NPORT-EX 2 NAZ.htm
NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments    November 30, 2021
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 153.3% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 153.3% (100.0% of Total Investments)        
    Education and Civic Organizations – 33.8% (22.0% of Total Investments)        
$2,175   Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/47   7/26 at 100.00 AA $2,565,521
1,500   Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 7/01/41   7/25 at 100.00 AA 1,721,250
1,500   Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 5.000%, 7/01/41   7/25 at 100.00 AA 1,721,250
1,255   Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B, 4.000%, 7/01/47   7/30 at 100.00 AA 1,476,696
2,515   Arizona Board of Regents, Univeristy of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2014, 5.000%, 8/01/44   8/24 at 100.00 Aa3 2,800,226
515   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A   7/26 at 100.00 BB 590,442
525   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47   7/27 at 100.00 AA- 607,115
250   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A   7/27 at 100.00 BB 287,557
    Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F:        
1,700   5.000%, 7/01/37   7/27 at 100.00 AA- 2,011,100
1,645   5.000%, 7/01/47   7/27 at 100.00 AA- 1,921,212
380   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A   7/27 at 100.00 BB 437,087
240   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A   11/27 at 100.00 N/R 250,320
420   Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Somerset Academy of Las Vegas, Aliante and Skye Canyon Campus Projects, Series 2021A, 4.000%, 12/15/41, 144A   12/29 at 100.00 BB 461,429
375   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A   9/27 at 100.00 BB+ 423,810
270   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A   No Opt. Call BB 291,592
    Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A:        
615   5.000%, 7/01/38   1/28 at 100.00 AA- 727,588
1,000   5.000%, 7/01/48   1/28 at 100.00 AA- 1,167,640
455   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy of Nevada, Horizon, Inspirada and St. Rose Campus Projects, Series 2018A, 5.750%, 7/15/38, 144A   7/26 at 100.00 BB+ 527,736
1

NAZ Nuveen Arizona Quality Municipal Income Fund (continued)
  Portfolio of Investments November 30, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$1,000   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy of Nevada, Sloan Canyon Campus Project, Series 2020A-2, 6.000%, 9/15/38, 144A   9/23 at 105.00 BB+ $1,120,540
175   Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds, Pensar Academy Project, Series 2020, 4.000%, 7/01/30, 144A   7/28 at 100.00 BB- 187,320
    Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of Indianapolis - Health Pavilion Project, Series 2019A:        
1,645   4.000%, 10/01/39   10/29 at 100.00 BBB+ 1,880,548
1,080   4.000%, 10/01/49   10/29 at 100.00 BBB+ 1,215,227
1,500   Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy Project, Series 2018A, 6.375%, 6/01/39, 144A   6/28 at 100.00 N/R 1,718,670
2,000   Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31   5/22 at 100.00 A+ 2,031,880
    Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center for Academic Success Project, Refunding Series 2019:        
360   4.000%, 7/01/31   7/29 at 100.00 BBB 412,909
340   4.000%, 7/01/33   7/29 at 100.00 BBB 387,437
195   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Autism Charter Schools Project, Social Series 2021A, 4.000%, 7/01/51, 144A   7/29 at 100.00 BB 212,408
355   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37   7/27 at 100.00 AA- 417,267
490   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48   7/27 at 100.00 AA- 567,724
1,495   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Highland Prep Project, Series 2019, 5.000%, 1/01/43   1/30 at 100.00 AA- 1,839,792
665   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2019A, 5.000%, 7/01/49   7/29 at 100.00 AA- 804,830
870   Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 5.000%, 7/01/47, 144A   7/26 at 100.00 BB+ 964,343
    Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016:        
520   5.000%, 7/01/36   7/26 at 100.00 Baa3 592,290
300   5.000%, 7/01/47   7/26 at 100.00 Baa3 337,497
2,500   Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Creighton University Projects, Series 2020, 5.000%, 7/01/47   1/30 at 100.00 A2 3,105,125
2,095   McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37   7/26 at 100.00 AA- 2,482,407
1,155   Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40   6/24 at 100.00 A+ 1,269,680
70   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A   7/25 at 100.00 BB 77,169
900   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42   9/22 at 100.00 BB 918,819
2

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$1,400   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Eagle College Prep Project, Series 2013A, 5.000%, 7/01/43   7/22 at 100.00 BB+ $1,417,976
800   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41   7/25 at 100.00 BBB- 885,504
500   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A   7/24 at 100.00 BB+ 567,895
    Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015:        
315   5.000%, 7/01/35, 144A   7/25 at 100.00 BB+ 342,594
300   5.000%, 7/01/45, 144A   7/25 at 100.00 BB+ 322,011
650   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A   7/26 at 100.00 BB+ 720,518
610   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A, 5.000%, 9/01/45, 144A   9/30 at 100.00 Ba2 688,696
    Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015:        
210   3.250%, 7/01/25   No Opt. Call BBB- 218,826
400   5.000%, 7/01/35   7/25 at 100.00 BBB- 445,292
500   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Vista College Preparatory Project, Series 2018A, 4.125%, 7/01/38   7/28 at 100.00 AA- 560,060
1,995   Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016, 5.000%, 10/01/36   10/26 at 100.00 A3 2,326,010
3,675   Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 (UB) (4)   6/22 at 100.00 A 3,753,829
500   Pima County Community College District, Arizona, Revenue Bonds, Series 2019, 5.000%, 7/01/36   7/28 at 100.00 Aa3 617,650
200   Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44   5/24 at 100.00 N/R 216,916
    Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017:        
120   6.000%, 6/15/37, 144A   6/26 at 100.00 N/R 113,176
680   6.125%, 6/15/47, 144A   6/26 at 100.00 N/R 625,478
200   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36   7/26 at 100.00 BB- 219,326
35   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A   2/24 at 100.00 N/R 36,705
115   Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A   2/28 at 100.00 N/R 131,174
745   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42   1/22 at 100.00 B- 745,320
500   Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools, Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A   6/25 at 100.00 BB 545,590
730   Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017, 5.000%, 7/01/35  –  BAM Insured   7/26 at 100.00 AA 852,910
3

NAZ Nuveen Arizona Quality Municipal Income Fund (continued)
  Portfolio of Investments November 30, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$780   Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/39  –  BAM Insured   6/24 at 100.00 AA $854,599
53,005   Total Education and Civic Organizations       59,741,508
    Health Care – 20.2% (13.2% of Total Investments)        
1,000   Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/42   2/22 at 100.00 AA- 1,007,890
    Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A:        
3,005   5.000%, 12/01/39   12/24 at 100.00 A+ 3,380,114
2,860   5.000%, 12/01/42   12/24 at 100.00 A+ 3,212,466
430   Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children's National Prince County Regional Medical Center, Series 2020A, 4.000%, 9/01/40   9/30 at 100.00 A1 507,499
    Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2020A:        
1,400   5.000%, 2/01/40   2/30 at 100.00 AA- 1,786,652
1,950   4.000%, 2/01/50   2/30 at 100.00 AA- 2,251,899
1,000   Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children's Hospital, Series 2021A, 4.000%, 2/01/40   2/32 at 100.00 AA- 1,202,780
1,250   Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A, 5.000%, 9/01/37   9/28 at 100.00 A+ 1,548,488
    Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A:        
1,250   5.000%, 1/01/32   1/27 at 100.00 AA- 1,502,650
1,000   5.000%, 1/01/35   1/27 at 100.00 AA- 1,201,150
2,000   5.000%, 1/01/38   1/27 at 100.00 AA- 2,400,040
    Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017A:        
2,700   4.000%, 1/01/41   1/28 at 100.00 AA- 3,084,480
2,000   5.000%, 1/01/41   1/28 at 100.00 AA- 2,421,140
1,000   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2019A, 4.000%, 1/01/44   7/29 at 100.00 AA- 1,164,060
1,500   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Variable Rate Demand Series 2019F, 4.000%, 1/01/45   7/30 at 100.00 AA- 1,758,810
1,000   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A, 4.000%, 4/01/46   4/31 at 100.00 A 1,173,480
1,025   Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Refunding Series 2016, 5.000%, 8/01/36   8/26 at 100.00 A+ 1,196,452
1,000   Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33   8/23 at 100.00 A+ 1,075,790
1,450   Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43   8/29 at 100.00 A+ 1,680,013
4

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A:        
$1,000   5.000%, 8/01/22   No Opt. Call A $1,031,510
1,000   5.250%, 8/01/32   8/24 at 100.00 A 1,119,860
30,820   Total Health Care       35,707,223
    Housing/Multifamily – 0.9% (0.6% of Total Investments)        
1,250   Arizona Industrial Development Authority, Student Housing Revenue Bonds, Provident Group - NCCU Properties LLC- North Carolina Central University, Series 2019A, 4.000%, 6/01/44  –  BAM Insured   6/29 at 100.00 AA 1,418,100
250   Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A, 0.000%, 10/01/56, 144A   10/29 at 103.00 N/R 207,652
1,500   Total Housing/Multifamily       1,625,752
    Long-Term Care – 4.3% (2.8% of Total Investments)        
585   Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017, 5.375%, 1/01/38   7/25 at 101.00 N/R 576,617
2,115   Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal Oaks Royal Oaks - Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56   5/26 at 103.00 BBB- 2,379,819
1,840   Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36   10/25 at 101.00 N/R 1,874,261
1,495   Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2021A, 4.000%, 12/01/46   12/29 at 102.00 N/R 1,629,744
1,080   Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A, 6.125%, 10/01/47, 144A   10/27 at 100.00 N/R 1,187,601
7,115   Total Long-Term Care       7,648,042
    Tax Obligation/General – 15.9% (10.4% of Total Investments)        
575   Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35  –  BAM Insured   7/27 at 100.00 AA 693,111
2,140   El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42  –  AGM Insured   7/22 at 100.00 AA 2,193,029
1,000   Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30  –  AGM Insured   1/22 at 100.00 AA 1,004,160
2,315   Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 1990, Series 1990A, 5.000%, 7/01/38   7/28 at 100.00 Aa1 2,858,956
630   Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37   7/27 at 100.00 Aa1 762,911
775   Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23   1/22 at 100.00 Aa1 777,953
1,500   Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series 2018C, 5.000%, 7/01/36   7/28 at 100.00 Aa3 1,852,950
5

NAZ Nuveen Arizona Quality Municipal Income Fund (continued)
  Portfolio of Investments November 30, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$1,350   Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, School Improvement Series 2018, 5.000%, 7/01/36   7/25 at 102.00 Aa1 $1,562,814
1,275   Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33   7/27 at 100.00 AAA 1,556,048
    Mohave County Union High School District 2 Colorado River, Arizona, General Obligation Bonds, School Improvement Series 2017:        
1,000   5.000%, 7/01/34   7/27 at 100.00 A1 1,203,740
1,000   5.000%, 7/01/36   7/27 at 100.00 A1 1,200,780
690   Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/01/36   7/27 at 100.00 AA- 832,671
1,370   Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30  –  AGM Insured   1/22 at 100.00 AA 1,376,138
2,895   Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34  –  AGM Insured   7/24 at 100.00 AA 3,207,023
1,750   Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25   1/22 at 100.00 A 1,756,528
1,500   Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36  –  BAM Insured   7/27 at 100.00 AA 1,810,155
    Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds, School improvement Project 2016, Series 2017A:        
620   5.000%, 7/01/34  –  BAM Insured   7/27 at 100.00 AA 742,617
1,000   5.000%, 7/01/35  –  BAM Insured   7/27 at 100.00 AA 1,196,450
    Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project 2012, Series2014B:        
715   4.500%, 7/01/33   7/24 at 100.00 AA- 782,560
665   4.500%, 7/01/34   7/24 at 100.00 AA- 726,938
24,765   Total Tax Obligation/General       28,097,532
    Tax Obligation/Limited – 37.9% (24.7% of Total Investments)        
100   Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Linder Village Project in Meridian, Ada County, Idaho, Series 2020, 5.000%, 6/01/31, 144A   No Opt. Call N/R 118,326
2,310   Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/36   7/22 at 100.00 A1 2,359,873
1,250   Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35   7/26 at 100.00 AA+ 1,478,225
275   Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36   7/26 at 100.00 AA 308,171
1,000   Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37   7/25 at 100.00 AA 1,145,210
1,215   Cadence Community Facilities District, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 3, Series 2020, 4.000%, 7/01/45   7/30 at 100.00 N/R 1,321,628
123   Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A (5)   7/27 at 100.00 N/R 94,597
6

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$1,210   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A   7/25 at 100.00 N/R $1,289,630
1,810   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42  –  AGM Insured   7/27 at 100.00 AA 2,130,768
2,445   Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2018, 4.375%, 7/15/43  –  BAM Insured   7/27 at 100.00 AA 2,786,102
484   Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38   7/23 at 100.00 N/R 498,176
697   Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43   7/27 at 100.00 N/R 750,404
2,280   Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 12, Series 2021, 3.750%, 7/01/45   7/30 at 100.00 N/R 2,375,122
1,035   Eastmark Community Facilities District 2, Mesa, Arizona, General Obligation Bonds, Series 2020, 3.500%, 7/15/44   7/30 at 100.00 N/R 1,041,469
105   Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32  –  AGM Insured   7/27 at 100.00 AA 126,216
    Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2012:        
345   5.000%, 7/15/27  –  BAM Insured   7/22 at 100.00 AA 355,257
1,085   5.000%, 7/15/31   7/22 at 100.00 AA 1,114,848
500   Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2016, 4.000%, 7/15/36  –  BAM Insured   7/26 at 100.00 AA 563,390
1,000   Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/37  –  BAM Insured   7/27 at 100.00 AA 1,210,570
590   Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2018, 5.000%, 7/15/38  –  BAM Insured   7/27 at 100.00 AA 713,363
1,000   Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2020, 4.000%, 7/15/40  –  BAM Insured   7/30 at 100.00 AA 1,191,000
371   Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37   7/27 at 100.00 N/R 397,078
545   Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32   7/26 at 100.00 A1 609,114
810   Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation Refunding Bonds, Series 2013, 5.000%, 7/15/23   No Opt. Call A- 844,271
1,500   Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39   11/25 at 100.00 BB 1,693,110
1,250   Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46   12/26 at 100.00 BB 1,432,838
1,425   Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33   7/23 at 100.00 AA 1,525,961
200   Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016, 5.000%, 7/15/31   7/26 at 100.00 BBB 228,052
385   Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42  –  BAM Insured   7/27 at 100.00 AA 450,080
7

NAZ Nuveen Arizona Quality Municipal Income Fund (continued)
  Portfolio of Investments November 30, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$400   Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31   12/21 at 100.00 N/R $346,456
2,500   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36   12/22 at 100.00 A 2,599,575
580   Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (AMT)   7/22 at 100.00 AA+ 595,132
1,000   Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33   8/24 at 100.00 AA 1,104,590
1,600   Pinal County, Arizona, Pledged Revenue Obligations, Series 2019, 4.000%, 8/01/39   8/28 at 100.00 AA 1,864,448
    Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:        
1,550   4.550%, 7/01/40   7/28 at 100.00 N/R 1,760,691
2,040   5.000%, 7/01/58   7/28 at 100.00 N/R 2,342,022
1,085   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40   7/28 at 100.00 N/R 1,217,913
    Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding Series 2016:        
540   4.000%, 8/01/34   8/26 at 100.00 AA 610,486
545   4.000%, 8/01/36   8/26 at 100.00 AA 611,910
1,740   Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/42   8/28 at 100.00 AA 2,139,504
2,400   Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2020, 4.000%, 8/01/50   8/30 at 100.00 AA 2,823,864
    San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A:        
1,400   5.000%, 7/01/34  –  BAM Insured   7/24 at 100.00 AA 1,552,796
2,100   5.000%, 7/01/38  –  BAM Insured   7/24 at 100.00 AA 2,320,626
3,000   Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24   No Opt. Call AAA 3,361,080
1,650   Sundance Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Refunding Series 2018, 5.000%, 7/15/39  –  BAM Insured   7/28 at 100.00 AA 2,024,962
1,150   Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2021, 4.000%, 7/15/41  –  AGM Insured   7/31 at 100.00 AA 1,367,201
2,505   Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37   7/22 at 100.00 AAA 2,575,816
85   Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22  –  AGM Insured   No Opt. Call AA 87,012
600   Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25, 144A   12/21 at 100.00 N/R 600,762
4,240   Yavapai County Jail District, Arizona, Pleged Revenue Obligation Bonds, Series 2020, 4.000%, 7/01/40  –  BAM Insured   7/29 at 100.00 AA 4,908,945
60,055   Total Tax Obligation/Limited       66,968,640
8

Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation – 8.2% (5.4% of Total Investments)        
    Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A:        
$910   5.000%, 7/01/40   7/25 at 100.00 A1 $1,042,141
2,185   5.000%, 7/01/45   7/25 at 100.00 A1 2,502,284
    Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013:        
1,785   5.000%, 7/01/30 (AMT)   7/23 at 100.00 Aa3 1,907,665
2,215   5.000%, 7/01/32 (AMT)   7/23 at 100.00 Aa3 2,365,399
2,000   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/47 (AMT)   7/27 at 100.00 Aa3 2,392,120
1,500   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2018, 5.000%, 7/01/43 (AMT)   7/28 at 100.00 Aa3 1,814,550
    Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue Bonds, Series 2019A:        
975   5.000%, 7/01/33   7/29 at 100.00 A3 1,214,177
1,045   5.000%, 7/01/35   7/29 at 100.00 A3 1,297,263
12,615   Total Transportation       14,535,599
    U.S. Guaranteed – 7.2% (4.7% of Total Investments) (6)        
1,480   Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)   7/22 at 100.00 AA 1,521,396
2,240   Arizona Board of Regents, Univeristy of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 17.758%, 6/01/42 (Pre-refunded 6/01/22), 144A (IF)   6/22 at 100.00 Aa2 2,447,782
1,200   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44 (Pre-refunded 1/01/24)   1/24 at 100.00 AA- 1,316,052
550   Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 (Pre-refunded 7/15/27)  –  AGM Insured   7/27 at 100.00 AA 677,534
55   Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32 (Pre-refunded 7/15/26)   7/26 at 100.00 N/R 63,384
545   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33 (Pre-refunded 7/01/23)   7/23 at 100.00 A- 586,387
720   Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 (Pre-refunded 6/01/24)   6/24 at 100.00 N/R 801,900
2,000   Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/39 (Pre-refunded 7/01/24)   7/24 at 100.00 AAA 2,240,160
1,320   Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36 (Pre-refunded 7/01/27)   7/27 at 100.00 AAA 1,631,586
1,495   Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R 1,536,367
11,605   Total U.S. Guaranteed       12,822,548
9

NAZ Nuveen Arizona Quality Municipal Income Fund (continued)
  Portfolio of Investments November 30, 2021
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Utilities – 24.9% (16.2% of Total Investments)        
$1,495   Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30   3/22 at 100.00 A- $1,509,606
    Carefree Utilities Community Facilities District, Arizona, Water System Revenue Bonds, Series 2021:        
750   4.000%, 7/01/41   7/31 at 100.00 A+ 898,410
1,000   4.000%, 7/01/51   7/31 at 100.00 A+ 1,178,060
655   Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016, 5.000%, 1/01/36   1/26 at 100.00 AA+ 759,112
785   Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016, 5.000%, 7/01/45  –  AGM Insured   7/26 at 100.00 AA 909,572
1,500   Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2020, 4.000%, 7/01/45  –  AGM Insured   7/29 at 100.00 AA 1,753,815
665   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36   7/27 at 100.00 A- 772,417
1,100   Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39   10/24 at 100.00 AA 1,209,692
1,125   Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 7/01/36  –  AGM Insured   7/25 at 100.00 AA 1,288,361
8,750   Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)   7/28 at 100.00 Aa2 10,735,113
1,135   Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014, 5.000%, 7/01/29   7/24 at 100.00 AA+ 1,263,823
465   Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2021A, 5.000%, 7/01/45   7/31 at 100.00 AAA 609,782
1,040   Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding Junior Lien Series 2001, 5.500%, 7/01/22  –  FGIC Insured   No Opt. Call AAA 1,072,313
695   Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35   7/26 at 100.00 A+ 812,358
1,500   Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36   6/25 at 100.00 AA+ 1,716,210
    Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:        
4,500   5.500%, 12/01/29   No Opt. Call A3 5,840,685
5,665   5.000%, 12/01/37   No Opt. Call A3 7,950,884
    Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018:        
500   5.000%, 7/01/35   7/28 at 100.00 AA+ 616,490
805   5.000%, 7/01/36   7/28 at 100.00 AA+ 990,987
2,105   Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)   1/22 at 100.00 N/R 2,104,811
36,235   Total Utilities       43,992,501
$237,715   Total Long-Term Investments (cost $249,754,419)       271,139,345
    Floating Rate Obligations – (5.5)%       (9,755,000)
    Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (49.9)% (7)       (88,239,133)
    Other Assets Less Liabilities – 2.1%       3,720,695
    Net Asset Applicable to Common Shares – 100%       $176,865,907
10

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $271,139,345 $ — $271,139,345
    
(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) 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) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 32.5%.  
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.  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
11