230,081
4,010   Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Financing Program, Series 2012A, 5.000%, 11/01/42 (Pre-refunded 11/01/22)   11/22 at 100.00 N/R 4,487,952
1,020   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 (Pre-refunded 4/15/20)   4/20 at 100.00 AA 1,064,319
41,865   Total U.S. Guaranteed       44,207,158
    Utilities – 7.1% (4.5% of Total Investments)        
2,000   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 (Mandatory Put 7/01/22) (8)   No Opt. Call N/R 2,000,000
    Guam Power Authority, Revenue Bonds, Series 2012A:        
1,500   5.000%, 10/01/30  –  AGM Insured   10/22 at 100.00 AA 1,638,120
495   5.000%, 10/01/34   10/22 at 100.00 BBB 519,359
1,000   Louisa Industrial Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company, Refunding Series 2008A, 1.750%, 11/01/35 (Mandatory Put 5/16/19)   No Opt. Call A2 999,340
395   Peninsula Ports Authority of Virginia, Coal Terminal Revenue Bonds, Dominion Terminal Associates Project-DETC Issue, Refunding Series 2003, 1.550%, 10/01/33 (Mandatory Put 10/01/19)   No Opt. Call BBB 393,629
    Richmond, Virginia, Public Utility Revenue Bonds, Refunding Series 2016A:        
5,000   5.000%, 1/15/33   1/26 at 100.00 AA 5,766,250
1,000   5.000%, 1/15/35   1/26 at 100.00 AA 1,146,030
9

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 730   Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/24   3/19 at 100.00 Caa2 $677,075
900   Virginia Small Business Financing Authority, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2018, 5.000%, 1/01/48 (AMT) (Mandatory Put 7/01/38) , 144A   7/23 at 100.00 B 919,224
3,750   York County Economic Development Authority, Virginia, Pollution Control Revenue Bonds, Virginia Electric and Power Company Project, Refunding Series 2009A, 1.875%, 5/01/33 (Mandatory Put 5/16/19)   No Opt. Call A2 3,748,463
16,770   Total Utilities       17,807,490
    Water and Sewer – 5.3% (3.4% of Total Investments)        
1,675   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40   7/27 at 100.00 A- 1,807,476
810   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43   7/23 at 100.00 A- 866,935
    Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Subordinate Series 2018A:        
1,415   5.000%, 10/01/40   10/27 at 100.00 AA 1,626,811
1,010   5.000%, 10/01/42   10/27 at 100.00 AA 1,156,258
1,000   5.000%, 10/01/43   10/27 at 100.00 AA 1,143,840
1,545   Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/19  –  AGM Insured   No Opt. Call AA 1,582,095
3,000   Norfolk, Virginia, Water Revenue Bonds, Series 2015A, 5.250%, 11/01/44   11/24 at 100.00 AA+ 3,491,850
1,000   Norfolk, Virginia, Water Revenue Bonds, Series 2017, 5.000%, 11/01/42   11/27 at 100.00 AA+ 1,150,750
1,000   Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Goochland County - Tuckahoe Creek Service District Project, Series 2012, 0.000%, 11/01/34   11/22 at 63.13 AA 564,610
12,455   Total Water and Sewer       13,390,625
$ 381,511   Total Long-Term Investments (cost $377,487,740)       392,794,173
    
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 2.1% (1.3% of Total Investments)        
    MUNICIPAL BONDS – 2.1% (1.3% of Total Investments)        
    Health Care – 2.1% (1.3% of Total Investments)        
$ 5,320   Norfolk Economic Development Authority, Virginia, Hospital Facility Revenue Bonds, Sentara Healthcare Systems, Variable Rate Demand Obligations, Refunding Series 2016B, 1.720%, 11/01/34 Mandatory Put 11/01/19 (9)   5/19 at 100.00 A-1+ $ 5,320,000
$ 5,320   Total Short-Term Investments (cost $5,320,000)       5,320,000
    Total Investments (cost $382,807,740) – 158.7%       398,114,173
    Floating Rate Obligations – (8.1)%       (20,350,000)
    Variable Rate Demand Preferred Shares, net of deferred offering costs – (50.9)% (10)       (127,629,161)
    Other Assets Less Liabilities – 0.3%       763,239
    Net Asset Applicable to Common Shares – 100%       $ 250,898,251
10

Fair Value Measurements
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $392,794,173 $ — $392,794,173
Short-Term Investments:        
Municipal Bonds  — 5,320,000  — 5,320,000
Total $ — $398,114,173 $ — $398,114,173
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
Tax cost of investments $362,336,331
Gross unrealized:  
Appreciation $ 16,844,732
Depreciation (1,416,859)
Net unrealized appreciation (depreciation) of investments $ 15,427,873
11

NPV Nuveen Virginia Quality Municipal Income Fund (continued)
  Portfolio of Investments February 28, 2019
  (Unaudited)
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.  
(3) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.  
(4) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.  
(5) Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments.  
(6) Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.  
(7) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.  
(8) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.  
(9) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.  
(10) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.1%.  
144A Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.  
AMT Alternative Minimum Tax  
ETM Escrowed to maturity  
IF Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
12

Item 2. Controls and Procedures.

 

  a.

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

 

  b.

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 

 

SIGNATURES

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

 

(Registrant)    Nuveen Virginia Quality Municipal Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                       
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: April 29, 2019

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

 

By (Signature and Title)    /s/ Cedric H. Antosiewicz                                                        
   Cedric H. Antosiewicz   
   Chief Administrative Officer (principal executive officer)   
Date: April 29, 2019      
By (Signature and Title)    /s/ E. Scott Wickerham                                                            
   E. Scott Wickerham   
   Vice President and Controller (principal financial officer)   
Date: April 29, 2019