Nuveen Georgia 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 811-21152

Nuveen Georgia 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: August 31, 2018

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

 

 

NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments    August 31, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 156.7% (99.9% of Total Investments)        
    MUNICIPAL BONDS – 156.7% (99.9% of Total Investments)        
    Education and Civic Organizations – 16.0% (10.2% of Total Investments)        
$ 700   Carrollton Payroll Development Authority, Georgia, Student Housing Revenue Bonds, University of West Georgia, Series 2004A, 5.000%, 9/01/21  –  SYNCORA GTY Insured   11/18 at 100.00 A1 $701,862
1,600   Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41  –  AGM Insured   7/21 at 100.00 AA 1,709,744
1,340   Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013B, 7.000%, 10/01/43   10/23 at 100.00 N/R 1,403,127
3,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36   3/26 at 100.00 A2 3,318,510
1,530   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37   7/27 at 100.00 A+ 1,736,382
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A, 5.000%, 10/01/43   10/23 at 100.00 AA+ 3,315,990
2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46   10/26 at 100.00 AA+ 2,278,680
    Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Tender Option Bond Trust 2015-XF0073:        
730   13.121%, 9/01/32, 144A (IF)   9/19 at 100.00 AA+ 825,389
1,150   13.140%, 9/01/35, 144A (IF)   9/19 at 100.00 AA+ 1,297,763
1,325   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/30   10/22 at 100.00 Baa2 1,419,539
1,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32   10/21 at 100.00 Baa2 1,043,310
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44   4/24 at 100.00 A- 3,227,520
20,375   Total Education and Civic Organizations       22,277,816
    Health Care – 14.9% (9.5% of Total Investments)        
    Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:        
205   5.250%, 12/01/22 (4), (5)   11/18 at 100.00 N/R  —
745   5.375%, 12/01/28 (4), (5)   12/18 at 100.00 N/R  —
715   Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40   6/20 at 100.00 AA- 749,821
2,000   Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 AA- 2,193,600
1

NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    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 $1,984,593
1,000   5.000%, 4/01/37   4/27 at 100.00 A 1,111,800
1,485   5.000%, 4/01/47   4/27 at 100.00 A 1,633,678
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:        
235   5.000%, 2/15/33   2/20 at 100.00 AA 244,097
235   5.125%, 2/15/40   2/20 at 100.00 AA 243,763
930   5.250%, 2/15/45   2/20 at 100.00 AA 966,447
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B:        
3,000   5.500%, 2/15/42   2/27 at 100.00 AA 3,528,840
5,500   5.250%, 2/15/45   2/27 at 100.00 AA 6,306,520
1,620   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37   11/22 at 100.00 AA- 1,786,374
19,450   Total Health Care       20,749,533
    Housing/Multifamily – 0.9% (0.6% of Total Investments)        
1,205   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Testletree Village Apartments, Series 2013A, 4.500%, 11/01/35   11/23 at 100.00 BBB+ 1,209,892
    Tax Obligation/General – 39.8% (25.4% of Total Investments)        
4,000   Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 8/01/42   8/26 at 100.00 AA+ 4,532,120
3,000   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41   7/25 at 100.00 AA 3,322,650
530   Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project, Series 2007A, 5.000%, 7/01/37  –  AMBAC Insured (Alternative Minimum Tax)   11/18 at 100.00 AA+ 531,118
1,000   Cherokee County School System, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/27   No Opt. Call AA+ 1,195,140
1,725   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Performing Arts Center, Refunding Series 2013, 5.000%, 1/01/21   No Opt. Call AAA 1,854,030
2,000   DeKalb County, Georgia, General Obligation Bonds, Special Transportation, Parks and Greenspace and Libraries Tax District Series 2016, 5.000%, 12/01/27   12/26 at 100.00 Aa3 2,366,860
    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 1,154,010
650   5.000%, 2/01/35  –  AGM Insured   2/27 at 100.00 AA 736,125
1,135   Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2012B, 5.000%, 7/01/23   7/22 at 100.00 Aa2 1,249,544
2,000   Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2016, 5.000%, 7/01/35   7/26 at 100.00 Aa2 2,253,200
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 3,000   Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 4/01/44   4/25 at 100.00 AAA $3,355,410
3,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54   2/25 at 100.00 AA 3,430,800
10   Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%, 3/15/31   3/21 at 100.00 Aaa 10,159
2,500   Georgia State, General Obligation Bonds, Refunding Series 2016E, 5.000%, 12/01/27   12/26 at 100.00 AAA 2,993,525
3,550   Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28   2/25 at 100.00 AAA 4,113,207
3,500   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36   2/23 at 100.00 AAA 3,879,750
1,500   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37   2/24 at 100.00 Aa3 1,633,785
2,000   Henry County School District, Georgia, General Obligation Bonds, Series 2016, 5.000%, 8/01/27   8/26 at 100.00 AA+ 2,373,960
    Lamar County School District, Georgia, General Obligation Bonds, Series 2017:        
1,205   5.000%, 3/01/32   9/27 at 100.00 Aa1 1,407,079
345   5.000%, 3/01/33   9/27 at 100.00 Aa1 401,076
    Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:        
303   5.500%, 7/15/23   7/21 at 100.00 N/R 304,096
601   5.500%, 7/15/30   7/21 at 100.00 N/R 603,759
659   5.500%, 1/15/36   7/21 at 100.00 N/R 662,792
500   Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31   2/28 at 100.00 Aa1 594,035
3,000   Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47   5/26 at 100.00 Aaa 3,403,170
2,260   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41   10/21 at 100.00 Aa2 2,426,743
    Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:        
1,000   5.000%, 8/01/30   2/26 at 100.00 Aa1 1,151,970
1,035   5.000%, 8/01/31   2/26 at 100.00 Aa1 1,187,052
2,000   Winder-Barrow Industrial Building Authority, Georgia, Revenue Bonds, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29  –  AGM Insured   12/21 at 100.00 A1 2,166,900
49,008   Total Tax Obligation/General       55,294,065
    Tax Obligation/Limited – 21.8% (13.9% 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+ 1,373,284
1,260   5.000%, 12/01/36   12/27 at 100.00 AA+ 1,456,472
3,250   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44   7/25 at 100.00 Aa3 3,687,255
3

NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    Atlanta Urban Redevelopment Agency, Georgia, Revenue Bonds, Downtown Parking Deck Project, Series 2017:        
$ 1,220   5.000%, 12/01/28   12/27 at 100.00 Aa1 $1,464,598
1,230   5.000%, 12/01/29   12/27 at 100.00 Aa1 1,468,780
575   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24   No Opt. Call A3 652,918
    Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:        
1,200   5.000%, 1/01/30   1/27 at 100.00 A2 1,369,848
1,525   5.000%, 1/01/31   1/27 at 100.00 A2 1,733,650
725   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41   7/23 at 100.00 A- 787,923
    Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993:        
90   5.500%, 10/01/18  –  NPFG Insured   No Opt. Call Baa2 90,241
5,745   5.625%, 10/01/26  –  NPFG Insured   10/19 at 100.00 Baa2 6,347,938
405   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26  –  NPFG Insured   No Opt. Call A+ 458,177
3,020   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28  –  NPFG Insured   No Opt. Call Baa2 3,176,134
700   Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds, Series 2017A, 5.000%, 6/01/29   6/27 at 100.00 AA 823,361
3,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015A, 5.000%, 7/01/43   7/25 at 100.00 AA+ 3,359,700
1,000   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41   7/26 at 100.00 AA+ 1,135,500
810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38   12/22 at 100.00 Aa2 885,816
26,935   Total Tax Obligation/Limited       30,271,595
    Transportation – 11.6% (7.4% of Total Investments)        
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/30 (Alternative Minimum Tax)   1/21 at 100.00 AA- 2,118,100
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31   1/22 at 100.00 AA- 2,183,100
2,810   Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (Alternative Minimum Tax)   1/22 at 100.00 AA- 3,012,095
    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- 2,892,498
3,750   5.000%, 1/01/34   1/24 at 100.00 AA- 4,204,425
1,500   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29   6/20 at 100.00 Baa3 1,654,935
14,635   Total Transportation       16,065,153
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed – 14.2% (9.0% of Total Investments) (6)        
$ 1,760   Athens Housing Authority, Georgia, Revenue Bonds, UGAREF East Campus Housing LLC, Project, Series 2009, 5.250%, 6/15/35 (Pre-refunded 6/15/19)   6/19 at 100.00 Aa2 $1,810,178
1,500   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31 (Pre-refunded 1/01/19)   1/19 at 100.00 A2 1,528,110
250   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19)   1/19 at 100.00 A2 254,785
2,000   Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University Medical Center, Inc., Series 2012A, 5.000%, 1/01/31 (Pre-refunded 1/01/22)   1/22 at 100.00 N/R 2,193,220
600   Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)   1/22 at 100.00 Aa1 660,000
625   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)   5/22 at 100.00 AA+ 692,862
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B:        
765   5.000%, 2/15/33 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R 799,739
765   5.125%, 2/15/40 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R 801,100
3,015   5.250%, 2/15/45 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R 3,162,614
    Georgia Municipal Association Inc., Certificates of Participation, Riverdale Public Purpose Project, Series 2009:        
905   5.375%, 5/01/32 (Pre-refunded 5/01/19)  –  AGC Insured   5/19 at 100.00 AA 927,109
1,165   5.500%, 5/01/38 (Pre-refunded 5/01/19)  –  AGC Insured   5/19 at 100.00 AA 1,194,405
1,000   Georgia State, General Obligation Bonds, Series 2009B, 5.000%, 1/01/26 (Pre-refunded 1/01/19)   1/19 at 100.00 AAA 1,011,150
    Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009:        
425   5.000%, 8/01/32 (Pre-refunded 8/01/19)   8/19 at 100.00 N/R 437,465
975   5.000%, 8/01/35 (Pre-refunded 8/01/19)   8/19 at 100.00 N/R 1,003,597
1,470   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2010, 5.000%, 8/01/21 (Pre-refunded 8/01/20)  –  AGM Insured   8/20 at 100.00 AA 1,554,290
570   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20  –  AMBAC Insured (ETM)   No Opt. Call N/R 600,506
1,000   Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.500%, 1/01/38 (Pre-refunded 1/01/19)   1/19 at 100.00 Aa1 1,012,750
18,790   Total U.S. Guaranteed       19,643,880
    Utilities – 18.2% (11.6% of Total Investments)        
2,500   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45   2/28 at 100.00 A- 2,477,675
    Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017:        
2,000   5.000%, 3/01/29   3/27 at 100.00 A 2,343,580
1,750   5.000%, 3/01/33   3/27 at 100.00 A 2,017,662
5

NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities (continued)        
$ 3,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43   1/23 at 100.00 A+ $3,260,430
1,005   Georgia Municipal Electric Authority, Project One Revenue Bonds, Subordinated Series 2007A-2, 5.000%, 1/01/25   11/18 at 100.00 A 1,007,543
    Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:        
1,055   5.000%, 3/15/20   No Opt. Call A+ 1,100,270
1,300   5.000%, 3/15/21   No Opt. Call A+ 1,388,348
1,500   5.000%, 3/15/22   No Opt. Call A+ 1,630,095
2,000   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.000%, 3/15/22   No Opt. Call A+ 2,182,660
2,000   Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)   8/23 at 100.40 Aa2 2,129,240
1,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32   No Opt. Call A 928,860
    Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A:        
2,000   5.000%, 1/01/28   7/26 at 100.00 A 2,259,100
2,260   5.000%, 1/01/30  –  BAM Insured   7/26 at 100.00 AA 2,572,965
23,870   Total Utilities       25,298,428
    Water and Sewer – 19.3% (12.3% of Total Investments)        
4,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 11/01/39   11/27 at 100.00 Aa2 4,615,400
260   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30  –  AGM Insured   No Opt. Call AA 339,178
5   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35  –  AGM Insured   11/18 at 100.00 AA 5,012
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31   5/24 at 100.00 AA+ 564,400
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36   5/26 at 100.00 AA+ 569,395
    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 AA 7,107,720
300   5.000%, 10/01/35  –  AGM Insured   10/26 at 100.00 AA 344,580
5,350   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41   10/21 at 100.00 Aa3 5,818,767
1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33   1/23 at 100.00 AA 1,106,540
825   Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21  –  AGM Insured   No Opt. Call AA 874,805
    Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A:        
155   5.000%, 9/01/35   9/27 at 100.00 AA 179,929
535   5.000%, 9/01/37   9/27 at 100.00 AA 617,845
2,000   South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/30   1/24 at 100.00 AA 2,226,540
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$ 2,315   Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2016, 4.000%, 2/01/38   2/26 at 100.00 Aa2 $ 2,406,743
23,745   Total Water and Sewer       26,776,854
$ 198,013   Total Long-Term Investments (cost $213,462,513)       217,587,216
    
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments)        
    MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)        
    Health Care – 0.1% (0.1% of Total Investments)        
$ 231   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 4/30/17 (4), (5)   No Opt. Call N/R $ 113,509
$ 231   Total Short-Term Investments (cost $231,260)       113,509
    Total Investments (cost $213,693,773) – 156.8%       217,700,725
    Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (59.1)% (7)       (81,993,276)
    Other Assets Less Liabilities – 2.3%       3,125,156
    Net Asset Applicable to Common Shares – 100%       $ 138,832,605
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, prepayment speeds, credit risk, 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 $ — $217,587,216 $  —* $217,587,216
Short-Term Investments:        
Municipal Bonds  —  — 113,509 113,509
Total $ — $217,587,216 $113,509 $217,700,725
    
* Value equals zero as of the end of the reporting period.
7

NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2018
  (Unaudited)
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 August 31, 2018.
Tax cost of investments $213,580,778
Gross unrealized:  
Appreciation $ 6,239,487
Depreciation (2,119,540)
Net unrealized appreciation (depreciation) of investments $ 4,119,947
(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 valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.  
(5) 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.  
(6) 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.  
(7) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 37.7%.  
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.  
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.  
8

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

Date: October 30, 2018

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: October 30, 2018      
By (Signature and Title)    /s/ Stephen D. Foy                                                                    
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: October 30, 2018