N-CSR 1 d494089dncsr.htm NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-07278

Nuveen Arizona Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: |  | February 28

Date of reporting period: |  | February 28, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. | REPORTS TO STOCKHOLDERS.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
February
28,
2023
Annual
Report
NAZ
Nuveen
Arizona
Quality
Municipal
Income
Fund
NXJ
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
NUO
Nuveen
Ohio
Quality
Municipal
Income
Fund
NQP
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
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NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Portfolio
Managers’
Comments
6
Fund
Leverage
10
Common
Share
Information
11
Performance
Overview
and
Holding
Summaries
13
Shareholder
Meeting
Report
21
Report
of
Independent
Registered
Public
Accounting
Firm
23
Portfolios
of
Investments
45
Statement
of
Assets
and
Liabilities
66
Statement
of
Operations
67
Statement
of
Changes
in
Net
Assets
68
Statement
of
Cash
Flows
70
Financial
Highlights
72
Notes
to
Financial
Statements
77
Shareholder
Update
90
Important
Tax
Information
114
Additional
Fund
Information
115
Glossary
of
Terms
Used
in
this
Report
116
Board
Members
&
Officers
118
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
March
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.75%
to
a
range
of
4.75%
to
5.00%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
which
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Additionally,
the
recent
collapse
of
two
regional
U.S.
banks,
Silicon
Valley
Bank
and
Signature
Bank,
and
major
European
bank
Credit
Suisse,
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
April
20,
2023
Important
Notices
5
For
Shareholders
of
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
Subsequent
Events
-
Fund
Merger
for
NUO
Effective
prior
to
the
opening
of
business
on
April
17,
2023,
NUO
merged
into
Nuveen
Municipal
Credit
Income
Fund
(NZF).
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
merger.
6
Portfolio
Managers’
Comments
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Portfolio
managers
include
Michael
S.
Hamilton
for
the
Nuveen
Arizona
Quality
Municipal
Income
Fund,
Daniel
J.
Close,
CFA,
for
the
Nuveen
Ohio
Quality
Municipal
Income
Fund
and
Paul
L.
Brennan,
CFA,
for
the
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
and
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund.
For
more
information
on
each
Fund’s
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report.
Here,
the
Funds’
portfolio
managers
review
U.S.
economic
and
municipal
market
conditions,
key
investment
strategies
and
each
Fund’s
performance
for
the
twelve-month
reporting
period
ended
February
28,
2023.
What
factors
affected
the
U.S.
economy
and
municipal
markets
during
the
twelve-month
reporting
period
ended
February
28,
2023?
Despite
high
inflation
and
tightening
financial
conditions,
the
U.S.
economy
remained
on
a
moderate
growth
path
during
the
twelve-month
period
ended
February
28,
2023.
The
U.S.
economy
grew
at
a
pace
of
2.1%
in
2022,
normalizing
from
its
rapid
post-pandemic
recovery
in
2021
when
it
expanded
5.9%,
according
to
the
U.S.
Bureau
of
Economic
Analysis.
Inflation
remained
persistently
high
as
China’s
Zero-COVID
restrictions
(later
lifted
in
December
2022)
and
the
Russia-Ukraine
war
worsened
existing
pandemic-related
supply
chain
disruptions
and
drove
food
and
energy
prices
higher.
While
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
took
aggressive
measures
that
helped
inflation
rates
ease
off
their
peaks,
the
levels
remained
much
higher
than
central
banks’
target
levels.
Beginning
in
March
2022,
the
Fed
raised
its
target
fed
funds
rate
eight
times
during
the
reporting
period,
bringing
it
from
near
zero
at
the
start
of
2022
to
a
range
of
4.50%
to
4.75%.
After
the
close
of
the
reporting
period,
in
March
2023,
the
Fed
raised
its
rate
by
0.25%
to
a
range
of
4.75%
to
5.00%.
This
was
a
closely
watched
decision
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
in
March
2023,
after
the
end
of
the
reporting
period,
and
uncertainty
around
the
economic
impact
of
these
failures.
In
the
same
month,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
had
been
troubled
for
some
time
and
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
Inflation
and
higher
borrowing
costs
weighed
on
consumer
confidence
and
spending
and
notably
cooled
the
housing
market
in
this
reporting
period.
However,
the
labor
market,
another
key
gauge
of
the
economy’s
health,
remained
stronger
than
expected.
By
July
2022,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
February
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.6%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
in
2022
and
early
2023,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
The
broad
municipal
bond
market
declined
over
the
twelve-month
reporting
period,
primarily
driven
by
interest
rate
and
economic
uncertainty.
Municipal
yields
rose
across
the
maturity
spectrum,
with
a
greater
increase
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening
to
combat
persistently
high
inflation.
Although
the
yield
curve
flattened
overall,
shorter
maturities
still
outperformed
longer
maturities.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
although
there
was
some
widening
as
the
market
sell-off
continued.
7
What
were
the
economic
and
market
environments
in
Arizona,
New
Jersey,
Ohio
and
Pennsylvania
during
the
twelve-month
reporting
period
ended
February
28,
2023?
Arizona’s
economy
has
recouped
pandemic-related
job
losses,
with
nonfarm
payrolls
increasing
since
April
2020.
As
of
February
2023,
Arizona’s
unemployment
rate
was
3.7%,
compared
with
3.6%
for
the
nation.
On
June
28,
2022,
Governor
Doug
Ducey
signed
the
state’s
$15.8
billion
general
fund
budget
for
fiscal
year
2023
(July
1,
2022,
to
June
30,
2023),
which
represented
a
23%
increase
over
fiscal
year
2022.
The
budget
makes
a
$425
million
deposit
into
the
rainy
day
fund.
Newly
elected
Governor
Katie
Hobbs
released
a
general
fund
budget
proposal
for
fiscal
year
2024
in
January
2023.
The
fiscal
year
2024
budget
totals
$17.1
billion,
which
is
10.4%
higher
than
revised
budget
for
fiscal
year
2023,
and
focuses
on
investments
in
education,
water,
and
affordable
housing.
The
state
projects
to
end
fiscal
year
2024
with
$1.6
billion
in
the
rainy
day
fund,
or
10.7%
of
ongoing
general
fund
spending
of
$15
billion.
Arizona
does
not
issue
general
obligation
bonds
per
its
constitution
but
does
issue
Certificates
of
Participation
and
Lease
Revenue
Bonds.
As
of
February
2023,
S&P
and
Moody’s
rated
Arizona’s
Issuer
Credit
Rating
at
AA
and
Aa1,
respectively,
with
a
stable
outlook.
Arizona
municipal
bond
new
issuance
totaled
$5.9
billion
for
the
twelve-month
period
ended
February
28,
2023,
an
18.5%
decrease
from
the
same
period
a
year
earlier.
New
Jersey
continued
its
post-pandemic
recovery
in
2022,
with
nominal
GDP
growing
approximately
9.1%
to
$745
billion,
ranking
the
state’s
economy
the
ninth
largest
in
the
United
States.
The
state’s
unemployment
rate
as
of
February
2023
was
3.5%,
which
was
just
below
the
national
unemployment
rate
of
3.6%.
The
state
concluded
fiscal
year
2022
(July
1,
2021
to
June
30,
2022)
with
a
large
surplus
for
the
second
consecutive
year,
primarily
based
on
better-than-budgeted
tax
receipts
as
revenues
surged
roughly
19.0%
above
the
year
prior.
As
a
result,
the
state
projects
its
undesignated
fund
balance
increased
to
approximately
$8.3
billion
at
the
end
of
fiscal
year
2022,
or
roughly
15.8%
of
appropriations.
The
proposed
budget
for
fiscal
year
2023
(July
1,
2022
to
June
30,
2023)
was
passed
assuming
a
3.0%
reduction
in
revenues,
but
stronger-than-anticipated
collections
early
in
the
fiscal
year
boosted
revenue
estimates
by
$3.7
billion,
or
7.3%
higher
than
the
amount
originally
certified.
However,
tax
collections
showed
signs
of
moderating
in
the
second
half
of
the
year.
In
August
2022,
S&P
affirmed
the
state’s
A-
rating
and
revised
its
outlook
to
positive
from
stable.
Moody’s
followed
suit
in
September
2022,
affirming
the
state’s
A
rating
and
revising
its
outlook
to
positive
from
stable.
Fitch
upgraded
the
state’s
rating
to
A
from
A-
in
September
2022
and
maintained
its
positive
outlook.
New
Jersey
municipal
bond
supply
totaled
$7.2
billion
for
the
twelve-month
period
ended
February
28,
2023,
an
18%
decrease
from
the
same
period
a
year
earlier.
Ohio
has
a
large
and
diverse
economy,
although
the
manufacturing
sector
accounts
for
an
outsized
12.2%
of
the
workforce
in
Ohio,
compared
to
8.5%
for
the
nation.
As
a
result,
Ohio’s
economy
tends
to
fluctuate
with
business
cycle
swings.
Overall,
job
growth
in
the
state
has
been
slow
and
has
not
kept
pace
with
the
U.S.
over
the
past
year.
As
of
February
2023,
the
Ohio
unemployment
rate
was
3.9%,
compared
to
a
national
rate
of
3.6%.
Financially,
the
state
has
robust
reserves
that
reflect
a
rise
in
income
tax
and
sales
tax
revenues
in
the
past
two
years
and
conservative
budgeting.
The
state
ended
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022)
with
a
29.6%
increase
in
the
total
general
fund
balance.
Following
a
$727
million
deposit
in
January
2023,
the
state’s
budget
stabilization
fund
totals
a
record-high
$3.5
billion,
equal
to
the
statutory
target
of
8.5%
of
prior-year
general
revenue
fund
revenues.
The
governor
has
proposed
a
biennial
budget
that
is
based
on
a
conservative
forecast
and
is
structurally
balanced.
Spending
from
the
general
revenue
fund
totals
$42.3
billion
in
fiscal
2024,
a
3.7%
increase
over
fiscal
2023,
and
$44.6
billion
in
fiscal
2025,
a
5.4%
increase
over
fiscal
2024.
The
budget
assumes
a
general
revenue
ending
balance
of
$884
million
in
fiscal
year
2024
and
$549
million
in
fiscal
year
2025.
As
of
February
2023,
Moody’s
and
S&P
rated
Ohio
general
obligation
(GO)
debt
Aa1
and
AA+,
respectively,
while
Fitch
upgraded
Ohio’s
rating
to
AAA
in
September
2022.
Ohio
municipal
bond
new
issuance
totaled
$5.4
billion
for
the
twelve-month
period
ended
February
28,
2023,
a
53%
decrease
from
the
same
period
a
year
earlier.
Pennsylvania
has
the
sixth
largest
economy
among
U.S.
states,
based
on
a
2022
real
GDP
of
$923.1
billion.
The
state
benefits
from
a
highly
diversified
economy,
although
it
has
lagged
the
U.S.
for
the
better
part
of
a
decade
in
terms
of
employment,
GDP
and
income
growth.
The
unemployment
rate
as
of
February
2023
was
4.4%
for
the
commonwealth,
compared
to
3.6%
for
the
nation.
Despite
slower
jobs
recovery
compared
to
other
states,
Pennsylvania’s
financial
position
has
improved
significantly
because
of
strong
revenues
and
substantial
federal
stimulus
aid.
This
has
enabled
the
commonwealth
to
set
aside
solid
budget
reserves
over
the
past
two
fiscal
years.
General
fund
tax
revenues
exceeded
the
budget
by
$5.3
billion,
or
14.3%,
in
fiscal
year
2022
(July
1,
2021,
to
June
30,
2022).
Fiscal
year
2023
year-to-date
(through
February
2023)
general
fund
collections
total
$26.1
billion,
which
is
$649.3
million,
or
2.6%
above
estimate.
Governor
Shapiro
has
proposed
his
first
budget
for
the
commonwealth,
which
calls
for
total
operating
spending
from
all
funds
of
$117.6
billion,
including
$44.4
billion
in
general
fund
spending,
an
8.0%
increase,
and
$45.8
billion
in
federal
fund
spending,
a
2.3%
decrease.
The
governor’s
recommended
budget
estimates
a
general
fund
ending
balance
of
$5.6
billion
for
fiscal
2024.
As
a
result,
the
state
deposited
$2.1
billion
into
the
budget
stabilization
reserve
fund
in
September
2022,
bringing
the
total
to
$5
billion
or
42.6
days
of
general
fund
expenditures,
which
is
near
the
national
median.
As
of
February
2023,
Pennsylvania’s
general
obligation
(GO)
debt
was
rated
Aa3
by
Moody’s
and
A+
by
S&P.
Pennsylvania
municipal
bond
new
issuance
totaled
$10.9
billion
for
the
twelve-month
period
ended
February
28,
2023,
a
38%
decrease
from
the
same
period
a
year
earlier.
Portfolio
Managers’
Comments
(continued)
8
What
key
strategies
were
used
to
manage
the
Funds
during
the
twelve-month
reporting
period
ended
February
28,
2023?
Each
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
its
respective
state’s
individual
income
taxes;
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value.
Each
Fund
uses
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Funds’
trading
activity
remained
focused
on
pursuing
their
investment
objectives.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
Funds
to
reset
embedded
yields
higher
in
their
portfolios,
primarily
by
executing
on
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Funds’
income
earnings
and
capture
tax
efficiencies.
Additionally,
in
NAZ,
elevated
call
activity
drove
buying
activity.
The
Arizona
Fund
reinvested
the
proceeds
from
called
bonds
into
bonds
offering
higher
yields,
supporting
the
Fund’s
income
distribution
capability.
NXJ
and
NQP
took
steps
to
manage
leverage
risks
more
defensively
by
holding
a
higher-than-normal
level
of
cash
and
cash
equivalents,
generated
from
the
proceeds
of
called
and
maturing
bonds
and
selective
light
selling.
However,
no
meaningful
deleveraging
trades
were
necessary
in
the
reporting
period.
NUO
also
took
steps
to
manage
its
leverage
strategy
by
collapsing
certain
tender
option
bond
structures
that
were
no
longer
cost-efficient
because
of
rising
borrowing
costs.
NUO
bought
bonds
more
actively
in
the
second
half
of
the
reporting
period
when
inflows
from
coupon
income
were
more
elevated.
Overall,
NUO
primarily
added
bonds
with
the
following
characteristics:
5%
to
5.25%
coupon
structures;
longer
maturities,
primarily
20
to
40
years
and
longer;
and
higher
credit
quality,
primarily
AA
rated
because
of
availability
within
the
state.
The
new
positions
represented
a
diverse
range
of
sectors
and
were
a
mix
of
new
issue
and
secondary
market
purchases.
How
did
the
Funds
perform
during
the
twelve-month
reporting
period
ended
February
28,
2023?
For
the
twelve
months
ended
February
28,
2023,
the
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
significantly
underperformed
the
S&P
Municipal
Bond
Arizona
Index,
the
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
significantly
underperformed
the
S&P
Municipal
Bond
New
Jersey
Index,
the
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
underperformed
the
S&P
Municipal
Bond
Ohio
Index
and
the
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
underperformed
the
S&P
Municipal
Bond
Pennsylvania
Index.
For
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
each
Fund’s
respective
state
S&P
Municipal
Bond
Index.
Each
Fund’s
use
of
leverage
through
inverse
floating
rate
securities
and
the
issuance
of
preferred
shares
detracted
significantly
from
relative
performance
during
the
reporting
period.
However,
NAZ,
NXJ
and
NQP's
use
of
leverage
was
accretive
to
overall
common
share
income.
The
Funds’
longer-duration
positioning
relative
to
their
respective
benchmark
indexes
was
another
primary
detractor
from
relative
performance.
The
negative
impact
came
from
the
Funds’
overweight
allocations
to
longer-duration
bonds,
which
underperformed
in
the
rising
rate
environment,
and
their
corresponding
underweights
to
shorter-duration
bonds,
which
outperformed.
For
NXJ,
another
material
detractor
from
relative
performance
was
its
overweight
allocations
to
A
and
BBB
rated
credits.
While
these
credits
underperformed,
the
portfolio
management
team
believed
they
offered
an
attractive
relative
value
opportunity.
NAZ’s
relative
underperformance
was
partially
offset
by
beneficial
sector
allocations.
In
particular,
NAZ’s
underweight
to
the
industrial
development
revenue/pollution
control
revenue
(IDR/PCR)
sector
contributed
positively
because
the
sector
lagged
the
broad
market.
Partially
offsetting
the
detractors
for
NUO
and
NQP
were
these
Funds’
holdings
in
Energy
Harbor
common
stock.
The
equity
position
came
into
the
portfolios
in
2020
as
part
of
the
bankruptcy
restructuring
of
FirstEnergy
Solutions,
the
predecessor
of
Energy
Harbor
and
a
former
holding
in
the
Funds.
The
stock
price
rose
in
the
reporting
period
on
the
back
of
rising
energy
prices
and
greater
interest
in
low
carbon
energy
sources.
The
two
Funds
also
own
Energy
Harbor
tax-exempt
bonds,
but
the
stock
position
was
the
main
contributor.
9
For
NXJ,
during
the
reporting
period,
there
were
no
material
contributors
that
offset
the
Fund’s
underperformance.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
manager
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Fund
disclaims
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
10
Fund
Leverage
IMPACT
OF
THE
FUND’S
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
their
issuance
of
preferred
shares
and/or
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
a
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
securities
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
securities
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
interest
rates.
While
fund
leverage
expenses
are
higher
than
their
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
The
Funds’
use
of
leverage
significantly
detracted
from
relative
performance
during
the
reporting
period.
However,
the
Funds’
use
of
leverage
was
accretive
to
overall
common
share
income.
As
of
February
28,
2023,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
February
28,
2023,
the
following
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NAZ
NXJ
NUO
NQP
Effective
Leverage
*
39.99%
41.48%
36.20%
40.33%
Regulatory
Leverage
*
38.17%
36.16%
36.20%
30.79%
*
Effective
Leverage
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
a
Fund.
Both
of
these
are
part
of
a
Fund’s
capital
structure.
A
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NAZ
$88,300,000
$
-
$88,300,000
NXJ
$313,900,000
$
-
$313,900,000
NUO
$148,000,000
$
-
$148,000,000
NQP
$217,500,000
$
-
$217,500,000
*
Preferred
shares
of
the
Fund
featuring
a
floating
rate
dividend
based
on
a
predetermined
formula
or
spread
to
an
index
rate.
Includes
the
following
preferred
shares
AMTP,
iMTP
,
MFP-VRM
and
VRDP
in
Special
Rate
Mode,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
**
Preferred
shares
of
the
Fund
featuring
floating
rate
dividends
set
by
a
remarketing
agent
via
a
regular
remarketing.
Includes
the
following
preferred
shares
VRDP
not
in
Special
Rate
Mode,
MFP-VRRM
and
MFP-VRDM,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
Common
Share
Information
11
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
February
28,
2023. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to
Note
6
–
Income
Tax
Information
for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in
Note
6
–
Income
Tax
Information
within
the
Notes
to
Financial
Statements
of
this
report.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAZ
NXJ
NUO
NQP
March
$0.0500
$0.0585
$0.0490
$0.0520
April
0.0500
0.0535
0.0435
0.0485
May
0.0500
0.0535
0.0435
0.0485
June
0.0500
0.0535
0.0435
0.0485
July
0.0460
0.0495
0.0380
0.0440
August
0.0460
0.0495
0.0380
0.0440
September
0.0460
0.0495
0.0380
0.0440
October
0.0405
0.0415
0.0325
0.0370
November
0.0405
0.0415
0.0325
0.0370
December
0.0405
0.0415
0.0325
0.0370
January
0.0325
0.0325
0.0275
0.0290
February
0.0325
0.0325
0.0275
0.0290
Total
Distributions
from
Net
Investment
Income
$0.5245
$0.5570
$0.4460
$0.4985
Total
Distributions
from
Long
Term
Capital
Gains
1
$–
$–
$0.0059
$–
Total
Distributions
$0.5245
$0.5570
$0.4519
$0.4985
1
Distributions
paid
in
December
2022.
Yields
NAZ
NXJ
NUO
NQP
Market
Yield
1
3.45%
3.43%
2.66%
3.11%
Taxable-Equivalent
Yield
1
6.06%
7.08%
4.80%
5.53%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
distribution
divided
by
the
Fund’s
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
combined
federal
and
state
income
tax
rate
of
43.3%,
51.6%,
44.8%
and
43.9%
for
NAZ,
NXJ,
NUO
and
NQP,
respectively.
Your
actual
combined
federal
and
state
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-
Equivalent
Yield
would
be
lower.
Common
Share
Information
(continued)
12
COMMON
SHARE
REPURCHASES
During
August
2022,
the
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
As
of
February
28,
2023
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
the
following
Fund
repurchased
and
retired
its
common
shares
at
a
weighted
average
price
per
share
and
a
weighted
average
discount
per
share
as
shown
in
the
following
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
February
28,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAV,
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NAZ
NXJ
NUO
NQP
Common
shares
repurchased
and
retired
127,500
1,710,343
267,700
734,900
Common
shares
authorized
for
repurchase
1,155,000
4,145,000
1,825,000
3,735,000
NUO
Common
shares
repurchased
and
retired
62,700
Weighted
average
price
per
common
share
repurchased
and
retired
$
12.14
Weighted
average
discount
per
common
share
repurchased
and
retired
(16.03)%
NAZ
NXJ
NUO
NQP
Common
share
NAV
$12.33
$13.36
$14.29
$13.08
Common
share
price
$11.30
$11.37
$12.40
$11.19
Premium/(Discount)
to
NAV
(8.35)%
(14.90)%
(13.23)%
(14.45)%
Average
premium/(discount)
to
NAV
(1.07)%
(11.47)%
(13.44)%
(12.39)%
Nuveen
Arizona
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
February
28,
2023
13
NAZ
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Arizona
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NAZ
at
Common
Share
NAV
11/19/92
(11.40)%
1.12%
2.23%
NAZ
at
Common
Share
Price
11/19/92
(14.48)%
0.21%
1.40%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
Arizona
Index
—
(4.89)%
1.56%
2.07%
14
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
165
.3‌
%
Other
Assets
&
Liabilities,
Net
1.3%
Floating
Rate
Obligations
(4.9)%
AMTP
Shares,
Net
(
61
.7‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.3%
AAA
7.1%
AA
54.5%
A
19.3%
BBB
3.1%
BB
or
Lower
4.8%
N/R
(not
rated)
9.9%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
25.7%
Education
and
Civic
Organizations
19.6%
Utilities
18.1%
Health
Care
13.4%
Tax
Obligation/General
11.3%
Transportation
5.9%
U.S.
Guaranteed
2.8%
Other
3.2%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Arizona
94.5%
Puerto
Rico
3.1%
Guam
2.1%
Virgin
Islands
0.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Arizona
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
February
28,
2023
15
NXJ
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
New
Jersey
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NXJ
at
Common
Share
NAV
3/27/01
(10.16)%
1.47%
2.68%
NXJ
at
Common
Share
Price
3/27/01
(11.96)%
2.05%
2.26%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
New
Jersey
Index
—
(3.70)%
2.35%
2.70%
16
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
159.8‌%
Other
Assets
&
Liabilities,
Net
2.6%
Floating
Rate
Obligations
(6.0)%
VRDP
Shares,
Net
(56.4‌)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
8.4%
AAA
8.8%
AA
40.9%
A
28.8%
BBB
8.6%
BB
or
Lower
2.7%
N/R
(not
rated)
1.8%
Total
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
22.9%
Transportation
18.0%
Health
Care
13.1%
Education
and
Civic
Organizations
12.5%
Tax
Obligation/General
8.9%
U.S.
Guaranteed
7.2%
Housing/Single
Family
6.2%
Other
11.2%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
New
Jersey
88.9%
New
York
4.9%
Pennsylvania
2.9%
Delaware
1.9%
Puerto
Rico
1.4%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
New
Jersey
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Ohio
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
February
28,
2023
17
NUO
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Ohio
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Class
A
Shares
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NUO
at
Common
Share
NAV
10/17/91
(11.19)%
0.99%
2.15%
NUO
at
Common
Share
Price
10/17/91
(12.73)%
1.24%
1.09%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
Ohio
Index
—
(5.50)%
2.03%
2.70%
18
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
153
.9‌
%
Common
Stocks
1
.9‌
%
Other
Assets
&
Liabilities,
Net
0.9%
VRDP
Shares,
Net
(
56
.7‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
9.9%
AAA
17.4%
AA
50.2%
A
10.2%
BBB
2.5%
BB
or
Lower
1.9%
N/R
(not
rated)
6.7%
N/A
(not
applicable)
1.2%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
20.5%
Tax
Obligation/General
15.7%
Utilities
14.2%
U.S.
Guaranteed
13.2%
Transportation
12.5%
Education
and
Civic
Organizations
9.7%
Health
Care
8.0%
Other
5.0%
Common
Stocks
1.2%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Ohio
89.6%
Puerto
Rico
3.1%
Texas
1.7%
Michigan
1.4%
Colorado
1.1%
North
Carolina
1.0%
Florida
0.8%
Missouri
0.6%
Kentucky
0.3%
Oregon
0.3%
Washington
0.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Ohio
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
February
28,
2023
19
NQP
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
Pennsylvania
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NQP
at
Common
Share
NAV
2/21/91
(11.31)%
1.69%
2.50%
NQP
at
Common
Share
Price
2/21/91
(17.61)%
2.33%
1.88%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
Pennsylvania
Index
—
(5.35)%
1.78%
2.36%
20
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
154.6‌%
Common
Stocks
9.4‌%
Other
Assets
&
Liabilities,
Net
2.2%
Floating
Rate
Obligations
(21.9)%
VRDP
Shares,
Net
(44.3‌)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Health
Care
18.9%
Tax
Obligation/General
13.0%
Housing/Single
Family
12.8%
Utilities
11.8%
Education
and
Civic
Organizations
9.9%
U.S.
Guaranteed
8.5%
Transportation
6.7%
Other
12.7%
Common
Stocks
5.7%
Total
100%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
9.1%
AAA
0.4%
AA
42.0%
A
26.0%
BBB
7.2%
BB
or
Lower
3.8%
N/R
(not
rated)
5.8%
N/A
(not
applicable)
5.7%
Total
100‌%
States
and
Territories
2
(%
of
total
municipal
bonds)
Pennsylvania
98.5%
Puerto
Rico
1.2%
New
Jersey
0.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
Pennsylvania
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Shareholder
Meeting
Report
21
The
annual
meeting
of
shareholders
was
held
on
November
18,
2022
for
NAZ,
NXJ,
NUO
and
NQP;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
members.
A
special
meeting
of
shareholders
was
held
on
February
8,
2023
for
NUO;
at
this
meeting
the
only
proposal
presented
to
shareholders
was
to
approve
an
Agreement
and
Plan
of
Merger.
NAZ
NXJ
NUO
NQP
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
To
approve
an
Agreement
and
Plan
of
Merger
For
—
—
—
—
9,705,260
1,480
—
—
Against
—
—
—
—
1,085,171
—
—
—
Abstain
—
—
—
—
344,137
—
—
—
BNV
—
—
—
—
—
—
—
—
Total
—
—
—
—
11,134,568
1,480
—
—
Approval
of
the
Board
Members
was
reached
as
follows:
Judith
M.
Stockdale
For
8,561,026
—
32,651,504
—
13,463,547
—
27,409,434
—
Withhold
306,826
—
941,490
—
1,756,677
—
1,315,822
—
Total
8,867,852
—
33,592,994
—
15,220,224
—
28,725,256
—
Carole
E.
Stone
For
8,561,109
—
32,672,121
—
13,479,459
—
27,452,132
—
Withhold
306,743
—
920,873
—
1,740,765
—
1,273,124
—
Total
8,867,852
—
33,592,994
—
15,220,224
—
28,725,256
—
Margaret
L.
Wolff
For
8,575,359
—
32,724,685
—
13,486,111
—
27,567,039
—
Withhold
292,493
—
868,309
—
1,734,113
—
1,158,217
—
Total
8,867,852
—
33,592,994
—
15,220,224
—
28,725,256
—
William
C.
Hunter
For
—
883
—
3,139
—
1,480
—
2,175
Withhold
—
—
—
—
—
—
—
—
Total
—
883
—
3,139
—
1,480
—
2,175
Albin
F.
Moschner
For
—
883
—
3,139
—
1,480
—
2,175
Withhold
—
—
—
—
—
—
—
—
Total
—
883
—
3,139
—
1,480
—
2,175
Report
of
Independent
Registered
Public
Accounting
Firm
23
To
the
Shareholders
and
Board
of
Trustees
Nuveen
Arizona
Quality
Municipal
Income
Fund,
Nuveen
New
Jersey
Quality
Municipal
Income
Fund,
Nuveen
Ohio
Quality
Municipal
Income
Fund,
and
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
Nuveen
Arizona
Quality
Municipal
Income
Fund,
Nuveen
New
Jersey
Quality
Municipal
Income
Fund,
Nuveen
Ohio
Quality
Municipal
Income
Fund,
and
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(the
Funds),
including
the
portfolios
of
investments,
as
of
February 28, 2023,
the
related
statements
of
operations
and
cash
flows
for
the
year
then
ended,
the
statements
of
changes
in
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
February 28, 2023,
the
results
of
their
operations
and
their
cash
flows
for
the
year
then
ended,
the
changes
in
their
net
assets
for
each
of
the
years
in
the
two-year
period
then
ended,
and
the
financial
highlights
for
each
of
the
years
in
the
five-year
period
then
ended,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
February 28, 2023,
by
correspondence
with
custodians
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
April
26,
2023
24
Nuveen
Arizona
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NAZ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
165.3% (100.0%
of
Total
Investments)
X
236,336,640
MUNICIPAL
BONDS
-
165.3% (100.0%
of
Total
Investments)
X
236,336,640
Education
and
Civic
Organizations
-
32.4%
(19.6%
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
$
2,238,314
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
1,537,680
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
1,537,680
2,030
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2020B,
4.000%,
7/01/47
7/30
at
100.00
AA
1,927,830
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
2,544,300
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
509,041
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-
535,243
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
227,405
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-
1,762,781
1,645
5.000%,
7/01/47
7/27
at
100.00
AA-
1,677,094
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
345,656
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
197,554
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
336,210
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+
332,059
230
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+
225,356
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-
628,696
1,000
5.000%,
7/01/48
1/28
at
100.00
AA-
1,005,160
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+
468,127
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+
1,054,940
160
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-
146,576
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
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
$
1,496,736
1,080
4.000%,
10/01/49
10/29
at
100.00
BBB
923,271
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
1,529,550
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
352,887
340
4.000%,
7/01/33
7/29
at
100.00
BBB
330,364
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
143,641
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-
367,397
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-
498,212
1,715
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Highland
Prep
Project,
Series
2019,
5.000%,
1/01/50
1/30
at
100.00
AA-
1,753,039
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-
682,669
700
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Legacy
Traditional
Schools
Projects,
Series
2021A,
4.000%,
7/01/41,
144A
7/31
at
100.00
BB+
576,128
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+
814,181
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
527,888
300
5.000%,
7/01/47
7/26
at
100.00
Baa3
300,822
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
2,616,425
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-
2,199,603
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2014:
1,155
5.000%,
6/01/40
6/24
at
100.00
A+
1,166,504
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
64,051
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
806,464
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+
509,920
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+
313,831
300
5.000%,
7/01/45,
144A
7/25
at
100.00
BB+
276,480
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+
616,310
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
26
NAZ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,110
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
$
935,819
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Villa
Montessori,
Inc.
Projects,
Series
2015:
160
3.250%,
7/01/25
No
Opt.
Call
BBB-
156,029
400
5.000%,
7/01/35
7/25
at
100.00
BBB-
408,352
900
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-
875,439
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
2,069,114
500
Pima
County
Community
College
District,
Arizona,
Revenue
Bonds,
Series
2019,
5.000%,
7/01/36
7/28
at
100.00
Aa3
539,630
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
203,872
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
111,816
680
6.125%,
6/15/47,
144A
6/26
at
100.00
N/R
596,598
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-
199,426
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
35,191
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
117,782
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
485,230
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
764,456
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
791,279
Total
Education
and
Civic
Organizations
46,394,108
Health
Care
-
22.2%
(13.4%
of
Total
Investments)
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+
3,054,823
2,860
5.000%,
12/01/42
12/24
at
100.00
A+
2,893,204
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
415,513
4,975
Arizona
Industrial
Development
Authority,
Hospital
Revenue
Bonds,
Phoenix
Children's
Hospital,
Series
2020A,
4.000%,
2/01/50
2/30
at
100.00
AA-
4,466,854
1,250
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A,
5.000%,
9/01/42
9/28
at
100.00
A+
1,280,200
3,275
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2021A,
4.000%,
9/01/51
3/31
at
100.00
A+
2,920,972
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-
1,340,563
1,000
5.000%,
1/01/35
1/27
at
100.00
AA-
1,062,500
2,000
5.000%,
1/01/38
1/27
at
100.00
AA-
2,100,660
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
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-
$
2,571,480
2,000
5.000%,
1/01/41
1/28
at
100.00
AA-
2,083,620
1,000
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-
931,190
2,250
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A,
3.000%,
4/01/51
4/31
at
100.00
A
1,563,413
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+
1,058,999
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+
1,004,670
2,100
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+
1,897,665
1,000
Yuma
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yuma
Regional
Medical
Center,
Series
2014A,
5.250%,
8/01/32
8/24
at
100.00
A
1,022,190
Total
Health
Care
31,668,516
Housing/Multifamily
-
1.3%
(0.8%
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
1,204,675
250
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
5.375%,
10/01/56
10/29
at
103.00
N/R
173,765
500
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A,
7.000%,
10/01/56
10/29
at
103.00
N/R
426,055
Total
Housing/Multifamily
1,804,495
Long-Term
Care
-
3.9%
(2.4%
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
438,048
Glendale
Industrial
Development
Authority,
Arizona,
Senior
Living
Revenue
Bonds,
Royal
Oaks
Royal
Oaks
-
Inspirata
Pointe
Project,
Series
2020A:
1,000
5.000%,
5/15/41
5/26
at
103.00
BBB-
912,790
1,000
5.000%,
5/15/56
5/26
at
103.00
BBB-
845,340
1,825
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
1,429,778
1,435
Tempe
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Friendship
Village
of
Tempe
Project,
Refunding
Series
2021A,
4.000%,
12/01/38
12/29
at
102.00
N/R
1,166,684
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
837,075
Total
Long-Term
Care
5,629,715
Tax
Obligation/General
-
18.7%
(11.3%
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
611,288
2,105
Golder
Ranch
Fire
District,
Pima
and
Pinal
Counties,
Arizona,
General
Obligation
Bonds,
Series
2021,
4.000%,
7/01/45
7/30
at
100.00
AA
1,996,950
1,045
Maricopa
County
School
District
14
Creighton
Elementary,
Arizona,
General
Obligation
Bonds,
School
Improvement
Series
2021C,
4.000%,
7/01/34
7/31
at
100.00
Aa3
1,119,320
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
28
NAZ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
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
Aaa
$
2,505,756
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
Aaa
670,805
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
1,611,315
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
1,417,284
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
1,372,487
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
1,068,090
1,000
5.000%,
7/01/36
7/27
at
100.00
A1
1,065,600
690
Northwest
Fire
District
of
Pima
County,
Arizona,
General
Obligation
Bonds,
Series
2017,
5.000%,
7/01/36
7/27
at
100.00
AA-
735,264
2,000
Paradise
Valley
Unified
School
District
No.
69,
Maricopa
County,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
of
2019,
Series
2022D,
4.000%,
7/01/41
7/32
at
100.00
AAA
1,990,320
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
2,946,357
1,330
Pima
County
Unified
School
District
6
Marana,
Arizona,
General
Obligation
Bonds,
School
Improvement
Project
2010
Series
2011A,
5.000%,
7/01/25
7/23
at
100.00
A+
1,338,180
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
1,599,015
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
660,158
1,000
5.000%,
7/01/35
-
BAM
Insured
7/27
at
100.00
AA
1,063,110
2,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
N/R
1,592,600
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-
720,563
665
4.500%,
7/01/34
7/24
at
100.00
AA-
668,544
Total
Tax
Obligation/General
26,753,006
Tax
Obligation/Limited
-
42.5%
(25.7%
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
99,357
1,250
Arizona
State
Transportation
Board,
Highway
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
7/01/35
7/26
at
100.00
AA+
1,315,837
275
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Refunding
Series
2016,
4.000%,
7/01/36
7/26
at
100.00
AA
279,040
1,000
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Series
2015,
5.000%,
7/01/37
7/25
at
100.00
AA
1,030,750
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
1,032,215
123
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A,
7.000%,
7/01/41,
144A
2021
960240
(4)
7/27
at
100.00
N/R
94,597
29
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
$
1,210,629
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
1,915,360
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
2,463,827
650
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2021,
4.000%,
7/15/41
-
BAM
Insured
7/31
at
100.00
AA
642,050
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
464,766
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
635,866
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
1,713,716
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
741,774
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017:
105
5.000%,
7/15/32
-
AGM
Insured
7/27
at
100.00
AA
112,183
1,145
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
Special
Assessment
Revenue
Bonds,
Lucero
Assessment
District
2,
Series
2023,
5.750%,
7/01/46
7/32
at
100.00
N/R
1,123,279
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2012:
345
5.000%,
7/15/27
-
BAM
Insured
3/23
at
100.00
AA
345,431
1,085
5.000%,
7/15/31
3/23
at
100.00
AA
1,086,259
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
496,580
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
1,056,820
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
618,214
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
976,030
2,000
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2022,
5.000%,
7/15/42
-
AGM
Insured
7/32
at
100.00
AA
2,146,980
340
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
321,249
Goodyear
Community
Facilities
Utilities
District
1,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2016:
545
4.000%,
7/15/32
7/26
at
100.00
Aa2
558,876
415
Goodyear,
Arizona,
Community
Facilities
General
District
1,
Arizona,
General
Obligation
Refunding
Bonds,
Series
2013,
5.000%,
7/15/23
No
Opt.
Call
Aa3
416,328
1,500
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/39
11/25
at
100.00
BB
1,506,885
1,250
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/46
12/26
at
100.00
BB
1,197,325
1,425
Marana,
Arizona,
Pledged
Excise
Tax
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
7/01/33
7/23
at
100.00
AA
1,430,928
615
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
N/R
605,634
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
210,328
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
405,182
400
Parkway
Community
Facilities
District
1,
Prescott
Valley,
Arizona,
General
Obligation
Bonds,
Series
2006,
5.350%,
7/15/31
3/23
at
100.00
N/R
319,428
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
30
NAZ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
1,625
Phoenix
Civic
Improvement
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
AAA
$
1,567,215
580
Phoenix
Mesa
Gateway
Airport
Authority,
Arizona,
Special
Facility
Revenue
Bonds,
Mesa
Project,
Series
2012,
5.000%,
7/01/38,
(AMT)
3/23
at
100.00
AA+
580,284
1,000
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2014,
5.000%,
8/01/33
8/24
at
100.00
AA
1,018,400
1,500
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2019,
4.000%,
8/01/38
8/28
at
100.00
AA
1,509,270
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
1,447,498
2,440
5.000%,
7/01/58
7/28
at
100.00
N/R
2,263,832
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
985,940
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+
555,406
545
4.000%,
8/01/36
8/26
at
100.00
AA+
555,077
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+
1,860,652
2,500
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2020,
4.000%,
8/01/45
8/30
at
100.00
AA+
2,387,675
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
1,424,654
2,100
5.000%,
7/01/38
-
BAM
Insured
7/24
at
100.00
AA
2,133,684
3,000
Scottsdale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2006,
5.000%,
7/01/24
No
Opt.
Call
AAA
3,074,850
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
1,787,445
3,000
Town
of
Queen
Creek,
Arizona,
Excise
Tax
and
State
Shared
Revenue
Obligation
Bonds,
Series
2022,
5.000%,
8/01/47
8/32
at
100.00
AA+
3,278,250
475
Vistancia
West
Community
Facilities
District,
Peoria,
Arizona,
General
Obligation
Bonds,
Series
2016,
3.250%,
7/15/25,
144A
3/23
at
100.00
N/R
474,995
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
4,180,810
1,160
Yuma
County,
Arizona,
Pledge
Revenue
Obligations,
Series
2022,
4.250%,
7/15/42
-
BAM
Insured
7/32
at
100.00
AA
1,149,456
Total
Tax
Obligation/Limited
60,809,116
Transportation
-
9.7%
(5.9%
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
A+
929,493
2,185
5.000%,
7/01/45
7/25
at
100.00
A+
2,220,965
2,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Junior
Lien
Series
2019B,
5.000%,
7/01/49,
(AMT)
7/29
at
100.00
A+
2,037,700
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
AA-
1,790,783
2,215
5.000%,
7/01/32,
(AMT)
7/23
at
100.00
AA-
2,221,313
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A:
1,000
5.000%,
7/01/37,
(AMT)
7/27
at
100.00
AA-
1,034,920
1,000
5.000%,
7/01/42,
(AMT)
7/27
at
100.00
AA-
1,021,420
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
AA-
1,536,975
1,045
Phoenix
Civic
Improvement
Corporation,
Arizona,
Rental
Car
Facility
Charge
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/35
7/29
at
100.00
A
1,125,308
Total
Transportation
13,918,877
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
4.7%
(2.8%
of
Total
Investments)
(5)
$
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-
$
1,218,528
Estrella
Mountain
Ranch
Community
Facilities
District,
Goodyear,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2017:
550
5.000%,
7/15/32,
(Pre-refunded
7/15/27)
-
AGM
Insured
7/27
at
100.00
AA
597,800
Goodyear
Community
Facilities
Utilities
District
1,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2016:
55
4.000%,
7/15/32,
(Pre-refunded
7/15/26)
7/26
at
100.00
N/R
56,811
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-
548,526
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2014:
720
5.000%,
6/01/40,
(Pre-refunded
6/01/24)
6/24
at
100.00
N/R
736,783
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
2,049,900
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
1,439,381
Total
U.S.
Guaranteed
6,647,729
Utilities
-
29.9%
(18.1%
of
Total
Investments)
Carefree
Utilities
Community
Facilities
District,
Arizona,
Water
System
Revenue
Bonds,
Series
2021:
255
4.000%,
7/01/41
7/31
at
100.00
A+
247,302
650
4.000%,
7/01/46
7/31
at
100.00
A+
603,863
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+
680,807
2,615
City
of
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/36
No
Opt.
Call
Aa3
3,041,323
1,250
Gilbert
Water
Resource
Municipal
Property
Corporation,
Arizona,
Utility
System
Revenue
Bonds,
Senior
Lien
Green
Series
2022,
4.000%,
7/15/47
7/32
at
100.00
AAA
1,185,075
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
812,302
875
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Subordinate
Lien
Series
2020,
4.000%,
7/01/49
-
AGM
Insured
7/29
at
100.00
AA
806,479
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-
678,898
1,100
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
AA
1,127,445
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
1,158,581
8,750
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2018,
5.000%,
7/01/42,
(UB)
(6)
7/28
at
100.00
Aa2
9,274,037
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+
1,162,717
1,000
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2021A,
4.000%,
7/01/42
7/31
at
100.00
AAA
973,790
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+
723,141
1,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
5.000%,
7/01/37,
144A
7/31
at
100.00
N/R
982,860
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+
1,548,375
2,500
Salt
River
Project
Agricultural
Improvement
and
Power
District,
Arizona,
Electric
System
Revenue
Bonds,
Series
2023A,
5.000%,
1/01/50
1/33
at
100.00
AA+
2,729,775
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
4,794,705
5,665
5.000%,
12/01/37
No
Opt.
Call
A3
5,785,948
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
32
NAZ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Surprise,
Arizona,
Utility System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018:
$
500
5.000%,
7/01/35
7/28
at
100.00
AA+
$
550,730
805
5.000%,
7/01/36
7/28
at
100.00
AA+
881,145
3,000
Yuma,
Arizona,
Utilities
System
Revenue
Bonds,
Series
2021,
4.000%,
7/01/40
-
BAM
Insured
7/31
at
100.00
AA
2,961,780
Total
Utilities
42,711,078
Total
Long-Term
Investments
(cost
$245,141,126)
236,336,640
Floating
Rate
Obligations
-
(4.9)%
(7,000,000)
AMTP
Shares,
Net
-
(61.7)%
(7)
(88,249,966)
Other
Assets
&
Liabilities,
Net
-
1.3%
1,926,757
Net
Assets
Applicable
to
Common
Shares
-
100%
$
143,013,431
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(6)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(7)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
37.3%
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
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
33
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
159.8% (100.0%
of
Total
Investments)
X
885,830,546
MUNICIPAL
BONDS
-
159.8% (100.0%
of
Total
Investments)
X
885,830,546
Consumer
Discretionary
-
0.5%
(0.3%
of
Total
Investments)
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A:
$
2,460
5.000%,
1/01/32
(4)
3/23
at
100.00
Caa3
$
1,625,470
1,485
5.125%,
1/01/37
(4)
3/23
at
100.00
Caa3
977,189
Total
Consumer
Discretionary
2,602,659
Consumer
Staples
-
5.6%
(3.5%
of
Total
Investments)
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
8,850
4.000%,
6/01/37
6/28
at
100.00
A-
8,792,475
13,045
5.000%,
6/01/46
6/28
at
100.00
BBB+
13,305,509
8,850
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-
8,761,677
Total
Consumer
Staples
30,859,661
Education
and
Civic
Organizations
-
19.9%
(12.5%
of
Total
Investments)
1,000
Atlantic
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Stockton
University
Atlantic
City
Campus
Phase
II,
Series
2021A,
4.000%,
7/01/47
-
AGM
Insured
7/31
at
100.00
AA
915,420
1,760
Camden
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Rowan
University
School
of
Osteopathic
Medicine
Project,
Refunding
Series
2013A,
5.000%,
12/01/32
12/23
at
100.00
A
1,781,578
715
Camden
County
Improvement
Authority,
New
Jersey,
School
Revenue
Bonds,
KIPP:
Cooper
Norcross
Academy
2022
Project,
Social
Series
2022,
6.000%,
6/15/62
12/30
at
100.00
BBB
744,723
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A:
1,000
4.000%,
8/01/51
-
BAM
Insured
8/31
at
100.00
AA
917,950
2,600
4.000%,
8/01/56
-
BAM
Insured
8/31
at
100.00
AA
2,362,126
1,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Fossil
Park
&
Student
Center
Projects,
Series
2021,
4.000%,
7/01/51
-
BAM
Insured
7/30
at
100.00
AA
918,020
1,000
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A,
5.000%,
7/01/50
1/28
at
100.00
BBB-
961,540
175
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52,
144A
9/27
at
100.00
BB
158,632
2,025
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
A
2,089,759
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017:
820
3.000%,
6/01/32
12/27
at
100.00
A
781,329
500
5.000%,
6/01/32
12/27
at
100.00
A
529,370
1,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H,
4.000%,
7/01/39
-
AGM
Insured
7/25
at
100.00
AA
984,180
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Refunding
Series
2015D:
2,395
5.000%,
7/01/31
7/25
at
100.00
A+
2,482,561
1,600
5.000%,
7/01/33
7/25
at
100.00
A+
1,655,264
1,000
5.000%,
7/01/34
7/25
at
100.00
A+
1,032,730
5,950
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
A+
6,014,379
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
34
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
5,280
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Refunding
Series
2021C,
5.000%,
3/01/30
No
Opt.
Call
AAA
$
6,091,906
4,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Tender
Option
Bond
Trust
2015-XF0149,
7.080%,
7/01/44,
144A,
(IF)
(5)
7/24
at
100.00
AAA
4,216,040
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series 2017F:
330
3.750%,
7/01/37
7/27
at
100.00
BB
259,809
3,830
4.000%,
7/01/42
7/27
at
100.00
BB
2,938,376
3,885
5.000%,
7/01/47
7/27
at
100.00
BB
3,394,713
1,200
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2015C,
5.000%,
7/01/35
7/25
at
100.00
BBB+
1,232,052
775
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2017D,
3.500%,
7/01/44
7/27
at
100.00
BBB+
634,996
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D:
685
5.000%,
7/01/38
7/23
at
100.00
BBB+
686,747
1,935
5.000%,
7/01/43
7/23
at
100.00
BBB+
1,939,083
1,980
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C,
3.000%,
7/01/46
7/26
at
100.00
BBB+
1,439,500
860
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology
Issue,
Green
Series
2020A,
4.000%,
7/01/50
7/30
at
100.00
BBB+
747,968
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A:
1,060
5.000%,
7/01/37
7/27
at
100.00
BBB+
1,092,351
2,500
5.000%,
7/01/42
7/27
at
100.00
BBB+
2,541,750
1,050
4.000%,
7/01/47
7/27
at
100.00
BBB+
927,727
3,160
5.000%,
7/01/47
7/27
at
100.00
BBB+
3,194,381
975
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
The
College
of
Saint
Elizabeth,
Series
2016D,
5.000%,
7/01/46
7/26
at
100.00
BB
866,746
4,560
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson
University,
Series
2015C,
5.000%,
7/01/40
7/25
at
100.00
A3
4,631,273
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson
University,
Series
2017B:
2,000
5.000%,
7/01/42
-
AGM
Insured
7/27
at
100.00
AA
2,080,380
2,420
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
AA
2,505,716
New
Jersey
Higher
Education
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Tender
Option
Bond
Trust
2015-XF0151:
251
1.904%,
12/01/23,
(AMT),
144A,
(IF)
12/22
at
100.00
Aaa
248,621
225
1.891%,
12/01/24,
(AMT),
144A,
(IF)
12/22
at
100.00
Aaa
215,059
155
2.383%,
12/01/25,
(AMT),
144A,
(IF)
12/22
at
100.00
Aaa
146,404
40
2.900%,
12/01/26,
(AMT),
144A,
(IF)
12/22
at
100.00
Aaa
36,492
585
3.938%,
12/01/27,
(AMT),
144A,
(IF)
12/23
at
100.00
Aaa
537,609
1,165
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2021B,
2.500%,
12/01/40,
(AMT)
12/29
at
100.00
AA
962,779
11,925
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Senior
Series
2022B,
4.000%,
12/01/41,
(AMT)
12/30
at
100.00
Aa1
11,743,740
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A:
1,200
3.750%,
12/01/30,
(AMT)
6/28
at
100.00
Aaa
1,161,288
1,225
4.000%,
12/01/32,
(AMT)
6/28
at
100.00
Aaa
1,217,320
955
4.000%,
12/01/33,
(AMT)
6/28
at
100.00
Aaa
949,012
1,025
4.000%,
12/01/35,
(AMT)
6/28
at
100.00
Aaa
1,018,983
1,230
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2021C,
3.250%,
12/01/51,
(AMT)
12/29
at
100.00
BBB
869,708
2,500
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Subordinate
Series
2022C,
5.000%,
12/01/52,
(AMT)
12/30
at
100.00
A2
2,540,100
35
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A:
$
1,935
3.500%,
12/01/32,
(AMT)
12/25
at
100.00
Aaa
$
1,848,641
445
4.000%,
12/01/39,
(AMT)
12/25
at
100.00
Aaa
439,099
1,615
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2019B,
3.250%,
12/01/39,
(AMT)
6/28
at
100.00
Aa1
1,520,684
610
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Series
2020B,
3.500%,
12/01/39,
(AMT)
12/28
at
100.00
Aa1
582,776
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1A:
935
4.250%,
12/01/25,
(AMT)
3/23
at
100.00
Aaa
935,177
305
4.375%,
12/01/26,
(AMT)
3/23
at
100.00
Aaa
305,046
500
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2012-1B,
5.750%,
12/01/39,
(AMT)
3/23
at
100.00
Aaa
500,385
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2013-1A:
79
3.500%,
12/01/23,
(AMT)
3/23
at
100.00
AAA
78,808
265
3.750%,
12/01/26,
(AMT)
3/23
at
100.00
Aaa
259,687
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2015-1A:
1,930
4.000%,
12/01/28,
(AMT)
12/24
at
100.00
Aaa
1,924,596
1,065
4.000%,
12/01/30,
(AMT)
12/24
at
100.00
Aaa
1,061,943
6,855
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2017-C,
4.250%,
12/01/47,
(AMT)
12/26
at
100.00
Aaa
6,578,058
4,795
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Subordinate
Series
2019C,
3.625%,
12/01/49,
(AMT)
6/28
at
100.00
A2
3,779,371
2,315
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
A1
2,361,763
1,000
Passaic
County
Improvement
Authority,
New
Jersey,
Charter
School
Revenue
Bonds,
Paterson
Arts
&
Science
Charter
School,
Series
2023,
5.500%,
7/01/58
,(WI/DD,
Settling
3/14/23)
7/31
at
100.00
BBB-
1,007,930
Total
Education
and
Civic
Organizations
110,582,154
Financials
-
0.2%
(0.1%
of
Total
Investments)
1,316
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002,
6.500%,
4/01/28
No
Opt.
Call
Baa2
1,308,956
Total
Financials
1,308,956
Health
Care
-
20.9%
(13.1%
of
Total
Investments)
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Refunding
Series
2014A:
175
5.000%,
2/15/25
2/24
at
100.00
A-
176,265
220
5.000%,
2/15/26
2/24
at
100.00
A-
221,573
1,320
5.000%,
2/15/27
2/24
at
100.00
A-
1,330,428
1,385
5.000%,
2/15/28
2/24
at
100.00
A-
1,396,869
1,385
5.000%,
2/15/29
2/24
at
100.00
A-
1,397,507
2,500
5.000%,
2/15/32
2/24
at
100.00
A-
2,520,625
3,040
5.000%,
2/15/33
2/24
at
100.00
A-
3,063,195
1,000
5.000%,
2/15/34
2/24
at
100.00
A-
1,006,610
1,950
5.000%,
2/15/35
2/24
at
100.00
A-
1,959,926
6,100
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Series
2013A,
5.750%,
2/15/42
3/23
at
100.00
A-
6,107,991
New
Jersey
Health
Care
Facilities
Authority,
Revenue
Bonds,
Atlanticare
Health
System
Obligated
Group
Issue,
Series
2021:
2,880
2.375%,
7/01/46
7/31
at
100.00
AA-
1,894,003
1,215
3.000%,
7/01/51
7/31
at
100.00
AA-
875,626
225
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A,
5.000%,
7/01/27
3/23
at
100.00
AA-
225,155
2,570
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA-
2,467,328
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
36
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
11,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
AA-
$
11,119,020
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A:
700
5.000%,
7/01/28
7/27
at
100.00
AA-
755,405
4,140
5.000%,
7/01/57
7/27
at
100.00
AA-
4,227,064
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
1,310
4.000%,
7/01/45
7/24
at
100.00
A+
1,225,662
12,010
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42,
(UB)
(5)
7/27
at
100.00
AA-
12,219,935
1,450
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Meridian
Health
System
Obligated
Group,
Refunding
Series
2013A,
5.000%,
7/01/32
7/23
at
100.00
AA-
1,452,306
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A:
830
5.000%,
7/01/32
7/26
at
100.00
AA
880,812
1,055
5.000%,
7/01/33
7/26
at
100.00
AA
1,118,511
1,370
5.000%,
7/01/34
7/26
at
100.00
AA
1,448,926
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital
Issue,
Series
2014A:
4,235
5.000%,
7/01/39
7/24
at
100.00
AA-
4,298,229
5,955
5.000%,
7/01/43
7/24
at
100.00
AA-
6,020,743
3,945
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
7/23
at
100.00
AA-
3,960,780
4,155
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
AA-
4,263,072
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Series
2021A:
1,690
4.000%,
7/01/45
7/31
at
100.00
AA-
1,588,042
1,000
3.000%,
7/01/51
7/31
at
100.00
AA-
723,380
1,000
4.000%,
7/01/51
7/31
at
100.00
AA-
911,420
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016:
1,600
3.000%,
7/01/32
7/26
at
100.00
BBB-
1,410,576
1,135
4.000%,
7/01/34
7/26
at
100.00
BBB-
1,072,530
1,600
5.000%,
7/01/35
7/26
at
100.00
BBB-
1,622,928
2,700
5.000%,
7/01/36
7/26
at
100.00
BBB-
2,723,490
3,095
5.000%,
7/01/41
7/26
at
100.00
BBB-
2,991,225
6,655
4.000%,
7/01/48
7/26
at
100.00
BBB-
5,251,327
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
5,115
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
AA
4,975,412
5,410
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA
5,454,091
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
3,605
4.000%,
7/01/44
7/29
at
100.00
A+
3,347,243
8,350
3.000%,
7/01/49
7/29
at
100.00
A+
5,931,840
Total
Health
Care
115,637,070
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
5.3%
(3.3%
of
Total
Investments)
$
1,845
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
B
$
1,691,865
1,900
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Rowan
Properties
LLC
-
Rowan
University
Student
Housing
Project,
Series
2015A,
5.000%,
1/01/48
1/25
at
100.00
B1
1,717,315
6,575
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015,
5.000%,
7/01/47
7/25
at
100.00
B
5,481,972
3,444
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B,
2.375%,
1/01/39
No
Opt.
Call
Aaa
2,683,802
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Housing
Revenue
Bonds,
Series
2013-2:
2,165
4.350%,
11/01/33,
(AMT)
3/23
at
100.00
AA
2,165,087
1,235
4.600%,
11/01/38,
(AMT)
3/23
at
100.00
AA
1,217,216
1,235
4.750%,
11/01/46,
(AMT)
3/23
at
100.00
AA
1,178,548
4,320
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
AA-
3,981,485
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2017D:
1,125
3.900%,
11/01/32,
(AMT)
5/26
at
100.00
AA-
1,111,849
1,750
4.250%,
11/01/37,
(AMT)
5/26
at
100.00
AA-
1,694,070
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A:
1,150
2.300%,
11/01/40
11/29
at
100.00
AA-
819,501
500
2.450%,
11/01/45
11/29
at
100.00
AA-
338,855
1,000
2.550%,
11/01/50
11/29
at
100.00
AA-
652,090
1,000
2.625%,
11/01/56
11/29
at
100.00
AA-
627,990
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A:
1,500
2.250%,
11/01/36
11/30
at
100.00
AA-
1,185,240
1,270
2.650%,
11/01/46
11/30
at
100.00
AA-
885,711
1,445
2.700%,
11/01/51
11/30
at
100.00
AA-
961,358
1,310
2.750%,
11/01/56
11/30
at
100.00
AA-
849,574
Total
Housing/Multifamily
29,243,528
Housing/Single
Family
-
9.9%
(6.2%
of
Total
Investments)
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A:
5,280
3.600%,
4/01/33
10/27
at
100.00
AA
5,094,883
3,275
3.750%,
10/01/35
10/27
at
100.00
AA
3,098,314
2,840
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018B,
3.800%,
10/01/32,
(AMT)
10/27
at
100.00
AA
2,711,632
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C:
4,835
3.500%,
10/01/34,
(UB)
(5)
4/28
at
100.00
AA
4,616,361
4,835
3.850%,
10/01/39,
(UB)
(5)
4/28
at
100.00
AA
4,522,127
3,295
3.950%,
10/01/44,
(UB)
(5)
4/28
at
100.00
AA
3,063,263
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E:
4,920
2.050%,
10/01/35
4/29
at
100.00
AA
3,971,571
6,385
2.250%,
10/01/40
4/29
at
100.00
AA
4,719,537
3,290
2.400%,
10/01/45
4/29
at
100.00
AA
2,401,075
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2021H:
5,995
1.900%,
10/01/36
4/30
at
100.00
AA
4,569,989
4,625
2.150%,
10/01/41
4/30
at
100.00
AA
3,377,036
8,070
2.400%,
4/01/52
4/30
at
100.00
AA
5,458,467
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
38
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
(continued)
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I:
$
4,090
4.500%,
10/01/42
4/31
at
100.00
AA
$
3,996,666
3,135
4.600%,
10/01/46
4/31
at
100.00
AA
3,045,308
Total
Housing/Single
Family
54,646,229
Long-Term
Care
-
0.7%
(0.5%
of
Total
Investments)
1,110
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
1/24
at
100.00
N/R
973,381
2,755
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40,
144A
1/28
at
102.00
N/R
2,046,883
1,440
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38,
144A
10/26
at
102.00
N/R
1,107,547
Total
Long-Term
Care
4,127,811
Tax
Obligation/General
-
14.2%
(8.9%
of
Total
Investments)
440
Cumberland
County
Improvement
Authority,
New
Jersey,
County
General
Obligation
Revenue
Bonds,
Technical
High
School
Project,
Series
2018,
3.125%,
1/15/32
-
BAM
Insured
1/28
at
100.00
AA
437,153
2,920
Cumberland
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Correctional
Facility
Project,
Series
2018,
4.000%,
10/01/43
-
BAM
Insured
10/28
at
100.00
AA
2,763,926
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021:
1,470
2.000%,
5/15/30
5/28
at
100.00
AA-
1,308,800
1,475
2.000%,
5/15/31
5/28
at
100.00
AA-
1,282,822
680
Hamilton
Township,
Mercer
County
Board
of
Education,
New
Jersey,
General
Obligation
Bonds,
Series
2017,
3.250%,
12/15/38
12/27
at
100.00
AA
605,656
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018:
1,340
3.125%,
3/01/31
-
BAM
Insured
3/28
at
100.00
AA
1,323,813
1,110
3.250%,
3/01/32
-
BAM
Insured
3/28
at
100.00
AA
1,105,860
1,255
3.500%,
3/01/36
-
BAM
Insured
3/28
at
100.00
AA
1,218,680
1,040
Hudson
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Governmental
Loan
Revenue
Bonds,
Guttenberg
General
Obligation
Bond
Project,
Series
2018,
5.000%,
8/01/42
8/25
at
100.00
AA
1,070,940
2,000
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Courthouse
Project,
Series
2020,
4.000%,
10/01/46
10/30
at
100.00
AA
1,844,860
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016:
4,235
5.000%,
5/01/46
5/26
at
100.00
AA
4,381,870
9,775
5.250%,
5/01/51
5/26
at
100.00
AA
10,166,391
5,000
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2022A,
3.000%,
2/15/37
2/29
at
100.00
Aa3
4,374,500
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
Refunding
General
Improvement
Series
2017A:
1,000
5.000%,
11/01/29
11/27
at
100.00
AA-
1,093,290
515
5.000%,
11/01/31
11/27
at
100.00
AA-
563,013
440
5.000%,
11/01/33
11/27
at
100.00
AA-
479,754
Monmouth
County
Improvement
Authority,
New
Jersey,
Governmental
Pooled
Loan
Revenue
Bonds,
Series
2021A:
2,140
3.000%,
3/01/32
3/31
at
100.00
AAA
2,145,115
2,125
3.000%,
3/01/33
3/31
at
100.00
AAA
2,115,437
1,000
3.000%,
3/01/36
3/31
at
100.00
AAA
923,350
760
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A,
5.000%,
1/01/37
1/24
at
100.00
AAA
767,547
39
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2012:
$
465
5.000%,
9/01/28
3/23
at
100.00
A+
$
465,674
610
5.000%,
9/01/29
3/23
at
100.00
A+
610,854
300
5.000%,
9/01/31
3/23
at
100.00
A+
300,423
250
3.625%,
9/01/34
3/23
at
100.00
A+
250,005
2,190
New
Brunswick,
New
Jersey,
General
Obligation
Bonds,
Cultural
Center
Project,
Series
2017,
4.000%,
9/15/44
-
AGM
Insured
9/27
at
100.00
AA
2,094,407
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A:
5,940
4.000%,
6/01/31
No
Opt.
Call
A2
6,416,566
4,275
3.000%,
6/01/32
No
Opt.
Call
A2
4,012,900
3,115
New
Jersey
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
2.250%,
6/01/35
12/27
at
100.00
A2
2,561,309
Newark
Board
of
Education,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
School
Energy
Savings
Series
2021:
750
3.000%,
7/15/38
-
BAM
Insured
7/31
at
100.00
AA
624,195
755
3.000%,
7/15/39
-
BAM
Insured
7/31
at
100.00
AA
612,260
1,000
3.000%,
7/15/40
-
BAM
Insured
7/31
at
100.00
AA
790,260
2,400
Newark,
Essex
County,
New
Jersey,
Mass
Transit
Access
Tax
Revenue
Bonds,
Mulberry
Pedestrian
Bridge
Redevelopment
Project,
Series
2022,
6.000%,
11/15/62
-
AGM
Insured
11/32
at
100.00
AA
2,696,616
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
2,879
4.000%,
7/01/33
7/31
at
103.00
N/R
2,579,757
1,923
4.000%,
7/01/35
7/31
at
103.00
N/R
1,684,355
1,000
Sayreville
School
District,
Middlesex
County,
New
Jersey,
General
Obligation
Bonds,
School
Series
2022,
4.000%,
1/15/41
-
BAM
Insured
1/32
at
100.00
AA
970,930
South
Orange
Village
Township,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020:
400
4.000%,
1/15/25
No
Opt.
Call
AA
405,668
500
4.000%,
1/15/26
No
Opt.
Call
AA
512,315
5,015
Union
County
Utilities
Authority,
New
Jersey,
Resource
Recovery
Facility
Lease
Revenue
Bonds,
Covantan
Union
Inc.
Lessee,
Refunding
Series
2011B,
5.250%,
12/01/31,
(AMT)
3/23
at
100.00
AA+
5,021,419
2,515
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
3/23
at
100.00
Aaa
2,516,760
2,170
Union
County,
New
Jersey,
General
Obligation
Bonds,
Series
2018,
3.000%,
3/01/27
9/25
at
100.00
Aaa
2,166,007
1,515
Washington
Township
Board
of
Education,
Mercer
County,
New
Jersey,
General
Obligation
Bonds,
Series
2005,
5.250%,
1/01/27
-
AGM
Insured
No
Opt.
Call
Aa3
1,631,973
Total
Tax
Obligation/General
78,897,430
Tax
Obligation/Limited
-
36.6%
(22.9%
of
Total
Investments)
2,630
Bergen
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Revenue
Bonds,
Bergen
New
Bridge
Medical
Center
Project,
Series
2022,
5.000%,
8/01/47
8/32
at
100.00
Aaa
2,904,572
3,775
Bergen
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Administration
Complex
Project,
Series
2005,
5.000%,
11/15/26
No
Opt.
Call
Aaa
4,066,694
1,000
Bergen
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Boro
Ridgefield
Project,
County
Guaranteed
Series
2020,
4.000%,
10/15/42
10/30
at
100.00
Aaa
1,004,600
3,000
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2003B,
0.000%,
11/01/25
-
AGM
Insured
No
Opt.
Call
AA
2,741,670
2,230
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2005A,
5.750%,
11/01/28
-
AGM
Insured
No
Opt.
Call
AA
2,439,018
5,445
New
Jersey
Economic
Development
Authority,
Lease
Revenue
Bonds,
State
House
Project,
Series
2017B,
4.500%,
6/15/40
12/28
at
100.00
A3
5,456,925
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
40
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
New
Jersey
Economic
Development
Authority,
New
Jersey,
Transit
Transportation
Project
Revenue
Bonds,
Portal
North
Bridge
Project
Series
2022A:
$
2,400
5.250%,
11/01/47
11/32
at
100.00
A3
$
2,540,136
1,685
5.000%,
11/01/52
11/32
at
100.00
A3
1,743,116
5,575
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
Baa3
5,385,729
6,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
New
Jersey
Transit
Corporation
Projects
Sublease,
Refunding
Series
2017B,
5.000%,
11/01/25
No
Opt.
Call
A3
6,222,240
6,385
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2014UU,
5.000%,
6/15/27
6/24
at
100.00
A3
6,486,138
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ:
1,300
5.000%,
6/15/31
12/30
at
100.00
A3
1,446,523
1,000
5.000%,
6/15/32
12/30
at
100.00
A3
1,109,250
5,020
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2014PP,
5.000%,
6/15/26
6/24
at
100.00
A3
5,093,392
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2016A-1:
1,140
5.000%,
6/15/29
6/26
at
100.00
A+
1,200,010
655
5.000%,
6/15/30
6/26
at
100.00
A+
689,125
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB:
1,250
3.000%,
6/15/50
12/31
at
100.00
A3
882,825
1,500
4.000%,
6/15/50
12/31
at
100.00
A3
1,360,290
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC:
3,750
5.000%,
6/15/42
12/32
at
100.00
A3
3,927,412
6,000
5.000%,
6/15/44
12/32
at
100.00
A3
6,249,060
1,250
5.000%,
6/15/48
12/32
at
100.00
A3
1,294,213
1,610
5.500%,
6/15/50
12/32
at
100.00
A3
1,730,042
32,965
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/30
No
Opt.
Call
A3
24,312,347
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
37,600
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
AA
25,718,400
39,090
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
AA
25,579,323
5,160
0.000%,
12/15/34
-
AGM
Insured
No
Opt.
Call
AA
3,207,405
7,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2010D,
5.000%,
12/15/24
No
Opt.
Call
A3
7,164,920
45
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2013AA,
5.000%,
6/15/36
6/23
at
100.00
A3
45,105
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A:
1,150
5.000%,
12/15/35
12/28
at
100.00
A3
1,218,701
440
5.000%,
12/15/36
12/28
at
100.00
A3
463,465
4,950
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
A3
4,782,789
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB:
750
4.000%,
6/15/44
12/28
at
100.00
A3
698,670
6,845
3.500%,
6/15/46
12/28
at
100.00
A3
5,557,524
2,900
4.000%,
6/15/50
12/28
at
100.00
A3
2,628,183
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
5,875
5.000%,
6/15/45
12/30
at
100.00
A3
6,078,275
3,435
3.000%,
6/15/50
12/30
at
100.00
A3
2,438,781
1,175
4.000%,
6/15/50
12/30
at
100.00
A3
1,064,867
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
3,860
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Refunding
Series
2015,
3.750%,
5/01/36
5/25
at
100.00
AA
$
3,864,285
4,005
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012,
3.500%,
5/01/35
3/23
at
100.00
Aa1
4,003,078
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
209
4.750%,
7/01/53
7/28
at
100.00
N/R
187,343
2,696
5.000%,
7/01/58
7/28
at
100.00
N/R
2,501,349
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
2,852
4.329%,
7/01/40
7/28
at
100.00
N/R
2,591,612
744
4.784%,
7/01/58
7/28
at
100.00
N/R
665,032
Union
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Bonds,
Juvenile
Detention
Center
Facility
Project,
Refunding
Series
2015A:
1,420
5.500%,
5/01/28
No
Opt.
Call
Aaa
1,604,841
Union
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Bonds,
Juvenile
Detention
Center
Facility
Project,
Tender
Option
Bond
Trust
2015-XF1019:
285
11.996%,
5/01/29,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
508,634
200
11.996%,
5/01/30,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
381,054
370
11.908%,
5/01/31,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
742,997
385
11.954%,
5/01/32,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
814,371
400
11.955%,
5/01/33,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
883,764
415
11.996%,
5/01/34,
144A,
(IF)
(5)
No
Opt.
Call
Aaa
945,914
3,975
Union
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Series
2019-XG0221,
8.458%,
3/01/34,
144A,
(IF)
(5)
No
Opt.
Call
AA+
6,101,148
Total
Tax
Obligation/Limited
202,727,157
Transportation
-
28.8%
(18.0%
of
Total
Investments)
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2014A:
1,285
5.000%,
1/01/34
1/24
at
100.00
A1
1,299,032
5,890
4.125%,
1/01/39
1/24
at
100.00
A1
5,884,405
7,800
5.000%,
1/01/44
1/24
at
100.00
A1
7,819,734
2,140
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
A1
2,050,527
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2015:
1,000
4.000%,
7/01/34
-
BAM
Insured
7/25
at
100.00
AA
1,020,710
2,820
4.000%,
7/01/35
-
BAM
Insured
7/25
at
100.00
AA
2,870,788
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Refunding
Series
2019B:
2,005
5.000%,
7/01/28
No
Opt.
Call
A1
2,224,608
1,520
5.000%,
7/01/29
No
Opt.
Call
A1
1,719,834
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017:
2,820
5.000%,
7/01/42
7/27
at
100.00
A1
2,931,080
10,210
5.000%,
7/01/47
7/27
at
100.00
A1
10,534,882
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A:
1,050
5.000%,
7/01/28
No
Opt.
Call
A1
1,165,006
1,350
5.000%,
7/01/29
No
Opt.
Call
A1
1,527,485
1,015
5.000%,
7/01/30
7/29
at
100.00
A1
1,144,210
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
42
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
7,035
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds, Series
2013,
5.000%,
1/01/40
1/24
at
100.00
A+
$
7,118,224
2,325
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/37
1/29
at
100.00
A+
2,519,765
New
Jersey
Economic
Development
Authority,
Private
Activity
Bonds,
The
Goethals
Bridge
Replacement
Project,
Series
2013:
6,255
5.375%,
1/01/43,
(AMT)
1/24
at
100.00
A-
6,288,026
5,555
5.625%,
1/01/52,
(AMT)
1/24
at
100.00
A-
5,587,886
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999:
1,040
5.125%,
9/15/23,
(AMT)
3/23
at
101.00
Ba3
1,039,605
2,800
5.250%,
9/15/29,
(AMT)
3/23
at
101.00
Ba3
2,786,420
2,250
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
2000A
&
2000B,
5.625%,
11/15/30,
(AMT)
3/24
at
101.00
Ba3
2,265,030
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017:
5,660
5.000%,
10/01/37,
(AMT)
10/27
at
100.00
Baa2
5,701,148
7,440
5.000%,
10/01/47,
(AMT)
10/27
at
100.00
Baa2
7,315,603
6,570
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
AA-
6,678,931
3,065
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A,
5.250%,
1/01/29
-
AGM
Insured
No
Opt.
Call
AA
3,466,147
2,050
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2021A,
4.000%,
1/01/42
1/31
at
100.00
AA-
1,993,871
2,500
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A,
4.000%,
1/01/43
7/32
at
100.00
AA-
2,421,400
7,500
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
5.250%,
1/01/52,
(UB)
(5)
1/33
at
100.00
AA-
8,157,450
3,520
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022C,
5.000%,
1/01/29
No
Opt.
Call
AA-
3,937,683
2,750
Passaic
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Paterson
Parking
Deck
Facility,
Series
2005,
5.000%,
4/15/35
-
AGM
Insured
3/23
at
100.00
A1
2,753,850
7,235
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Ninth
Series
2013,
5.000%,
12/01/43
12/23
at
100.00
AA-
7,292,735
5,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Seventh
Series
2013,
4.000%,
1/15/43,
(AMT)
3/23
at
100.00
AA-
4,630,250
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Eighteen
Series
2019:
8,000
4.000%,
11/01/41,
(AMT)
11/29
at
100.00
AA-
7,578,240
4,000
4.000%,
11/01/47,
(AMT)
11/29
at
100.00
AA-
3,634,960
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Fouteen
Series
2019:
4,500
4.000%,
9/01/38,
(AMT)
9/29
at
100.00
AA-
4,377,915
2,500
4.000%,
9/01/39,
(AMT)
9/29
at
100.00
AA-
2,405,225
2,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Four
Series
2022,
5.500%,
8/01/52,
(AMT)
8/32
at
100.00
AA-
2,157,740
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Six
Series
2022:
6,000
5.000%,
1/15/47,
(AMT),
(UB)
(5)
1/33
at
100.00
AA-
6,276,840
4,660
5.000%,
1/15/52,
(AMT),
(UB)
(5)
1/33
at
100.00
AA-
4,857,351
1,040
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
BBB+
1,063,327
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A:
2,240
4.625%,
11/01/47
11/32
at
100.00
BBB+
2,162,362
1,000
5.250%,
11/01/52
-
BAM
Insured
11/32
at
100.00
AA
1,051,460
Total
Transportation
159,711,745
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
11.6%
(7.2%
of
Total
Investments)
(6)
$
2,225
Cumberland
County
Improvement
Authority,
New
Jersey,
County
General
Obligation
Revenue
Bonds,
Technical
High
School
Project,
Series
2014,
5.000%,
9/01/39,
(Pre-refunded
9/01/24)
-
AGM
Insured
9/24
at
100.00
AA
$
2,287,968
5,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2013,
5.000%,
7/01/34,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
5,026,600
1,410
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A,
5.000%,
7/01/29,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
1,442,402
2,455
New
Jersey
Economic
Development
Authority,
Rutgers
University
General
Obligation
Lease
Revenue
Bonds,
18.143%,
6/15/46,
(Pre-refunded
6/15/23),
144A,
(IF)
(5)
6/23
at
100.00
Aa3
2,507,267
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2015WW:
660
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
N/R
688,631
11,455
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
A3
11,977,691
New
Jersey
Education
Facilities
Authority
Revenue
Bonds,
The
College
of
New
Jersey
Issue,
Series
2013A:
2,475
5.000%,
7/01/38,
(Pre-refunded
7/01/23)
7/23
at
100.00
A2
2,489,825
3,250
5.000%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
A2
3,269,468
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
2,055
5.000%,
7/01/45,
(Pre-refunded
7/01/24)
7/24
at
100.00
A-
2,102,224
4,165
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Kennedy
Health
System
Obligated
Group
Issue,
Refunding
Series
2012,
3.750%,
7/01/27,
(ETM)
No
Opt.
Call
N/R
4,208,982
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Palisades
Medical
Center
Obligated
Group
Issue,
Refunding
Series
2013:
2,570
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
2,587,476
555
5.250%,
7/01/31,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
558,408
1,285
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
1,294,779
275
5.500%,
7/01/43,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
276,911
2,345
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Luke's
Warren
Hospital
Obligated
Group,
Series
2013,
4.000%,
8/15/37,
(Pre-refunded
8/15/23)
8/23
at
100.00
A-
2,353,372
15,840
North
Hudson
Sewerage
Authority,
New
Jersey,
Sewerage
Revenue
Refunding
Bonds,
Series
2001A,
0.000%,
8/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2
15,623,150
2,170
Rutgers
State
University,
New
Jersey,
Revenue
Bonds,
Tender
Option
Bond
2016-XF2356,
18.183%,
5/01/43,
(Pre-refunded
5/01/23),
144A,
(IF)
(5)
5/23
at
100.00
Aa3
2,196,322
815
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Pollution
Control
Revenue
Bonds,
Chambers
Project,
Refunding
Series
2014A,
5.000%,
12/01/23,
(AMT),
(ETM)
No
Opt.
Call
N/R
821,756
Sparta
Township
Board
of
Education,
Sussex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2015:
1,000
5.000%,
2/15/34,
(Pre-refunded
2/15/25)
2/25
at
100.00
AA
1,036,480
1,395
5.000%,
2/15/35,
(Pre-refunded
2/15/25)
2/25
at
100.00
AA
1,445,890
Total
U.S.
Guaranteed
64,195,602
Utilities
-
5.6%
(3.5%
of
Total
Investments)
New
Jersey
Economic
Development
Authority,
Energy
Facilities
Revenue
Bonds,
UMM
Energy
Partners,
LLC
Project,
Series
2012A:
1,000
4.750%,
6/15/32,
(AMT)
3/23
at
100.00
Baa2
1,000,310
1,225
5.125%,
6/15/43,
(AMT)
3/23
at
100.00
Baa2
1,225,086
1,950
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A,
2.750%,
8/01/39
8/24
at
100.00
A1
1,558,771
2,355
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
Middlesex
Water
Company,
Series
2019,
4.000%,
8/01/59,
(AMT)
8/29
at
100.00
A+
1,886,473
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
44
NXJ
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
3,505
New
Jersey
Economic
Development
Authority,
Water
Facilities
Revenue
Bonds,
New
Jersey-American
Water
Company
Inc.
Project,
Refunding
Series
2020B,
1.200%,
11/01/34,
(AMT),
(Mandatory
Put
6/01/23)
No
Opt.
Call
A+
$
3,480,395
5,220
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1,
3.000%,
9/01/34
9/30
at
100.00
AAA
4,978,992
2,700
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
3/01/37
No
Opt.
Call
AA
3,072,492
1,500
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
N/R
1,522,875
1,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
7/01/42,
144A
7/31
at
100.00
N/R
858,000
13,000
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020,
2.250%,
6/01/29
No
Opt.
Call
A
11,707,150
Total
Utilities
31,290,544
Total
Long-Term
Investments
(cost
$917,691,623)
885,830,546
Floating
Rate
Obligations
-
(6.0)%
(33,235,000)
VRDP
Shares,
Net
-
(56.4)%
(7)
(312,681,362)
Other
Assets
&
Liabilities,
Net
-
2.6%
14,277,746
Net
Assets
Applicable
to
Common
Shares
-
100%
$
554,191,930
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(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)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
35.3%.
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
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
45
Nuveen
Ohio
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NUO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
155.8% (100.0%
of
Total
Investments)
X
401,497,767
MUNICIPAL
BONDS
-
153.9% (98.8%
of
Total
Investments)
X
401,497,767
Consumer
Discretionary
-
2.3%
(1.5%
of
Total
Investments)
Franklin
County
Convention
Facilities
Authority,
Ohio,
Hotel
Project
Revenue
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019:
$
1,010
5.000%,
12/01/34
12/29
at
100.00
BBB-
$
980,195
1,000
5.000%,
12/01/44
12/29
at
100.00
BBB-
936,860
4,470
5.000%,
12/01/51
12/29
at
100.00
BBB-
4,123,977
Total
Consumer
Discretionary
6,041,032
Consumer
Staples
-
4.5%
(2.9%
of
Total
Investments)
20,605
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Capital
Appreciation
Series
2020B-3
Class
2,
0.000%,
6/01/57
6/30
at
22.36
N/R
2,398,010
1,025
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+
897,510
9,385
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R
8,535,001
Total
Consumer
Staples
11,830,521
Education
and
Civic
Organizations
-
15.1%
(9.7%
of
Total
Investments)
725
Allen
County
Port
Authority
Economic
Development,
Ohio,
Revenue
Bonds, University
of
Northwestern,
Refunding
Series
2021A,
4.000%,
12/01/40
6/31
at
100.00
BBB-
633,679
Lorain
County
Community
College
District,
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2017:
1,305
5.000%,
12/01/32
6/27
at
100.00
Aa2
1,389,721
1,200
5.000%,
12/01/33
6/27
at
100.00
Aa2
1,273,992
505
5.000%,
12/01/34
6/27
at
100.00
Aa2
535,522
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2014:
4,375
5.000%,
9/01/33
9/24
at
100.00
AA
4,462,106
2,500
4.000%,
9/01/39
9/24
at
100.00
AA
2,472,975
2,585
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/41
9/26
at
100.00
AA
2,702,178
4,000
Miami
University
of
Ohio,
General
Receipts
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
9/01/45
9/30
at
100.00
AA
3,714,880
Ohio
Higher
Educational
Facility
Commission,
Higher
Educational
Facility
Revenue
Bonds,
John
Carroll
University
2022
Project,
Series
2022:
1,250
4.000%,
10/01/42
10/31
at
100.00
Baa1
1,089,500
1,250
4.000%,
10/01/47
10/31
at
100.00
Baa1
1,048,137
3,410
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Case
Western
Reserve
University
Project,
Refunding
Series
2021A,
4.000%,
12/01/44
12/31
at
100.00
AA-
3,148,555
725
Ohio
Higher
Educational
Facility
Commission,
Revenue
Bonds,
Otterbein
University
2022
Project,
Series
2022A,
4.000%,
12/01/46
12/31
at
100.00
Baa1
616,417
1,000
Tuscarawas
County
Economic
Development
and
Finance
Alliance,
Ohio,
Higher
Education
Facilities
Revenue
Bonds,
Ashland
University,
Refunding
&
Improvement
Series
2015,
6.000%,
3/01/45
3/25
at
100.00
N/R
997,570
University
of
Akron,
Ohio,
General
Receipts
Bonds,
Series
2021A:
1,535
5.000%,
1/01/30
-
BAM
Insured
No
Opt.
Call
AA
1,711,602
1,695
5.000%,
1/01/32
-
BAM
Insured
No
Opt.
Call
AA
1,937,385
1,000
University
of
Cincinnati,
Ohio,
General
Receipts
Bonds,
Green
Bond
Series
2014C,
5.000%,
6/01/41
12/24
at
100.00
AA-
1,015,020
Nuveen
Ohio
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
46
NUO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
3,175
University
of
Cincinnati,
Ohio,
General
Receipts
Bonds,
Series
2016C,
5.000%,
6/01/46
6/26
at
100.00
AA-
$
3,275,139
1,375
University
of
Kentucky,
General
Receipts
Bonds,
University
of
Kentucky
Mixed-Use
Parking
Project,
Series
2019A,
4.000%,
5/01/44
5/29
at
100.00
AA
1,310,774
Youngstown
State
University,
Ohio,
General
Receipts
Bonds,
Series
2017:
1,555
5.000%,
12/15/29
12/26
at
100.00
A+
1,671,408
1,670
5.000%,
12/15/30
12/26
at
100.00
A+
1,794,899
Youngstown
State
University,
Ohio,
General
Receipts
Bonds,
Series
2021:
1,335
4.000%,
12/15/28
-
AGM
Insured
No
Opt.
Call
AA
1,407,424
1,000
4.000%,
12/15/32
-
AGM
Insured
6/31
at
100.00
AA
1,062,230
Total
Education
and
Civic
Organizations
39,271,113
Health
Care
-
12.4%
(8.0%
of
Total
Investments)
3,250
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017,
5.000%,
12/01/37
12/27
at
100.00
A-
3,338,692
6,500
Cleveland
Clinic
Health
System
Obligated
Group,
Ohio,
Martin
County
Health
Facilities
Authority,
Hospital
Revenue
Bonds,
Series
2019B,
4.000%,
1/01/46
1/29
at
100.00
AA
6,178,055
2,945
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
AdventHealth
Obligated
Group,
Series
2019A,
4.000%,
11/15/43
11/29
at
100.00
AA
2,792,096
1,660
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
4.000%,
8/01/49
8/29
at
100.00
A-
1,439,569
2,400
Fairfield
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Fairfield
Medical
Center
Project,
Series
2013,
5.000%,
6/15/43
6/23
at
100.00
Ba3
2,255,952
1,730
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH,
5.000%,
12/01/46
6/27
at
100.00
AA-
1,761,382
200
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
AA-
179,314
6,105
Muskingum
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Genesis
HealthCare
System
Obligated
Group
Project,
Series
2013,
5.000%,
2/15/44
3/23
at
100.00
BB+
5,492,119
4,500
North
Carolina
Medical
Care
Commission,
Health
Care
Facilities
Revenue
Bonds,
Novant
Health
Obligated
Group,
Series
2019A,
4.000%,
11/01/52
11/29
at
100.00
AA-
4,228,695
2,090
Ohio
State,
Hospital
Revenue
Bonds,
Cleveland
Clinic
Health
System
Obligated
Group,
Refunding
Series
2017A,
5.000%,
1/01/33
1/28
at
100.00
AA
2,288,446
1,900
Ross
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2019,
5.000%,
12/01/49
12/29
at
100.00
A-
1,907,220
555
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
A-
499,372
Total
Health
Care
32,360,912
Housing/Multifamily
-
0.9%
(0.6%
of
Total
Investments)
2,500
Columbus
Metropolitan
Housing
Authority,
Ohio,
General
Revenue
Bonds,
Series
2021,
4.000%,
8/01/36
8/31
at
100.00
A+
2,443,825
Total
Housing/Multifamily
2,443,825
Tax
Obligation/General
-
24.5%
(15.7%
of
Total
Investments)
2,420
Ashland
County-West
Holmes
Joint
Vocational
School
District,
Ohio,
General
Obligation
Bonds,
Limited
Tax
School
Facilities
Construction
&
Improvement
Series
2022,
4.000%,
12/01/46
12/29
at
100.00
Aa2
2,300,960
2,500
Clark-Shawnee
Local
School
District,
Clark
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2017,
5.000%,
11/01/54
11/27
at
100.00
AA
2,612,000
1,050
Cleveland,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
12/01/43
6/28
at
100.00
AA+
1,108,149
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Cleveland,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2022A:
$
1,000
5.000%,
12/01/44
12/32
at
100.00
AA+
$
1,091,760
1,000
5.000%,
12/01/47
12/32
at
100.00
AA+
1,088,640
1,000
5.000%,
12/01/51
12/32
at
100.00
AA+
1,081,610
1,000
Colerain
Township,
Hamilton
County,
Ohio,
General
Obligation
Bonds,
Fire
Station
Series
2022,
5.250%,
12/01/47
12/29
at
100.00
Aa2
1,069,710
Columbus
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2006:
4,310
0.000%,
12/01/27
-
AGM
Insured
No
Opt.
Call
AA
3,686,257
5,835
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
AA
4,835,464
2,250
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2018A,
5.000%,
4/01/29
10/28
at
100.00
AAA
2,524,028
500
Cuyahoga
County,
Ohio,
General
Obligation
Bonds,
Refunding
&
Capital
Improvement
Series
2020A,
4.000%,
12/01/34
6/30
at
100.00
AA
525,360
2,425
Cuyahoga
Falls
City
School
District,
Summit
County,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2021,
4.000%,
12/01/51
-
BAM
Insured
6/28
at
100.00
AA
2,166,349
Dublin,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Various
Purpose
Series
2015:
900
5.000%,
12/01/32
12/25
at
100.00
Aaa
940,644
1,000
5.000%,
12/01/34
12/25
at
100.00
Aaa
1,043,020
1,005
Grandview
Heights
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement
Series
2019,
5.000%,
12/01/53
6/29
at
100.00
AA+
1,069,209
Lorain
County,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Various
Purpose
Series
2020B:
345
4.000%,
12/01/29
12/25
at
100.00
Aa2
355,743
145
4.000%,
12/01/30
12/25
at
100.00
Aa2
149,472
240
4.000%,
12/01/40
12/25
at
100.00
Aa2
238,495
460
4.000%,
12/01/45
12/25
at
100.00
Aa2
441,619
4,500
Middletown
City
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/31
-
AGM
Insured
No
Opt.
Call
A1
5,189,265
1,305
Monroe
Local
School
District,
Butler
County,
Ohio,
General
Obligation
Bonds,
Series
2006,
5.500%,
12/01/24
-
AMBAC
Insured
No
Opt.
Call
Aa3
1,356,065
2,535
Oakwood
City
School
District,
Montgomery
County,
Ohio,
General
Obligation
Bonds,
Series
2019,
4.000%,
12/01/48
12/28
at
100.00
Aa2
2,346,142
Ohio
State,
General
Obligation
Bonds,
Highway
Capital
Improvement,
Series
2018V:
2,500
5.000%,
5/01/33
5/28
at
100.00
AAA
2,773,700
1,250
5.000%,
5/01/34
5/28
at
100.00
AAA
1,379,225
Ohio
State,
General
Obligation
Bonds,
Infrastructure
Improvement
Series
2022A:
1,000
5.000%,
3/01/39
3/33
at
100.00
AAA
1,138,850
1,465
5.000%,
3/01/40
3/33
at
100.00
AAA
1,658,878
4,250
Pickerington
Local
School
District,
Fairfield
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
School
Facilities
Construction
&
Improvement,
Series
2023,
5.250%,
12/01/59
,(WI/DD,
Settling
3/15/23)
12/32
at
100.00
Aa2
4,502,068
4,000
Southwest
Local
School
District,
Hamilton
and
Butler
Counties,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2018A,
4.000%,
1/15/55
1/28
at
100.00
Aa2
3,625,880
1,500
Springboro
Community
City
School
District,
Warren
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2007,
5.250%,
12/01/32
No
Opt.
Call
AA
1,757,925
750
Springboro,
Ohio,
General
Obligation
Bonds,
Golf
Course
Limited
Tax
Refunding
Series
2022,
5.000%,
12/01/41
12/30
at
100.00
Aa1
818,423
1,000
Summit
County,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Improvement
Series
2022,
5.000%,
12/01/43
6/32
at
100.00
AA+
1,099,020
1,200
Toledo,
Ohio,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Series
2020,
4.000%,
12/01/35
12/30
at
100.00
A2
1,240,056
1,100
Wadsworth
City
School
District,
Medina
County,
Ohio,
General
Obligation
Bonds,
School
Improvement
Series
2021,
4.000%,
12/01/51
12/26
at
100.00
Aa2
1,007,787
Nuveen
Ohio
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
48
NUO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
5,000
Worthington
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
Facilities
Series
2023,
5.500%,
12/01/54
,(WI/DD,
Settling
3/30/23)
12/32
at
100.00
AA+
$
5,596,750
Total
Tax
Obligation/General
63,818,523
Tax
Obligation/Limited
-
32.0%
(20.5%
of
Total
Investments)
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2017B-2:
1,250
5.000%,
10/01/31
4/28
at
100.00
AA
1,377,587
1,000
5.000%,
10/01/32
4/28
at
100.00
AA
1,101,220
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Public
Facilities
Improvements,
Refunding
Subordinate
Lien
Series
2021A-1:
360
4.000%,
10/01/29
No
Opt.
Call
AA
384,577
355
4.000%,
10/01/30
No
Opt.
Call
AA
380,013
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Subordinate
Lien
Improvement
and
Refunding
Series
2017A-2:
435
5.000%,
10/01/30
10/27
at
100.00
AA
469,922
700
5.000%,
10/01/33
10/27
at
100.00
AA
751,863
500
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Bridge
Park
D
Block
Project,
Series
2019A-1,
5.000%,
12/01/51
6/29
at
100.00
N/R
482,210
860
Columbus-Franklin
County
Finance
Authority,
Ohio,
Tax
Increment
Financing
Revenue
Bonds,
Easton
Project,
Series
2020,
5.000%,
6/01/28,
144A
No
Opt.
Call
N/R
856,311
4,185
Cuyahoga
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Ballpark
Improvement
Project,
Series
2022A,
4.000%,
1/01/37
1/31
at
100.00
AAA
4,277,279
1,920
Dublin,
Ohio,
Special
Obligation
Non-Tax
Revenue
Bonds,
Series
2015A,
5.000%,
12/01/44
12/25
at
100.00
Aa1
1,970,573
2,500
Franklin
County
Convention
Facilities
Authority,
Ohio,
Lease
Appropriation
Bonds,
Greater
Columbus
Convention
Center
Hotel
Expansion
Project,
Series
2019,
5.000%,
12/01/46
12/29
at
100.00
AA
2,676,325
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018:
2,120
5.000%,
6/01/36
6/28
at
100.00
AAA
2,307,790
1,155
5.000%,
6/01/37
6/28
at
100.00
AAA
1,249,132
12,000
5.000%,
6/01/43
6/28
at
100.00
AAA
12,782,040
2,535
5.000%,
6/01/48
6/28
at
100.00
AAA
2,688,570
1,320
Great
Oaks
Career
Campuses
Board
of
Education,
Brown,
Butler,
Clermont,
Clinton,
Fayette,
Greene,
Hamilton,
Highland,
Madison,
Pickaway,
Ross
and
Warren,
Ohio,
Certificates
of
Participation,
School
Improvement
Project,
Series
2021,
4.000%,
12/01/39
12/29
at
100.00
Aa1
1,321,967
5,565
Hamilton
County,
Ohio,
Sales
Tax
Bonds,
Subordinate
Series
2000B,
0.000%,
12/01/28
-
AGM
Insured
No
Opt.
Call
AA
4,580,551
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2019-I:
1,000
4.000%,
10/15/49
10/29
at
100.00
Aa2
947,110
5,000
4.000%,
4/15/54
10/29
at
100.00
Aa2
4,695,850
2,000
Ohio
State,
Capital
Facilities
Lease
Appropriation
Bonds,
Juvenile
Correctional
Building
Fund
Projects,
Series
2019A,
5.000%,
4/01/37
4/29
at
100.00
AA+
2,177,320
1,080
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Parks
&
Recreation
Improvement
Fund
Projects,
Series
2020A,
5.000%,
12/01/31
No
Opt.
Call
AA+
1,269,432
1,635
Ohio
State,
Capital
Facilities
Lease-Appropriation
Bonds,
Parks
&
Recreation
Improvement
Fund
Projects,
Series
2022A,
5.000%,
12/01/29
No
Opt.
Call
AA+
1,862,494
955
Ohio
State,
Major
New
State
Infrastructure
Project
Revenue
Bonds,
Series
2021-1A,
5.000%,
12/15/32
No
Opt.
Call
AA
1,133,824
1,250
Pickaway
County,
Ohio,
Sales
Tax
Specia
Obligation
Bonds,
Series
2019,
5.000%,
12/01/48
12/28
at
100.00
AA
1,327,562
1,845
Pinnacle
Community
Infrastructure
Financing
Authority,
Grove
City,
Ohio,
Community
Facilities
Bonds,
Series
2015A,
4.250%,
12/01/36
-
AGM
Insured
12/25
at
100.00
AA
1,878,339
49
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
520
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Public
Improvement
TOT
Revenue
Bonds,
Series
2021,
4.250%,
12/01/50,
144A
12/28
at
100.00
N/R
$
396,552
395
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Development
TIF
Revenue
Bonds,
RBM
Development
-
Phase
2B
Project,
Series
2018A,
6.000%,
12/01/50
12/28
at
100.00
N/R
357,680
1,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Special
Obligation
Tax
Increment
Financing
Revenue
Bonds,
Cooperative
Township
Public
Parking
Project,
Gallery
at
Kenwood,
Senior
Lien
Series
2019A,
5.000%,
11/01/51
11/30
at
100.00
N/R
773,570
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
8,700
4.500%,
7/01/34
7/25
at
100.00
N/R
8,626,398
2,330
4.550%,
7/01/40
7/28
at
100.00
N/R
2,175,917
1,780
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R
1,662,289
Riversouth
Authority,
Ohio,
Riversouth
Area
Redevelopment
Bonds,
Payable
from
City
of
Columbus,
Ohio
Annual
Rental
Appropriations,
Refunding
Series
2012A:
1,645
5.000%,
12/01/23
3/23
at
100.00
AA+
1,647,435
1,200
5.000%,
12/01/24
3/23
at
100.00
AA+
1,201,824
1,000
United
Local
School
District,
Ohio,
Certificates
of
Participation,
School
Facilities
Project,
Series
2021,
4.000%,
12/01/38
-
BAM
Insured
12/30
at
100.00
AA
998,100
Upper
Arlington,
Ohio,
Special
Obligation
Nontax
Revenue
Bonds,
Kingsdale
Mixed-Use
Development
Series
2022A:
1,165
5.000%,
12/01/40
12/29
at
100.00
AAA
1,253,529
3,590
5.000%,
12/01/46
12/29
at
100.00
AAA
3,762,607
1,695
Wayne
County
Public
Library,
Ohio,
Special
Obligation,
-
Library
Facilities
Notes,
Series
2022,
5.000%,
12/01/47
12/29
at
100.00
Aa2
1,810,023
Westerville
City
School
District,
Franklin
and
Delaware
Counties,
Ohio,
Certificates
of
Participation,
School
Facilities
Project,
Series
2018:
2,450
5.000%,
12/01/39
12/27
at
100.00
Aa2
2,588,425
1,245
5.000%,
12/01/41
12/27
at
100.00
Aa2
1,305,395
Total
Tax
Obligation/Limited
83,509,605
Transportation
-
19.5%
(12.5%
of
Total
Investments)
Dayton,
Ohio,
Airport
Revenue
Bonds,
James
M.
Cox
International
Airport,
Series
2015B:
860
5.000%,
12/01/33
-
AGM
Insured
12/23
at
100.00
AA
871,309
500
5.000%,
12/01/34
-
AGM
Insured
12/23
at
100.00
AA
506,195
5,345
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2017A,
5.000%,
1/01/43
1/28
at
100.00
AA-
5,583,654
1,085
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2019A,
4.000%,
1/01/39
1/29
at
100.00
AA-
1,066,891
750
Ohio
Higher
Educational
Facility
Commission,
Senior
Hospital
Parking
Revenue
Bonds,
University
Circle
Incorporated
2020
Project,
Series
2020,
5.000%,
1/15/50
1/30
at
100.00
A3
743,378
Ohio
State,
Private
Activity
Bonds,
Portsmouth
Gateway
Group,
LLC
-
Borrower,
Portsmouth
Bypass
Project,
Series
2015:
2,500
5.000%,
12/31/35
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
2,524,425
3,000
5.000%,
12/31/39
-
AGM
Insured,
(AMT)
6/25
at
100.00
AA
2,985,000
4,250
5.000%,
6/30/53,
(AMT)
6/25
at
100.00
A3
4,077,620
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission
Infrastructure
Projects,
Junior
Lien,
Capital
Appreciation
Series
2013A-2:
5,000
0.000%,
2/15/37
No
Opt.
Call
Aa3
2,778,450
11,260
0.000%,
2/15/38
No
Opt.
Call
Aa3
5,898,889
5,000
0.000%,
2/15/40
No
Opt.
Call
Aa3
2,333,800
15,000
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Infrastructure
Projects,
Junior
Lien
Series
2018A,
5.000%,
2/15/46
2/28
at
100.00
Aa3
15,719,850
Nuveen
Ohio
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
50
NUO
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
5,460
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructutre
Commission,
Series
2021A,
5.000%,
2/15/51
2/31
at
100.00
Aa2
$
5,843,729
Total
Transportation
50,933,190
U.S.
Guaranteed
-
20.6%
(13.2%
of
Total
Investments)
(4)
3,000
Akron,
Bath
and
Copley
Joint
Township
Hospital
District,
Ohio,
Hospital
Revenue
Bonds,
Children's
Hospital
Medical
Center,
Improvement
Series
2013,
5.000%,
11/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
AA-
3,010,320
8,000
Cincinnati,
Ohio,
Water
System
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/46,
(Pre-refunded
12/01/26)
12/26
at
100.00
AAA
8,614,560
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2013A-2:
1,520
5.000%,
10/01/30,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,536,492
1,600
5.000%,
10/01/31,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
1,617,360
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Bridges
&
Roadways
Improvements,
Subordinate
Lien
Series
2015A-2:
2,705
5.000%,
10/01/37,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R
2,732,023
8,045
5.000%,
10/01/37,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA+
8,132,288
3,000
Cleveland,
Ohio,
Income
Tax
Revenue
Bonds,
Public
Facilities
Improvements,
Series
2014A-1,
5.000%,
11/15/38,
(Pre-refunded
11/15/23)
11/23
at
100.00
AA
3,039,270
945
Cuyahoga
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Refunding
Various
Purpose
Series
2014,
5.000%,
12/01/35,
(Pre-refunded
12/01/24)
12/24
at
100.00
AAA
976,459
10,350
Franklin
County
Convention
Facilities
Authority,
Ohio,
Excise
Tax
and
Lease
Revenue
Bonds,
Columbus
City
&
Franklin
County
Lessees,
Refunding
Anticipation
Series
2014,
5.000%,
12/01/35,
(Pre-refunded
12/01/24)
12/24
at
100.00
Aa1
10,694,552
1,730
Franklin
County,
Ohio,
General
Obligation
Bonds,
Refunding
Series
2014,
5.000%,
6/01/31,
(Pre-refunded
12/01/23)
12/23
at
100.00
AAA
1,754,047
Gallia
County
Local
School
District,
Gallia
and
Jackson
Counties,
Ohio,
General
Obligation
Bonds,
Refunding
School
Improvement
Series
2014:
1,260
5.000%,
11/01/30,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
1,296,716
1,540
5.000%,
11/01/31,
(Pre-refunded
11/01/24)
11/24
at
100.00
Aa2
1,584,876
1,000
Greater
Cleveland
Regional
Transit
Authority,
Ohio,
Sales
Tax
Supported
Capital
Improvement
Bonds,
Refunding
Series
2015,
5.000%,
12/01/34,
(Pre-refunded
12/01/25)
12/25
at
100.00
AAA
1,051,340
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Refunding
&
Improvement
Series
2014:
2,950
5.000%,
11/15/39,
(Pre-refunded
11/15/24)
11/24
at
100.00
AA+
3,040,388
1,400
5.000%,
11/15/44,
(Pre-refunded
11/15/24)
11/24
at
100.00
AA+
1,442,896
2,000
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Series
2013,
5.000%,
11/15/38,
(Pre-refunded
5/15/23)
5/23
at
100.00
AA+
2,007,080
1,000
Upper
Arlington
City
School
District,
Franklin
County,
Ohio,
General
Obligation
Bonds,
School
Facilities
&
Improvement
Series
2018A,
5.000%,
12/01/48,
(Pre-refunded
12/01/27)
12/27
at
100.00
AAA
1,101,320
Total
U.S.
Guaranteed
53,631,987
Utilities
-
22.1%
(14.2%
of
Total
Investments)
1,430
American
Municipal
Power
Inc.,
Ohio,
Combined
Hydroelectric
Projects
Revenue
Bonds,
Green
Series
2016A,
5.000%,
2/15/46
2/26
at
100.00
A1
1,450,964
1,500
American
Municipal
Power
Inc.,
Ohio,
Fremont
Energy
Center
Revenue
Bonds,
Refunding
Series
2021A,
4.000%,
2/15/36
2/31
at
100.00
A1
1,508,070
1,500
American
Municipal
Power
Ohio
Inc.,
Prairie
State
Energy
Campus
Project
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
2/15/42
2/24
at
100.00
A1
1,507,155
1,660
American
Municipal
Power,
Inc.,
Ohio,
Solar
Electricity
Prepayment
Project
Revenue
Bonds,
Green
Bonds
Series
2019A,
5.000%,
2/15/44
2/29
at
100.00
A
1,723,893
1,175
Cincinnati,
Ohio,
Water
System
Revenue
Bonds,
Refunding
Series
2016C,
4.000%,
12/01/32
12/26
at
100.00
AAA
1,222,740
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
1,815
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-1,
0.000%,
11/15/33
-
NPFG
Insured
No
Opt.
Call
A-
$
1,211,131
Cleveland,
Ohio,
Public
Power
System
Revenue
Bonds,
Series
2008B-2:
2,000
0.000%,
11/15/28
-
NPFG
Insured
No
Opt.
Call
A-
1,644,720
6,895
0.000%,
11/15/32
-
NPFG
Insured
No
Opt.
Call
A-
4,813,882
2,155
0.000%,
11/15/34
-
NPFG
Insured
No
Opt.
Call
A-
1,364,158
3,380
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
10/01/49
10/28
at
100.00
Aa3
3,112,169
1,000
Hamilton
County,
Ohio,
Sewer
System
Revenue
Bonds,
Metropolitan
Sewer
District
of
Greater
Cincinnati,
Refunding
Series
2020A,
5.000%,
12/01/34
12/30
at
100.00
AA+
1,140,970
1,000
Mahoning
County,
Ohio,
Sewer
System
Revenue
Bonds,
Refunding
and
Improvement
Series
2022,
5.000%,
12/01/42
12/31
at
100.00
Aa3
1,072,450
1,600
Northeast
Ohio
Regional
Sewer
District,
Wastewater
Improvement
Revenue
Bonds,
Refunding
&
Improvement
Series
2017,
4.000%,
11/15/43
5/28
at
100.00
AA+
1,565,984
2,000
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23
(5)
No
Opt.
Call
N/R
2,500
950
Ohio
Municipal
Electric
Generation
Agency,
Beneficial
Interest
Certificates,
Belleville
Hydroelectric
Project
-
Joint
Venture
5,
Series
2001,
0.000%,
2/15/29
-
NPFG
Insured
No
Opt.
Call
A1
772,179
3,200
Ohio
Water
Development
Authority,
Revenue
Bonds,
Fresh
Water
Development,
Series
2019,
5.000%,
12/01/38
12/29
at
100.00
AAA
3,528,384
3,945
Ohio
Water
Development
Authority,
Revenue
Bonds,
Fresh
Water
Development,
Series
2021,
5.000%,
6/01/46
12/31
at
100.00
AAA
4,286,992
1,500
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Kestrel
Verifiers,
Green
Series
2021A,
5.000%,
12/01/46
12/31
at
100.00
AAA
1,630,035
6,500
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Revenue
Bonds,
Series
2020A,
5.000%,
12/01/50
6/30
at
100.00
AAA
6,948,695
2,290
Saint
Charles
County
Public
Water
Supply
District
2,
Missouri,
Certificates
of
Participation,
Missouri
Project
Series
2019,
4.000%,
12/01/41
12/25
at
100.00
AA+
2,222,972
Toledo,
Ohio,
Sewerage
System
Revenue
Bonds,
Refunding
Series
2013:
820
5.000%,
11/15/25
11/23
at
100.00
Aa3
830,324
605
5.000%,
11/15/26
11/23
at
100.00
Aa3
612,575
1,075
5.000%,
11/15/27
11/23
at
100.00
Aa3
1,088,319
695
5.000%,
11/15/28
11/23
at
100.00
Aa3
703,270
10,000
Toledo,
Ohio,
Water
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2016,
5.000%,
11/15/41
11/26
at
100.00
AA-
10,446,100
1,150
Warm
Springs
Reservation
Confederated
Tribes,
Oregon,
Hydroelectric
Revenue
Bonds,
Tribal
Economic
Development
Bond
Pelton
Round
Butte
Project,
Taxable
Refunding
Green
Series
2019B,
5.000%,
11/01/36,
144A
5/29
at
100.00
A3
1,246,428
Total
Utilities
57,657,059
Total
Municipal
Bonds
(cost
$408,107,216)
401,497,767
Shares
Description
(1)
Value
X
4,953,159
COMMON
STOCKS
-
1.9% (1.2%
of
Total
Investments)
X
4,953,159
Independent
Power
And
Renewable
Electricity
Producers
-
1.9%
(1.2%
of
Total
Investments)
$
64,677
Energy
Harbor
Corp
(6),(7)
$
4,953,159
Total
Independent
Power
And
Renewable
Electricity
Producers
4,953,159
Total
Common
Stocks
(cost
$1,843,715)
4,953,159
Total
Long-Term
Investments
(cost
$409,950,931)
406,450,926
VRDP
Shares,
Net
-
(56.7)%
(8)
(
147,798,786
)
Other
Assets
&
Liabilities,
Net
-
0.9%
2,241,841
Net
Assets
Applicable
to
Common
Shares
-
100%
$
260,893,981
Nuveen
Ohio
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
52
NUO
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(4)
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.
(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)
Energy
Harbor
Corp
(ENGH)
common
stock
received
as
part
of
the
bankruptcy
settlement
during
February
2020
for
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
3.750%,
12/01/23.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not
currently
satisfied)
and
are
effectively
illiquid.
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra. The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023. In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(7)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(8)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
36.4%.
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
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
53
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
164.0% (100.0%
of
Total
Investments)
X
755,793,314
MUNICIPAL
BONDS
-
154.6% (94.3%
of
Total
Investments)
X
755,793,314
Consumer
Staples
-
0.5%
(0.3%
of
Total
Investments)
$
2,000
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Procter
&
Gamble
Paper
Project,
Series
2001,
5.375%,
3/01/31,
(AMT)
No
Opt.
Call
AA-
$
2,279,420
Total
Consumer
Staples
2,279,420
Education
and
Civic
Organizations
-
16.3%
(9.9%
of
Total
Investments)
840
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
College
Revenue
Refunding
Bonds,
Robert
Morris
College,
Series
1998A,
6.000%,
5/01/28
No
Opt.
Call
Baa3
880,026
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2016:
735
3.000%,
10/15/30
10/26
at
100.00
Baa3
653,121
1,000
5.000%,
10/15/38
10/26
at
100.00
Baa3
987,080
1,625
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017,
5.000%,
10/15/47
10/27
at
100.00
Baa3
1,524,867
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds, Alvernia
University
Project,
Series
2020:
590
5.000%,
10/01/39
10/29
at
100.00
BB+
557,538
20
5.000%,
10/01/49
10/29
at
100.00
BB+
17,696
3,215
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016,
5.125%,
3/15/36
3/27
at
100.00
BBB-
3,308,331
835
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A,
5.000%,
12/15/47
12/27
at
100.00
BBB-
831,710
1,000
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Collegium
Charter
School
Project,
Series
2022,
6.000%,
10/15/52,
144A
10/32
at
100.00
BB
976,910
2,200
Crawford
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
Allegheny
College,
Series
2016,
3.000%,
5/01/34
5/26
at
100.00
A-
2,027,740
1,000
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Dickinson
College
Project,
Second
Series
2017A,
5.000%,
11/01/39
11/27
at
100.00
A+
1,057,640
1,230
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
Baa3
1,131,379
1,020
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
Baa3
996,693
4,595
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
BBB+
3,670,578
2,395
General
Authority
of
Southcentral
Pennsylvania,
Revenue
Bonds,
AICUP
Financing
Program-York
College
of
Pennsylvania,
Series
2017
PP4,
3.375%,
11/01/37
10/27
at
100.00
A-
2,105,684
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2:
590
3.250%,
5/01/36
5/26
at
100.00
BBB
504,845
1,555
3.500%,
5/01/41
5/26
at
100.00
BBB
1,262,956
2,000
Indiana
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Foundation
for
Indiana
University
of
Pennsylvania
Project,
Refunding
Series
2022,
4.000%,
5/01/54
-
BAM
Insured
5/32
at
100.00
AA
1,836,700
Lackawanna
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2017:
350
3.375%,
11/01/33
11/27
at
100.00
A-
330,103
2,925
4.000%,
11/01/40
11/27
at
100.00
A-
2,653,589
2,000
McCandless
IDA,
University
Revenue
Bonds,
Pennsylvania,
Series
A
and
B
of
2022,
La
Roche
University,
6.750%,
12/01/46
12/32
at
100.00
N/R
1,976,400
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
54
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
$
1,570
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2021A,
2.625%,
6/01/42,
(AMT)
6/30
at
100.00
Aa2
$
1,319,287
2,895
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2022A,
4.500%,
6/01/43,
(AMT)
6/31
at
100.00
Aa2
2,887,618
1,465
Pennsylvania
Higher
Educational
Facilites
Authority, Revenue
Bonds,
Holy
Family
University,
Series
2013A,
6.500%,
9/01/38
9/23
at
100.00
A-
1,487,825
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Bryn
Mawr
College,
Refunding
Series
2014:
2,545
5.000%,
12/01/38
12/24
at
100.00
AA+
2,587,094
2,080
5.000%,
12/01/44
12/24
at
100.00
AA+
2,109,474
360
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012,
4.000%,
5/01/32
3/23
at
100.00
BB+
316,051
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012:
1,030
4.000%,
11/01/39
3/23
at
100.00
N/R
944,613
4,300
5.000%,
11/01/42
3/23
at
100.00
N/R
4,300,731
1,310
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2015A,
5.000%,
11/01/36
11/25
at
100.00
N/R
1,342,514
1,440
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2021A,
4.000%,
7/15/46
7/31
at
100.00
A-
1,222,661
8,335
Pennsylvania
State
University,
Revenue
Bonds,
Series
2022A,
5.000%,
9/01/47
9/32
at
100.00
Aa1
9,003,634
1,255
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017,
3.625%,
5/01/35
11/27
at
100.00
BB+
1,000,172
500
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Richard
Allen
Preparatory
Charter
School,
Series
2006,
6.250%,
5/01/33
3/23
at
100.00
N/R
460,365
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Josephs
University
Project,
Refunding
Series
2020C.
Forward
Delivery:
1,500
4.000%,
11/01/36
11/29
at
100.00
A-
1,460,445
1,400
4.000%,
11/01/37
11/29
at
100.00
A-
1,338,624
3,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Josephs
University
Project,
Series
2022,
5.500%,
11/01/60
11/32
at
100.00
A-
3,211,230
2,420
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017,
5.000%,
3/15/45,
144A
3/28
at
100.00
BB-
1,919,133
2,320
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2016,
5.000%,
11/01/37
5/26
at
100.00
A-
2,386,746
5,250
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016,
5.000%,
6/01/46
6/26
at
100.00
BB+
4,674,127
3,555
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5,
3.375%,
11/01/36
11/27
at
100.00
BBB+
3,101,524
Wilkes-Barre
Finance
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2015A:
1,890
5.000%,
11/01/32
11/25
at
100.00
A-
1,967,925
740
5.000%,
11/01/33
11/25
at
100.00
A-
769,622
675
4.000%,
11/01/35
11/25
at
100.00
A-
656,046
Total
Education
and
Civic
Organizations
79,759,047
Health
Care
-
30.9%
(18.9%
of
Total
Investments)
17,075
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A,
4.000%,
4/01/44
4/28
at
100.00
A
15,613,380
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A:
210
4.000%,
7/15/35
7/29
at
100.00
A
210,750
2,300
4.000%,
7/15/36
7/29
at
100.00
A
2,263,292
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017:
$
1,260
3.750%,
11/01/42
11/27
at
100.00
B
$
706,306
7,335
5.000%,
11/01/50
(4)
11/27
at
100.00
B
4,850,635
4,100
5.000%,
11/01/50,
(UB)
(4)
11/27
at
100.00
B
2,711,330
10,170
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2021,
3.000%,
8/15/53
8/30
at
100.00
A-
6,866,784
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A:
2,470
4.000%,
10/01/36
10/27
at
100.00
AA-
2,450,092
1,830
4.000%,
10/01/37
10/27
at
100.00
AA-
1,795,157
6,995
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
AA-
6,220,234
Dauphin
County
General
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Pinnacle
Health
System
Project,
Refunding
Series
2016A:
1,375
5.000%,
6/01/34
6/26
at
100.00
A
1,428,171
375
5.000%,
6/01/35
6/26
at
100.00
A
388,058
2,275
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/41
7/26
at
100.00
B3
1,888,887
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A:
1,225
4.000%,
7/01/45
7/29
at
100.00
B3
848,925
1,500
5.000%,
7/01/49
7/29
at
100.00
B3
1,184,835
5,000
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
A-
5,091,050
4,555
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2014A,
5.000%,
6/01/41
6/24
at
100.00
AA-
4,596,451
10,000
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A,
4.000%,
4/01/50
4/30
at
100.00
AA-
8,805,800
1,650
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
A+
1,691,134
2,200
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B,
5.000%,
8/15/46,
(UB)
(4)
8/26
at
100.00
AA
2,245,760
3,000
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42,
(UB)
(4)
8/26
at
100.00
AA
3,083,220
3,450
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Refunding
Series
2016A,
4.000%,
7/01/35
7/26
at
100.00
A+
3,367,925
1,625
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2012B,
4.000%,
7/01/43
3/23
at
100.00
A2
1,494,106
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016:
1,265
3.000%,
11/01/36
5/26
at
100.00
A-
1,056,591
2,850
4.000%,
11/01/41,
(UB)
(4)
5/26
at
100.00
A-
2,569,931
4,955
4.000%,
11/01/46,
(UB)
(4)
5/26
at
100.00
A-
4,253,669
Monroe
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Pocono
Medical
Center,
Series
2016:
1,020
3.375%,
7/01/32
7/26
at
100.00
A+
1,002,670
2,650
5.000%,
7/01/41
7/26
at
100.00
A+
2,671,041
1,855
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
5.000%,
9/01/48
9/28
at
100.00
A
1,880,135
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
56
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019:
$
3,410
4.000%,
9/01/44
9/29
at
100.00
A
$
3,132,221
395
4.000%,
9/01/49
9/29
at
100.00
A
353,257
3,820
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B,
4.000%,
5/01/52
5/32
at
100.00
A
3,389,868
4,000
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2013A,
5.000%,
7/01/43
7/23
at
100.00
A
3,873,840
715
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2022A,
5.000%,
2/15/47
2/32
at
100.00
A
733,268
7,125
Pennsylvania
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Refunding
Series
2015A,
5.250%,
9/01/50,
(UB)
(4)
3/25
at
100.00
A
7,202,021
15,795
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016C,
4.000%,
8/15/41
8/26
at
100.00
AA
15,200,634
13,525
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019,
4.000%,
8/15/49
8/29
at
100.00
AA
12,462,206
1,800
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Temple
University
Health
System
Obligated
Group,
Series
of
2017,
5.000%,
7/01/30
7/27
at
100.00
BBB
1,862,028
Pocono
Mountains
Industrial
Park
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
Hospital
-Monroe
Project,
Series
2015A:
3,000
5.000%,
8/15/40
2/25
at
100.00
A-
3,028,470
1,170
4.000%,
8/15/45
2/25
at
100.00
A-
1,048,460
3,000
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
A+
3,047,010
Saint
Mary
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019PA:
665
5.000%,
12/01/48
12/28
at
100.00
AA-
675,660
1,305
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
Aa3
1,339,269
705
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
Baa1
643,587
Total
Health
Care
151,228,118
Housing/Multifamily
-
0.7%
(0.4%
of
Total
Investments)
160
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Student
Housing
Revenue
Bonds,
University
Student
Housing,
LLC
Project
at
West
Chester
University
Series
2013A,
5.000%,
8/01/45
8/23
at
100.00
Ba2
149,949
1,650
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A,
5.000%,
7/01/45
7/24
at
100.00
A1
1,663,018
270
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
Properties
Inc.
Student
Housing
Project
at
East
Stroudsburg
University
of
Pennsylvania,
Series
2016A,
5.000%,
7/01/31
7/26
at
100.00
Baa3
270,143
1,385
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Multifamily
Housing
Revenue
Bonds,
Presbyterian
Homes
Germantown
-
Morrisville
Project,
Series
2005A,
5.625%,
7/01/35
3/23
at
100.00
Baa3
1,412,991
Total
Housing/Multifamily
3,496,101
57
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Single
Family
-
21.0%
(12.8%
of
Total
Investments)
$
3,060
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2015-117B,
3.900%,
10/01/35,
(UB)
(4)
10/24
at
100.00
AA+
$
2,954,399
2,105
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
AA+
2,012,843
4,890
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
AA+
4,230,388
2,220
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41
(4)
10/25
at
100.00
AA+
1,815,760
18,115
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41,
(UB)
(4)
10/25
at
100.00
AA+
14,816,440
1,080
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-122,
3.650%,
10/01/32,
(UB)
4/26
at
100.00
AA+
1,063,184
3,895
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
AA+
3,783,369
5,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-124B,
3.500%,
10/01/37,
(UB)
(4)
10/26
at
100.00
AA+
4,646,700
1,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A,
3.000%,
10/01/46
10/28
at
100.00
AA+
729,960
3,880
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-131A,
3.000%,
10/01/39
4/29
at
100.00
AA+
3,187,498
2,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A,
2.550%,
10/01/41
(4)
10/29
at
100.00
AA+
1,479,720
10,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A,
2.550%,
10/01/41,
(UB)
(4)
10/29
at
100.00
AA+
7,398,600
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133:
1,500
2.350%,
10/01/40
10/29
at
100.00
AA+
1,079,130
1,350
2.500%,
10/01/45
10/29
at
100.00
AA+
939,735
1,565
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021-136,
2.550%,
10/01/51
10/30
at
100.00
AA+
1,000,630
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023-141A:
4,105
4.600%,
10/01/43,
(UB)
(4)
10/32
at
100.00
AA+
4,075,855
5,000
4.700%,
10/01/46,
(UB)
(4)
10/32
at
100.00
AA+
5,009,800
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-134A:
5,000
1.850%,
4/01/36
10/29
at
100.00
AA+
3,768,450
3,650
2.050%,
4/01/41
10/29
at
100.00
AA+
2,467,473
2,505
2.100%,
10/01/43
10/29
at
100.00
AA+
1,671,361
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-135A:
5,295
2.250%,
10/01/41
10/30
at
100.00
AA+
3,695,222
6,855
2.375%,
10/01/46
10/30
at
100.00
AA+
4,594,838
7,705
2.500%,
10/01/50
10/30
at
100.00
AA+
5,049,163
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2021-137:
5,240
2.450%,
10/01/41
4/31
at
100.00
AA+
3,759,438
6,545
2.600%,
4/01/46
4/31
at
100.00
AA+
4,440,128
3,335
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-138A,
3.000%,
4/01/42
10/31
at
100.00
AA+
2,597,632
8,500
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-1394A,
4.150%,
10/01/42
4/32
at
100.00
AA+
8,063,270
2,480
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2022-140A,
4.450%,
10/01/47
4/32
at
100.00
AA+
2,339,210
Total
Housing/Single
Family
102,670,196
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
58
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Industrials
-
1.5%
(0.9%
of
Total
Investments)
$
500
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-1,
10.000%,
12/01/40,
144A
6/30
at
100.00
N/R
$
448,735
500
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
KDC
Agribusiness
Fairless
Hills
LLC
Project,
Series
2020A-2,
10.000%,
12/01/40,
(AMT),
144A
6/30
at
100.00
N/R
448,735
6,455
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
National
Gypsum
Company,
Refunding
Series
2014,
5.500%,
11/01/44,
(AMT)
11/24
at
100.00
N/R
6,482,886
Total
Industrials
7,380,356
Long-Term
Care
-
7.7%
(4.7%
of
Total
Investments)
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A:
940
5.000%,
5/15/37
5/27
at
100.00
BBB
908,388
1,160
5.000%,
5/15/47
5/27
at
100.00
BBB
1,049,765
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
The
Highlands
at
Wyomissing,
Series
2018:
1,000
5.000%,
5/15/43
5/25
at
102.00
BBB
937,060
400
5.000%,
5/15/48
5/25
at
102.00
BBB
365,748
230
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2015A,
5.000%,
12/01/35
12/25
at
100.00
N/R
210,455
1,760
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019,
5.000%,
12/01/51
12/25
at
103.00
N/R
1,449,677
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2021A:
3,910
4.000%,
12/01/40
12/28
at
103.00
N/R
2,939,812
2,000
4.000%,
12/01/51
12/28
at
103.00
N/R
1,354,840
3,005
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group, Refunding
Series
2019,
5.000%,
1/01/45
1/25
at
104.00
N/R
2,605,545
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
1,585
4.000%,
1/01/33
1/25
at
100.00
BBB+
1,492,404
2,850
5.000%,
1/01/38
1/25
at
100.00
BBB+
2,862,654
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016:
985
5.000%,
1/01/28
1/26
at
100.00
BBB+
1,003,134
1,815
5.000%,
1/01/29
1/26
at
100.00
BBB+
1,842,116
735
5.000%,
1/01/30
1/26
at
100.00
BBB+
744,614
300
3.250%,
1/01/36
1/26
at
100.00
BBB+
253,503
1,405
3.250%,
1/01/39
1/26
at
100.00
BBB+
1,135,521
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
690
4.125%,
1/01/38
1/29
at
100.00
BBB+
634,738
200
5.000%,
1/01/39
1/29
at
100.00
N/R
200,286
650
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015,
5.000%,
11/01/35
5/25
at
100.00
A
659,542
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020:
975
5.000%,
3/01/40
3/27
at
102.00
BB+
841,162
715
5.000%,
3/01/50
3/27
at
102.00
BB+
574,731
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Long-Term
Care
(continued)
$
1,250
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
BBB-
$
1,149,012
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Landis
Homes
Retirement
Community
Project,
Refunding
Series
2021:
875
4.000%,
7/01/51
7/26
at
103.00
BBB-
654,202
1,400
4.000%,
7/01/56
7/26
at
103.00
BBB-
1,017,156
5,000
Maxatawny
Township
Municipal
Authority
Revenue
Bonds,
Pennsylvania,
Diakon
Lutheran
Social
Ministries
Project, Series
2022A,
4.500%,
1/01/45
1/32
at
100.00
BBB+
4,415,000
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019:
1,845
5.000%,
11/01/44
11/26
at
103.00
BB
1,610,648
1,000
5.000%,
11/01/49
11/26
at
103.00
BB
848,950
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Retirement
Community
Revenue
Bonds,
Redstone
Presbyterian
SeniorCare
Obligated
Group,
Refunding
Bonds,
Series
2021:
2,215
4.000%,
5/15/41
5/28
at
103.00
N/R
1,730,270
2,785
4.000%,
5/15/47
5/28
at
103.00
N/R
2,019,236
Total
Long-Term
Care
37,510,169
Tax
Obligation/General
-
21.4%
(13.0%
of
Total
Investments)
840
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2017B,
2.500%,
11/15/29
11/25
at
100.00
Aa2
827,299
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014C-74:
1,750
5.000%,
12/01/32
12/24
at
100.00
AA-
1,792,613
1,285
5.000%,
12/01/34
12/24
at
100.00
AA-
1,310,610
2,440
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018C-
77,
5.000%,
11/01/43
11/28
at
100.00
AA-
2,603,992
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2016:
1,500
4.000%,
8/01/31
8/26
at
100.00
Aa2
1,544,910
1,255
4.000%,
8/01/33
8/26
at
100.00
Aa2
1,289,136
1,950
Boyertown
Area
School
District,
Berks
and
Montgomery
Counties,
Pennsylvania,
General
Obligation
Bonds,
Series
2015,
5.000%,
10/01/38
4/24
at
100.00
AA-
1,981,863
1,000
Bristol
Township
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023,
4.125%,
6/01/40
-
BAM
Insured
,(WI/DD,
Settling
3/29/23)
6/31
at
100.00
AA
975,840
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D:
3,000
5.000%,
12/15/37
12/24
at
100.00
AA
3,054,000
1,075
5.000%,
12/15/38
-
BAM
Insured
12/24
at
100.00
AA
1,092,866
1,100
5.000%,
12/15/39
12/24
at
100.00
AA
1,118,095
2,900
Colonial
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
5.000%,
2/15/44
2/27
at
100.00
Aaa
3,066,837
7,465
Erie
City
School
District,
Erie
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2000,
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
N/R
5,654,066
Gateway
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021:
1,010
3.000%,
10/15/33
-
BAM
Insured
10/31
at
100.00
AA
949,289
425
3.000%,
10/15/35
-
BAM
Insured
10/31
at
100.00
AA
381,301
5,750
Hempfield
Area
School
District,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2022A,
5.000%,
3/15/48
-
AGM
Insured
3/32
at
100.00
AA
6,197,178
6,225
Lehighton
Area
School
District,
Carbon
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2015A,
5.000%,
11/15/43
-
BAM
Insured
11/23
at
100.00
AA
6,297,334
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
60
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
North
Allegheny
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2015:
$
5,000
5.000%,
5/01/31
5/25
at
100.00
AA
$
5,180,600
4,000
5.000%,
5/01/32
5/25
at
100.00
AA
4,141,080
2,875
5.000%,
5/01/33
5/25
at
100.00
AA
2,975,798
Penn
Manor
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019A:
1,000
4.000%,
3/01/35
9/27
at
100.00
AA
1,031,850
1,000
4.000%,
3/01/36
9/27
at
100.00
AA
1,020,470
2,620
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Junior
Insured
Series
2013C,
5.500%,
1/01/30
-
AGM
Insured
1/24
at
100.00
AA
2,661,370
3,925
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2007A,
5.000%,
6/01/34
-
NPFG
Insured
No
Opt.
Call
A1
4,546,406
5,085
Philadelphia,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
5/01/42
5/31
at
100.00
A
4,744,152
2,875
Pittsburgh,
Pennsylvania,
General
Obligation
Bonds,
Series
2022,
5.000%,
9/01/39
9/30
at
100.00
AA-
3,097,496
11,440
Reading
School
District,
Berks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2003B,
0.000%,
1/15/32
-
NPFG
Insured
No
Opt.
Call
Baa2
8,069,662
Scranton,
Lackawanna
County,
Pennsylvania,
General
Obligation
Notes,
Series
2016:
230
5.000%,
11/15/26
5/24
at
100.00
BB+
229,768
2,925
5.000%,
11/15/32
5/24
at
100.00
BB+
2,925,526
21,000
State
Public
School
Building
Authority,
Pennsylvania,
Lease
Revenue
Bonds,
Philadelphia
School
District,
Series
2003,
5.500%,
6/01/28
-
AGM
Insured,
(UB)
(4)
No
Opt.
Call
AA
23,551,711
150
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
BB+
147,653
Total
Tax
Obligation/General
104,460,771
Tax
Obligation/Limited
-
10.5%
(6.4%
of
Total
Investments)
749
Allegheny
County
Redevelopment
Authority,
Pennsylvania,
TIF
Revenue
Bonds,
Pittsburg
Mills
Project,
Series
2004,
5.600%,
7/01/23
2005
1
(5)
3/23
at
100.00
N/R
674,376
195
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
615
Waterfront
Project,
Senior
Series
2021,
6.000%,
5/01/42,
144A
5/31
at
100.00
N/R
197,488
155
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2018,
5.000%,
5/01/33,
144A
5/28
at
100.00
Ba3
157,096
1,115
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42,
144A
5/27
at
100.00
Ba3
1,083,055
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018:
1,500
5.000%,
6/01/31
6/28
at
100.00
A1
1,613,445
3,655
4.000%,
6/01/39
-
AGM
Insured
(4)
6/28
at
100.00
AA
3,559,349
7,215
4.000%,
6/01/39
-
AGM
Insured,
(UB)
(4)
6/28
at
100.00
AA
7,026,183
1,436
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014,
6.875%,
7/01/33,
144A
7/24
at
100.00
N/R
1,408,429
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A:
2,650
0.000%,
12/01/37
(6)
12/26
at
100.00
AA-
2,729,924
4,000
4.900%,
12/01/44
12/26
at
100.00
AA-
4,094,400
2,160
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
A2
2,218,709
5,530
Philadelphia
Authority
For
Industrial
Development,
Pennsylvania,
City
Agreement
Revenue
Bonds,
Cultural
and
Commercial
Corridors
Program,
Refunding
Series
2016A,
5.000%,
12/01/30
12/25
at
100.00
A
5,744,288
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
$
1,137
4.750%,
7/01/53
7/28
at
100.00
N/R
$
1,019,184
1,332
5.000%,
7/01/58
7/28
at
100.00
N/R
1,235,830
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
3,017
4.329%,
7/01/40
7/28
at
100.00
N/R
2,741,548
901
4.329%,
7/01/40
7/28
at
100.00
N/R
818,738
3,302
4.784%,
7/01/58
7/28
at
100.00
N/R
2,951,526
10,000
Southeastern
Pennsylvania
Transportation
Authority,
Revenue
Bonds,
Asset
Improvement
Series
2022,
5.250%,
6/01/52,
(UB)
(4)
6/32
at
100.00
AA
11,027,500
825
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018,
5.000%,
7/01/35
1/28
at
100.00
BB
802,741
Total
Tax
Obligation/Limited
51,103,809
Transportation
-
10.9%
(6.7%
of
Total
Investments)
2,250
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/39
1/29
at
100.00
A+
2,417,445
4,000
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Series
2013A,
5.250%,
1/01/44
-
AGM
Insured
1/24
at
100.00
AA
4,037,360
12,170
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.375%,
12/01/38
12/27
at
100.00
A+
13,715,347
820
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2,
5.000%,
6/01/39
6/26
at
100.00
A
846,101
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2014C,
5.000%,
12/01/44
12/24
at
100.00
AA-
3,051,420
10,470
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45,
(UB)
(4)
12/25
at
100.00
AA-
10,674,165
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B:
1,215
5.250%,
12/01/47,
(UB)
(4)
12/32
at
100.00
AA-
1,326,525
2,365
5.250%,
12/01/52,
(UB)
(4)
12/32
at
100.00
AA-
2,566,900
2,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
AA
2,210,160
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2017B-1:
1,435
5.000%,
6/01/31
6/27
at
100.00
A
1,532,494
1,430
5.000%,
6/01/33
6/27
at
100.00
A
1,524,494
1,250
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
A
1,139,425
1,100
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
A+
998,690
585
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
3.000%,
7/01/34
-
AGM
Insured
7/27
at
100.00
AA
548,420
1,490
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
A2
1,507,373
1,725
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
7/01/35
7/30
at
100.00
A2
1,749,081
Pittsburgh
and
Allegheny
County
Sports
and
Exhibition
Authority,
Pennsylvania,
Parking
Revenue
Bonds,
Series
2017:
1,000
5.000%,
12/15/30
12/27
at
100.00
A
1,077,920
500
5.000%,
12/15/33
12/27
at
100.00
A
537,080
550
5.000%,
12/15/34
12/27
at
100.00
A
590,673
1,000
5.000%,
12/15/36
12/27
at
100.00
A
1,065,130
250
5.000%,
12/15/37
12/27
at
100.00
A
265,832
Total
Transportation
53,382,035
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
62
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
-
13.9%
(8.5%
of
Total
Investments)
(7)
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2013C-72:
$
2,780
5.250%,
12/01/32,
(Pre-refunded
12/01/23)
12/23
at
100.00
AA-
$
2,823,729
2,000
5.250%,
12/01/33,
(Pre-refunded
12/01/23)
12/23
at
100.00
AA-
2,031,460
3,000
Bristol
Township
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2013,
5.250%,
6/01/43,
(Pre-refunded
6/01/23)
6/23
at
100.00
A1
3,014,820
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2016A:
805
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
A+
845,419
2,985
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A+
3,134,877
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
2,170
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
2,201,769
625
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
634,150
2,330
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
2,405,212
560
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R
578,077
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016:
610
3.250%,
1/01/39,
(Pre-refunded
1/01/26)
1/26
at
100.00
N/R
612,391
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
1,075
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R
1,197,668
135
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R
150,405
1,235
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2014,
5.000%,
7/01/46,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
1,262,565
1,900
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2015,
5.000%,
7/01/47,
(Pre-refunded
7/01/25)
7/25
at
100.00
N/R
1,978,299
1,370
Indiana
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Indiana
Regional
Medical
Center,
Series
2014A,
6.000%,
6/01/39,
(Pre-
refunded
6/01/23)
6/23
at
100.00
N/R
1,378,686
Lancaster
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Garden
Spot
Village
Project,
Series
2013:
1,000
5.375%,
5/01/28,
(Pre-refunded
5/01/23)
5/23
at
100.00
N/R
1,003,540
1,665
5.750%,
5/01/35,
(Pre-refunded
5/01/23)
5/23
at
100.00
N/R
1,671,910
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
6,685
5.125%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
6,784,072
9,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
N/R
9,320,490
Pennsbury
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2016A:
1,000
5.000%,
10/01/33,
(Pre-refunded
4/01/25)
4/25
at
100.00
Aa3
1,039,230
1,860
5.000%,
10/01/34,
(Pre-refunded
4/01/25)
4/25
at
100.00
Aa3
1,932,968
2,045
5.000%,
10/01/35,
(Pre-refunded
4/01/25)
4/25
at
100.00
Aa3
2,125,225
1,195
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Philadelphia
University,
Refunding
Series
2013,
5.000%,
6/01/32,
(Pre-
refunded
6/01/23)
6/23
at
100.00
N/R
1,199,876
1,590
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2013A,
5.500%,
7/15/38,
(Pre-refunded
7/15/23)
7/23
at
100.00
N/R
1,603,261
7,000
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2013B-1,
5.250%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
AA-
7,107,520
63
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(7)
(continued)
Saint
Mary
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Trinity
Health
Credit
Group,
Refunding
Series
2019PA:
$
1,335
5.000%,
12/01/48,
(Pre-refunded
12/01/28)
12/28
at
100.00
N/R
$
1,500,700
3,000
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
WellSpan
Health
Obligated
Group,
Series
2014A,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
Aa3
3,064,350
3,470
Washington
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
The
Washington
Hospital
Project,
Series
2013A,
5.000%,
7/01/28,
(Pre-refunded
7/01/23)
7/23
at
100.00
N/R
3,489,605
1,930
Westmoreland
County
Municipal
Authority,
Pennsylvania,
Municipal
Service
Revenue
Bonds,
Tender
Option
Bond
Trust
2016-XF1058,
7.959%,
8/15/37,
(Pre-refunded
8/15/23),
144A,
(IF)
(4)
8/23
at
100.00
A+
1,995,292
Total
U.S.
Guaranteed
68,087,566
Utilities
-
19.3%
(11.8%
of
Total
Investments)
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2015:
3,325
5.000%,
12/01/40
12/25
at
100.00
AA-
3,430,070
3,320
5.000%,
12/01/45
12/25
at
100.00
AA-
3,421,393
4,165
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2022,
5.000%,
6/01/53,
(UB)
(4)
6/32
at
100.00
AA-
4,401,905
6,500
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.375%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
BBB-
6,494,605
2,540
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35
(5)
No
Opt.
Call
N/R
3,175
9,855
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2008A,
2.700%,
4/01/35
(5)
No
Opt.
Call
N/R
12,319
6,210
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35
(5)
No
Opt.
Call
N/R
7,762
2,000
Bethel
Park
Municipal
Authority,
Pennsylvania,
Guaranteed
Sewer
Revenue
Bonds,
Series
2020B,
3.000%,
9/01/47
9/30
at
100.00
AA
1,471,980
7,000
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Sewer
System
Revenue
Bonds,
Series
2022A,
4.250%,
12/01/47
-
AGM
Insured,
(UB)
(4)
12/32
at
100.00
AA
6,775,160
Delaware
County
Regional
Water
Quality
Control
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2015:
1,110
5.000%,
5/01/40
5/25
at
100.00
Aa3
1,137,461
1,555
4.000%,
5/01/45
5/25
at
100.00
Aa3
1,493,889
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Capital
Appreciation
Series
2013B:
7,295
0.000%,
12/01/34
No
Opt.
Call
A
4,554,560
4,420
0.000%,
12/01/35
No
Opt.
Call
A
2,594,982
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
5,815
5.125%,
12/01/47
12/23
at
100.00
A
5,607,230
295
Luzerne
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Pennsylvania-American
Water
Company
Project,
Refunding
Series
2019,
2.450%,
12/01/39,
(AMT),
(Mandatory
Put
12/03/29)
12/29
at
100.00
A+
265,736
3,475
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019A,
3.000%,
10/01/36,
(AMT)
10/29
at
100.00
A-
3,018,107
3,400
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
York
Water
Company
Project,
Refunding
Series
2019B,
3.100%,
11/01/38,
(AMT)
11/29
at
100.00
A-
2,899,112
2,025
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Refunding
Bonds,
PPL
Energy
Supply,
LLC
Project,
Series
2009A,
6.400%,
12/01/38
(5)
9/25
at
100.00
N/R
850,500
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
64
NQP
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
10,500
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
Pennsylvania-American
Water
Company,
Refunding
Series
2019,
3.000%,
4/01/39
10/29
at
100.00
A+
$
8,733,270
5,000
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
A
5,121,500
3,165
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Sixteenth
Series
2020A,
5.000%,
8/01/50
-
AGM
Insured
8/30
at
100.00
AA
3,333,695
2,735
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/29
8/25
at
100.00
A
2,833,104
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2018A:
5,000
5.000%,
10/01/48,
(UB)
(4)
10/28
at
100.00
A+
5,205,250
7,000
5.000%,
10/01/53,
(UB)
(4)
10/28
at
100.00
A+
7,262,080
1,155
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2019B,
5.000%,
11/01/54
11/29
at
100.00
A+
1,202,101
5,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2022C,
5.500%,
6/01/52
6/32
at
100.00
A+
5,475,800
5,000
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2013B,
5.250%,
9/01/40
9/23
at
100.00
A+
5,029,350
Westmoreland
County
Municipal
Authority,
Pennsylvania,
Municipal
Service
Revenue
Bonds,
Refunding
Series
2020:
1,000
4.000%,
8/15/24
-
AGM
Insured
No
Opt.
Call
AA
1,009,390
1,000
2.450%,
8/15/37
-
AGM
Insured
8/28
at
100.00
AA
790,240
Total
Utilities
94,435,726
Total
Municipal
Bonds
(cost
$813,947,255)
755,793,314
Shares
Description
(1)
Value
X
46,072,792
COMMON
STOCKS
-
9.4% (5.7%
of
Total
Investments)
X
46,072,792
Independent
Power
And
Renewable
Electricity
Producers
-
9.4%
(5.7%
of
Total
Investments)
$
601,606
Energy
Harbor
Corp
(8),(9)
$
46,072,792
Total
Independent
Power
And
Renewable
Electricity
Producers
46,072,792
Total
Common
Stocks
(cost
$16,839,773)
46,072,792
Total
Long-Term
Investments
(cost
$830,787,028)
801,866,106
Floating
Rate
Obligations
-
(21.9)%
(
107,270,000
)
VRDP
Shares,
Net
-
(44.3)%
(10)
(
216,819,938
)
Other
Assets
&
Liabilities,
Net
-
2.2%
11,203,789
Net
Assets
Applicable
to
Common
Shares
-
100%
$
488,979,957
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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)
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.
65
(8)
Energy
Harbor
Corp
(ENGH)
common
stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35;
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006A,
4.375%,
1/01/35;
and
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not
currently
satisfied)
and
are
effectively
illiquid.
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra. The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023. In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(9)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(10)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
27.0%.
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.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2023
See
Notes
to
Financial
Statements.
66
NAZ
NXJ
NUO
NQP
Assets
Long-term
investments,
at
value
†
$
236,336,640‌
$
885,830,546‌
$
406,450,926‌
$
801,866,106‌
Cash
–‌
8,156,156‌
9,609,924‌
3,989,223‌
Receivable
for
interest
2,149,578‌
9,258,332‌
4,251,001‌
10,004,552‌
Receivable
for
investments
sold
1,876,297‌
–‌
–‌
940,000‌
Other
assets
11,324‌
219,009‌
62,649‌
203,546‌
Total
assets
240,373,839‌
903,464,043‌
420,374,500‌
817,003,427‌
Liabilities
Cash
overdraft
1,495,653‌
–‌
–‌
–‌
Floating
rate
obligations
7,000,000‌
33,235,000‌
–‌
107,270,000‌
Payable
for
dividends
363,549‌
1,215,786‌
477,586‌
971,350‌
Payable
for
interest
61,759‌
399,374‌
94,697‌
1,299,686‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
–‌
984,590‌
10,095,300‌
976,470‌
AMTP
Shares,
Net
*
88,249,966‌
–‌
–‌
–‌
VRDP
Shares,
Net
***
–‌
312,681,362‌
147,798,786‌
216,819,938‌
Accrued
expenses:
Custodian
fees
24,955‌
77,475‌
38,337‌
62,987‌
Investor
relations
4,118‌
14,479‌
6,050‌
12,289‌
Management
fees
111,705‌
412,696‌
189,478‌
373,075‌
Trustees
fees
3,112‌
191,022‌
38,247‌
178,685‌
Professional
fees
31,954‌
31,200‌
33,102‌
30,183‌
Shareholder
reporting
expenses
6,048‌
20,499‌
11,729‌
19,324‌
Shareholder
servicing
agent
fees
2,433‌
2,644‌
1,062‌
3,342‌
Other
5,156‌
5,986‌
696,145‌
6,141‌
Total
liabilities
97,360,408‌
349,272,113‌
159,480,519‌
328,023,470‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
143,013,431‌
$
554,191,930‌
$
260,893,981‌
$
488,979,957‌
Common
shares
outstanding
11,595,866‌
41,482,936‌
18,254,255‌
37,383,341‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12.33‌
$
13.36‌
$
14.29‌
$
13.08‌
Net
assets
applicable
to
common
shares
consist
of:
Common
shares,
$0.01
par
value
per
share
$
115,959‌
$
414,829‌
$
182,543‌
$
373,833‌
Paid-in
surplus
156,642,895‌
591,792,639‌
276,733,720‌
528,723,571‌
Total
distributable
earnings
(loss)
(13,745,423‌)
(38,015,538‌)
(16,022,282‌)
(40,117,447‌)
Net
assets
applicable
to
common
shares
$
143,013,431‌
$
554,191,930‌
$
260,893,981‌
$
488,979,957‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
245,141,126‌
$
917,691,623‌
$
409,950,931‌
$
830,787,028‌
*
AMTP
Shares,
liquidation
preference
88,300,000‌
—‌
—‌
—‌
***
VRDP
Shares,
liquidation
preference
—‌
313,900,000‌
148,000,000‌
217,500,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
Year
Ended
February
28,
2023
See
Notes
to
Financial
Statements.
67
NAZ
NXJ
NUO
NQP
Investment
Income
Interest
$
9,411,725‌
$
36,116,115‌
$
14,846,994‌
$
30,723,046‌
Total
Investment
Income
9,411,725‌
36,116,115‌
14,846,994‌
30,723,046‌
Expenses
–
–
–
–
Management
fees
1,480,480‌
5,374,465‌
2,565,748‌
4,894,041‌
Shareholder
servicing
agent
fees
15,099‌
16,299‌
1,823‌
20,291‌
Interest
expense
and
amortization
of
offering
costs
2,335,799‌
8,571,376‌
4,084,202‌
7,788,393‌
Trustees
fees
6,493‌
24,034‌
11,490‌
20,314‌
Custodian
expenses,
net
36,649‌
91,587‌
49,409‌
75,190‌
Investor
relations
expenses
8,867‌
32,670‌
16,037‌
28,272‌
Merger
expenses
—‌
—‌
930,000‌
—‌
Professional
fees
49,434‌
133,304‌
78,633‌
83,353‌
Shareholder
reporting
expenses
19,530‌
53,486‌
32,838‌
54,408‌
Stock
exchange
listing
fees
7,240‌
12,311‌
7,240‌
11,097‌
Other
26,662‌
73,180‌
54,766‌
65,626‌
Total
expenses
3,986,253‌
14,382,712‌
7,832,186‌
13,040,985‌
Net
investment
income
(loss)
5,425,472‌
21,733,403‌
7,014,808‌
17,682,061‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(3,063,982‌)
(5,591,822‌)
(12,269,591‌)
(6,002,823‌)
Net
realized
gain
(loss)
(3,063,982‌)
(5,591,822‌)
(12,269,591‌)
(6,002,823‌)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(21,339,972‌)
(81,281,533‌)
(28,656,469‌)
(75,961,063‌)
Change
in
net
unrealized
appreciation
(depreciation)
(21,339,972‌)
(81,281,533‌)
(28,656,469‌)
(75,961,063‌)
Net
realized
and
unrealized
gain
(loss)
(24,403,954‌)
(86,873,355‌)
(40,926,060‌)
(81,963,886‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(18,978,482‌)
$
(65,139,952‌)
$
(33,911,252‌)
$
(64,281,825‌)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements.
68
NAZ
NXJ
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
5,425,472‌
$
7,028,851‌
$
21,733,403‌
$
28,125,701‌
Net
realized
gain
(loss)
(3,063,982‌)
(122,483‌)
(5,591,822‌)
236,291‌
Change
in
net
unrealized
appreciation
(depreciation)
(21,339,972‌)
(6,591,904‌)
(81,281,533‌)
(38,649,363‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(18,978,482‌)
314,464‌
(65,139,952‌)
(10,287,371‌)
Distributions
to
Common
Shareholders
Dividends
(6,080,179‌)
(6,949,107‌)
(23,105,996‌)
(29,121,021‌)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(6,080,179‌)
(6,949,107‌)
(23,105,996‌)
(29,121,021‌)
Capital
Share
Transactions
Common
shares:
Net
proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
99,790‌
206,319‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
99,790‌
206,319‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(24,958,871‌)
(6,428,324‌)
(88,245,948‌)
(39,408,392‌)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
167,972,302‌
174,400,626‌
642,437,878‌
681,846,270‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
143,013,431‌
$
167,972,302‌
$
554,191,930‌
$
642,437,878‌
See
Notes
to
Financial
Statements.
69
NUO
NQP
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
7,014,808‌
$
10,751,962‌
$
17,682,061‌
$
23,818,987‌
Net
realized
gain
(loss)
(12,269,591‌)
606,456‌
(6,002,823‌)
262,392‌
Change
in
net
unrealized
appreciation
(depreciation)
(28,656,469‌)
(14,434,274‌)
(75,961,063‌)
(13,389,099‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(33,911,252‌)
(3,075,856‌)
(64,281,825‌)
10,692,280‌
Distributions
to
Common
Shareholders
Dividends
(8,263,663‌)
(11,228,292‌)
(18,635,597‌)
(24,822,538‌)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(8,263,663‌)
(11,228,292‌)
(18,635,597‌)
(24,822,538‌)
Capital
Share
Transactions
Common
shares:
Cost
of
shares
repurchased
and
retired
(762,375‌)
–‌
–‌
–‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
(762,375‌)
—‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(42,937,290‌)
(14,304,148‌)
(82,917,422‌)
(14,130,258‌)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
303,831,271‌
318,135,419‌
571,897,379‌
586,027,637‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
260,893,981‌
$
303,831,271‌
$
488,979,957‌
$
571,897,379‌
Statement
of
Cash
Flows
Year
Ended
February
28,
2023
See
Notes
to
Financial
Statements.
70
NAZ
NXJ
NUO
NQP
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
(18,978,482‌)
$
(65,139,952‌)
$
(33,911,252‌)
$
(64,281,825‌)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
to
net
cash
provided
by
(used
in)
operating
activities:
Purchases
of
investments
(60,772,419‌)
(152,832,387‌)
(137,686,920‌)
(124,516,891‌)
Proceeds
from
sale
and
maturities
of
investments
61,690,769‌
157,962,563‌
154,967,124‌
125,965,929‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
—‌
1,000,000‌
—‌
5,000,000‌
Taxes
paid
(13‌)
(1,492‌)
(23,941‌)
(793‌)
Amortization
(Accretion)
of
premiums
and
discounts,
net
1,979,049‌
776,186‌
2,845,190‌
3,696,883‌
Amortization
of
deferred
offering
costs
8,691‌
60,284‌
9,804‌
34,398‌
(Increase)
Decrease
in:
Receivable
for
interest
175,854‌
272,575‌
116,700‌
(435,008‌)
Receivable
for
investments
sold
2,448,401‌
—‌
—‌
(286,400‌)
Other
assets
(11,076‌)
(2,598‌)
(20,424‌)
(3,011‌)
Increase
(Decrease)
in:
Payable
for
interest
49,845‌
334,956‌
77,116‌
1,063,103‌
Payable
for
investments
purchased
-
regular
settlement
(2,356,646‌)
—‌
—‌
—‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
(1,724,565‌)
984,590‌
10,095,300‌
(2,358,530‌)
Accrued
custodian
fees
(19,496‌)
(52,579‌)
(27,257‌)
(46,456‌)
Accrued
investor
relations
fees
(881‌)
(3,780‌)
(2,271‌)
(1,923‌)
Accrued
management
fees
(13,411‌)
(31,312‌)
(24,249‌)
(29,602‌)
Accrued
Trustees
fees
2,137‌
(20,635‌)
(2,589‌)
(19,836‌)
Accrued
professional
fees
334‌
(1,764‌)
119‌
(1,598‌)
Accrued
shareholder
reporting
expenses
414‌
284‌
524‌
70‌
Accrued
shareholder
servicing
agent
fees
523‌
(7,732‌)
(4,604‌)
(439‌)
Accrued
other
expenses
9,398‌
20,053‌
712,365‌
4,989‌
Net
realized
(gain)
loss
from
investments
3,063,982‌
5,591,822‌
12,269,591‌
6,002,823‌
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
21,339,972‌
81,281,533‌
28,656,469‌
75,961,063‌
Net
cash
provided
by
operating
activities
6,892,380‌
30,190,615‌
38,046,795‌
25,746,946‌
Cash
Flows
from
Financing
Activities
Proceeds
from
borrowings
3,527,345‌
12,384,855‌
3,275,222‌
—‌
(Repayments)
of
borrowings
(3,527,345‌)
(12,384,855‌)
(3,275,222‌)
—‌
(Repayments
of)
floating
rate
obligations
(2,755,000‌)
(675,000‌)
(20,000,000‌)
(7,505,000‌)
Increase
(Decrease)
in
cash
overdraft
1,495,653‌
—‌
—‌
—‌
Cash
distributions
paid
to
common
shareholders
(6,177,378‌)
(24,060,455‌)
(8,629,134‌)
(19,414,136‌)
Cost
of
common
shares
repurchased
and
retired
—‌
—‌
(762,375‌)
—‌
Net
cash
provided
by
(used
in)
financing
activities
(7,436,725‌)
(24,735,455‌)
(29,391,509‌)
(26,919,136‌)
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
(544,345‌)
5,455,160‌
8,655,286‌
(1,172,190‌)
Cash
and
Cash
Collateral
at
Brokers
at
the
beginning
of
period
544,345‌
2,700,996‌
954,638‌
5,161,413‌
Cash
and
Cash
Collateral
at
Brokers
at
the
end
of
period
$
—‌
$
8,156,156‌
$
9,609,924‌
$
3,989,223‌
Supplemental
Disclosure
of
Cash
Flow
Information
NAZ
NXJ
NUO
NQP
Cash
paid
for
interest
$
2,276,445‌
$
8,175,544‌
$
3,996,723‌
$
6,688,141‌
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
99,790‌
—‌
—‌
—‌
Financial
Highlights
72
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Shelf
Offering
Costs
Ending
NAV
Ending
Share
Price
NAZ
2/28/23
$
14.50
$
0.47
$
(
2.12
)
$
(
1.65
)
$
(
0.52
)
$
—
$
(
0.52
)
$
—
$
—
$
12.33
$
11.30
2/28/22
15.07
0.61
(
0.58
)
0.03
(
0.60
)
—
(
0.60
)
—
—
14.50
13.78
2/28/21
15.56
0.61
(
0.53
)
0.08
(
0.57
)
—
(
0.57
)
—
—
15.07
15.17
2/29/20
14.18
0.56
1.34
1.90
(
0.52
)
—
(
0.52
)
—
—
15.56
13.89
2/28/19
14.11
0.52
0.04
0.56
(
0.52
)
—
(
0.52
)
0.02
0.01
14.18
12.46
NXJ
2/28/23
15.49
0.52
(
2.09
)
(
1.57
)
(
0.56
)
—
(
0.56
)
—
—
13.36
11.37
2/28/22
16.44
0.68
(
0.93
)
(
0.25
)
(
0.70
)
—
(
0.70
)
—
—
15.49
13.52
2/28/21
17.12
0.71
(
0.72
)
(
0.01
)
(
0.67
)
—
(
0.67
)
—
—
16.44
14.09
2/29/20
15.49
0.64
1.65
2.29
(
0.65
)
(
0.01
)
(
0.66
)
—
—
17.12
14.73
2/28/19
15.37
0.66
0.14
0.80
(
0.66
)
(
0.08
)
(
0.74
)
0.06
—
15.49
13.47
(a)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements.
73
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NAZ
2/28/23
1
.57
%
2/28/22
0
.48
2/28/21
0
.68
2/29/20
1
.25
2/28/19
1
.39
NXJ
2/28/23
1
.50
2/28/22
0
.45
2/28/21
0
.60
2/29/20
1
.11
2/28/19
1
.13
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
NAV(a)
Based
on
Share
Price(a)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate(c)
(
11
.40‌
)
%
(
14
.48‌
)
%
$
143,013
2
.68‌
%
3
.65‌
%
25‌
%
0
.09‌
(
5
.49‌
)
167,972
1
.52‌
3
.98‌
7‌
0
.62‌
13
.67‌
174,401
1
.75‌
4
.06‌
13‌
13
.60‌
15
.89‌
180,024
2
.32‌
3
.76‌
6‌
4
.29‌
(
5
.09‌
)
164,080
2
.61‌
3
.73‌
11‌
(
10
.16‌
)
(
11
.96‌
)
554,192
2
.53‌
3
.82‌
17‌
(
1
.68‌
)
0
.53‌
642,438
1
.39‌
4
.10‌
9‌
0
.08‌
0
.42‌
681,846
1
.55‌
4
.36‌
12‌
15
.02‌
14
.43‌
710,437
2
.07‌
3
.94‌
8‌
5
.77‌
8
.86‌
642,961
2
.13‌
4
.30‌
16‌
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
and/or
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Notes
to
Financial
Statements)
divided
by
the
average
long-term
market
value
during
the
period.
Financial
Highlights
(continuted)
74
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Ending
NAV
Ending
Share
Price
NUO
2/28/23
$
16.59
$
0.38
$
(
2.21
)
$
(
1.83
)
$
(
0.45
)
$
(
0.01
)
$
(
0.46
)
$
(
0.01
)
$
14.29
$
12.40
2/28/22
17.37
0.59
(
0.75
)
(
0.16
)
(
0.59
)
(
0.03
)
(
0.62
)
—
16.59
14.72
2/28/21
17.81
0.60
(
0.46
)
0.14
(
0.55
)
(
0.03
)
(
0.58
)
—
17.37
15.14
2/29/20
16.26
0.46
1.67
2.13
(
0.52
)
(
0.06
)
(
0.58
)
—
17.81
15.41
2/28/19
16.12
0.55
0.15
0.70
(
0.56
)
(
0.03
)
(
0.59
)
0.03
16.26
14.24
NQP
2/28/23
15.30
0.47
(
2.19
)
(
1.72
)
(
0.50
)
—
(
0.50
)
—
13.08
11.19
2/28/22
15.68
0.64
(
0.36
)
0.28
(
0.66
)
—
(
0.66
)
—
15.30
14.16
2/28/21
16.37
0.67
(
0.71
)
(
0.04
)
(
0.65
)
—
(
0.65
)
—
15.68
14.15
2/29/20
14.99
0.62
1.37
1.99
(
0.61
)
—
(
0.61
)
—
16.37
14.46
2/28/19
14.71
0.62
0.27
0.89
(
0.59
)
(
0.04
)
(
0.63
)
0.02
14.99
13.02
(a)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements.
75
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NUO
2/28/23
1
.51
%
2/28/22
0
.52
2/28/21
0
.71
2/29/20
1
.20
2/28/19
1
.28
NQP
2/28/23
1
.53
2/28/22
0
.43
2/28/21
0
.64
2/29/20
1
.26
2/28/19
1
.43
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
NAV(a)
Based
on
Share
Price(a)
Ending
Net
Assets
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate(c)
(
11
.19‌
)
%
(
12
.73‌
)
%
$
260,894
2
.89‌
%
2
.59‌
%
32‌
%
(
1
.08‌
)
1
.03‌
303,831
1
.50‌
3
.36‌
14‌
0
.78‌
2
.07‌
318,135
1
.73‌
3
.43‌
6‌
13
.39‌
12
.40‌
326,286
2
.34‌
2
.70‌
15‌
4
.65‌
5
.14‌
297,774
2
.35‌
3
.44‌
12‌
(
11
.31‌
)
(
17
.61‌
)
488,980
2
.57‌
3
.48‌
15‌
1
.72‌
4
.65‌
571,897
1
.39‌
3
.99‌
12‌
(
0
.29‌
)
2
.56‌
586,028
1
.62‌
4
.28‌
10‌
13
.62‌
15
.97‌
612,020
2
.24‌
3
.95‌
11‌
6
.40‌
9
.41‌
560,395
2
.44‌
4
.19‌
8‌
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
and/or
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Notes
to
Financial
Statements)
divided
by
the
average
long-term
market
value
during
the
period.
76
Financial
Highlights
(continued)
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
AMTP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
NAZ
2/28/23
$
88,300
$
261,963
$
—
$
—
2/28/22
88,300
290,229
—
—
2/28/21
88,300
297,509
—
—
2/29/20
88,300
303,878
—
—
2/28/19
88,300
285,822
—
—
NXJ
2/28/23
—
—
313,900
276,550
2/28/22
—
—
313,900
304,663
2/28/21
—
—
313,900
317,218
2/29/20
—
—
313,900
326,326
2/28/19
—
—
313,900
304,830
NUO
2/28/23
—
—
148,000
276,280
2/28/22
—
—
148,000
305,291
2/28/21
—
—
148,000
314,956
2/29/20
—
—
148,000
320,463
2/28/19
—
—
148,000
301,199
NQP
2/28/23
—
—
217,500
324,818
2/28/22
—
—
217,500
362,941
2/28/21
—
—
217,500
369,438
2/29/20
—
—
217,500
381,388
2/28/19
—
—
217,500
357,653
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
Notes
to
Financial
Statements
77
1.
General
Information
Fund
Information
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
NAZ,
NXJ,
NUO
and
NQP
were
organized
as
Massachusetts
business
trusts
on
April
8,
2013,
June
1,
1999,
April
8,
2013,
and
December
20,
1990,
respectively
(NAZ
and
NUO
previously
organized
as
Minnesota
trusts
on
January
23,
1991
and
October
17,
1991,
respectively).
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
February
28,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
February
28,
2023
(the
“current
fiscal
period”).
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Fund
Mergers
On
October
31,
2022,
each
Fund’s
Board
of
Trustees
(the
“Board”)
approved
the
merger
of
NUO
and
Nuveen
Georgia
Quality
Municipal
Income
Fund
(NKG)
(each
a
“Target
Fund”)
into
Nuveen
Municipal
Credit
Income
Fund
(NZF)
(the
“Mergers”).
The
Mergers
are
intended
to
create
a
larger
fund
with
lower
operating
expenses,
enhanced
earnings
potential,
and
increased
trading
volume
on
the
exchange
for
common
shares.
The
Mergers
were
approved
by
shareholders
on
March
10,
2023
(subsequent
to
the
close
of
the
reporting
period)
and
became
effective
prior
to
the
opening
of
business
on
April
17,
2023.
Upon
the
closing
of
the
Mergers,
each
Target
Fund
transferred
its
assets
to
NZF
in
exchange
for
common
shares
of
NZF
and
the
assumption
by
NZF
of
the
liabilities
of
each
Target
Fund.
Each
Target
Fund
was
then
liquidated,
dissolved
and
terminated
in
accordance
with
its
Declaration
of
Trust.
Shareholders
of
each
Target
Fund
became
shareholders
of
NZF.
Holders
of
common
shares
of
each
Target
Fund
received
newly
issued
common
shares
of
NZF,
the
aggregate
net
asset
value
(“NAV”)
of
which
was
equal
to
the
aggregate
NAV
of
the
common
shares
of
each
Target
Fund
held
immediately
prior
to
the
Mergers
(including
for
this
purpose
fractional
NZF
shares
to
which
shareholders
were
entitled).
Developments
Regarding
the
Funds’
Control
Share
By-Law
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
of
Trustees
(the
“Board”)
amended
the
Funds’
by-laws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
78
Notes
to
Financial
Statements
(continued)
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
net
asset
value
("NAV")
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The
Funds pay
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Fund
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Common
Shareholders
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Investment
income
also
reflects
dividend
income,
which
is
recorded
on
the
ex-dividend
date.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statements
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
Fund
Gross
Custodian
Fee
Credits
NAZ
$
1,262
NXJ
5,430
NUO
1,730
NQP
6,109
79
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
FASB
issues
ASU
2022-03-Fair
Value
Measurement
(Topic
820),
Fair
Value
Measurement
of
Equity
Securities
Subject
to
Contractual
Sale
Restrictions
("ASU
2022-03")
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-
03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds'
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
80
Notes
to
Financial
Statements
(continued)
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations
and
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
Note
5
-
Fund
Shares.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
NAZ
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
236,336,640
$
–
$
236,336,640
Total
$
–
$
236,336,640
$
–
$
236,336,640
1
NXJ
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
885,830,546
$
–
$
885,830,546
Total
$
–
$
885,830,546
$
–
$
885,830,546
1
NUO
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
401,497,767
$
–
$
401,497,767
Common
Stocks
–
4,953,159
–
4,953,159
Total
$
–
$
406,450,926
$
–
$
406,450,926
1
NQP
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
755,793,314
$
–
$
755,793,314
Common
Stocks
–
46,072,792
–
46,072,792
Total
$
–
$
801,866,106
$
–
$
801,866,106
1
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
81
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
A Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAZ
$
7,000,000
$
—
$
7,000,000
NXJ
33,235,000
45,720,000
78,955,000
NUO
—
—
—
NQP
107,270,000
5,770,000
113,040,000
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAZ
$
7,701,959
2.05
%
NXJ
33,963,014
2.10
NUO
14,071,233
1.61
NQP
110,451,479
2.18
82
Notes
to
Financial
Statements
(continued)
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows.
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period, each
Fund's
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current
fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NAZ
$
7,000,000
$
—
$
7,000,000
NXJ
33,235,000
45,720,000
78,955,000
NUO
—
—
—
NQP
107,270,000
5,770,000
113,040,000
Fund
Purchases
Sales
and
Maturities
NAZ
$
60,772,419
$
61,690,769
NXJ
152,832,387
157,962,563
NUO
137,686,920
154,967,124
NQP
124,516,891
125,965,929
83
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments
such
as
futures,
options
and
swap
contracts.
Each
Fund
limits
its
investments
in
futures,
options
on
futures
and
swap
contracts
to
the
extent
necessary
for
the
Adviser
to
claim
the
exclusion
from
registration
by
the
Commodity Futures
Trading
Commission
as
a
commodity
pool
operator
with
respect
to
the
Fund.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments
and
may
do
so
in
the
future, they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
5.
Fund
Shares
Common Share
Transactions
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Preferred
Shares
Adjustable
Rate
MuniFund
Term
Preferred
Shares
The
following
Fund
has
issued
and
has
outstanding
Adjustable
Rate
MuniFund
Term
Preferred
(“AMTP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
AMTP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
The
details
of
the
Fund’s
AMTP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
NAZ
NXJ
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
7,827
13,526
—
—
Total
7,827
13,526
—
—
NUO
NQP
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Common
Shares:
Repurchased
and
retired
(62,700)
—
—
—
Total
(62,700)
—
—
—
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
12.14
–
–
–
Discount
per
share
repurchased
and
retired
(16.03)%
–%
–%
–%
84
Notes
to
Financial
Statements
(continued)
The
Fund
is
obligated
to
redeem
its
AMTP
Shares
by
the
date
as
specified
in
its
offering
document
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Fund.
AMTP
Shares
are
subject
to
optional
and
mandatory
redemption
in
certain
circumstances.
The
AMTP
Shares
may
be
redeemed
at
the
option
of
the
Fund,
subject
to
payment
of
premium
for
approximately
six
months
following
the
date
of
issuance
(“Premium
Expiration
Date”),
and
at
the
redemption
price
per
share
thereafter.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
AMTP
Shares
are
short-term
or
short/intermediate-term
instruments
that
pay
a
variable
dividend
rate
tied
to
a
short-term
index,
plus
an
additional
fixed
“spread”
amount
which
is
initially
established
at
the
time
of
issuance
and
may
be
adjusted
in
the
future
based
upon
a
mutual
agreement
between
the
majority
owner
and
the
Fund.
From
time-to-time
the
majority
owner
may
propose
to
the
Fund
an
adjustment
to
the
dividend
rate.
Should
the
majority
owner
and
the
Fund
fails
to
agree
upon
an
adjusted
dividend
rate,
and
such
proposed
dividend
rate
adjustment
is
not
withdrawn,
the
Fund
will
be
required
to
redeem
all
outstanding
shares
upon
the
end
of
a
notice
period.
In
addition,
the
Fund
may
be
obligated
to
redeem
a
certain
amount
of
the
AMTP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
and
leverage
ratio
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
Term
Redemption
Date
and
Premium
Expiration
Date
for
the
Fund’s
AMTP
Shares
are
as
follows:
The
average
liquidation
preference
of
AMTP
Shares
outstanding
and
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
AMTP
Shares
are
subject
to
restrictions
on
transfer,
generally
do
not
trade,
and
market
quotations
are
generally
not
available.
The
fair
value
of
AMTP
Shares
is
expected
to
be
approximately
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
AMTP
Shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market
environment.
In
present
market
conditions,
the
Funds’
Adviser
has
determined
that
the
fair
value
of
AMTP
Shares
is
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
For
financial
reporting
purposes,
the
liquidation
preference
of
AMTP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
AMTP
Share
dividends
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
AMTP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
AMTP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
AMTP
Shares
were
recorded
as
deferred
charges,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
components
of
“AMTP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Variable
Rate
Demand
Preferred
Shares
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NXJ,
NUO
and
NQP
had
$312,681,362,
$147,798,786
and
$216,819,938
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
NAZ
2028
883
$88,300,000
$88,249,966
Fund
Notice
Period
Series
Term
Redemption
Date
Premium
Expiration
Date
NAZ
540-day
2028
December
1,
2028*
February
13,
2019
*
Subject
to
early
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
AMTP
Shares
Outstanding
Annualized
Dividend
Rate
NAZ
$
88,300,000
2.45
%
85
VRDP
Shares
include
a
liquidity
feature
that
allows
VRDP
shareholders
to
have
their
shares
purchased
by
a
liquidity
provider
with
whom
each
Fund
has
contracted
in
the
event
that
the
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
Each
Fund
is
required
to
redeem
any
VRDP
Shares
that
are
still
owned
by
the
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
Each
Fund
pays
an
annual
remarketing
fee
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
All
series
of
NXJ’s,
NUO’s,
and
NQP’s
VRDP
Shares
are
considered
to
be
Special
Rate
Period
VRDP,
which
are
sold
to
institutional
investors.
During
the
special
rate
period,
the
VRDP
Shares
will
not
be
remarketed
by
a
remarketing
agent,
be
subject
to
optional
or
mandatory
tender
events,
or
be
supported
by
a
liquidity
provider
and
are
not
subject
to
remarking
fees
or
liquidity
fees.
During
the
special
rate
period,
VRDP
dividends
will
be
set
monthly
as
a
floating
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
a
designated
liquidity
provider,
or
the
Board
may
approve
a
subsequent
special
rate
period.
Dividends
on
the
VRDP
Shares
(which
are
treated
as
interest
payments
for
financial
reporting
purposes)
are
set
at
a
rate
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
VRDP
Shares
is
expected
to
approximate
its
liquidation
preference.
In
the
event
that
VRDP
Shares
are
unable
to
be
successfully
remarketed,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
VRDP
Shares.
Subject
to
certain
conditions,
VRDP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
each
Fund.
Each
Fund
may
also
redeem
certain
of
the
VRDP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
The
average
liquidation
preference
of
VRDP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Dividends
accrued
on
VRDP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
by
the
Funds
in
connection
with
their
offerings
of
VRDP
Shares
were
recorded
as
a
deferred
charge,
which
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
may
also
pay
a
per
annum
liquidity
fee
to
the
liquidity
provider,
as
well
as
a
remarketing
fee,
which
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees,”
respectively,
on
the
Statement
of
Operations.
Preferred
Share
Transactions
The
Funds
did
not
have
any
transactions
in
preferred
shares
during
the
current
or
prior
fiscal
period.
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NXJ
1
810
N/A**
$81,000,000
July
19,
2023
August
3,
2043
2
1,443
N/A**
$144,300,000
April
1,
2043***
April
1,
2043
3
886
N/A**
$88,600,000
April
1,
2043***
April
1,
2043
NUO
1
1,480
N/A**
$148,000,000
November
9,
2023
September
1,
2043
NQP
2
1,125
N/A**
$112,500,000
December
1,
2042***
December
1,
2042
3
1,050
N/A**
$105,000,000
December
1,
2042***
December
1,
2042
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
***
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NXJ
$
313,900,000
2.48
%
NUO
148,000,000
2.60
NQP
217,500,000
2.46
86
Notes
to
Financial
Statements
(continued)
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
distribution
reallocations,
nondeductible
offering
costs,
nondeductible
reorganization
expenses,
paydowns,
taxable
market
discount,
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAZ
$
238,053,427
$
1,293,561
$
(10,010,348)
$
(8,716,787)
NXJ
882,822,399
18,574,978
(48,801,635)
(30,226,657)
NUO
409,918,768
8,814,000
(12,281,842)
(3,467,842)
NQP
723,354,523
39,537,522
(68,295,352)
(28,757,830)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAZ
$
406,335
$
7,179
$
—
$
(8,716,787)
$
(5,065,284)
$
—
$
(376,866)
$
(13,745,423)
NXJ
25,661
2,474
—
(30,226,657)
(6,468,821)
—
(1,348,195)
(38,015,538)
NUO
166,952
—
—
(3,467,842)
(12,219,400)
—
(501,992)
(16,022,282)
NQP
—
4,389
—
(28,757,830)
(10,279,889)
—
(1,084,117)
(40,117,447)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
on
February
1,
2023,
and
paid
on
March
1,
2023.
2/28/23
2/28/22
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
NAZ
$
6,012,110
$
68,069
$
—
$
6,932,126
$
16,981
$
—
NXJ
23,079,637
26,359
—
29,121,021
—
—
NUO
8,158,010
—
105,653
10,768,878
1,490
457,924
NQP
18,528,690
106,907
—
24,816,864
5,674
—
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
NAZ
$
2,930,140
$
2,135,144
$
5,065,284
NXJ
1,166,586
5,302,235
6,468,821
NUO
6,434,429
5,784,971
12,219,400
NQP
4,620,885
5,659,004
10,279,889
87
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
fund
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
February
28,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Average
Daily
Managed
Assets*
Fund-Level
Fee
Rate
For
the
first
$125
million
0.4500
%
For
the
next
$125
million
0.4375
For
the
next
$250
million
0.4250
For
the
next
$500
million
0.4125
For
the
next
$1
billion
0.4000
For
the
next
$3
billion
0.3750
For
managed
assets
over
$5
billion
0.3675
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
NAZ
0.1588%
NXJ
0.1588%
NUO
0.1588%
NQP
0.1588%
88
Notes
to
Financial
Statements
(continued)
Other
Transactions
with
Affiliates
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2023
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAZ
$
24,566,569
$
13,988,648
$
(1,882,132)
NXJ
—
—
—
NUO
23,584,226
23,717,350
(2,498,426)
NQP
—
—
—
Fund
Maximum
Outstanding
Balance
NAZ
$
2,527,345
NXJ
10,884,855
NUO
3,275,222
NQP
—
89
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund
may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAZ
9
$
1,678,820
4.84
%
NXJ
14
8,431,387
5.26
NUO
4
3,275,222
5.53
NQP
—
—
—
90
Shareholder
Update
(Unaudited)
CURRENT
INVESTMENT
OBJECTIVES,
INVESTMENT
POLICIES
AND
PRINCIPAL
RISKS
OF
THE
FUNDS
NUVEEN
ARIZONA
QUALITY
MUNICIPAL
INCOME
FUND
(NAZ)
Investment
Objectives
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Arizona
individual
income
taxes,
and
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value
relative
to
the
Arizona
municipal
bond
market
through
investments
in
tax-
exempt
Arizona
Municipal
Obligations
(as
defined
below)
that,
in
the
opinion
of
the
Fund’s
investment
adviser,
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Arizona
income
taxes.
The
Fund
invests
in
Arizona
municipal
securities
with
intermediate
or
long-term
maturities
in
order
to
maintain
an
average
portfolio
maturity
of
15
to
30
years,
although
this
may
be
shortened
depending
on
market
conditions,
and
on
an
assessment
by
the
Fund’s
portfolio
manager
of
which
segments
of
the
municipal
securities
market
offer
the
most
favorable
relative
investment
values
and
opportunities
for
tax-exempt
income
and
total
return.
As
a
result,
the
Fund’s
portfolio
may
include
long-term
and
intermediate-term
municipal
securities.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
nationally
recognized
statistical
rating
organization
(“NRSRO”)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other
open-
or closed-end investment
companies
(including
exchange-traded
funds
(“ETFs”))
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives,
(ii)
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Arizona
income
taxes,
(iii)
policy
(as
described
below)
that
it
may
not
issue
debt
securities
that
rank
senior
to
Preferred
Shares
(as
defined
below)
other
than
for
temporary
or
emergency
purposes
and
(iv)
policy
(as
described
below)
that
it
may
not
borrow
money,
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
invests
in
various
municipal
securities,
including
municipal
bonds
and
notes,
other
securities
issued
to
finance
and
refinance
public
projects,
and
other
related
securities
and
derivative
instruments
creating
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
federal
and
Arizona
income
tax
(for
purposes
of
the
Fund’s
investment
objectives,
“Arizona
Municipal
Obligations”).
91
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
tender
option
bond
trusts
(“TOB
trusts”),
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Arizona
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
noncorporate
taxpayers
(“AMT
Bonds”).
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
Arizona,
a
municipality
of
Arizona,
or
a
political
subdivision
of
either,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
sub-adviser
to
be
reliable),
is
exempt
from
regular
federal
and
Arizona
income
taxes,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
issued
by
U.S.
territories
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
Arizona
income
taxes.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
92
Shareholder
Update
(Unaudited)
(continued)
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended
(the
“1933
Act”),
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
municipal
market
data
rate
locks
(“MMD
Rate
Locks”)),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
Securities
and
Exchange
Commission
(“SEC”).
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
preferred
shares
of
beneficial
interest
(“Preferred
Shares”)
and
investments
in
inverse
floating
rate
securities.
However,
pursuant
to
its
fundamental
policies,
the
Fund
may
not
(i)
issue
debt
securities
that
rank
senior
to
Preferred
Shares
other
than
for
temporary
or
emergency
purposes
and
(ii)
borrow
money
(including
reverse
repurchase
agreements),
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
at
least
15
to
30
years
and
the
Fund
may
not
achieve
its
investment
objectives.
93
NUVEEN
NEW
JERSEY
QUALITY
MUNICIPAL
INCOME
FUND
(NXJ)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
and
New
Jersey
income
tax,
and
to
enhance
portfolio
value
relative
to
the
municipal
bond
market
by
investing
in
tax-exempt
municipal
bonds
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
at
least
80%
of
its
Assets
(as
defined
below),
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
New
Jersey
state
income
taxes.
The
Fund
generally
invests
in
municipal
securities
with
long-term
maturities
in
order
to
maintain
an
average
effective
maturity
of
15-30
years,
including
the
effects
of
leverage,
but
the
average
effective
maturity
of
obligations
held
by
the
Fund
may
be
lengthened
or
shortened
as
a
result
of
portfolio
transactions
effected
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser,
depending
on
market
conditions
and
on
an
assessment
by
the
portfolio
manager
of
which
segments
of
the
municipal
securities
markets
offer
the
most
favorable
relative
investment
values
and
opportunities
for
tax-exempt
income
and
total
return.
As
a
result,
the
Fund’s
portfolio
at
any
given
time
may
include
both
long-term
and
intermediate-term
municipal
securities.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
(Ba
or
BB
or
lower)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-
adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below B3/B- or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
not
enter
into
a
futures
contract
or
related
options
or
forward
contracts
if
more
than
30%
of
its
Managed
Assets
would
be
represented
by
futures
contracts
or
more
than
5%
of
its
Managed
Assets
would
be
committed
to
initial
margin
deposits
and
premiums
on
futures
contracts
or
related
options.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other open- or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives,
(ii)
policy
of
investing
at
least
80%
of
its
Assets,
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
New
Jersey
income
taxes
and
(iii)
policy
that
it
may
not
issue
debt
securities
that
rank
senior
to
Preferred
Shares
other
than
for
temporary
or
emergency
purposes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
U.S.
federal
and
New
Jersey
personal
income
taxes.
94
Shareholder
Update
(Unaudited)
(continued)
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
New
Jersey,
a
municipality
in
New
Jersey,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
State
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser
to
be
reliable),
is
exempt
from
regular
federal
income
tax
and
New
Jersey
personal
income
taxes,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
bonds
issued
by
United
States
territories
and
possessions
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
New
Jersey
income
taxes.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds,
formerly
referred
to
as
industrial
development
bonds,
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund’s
distributions
of
its
interest
income
from
private
activity
bonds
may
subject
certain
investors
to
the
federal
alternative
minimum
tax
applicable
to
individuals.
However,
the
Fund
will
only
invest
in
private
activity
bonds
that
are
not
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
95
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
In
addition,
the
Fund
may
invest
a
portion
of
its
Managed
Assets
in
pooled
investment
vehicles
(other
than
investment
companies)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities
and
reverse
repurchase
agreements. However,
pursuant
to
its
fundamental
policies,
the
Fund
may
not
(i)
issue
senior
securities
other
than
Preferred
Shares
and
(ii)
borrow
money
(including
reverse
repurchase
agreements),
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
15
to
30
years
and
the
Fund
may
not
achieve
its
investment
objectives.
96
Shareholder
Update
(Unaudited)
(continued)
NUVEEN
OHIO
QUALITY
MUNICIPAL
INCOME
FUND
(NUO)
Investment
Objectives
The
Fund’s
primary
investment
objective
is
current
income
exempt
from
both
regular
federal
income
taxes
and
Ohio
personal
income
taxes,
and
its
secondary
investment
objective
is
the
enhancement
of
portfolio
value
relative
to
the
Ohio
municipal
bond
market
through
investments
in
tax-exempt
Ohio
Municipal
Obligations
that,
in
the
opinion
of
the
Fund’s
investment
adviser
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
at
least
80%
of
its
Assets
(as
defined
below),
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Ohio
income
taxes.
The
Fund
emphasizes
investments
in
municipal
securities
with
long-
or
intermediate-term
maturities.
The
Fund
generally
invests
in
municipal
securities
with
different
maturities
to
maintain
an
average
portfolio
maturity
of
15
to
30
years,
although
this
may
be
shortened
depending
on
market
conditions.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
(Ba
or
BB
or
lower)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below B3/B- or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser.
The
Fund
may
not
enter
into
a
futures
contract
or
related
options
or
forward
contracts
if
more
than
30%
of
its
Managed
Assets
would
be
represented
by
futures
contracts
or
more
than
5%
of
its
Managed
Assets
would
be
committed
to
initial
margin
deposits
and
premiums
on
futures
contracts
or
related
options.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other open- or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
(ii)
policy
of
investing
at
least
80%
of
its
Assets,
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
regular
federal
and
Ohio
income
taxes
and
(iii)
policy
(as
described
below)
that
it
may
not
issue
debt
securities
that
rank
senior
to
Preferred
Shares
other
than
for
temporary
or
emergency
purposes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
U.S.
federal
and
Ohio
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
97
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
generally
are
issued
by
the
State
of
Ohio,
a
municipality
of
Ohio,
or
a
political
subdivision
of
either,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
investment
adviser
to
be
reliable),
is
exempt
from
regular
federal
and
Ohio
income
taxes,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax
and
the
Fund
may
invest
in
municipal
securities
issued
by
U.S.
territories
(such
as
Puerto
Rico
or
Guam)
that
are
exempt
from
regular
federal
and
Ohio
income
taxes.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds,
formerly
referred
to
as
industrial
development
bonds,
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund’s
distributions
of
its
interest
income
from
private
activity
bonds
may
subject
certain
investors
to
the
federal
alternative
minimum
tax
applicable
to
individuals.
However,
the
Fund
will
only
invest
in
private
activity
bonds
that
are
not
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
98
Shareholder
Update
(Unaudited)
(continued)
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
In
addition,
the
Fund
may
invest
a
portion
of
its
Managed
Assets
in
pooled
investment
vehicles
(other
than
investment
companies)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities
and
reverse
repurchase
agreements. However,
pursuant
to
its
fundamental
policies,
the
Fund
may
not
(i)
issue
senior
securities
other
than
Preferred
Shares
and
(ii)
borrow
money
(including
reverse
repurchase
agreements),
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
15
to
30
years
and
the
Fund
may
not
achieve
its
investment
objectives.
99
NUVEEN
PENNSYLVANIA
QUALITY
MUNICIPAL
FUND
(NQP)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
and
Pennsylvania
income
taxes
and
to
enhance
portfolio
value
relative
to
the
Pennsylvania
municipal
bond
market
by
investing
in
tax-exempt
Pennsylvania
municipal
bonds
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
that
pay
interest
exempt
from
regular
federal
and
Pennsylvania
income
taxes.
The
Fund
invests
primarily
in
municipal
securities
with
long-term
maturities
in
order
to
maintain
an
average
effective
maturity
of
15
to
30
years,
including
the
effects
of
leverage,
but
the
average
effective
maturity
of
obligations
held
by
the
Fund
may
be
lengthened
or
shortened
as
a
result
of
portfolio
transactions
effected
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser,
depending
on
market
conditions
and
on
an
assessment
by
the
portfolio
manager
of
which
segments
of
the
municipal
securities
markets
offer
the
most
favorable
relative
investment
values
and
opportunities
for
tax-exempt
income
and
total
return.
As
a
result,
the
Fund’s
portfolio
at
any
given
time
may
include
both
long-term
and
intermediate-term
municipal
securities.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-
adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
may
not
enter
into
a
futures
contract
or
related
options
or
forward
contracts
if
more
than
30%
of
the
Fund’s
Managed
Assets
would
be
represented
by
futures
contracts
or
more
than
5%
of
the
Fund’s
Managed
Assets
would
be
committed
to
initial
margin
deposits
and
premiums
on
futures
contracts
or
related
options.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives
(ii)
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
that
pay
interest
exempt
from
regular
federal
and
Pennsylvania
income
taxes
and
(iii)
policy
(as
described
below)
that
it
may
not
borrow
money,
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
Pennsylvania
personal
income
taxes.
100
Shareholder
Update
(Unaudited)
(continued)
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
Commonwealth
of
Pennsylvania
(the
“Commonwealth”),
a
municipality
in
Pennsylvania,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
investment
adviser
to
be
reliable),
is
exempt
from
both
regular
federal
income
taxes
and
Pennsylvania
personal
income
tax,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
101
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities. However,
pursuant
to
its
fundamental
policy,
the
Fund
may
not
borrow
money
(including
reverse
repurchase
agreements),
except
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares,
subject
to
certain
restrictions.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
at
least
15
to
30
years
and
the
Fund
may
not
achieve
its
investment
objectives.
102
Shareholder
Update
(Unaudited)
(continued)
PRINCIPAL
RISKS
OF
THE
FUNDS
The
factors
that
are
most
likely
to
have
a
material
effect
on
a
particular
Fund’s
portfolio
as
a
whole
are
called
“principal
risks.”
Each
Fund
is
subject
to
the
principal
risks
indicated
below,
whether
through
direct
investment
or
derivative
positions.
Each
Fund
may
be
subject
to
additional
risks
other
than
those
identified
and
described
below
because
the
types
of
investments
made
by
a
Fund
can
change
over
time.
Risk
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
Portfolio
Level
Risks
Alternative
Minimum
Tax
Risk
X
X
X
X
Below
Investment
Grade
Risk
X
X
X
X
Call
Risk
X
X
X
X
Credit
Risk
X
X
X
X
Credit
Spread
Risk
X
X
X
X
Deflation
Risk
X
X
X
X
Derivatives
Risk
X
X
X
X
Distressed
Securities
Risk
X
X
X
X
Duration
Risk
X
X
X
X
Economic
Sector
Risk
X
X
X
X
Financial
Futures
and
Options
Risk
X
X
X
X
Hedging
Risk
X
X
X
X
Illiquid
Investments
Risk
X
X
X
X
Income
Risk
X
X
X
X
Inflation
Risk
X
X
X
X
Insurance
Risk
X
X
X
X
Interest
Rate
Risk
X
X
X
X
Inverse
Floating
Rate
Securities
Risk
X
X
X
X
Municipal
Securities
Market
Liquidity
Risk
X
X
X
X
Municipal
Securities
Market
Risk
X
X
X
X
Other
Investment
Companies
Risk
X
X
X
X
Puerto
Rico
Municipal
Securities
Market
Risk
X
X
X
X
Reinvestment
Risk
X
X
X
X
Special
Considerations
Related
to
Single
State
Concentration
Risk
X
X
X
X
Special
Risks
Related
to
Certain
Municipal
Obligations
X
X
X
X
Swap
Transactions
Risk
X
X
X
X
Tax
Risk
X
X
X
X
Taxability
Risk
X
X
X
X
Tobacco
Settlement
Bond
Risk
X
X
X
X
Unrated
Securities
Risk
X
X
X
X
Valuation
Risk
X
X
X
X
Zero
Coupon
Bonds
Risk
X
X
X
X
103
Risk
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
Fund
Level
and
Other
Risks
Anti-Takeover
Provisions
X
X
X
X
Counterparty
Risk
X
X
X
X
Cybersecurity
Risk
X
X
X
X
Economic
and
Political
Events
Risk
X
X
X
X
Global
Economic
Risk
X
X
X
X
Investment
and
Market
Risk
X
X
X
X
Legislation
and
Regulatory
Risk
X
X
X
X
Leverage
Risk
X
X
X
X
Market
Discount
from
Net
Asset
Value
X
X
X
X
Recent
Market
Conditions
X
X
X
X
Reverse
Repurchase
Agreement
Risk
X
X
X
X
104
Shareholder
Update
(Unaudited)
(continued)
Portfolio
Level
Risks:
Alternative
Minimum
Tax
Risk.
The
Fund
may
invest
in
AMT
Bonds.
Therefore,
a
portion
of
the
Fund’s
otherwise
exempt-interest
dividends
may
be
taxable
to
those
shareholders
subject
to
the
federal
alternative
minimum
tax.
Below
Investment
Grade
Risk.
Municipal
securities
of
below
investment
grade
quality
are
regarded
as
having
speculative
characteristics
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal,
and
may
be
subject
to
higher
price
volatility
and
default
risk
than
investment
grade
municipal
securities
of
comparable
terms
and
duration.
Issuers
of
lower
grade
municipal
securities
may
be
highly
leveraged
and
may
not
have
available
to
them
more
traditional
methods
of
financing.
The
prices
of
these
lower
grade
securities
are
typically
more
sensitive
to
negative
developments,
such
as
a
decline
in
the
issuer’s
revenues
or
a
general
economic
downturn.
The
secondary
market
for
lower
rated
municipal
securities
may
not
be
as
liquid
as
the
secondary
market
for
more
highly
rated
municipal
securities,
a
factor
which
may
have
an
adverse
effect
on
the
Fund’s
ability
to
dispose
of
a
particular
municipal
security.
If
a
below
investment
grade
municipal
security
goes
into
default,
or
its
issuer
enters
bankruptcy,
it
might
be
difficult
to
sell
that
security
in
a
timely
manner
at
a
reasonable
price.
Call
Risk.
The
Fund
may
invest
in
municipal
securities
that
are
subject
to
call
risk.
Such
municipal
securities
may
be
redeemed
at
the
option
of
the
issuer,
or
“called,”
before
their
stated
maturity
or
redemption
date.
In
general,
an
issuer
will
call
its
instruments
if
they
can
be
refinanced
by
issuing
new
instruments
that
bear
a
lower
interest
rate.
The
Fund
is
subject
to
the
possibility
that
during
periods
of
falling
interest
rates,
an
issuer
will
call
its
high
yielding
municipal
securities.
The
Fund
would
then
be
forced
to
invest
the
unanticipated
proceeds
at
lower
interest
rates,
resulting
in
a
decline
in
the
Fund’s
income.
Credit
Risk.
Issuers
of
municipal
securities
in
which
the
Fund
may
invest
may
default
on
their
obligations
to
pay
principal
or
interest
when
due.
This
non-payment
would
result
in
a
reduction
of
income
to
the
Fund,
a
reduction
in
the
value
of
a
municipal
security
experiencing
non-payment
and
potentially
a
decrease
in
the
net
asset
value
(“NAV”)
of
the
Fund.
To
the
extent
that
the
credit
rating
assigned
to
a
municipal
security
in
the
Fund’s
portfolio
is
downgraded,
the
market
price
and
liquidity
of
such
security
may
be
adversely
affected.
Credit
Spread
Risk.
Credit
spread
risk
is
the
risk
that
credit
spreads
(i.e.,
the
difference
in
yield
between
securities
that
is
due
to
differences
in
their
credit
quality)
may
increase
when
the
market
believes
that
municipal
securities
generally
have
a
greater
risk
of
default.
Increasing
credit
spreads
may
reduce
the
market
values
of
the
Fund’s
securities.
Credit
spreads
often
increase
more
for
lower
rated
and
unrated
securities
than
for
investment
grade
securities.
In
addition,
when
credit
spreads
increase,
reductions
in
market
value
will
generally
be
greater
for
longer-maturity
securities.
Deflation
Risk.
Deflation
risk
is
the
risk
that
prices
throughout
the
economy
decline
over
time.
Deflation
may
have
an
adverse
effect
on
the
creditworthiness
of
issuers
and
may
make
issuer
default
more
likely,
which
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Derivatives
Risk.
The
use
of
derivatives
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Derivative
instruments
can
be
used
to
acquire
or
to
transfer
the
risk
and
returns
of
a
municipal
security
or
other
asset
without
buying
or
selling
the
municipal
security
or
asset.
These
instruments
may
entail
investment
exposures
that
are
greater
than
their
cost
would
suggest.
As
a
result,
a
small
investment
in
derivatives
can
result
in
losses
that
greatly
exceed
the
original
investment.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
An
over-the-counter
derivative
transaction
between
the
Fund
and
a
counterparty
that
is
not
cleared
through
a
central
counterparty
also
involves
the
risk
that
a
loss
may
be
sustained
as
a
result
of
the
failure
of
the
counterparty
to
the
contract
to
make
required
payments.
The
payment
obligation
for
a
cleared
derivative
transaction
is
guaranteed
by
a
central
counterparty,
which
exposes
the
Fund
to
the
creditworthiness
of
the
central
counterparty.
It
is
possible
that
regulatory
or
other
developments
in
the
derivatives
market,
including
changes
in
government
regulation,
could
adversely
impact
the
Fund’s
ability
to
invest
in
certain
derivatives
or
successfully
use
derivative
instruments.
Distressed
Securities
Risk.
The
Fund
may
invest
in
low-rated
securities
or
securities
unrated
but
judged
by
the
sub-adviser
to
be
of
comparable
quality.
Some
or
many
of
these
low-rated
securities,
although
not
in
default,
may
be
“distressed,”
meaning
that
the
issuer
is
experiencing
financial
difficulties
or
distress
at
the
time
of
acquisition.
Such
securities
would
present
a
substantial
risk
of
future
default
which
may
cause
the
Fund
to
incur
losses,
including
additional
expenses,
to
the
extent
it
is
required
to
seek
recovery
upon
a
default
in
the
payment
of
principal
or
interest
on
those
securities.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
portfolio
security,
the
Fund
may
lose
its
entire
investment
or
may
be
required
to
accept
cash
or
securities
with
a
value
less
than
its
original
investment.
Distressed
securities
may
be
subject
to
restrictions
on
resale.
Duration
Risk.
Duration
is
the
sensitivity,
expressed
in
years,
of
the
price
of
a
fixed-income
security
to
changes
in
the
general
level
of
interest
rates
(or
yields).
Securities
with
longer
durations
tend
to
be
more
sensitive
to
interest
rate
(or
yield)
changes,
which
typically
corresponds
to
increased
volatility
and
risk,
than
securities
with
shorter
durations.
For
example,
if
a
security
or
portfolio
has
a
duration
of
three
years
and
interest
rates
increase
by
1%,
then
the
security
or
portfolio
would
decline
in
value
by
approximately
3%.
Duration
differs
from
maturity
in
that
it
considers
potential
changes
to
interest
rates,
and
a
security’s
coupon
payments,
yield,
price
and
par
value
and
call
features,
in
addition
to
the
amount
of
time
until
the
security
matures.
The
duration
of
a
security
will
be
expected
to
change
over
time
with
changes
in
market
factors
and
time
to
maturity.
Economic
Sector
Risk.
The
Fund
may
invest
a
significant
amount
of
its
total
assets
in
municipal
securities
in
the
same
economic
sector.
This
may
make
the
Fund
more
susceptible
to
adverse
economic,
political
or
regulatory
occurrences
affecting
an
economic
sector,
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
value
of
the
Fund’s
assets.
In
addition,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
health
care
facilities,
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies,
whose
105
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
assets
in
one
or
more
particular
sectors,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Financial
Futures
and
Options
Transactions
Risk.
The
Fund
may
use
certain
transactions
for
hedging
the
portfolio’s
exposure
to
credit
risk
and
the
risk
of
increases
in
interest
rates,
which
could
result
in
poorer
overall
performance
for
the
Fund.
There
may
be
an
imperfect
correlation
between
price
movements
of
the
futures
and
options
and
price
movements
of
the
portfolio
securities
being
hedged.
If
the
Fund
engages
in
futures
transactions
or
in
the
writing
of
options
on
futures,
it
will
be
required
to
maintain
initial
margin
and
maintenance
margin
and
may
be
required
to
make
daily
variation
margin
payments
in
accordance
with
applicable
rules
of
the
exchanges
and
the
Commodity
Futures
Trading
Commission
(“CFTC”).
If
the
Fund
purchases
a
financial
futures
contract
or
a
call
option
or
writes
a
put
option
in
order
to
hedge
the
anticipated
purchase
of
municipal
securities,
and
if
the
Fund
fails
to
complete
the
anticipated
purchase
transaction,
the
Fund
may
have
a
loss
or
a
gain
on
the
futures
or
options
transaction
that
will
not
be
offset
by
price
movements
in
the
municipal
securities
that
were
the
subject
of
the
anticipatory
hedge.
There
can
be
no
assurance
that
a
liquid
market
will
exist
at
a
time
when
the
Fund
seeks
to
close
out
a
derivatives
or
futures
or
a
futures
option
position,
and
the
Fund
would
remain
obligated
to
meet
margin
requirements
until
the
position
is
closed.
Hedging
Risk.
The
Fund’s
use
of
derivatives
or
other
transactions
to
reduce
risk
involves
costs
and
will
be
subject
to
the
investment
adviser’s
and/or
the
sub-adviser’s
ability
to
predict
correctly
changes
in
the
relationships
of
such
hedge
instruments
to
the
Fund’s
portfolio
holdings
or
other
factors.
No
assurance
can
be
given
that
the
investment
adviser’s
and/or
the
sub-adviser’s
judgment
in
this
respect
will
be
correct,
and
no
assurance
can
be
given
that
the
Fund
will
enter
into
hedging
or
other
transactions
at
times
or
under
circumstances
in
which
it
may
be
advisable
to
do
so.
Hedging
activities
may
reduce
the
Fund’s
opportunities
for
gain
by
offsetting
the
positive
effects
of
favorable
price
movements
and
may
result
in
net
losses.
Illiquid
Investments
Risk.
Illiquid
investments
are
investments
that
are
not
readily
marketable.
These
investments
may
include
restricted
investments,
including
Rule
144
A
securities,
which
cannot
be
resold
to
the
public
without
an
effective
registration
statement
under
the
1933
Act,
or
if
they
are
unregistered
may
be
sold
only
in
a
privately
negotiated
transaction
or
pursuant
to
an
available
exemption
from
registration.
The
Fund
may
not
be
able
to
readily
dispose
of
such
investments
at
prices
that
approximate
those
at
which
the
Fund
could
sell
such
the
investments
if
they
were
more
widely
traded
and,
as
a
result
of
such
illiquidity,
the
Fund
may
have
to
sell
other
investments
or
engage
in
borrowing
transactions
if
necessary
to
raise
cash
to
meet
its
obligations.
Limited
liquidity
can
also
affect
the
market
price
of
investments,
thereby
adversely
affecting
the
Fund’s
NAV
and
ability
to
make
dividend
distributions.
The
financial
markets
in
general
have
in
recent
years
experienced
periods
of
extreme
secondary
market
supply
and
demand
imbalance,
resulting
in
a
loss
of
liquidity
during
which
market
prices
were
suddenly
and
substantially
below
traditional
measures
of
intrinsic
value.
During
such
periods,
some
investments
could
be
sold
only
at
arbitrary
prices
and
with
substantial
losses.
Periods
of
such
market
dislocation
may
occur
again
at
any
time.
Income
Risk.
The
Fund’s
income
could
decline
due
to
falling
market
interest
rates.
This
is
because,
in
a
falling
interest
rate
environment,
the
Fund
generally
will
have
to
invest
the
proceeds
from
maturing
portfolio
securities
in
lower-yielding
securities.
Inflation
Risk.
Inflation
risk
is
the
risk
that
the
value
of
assets
or
income
from
investments
will
be
worth
less
in
the
future
as
inflation
decreases
the
value
of
money.
As
inflation
increases,
the
real
value
of
the
common
shares
and
distributions
can
decline.
Currently,
inflation
rates
are
elevated
relative
to
normal
market
conditions
and
could
continue
to
increase.
Insurance
Risk.
The
Fund
may
purchase
municipal
securities
that
are
secured
by
insurance,
bank
credit
agreements
or
escrow
accounts.
The
credit
quality
of
the
companies
that
provide
such
credit
enhancements
will
affect
the
value
of
those
securities.
Certain
significant
providers
of
insurance
for
municipal
securities
have
incurred
significant
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower
credit
quality
investments.
As
a
result,
such
losses
reduced
the
insurers’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
insurance
if
they
are
called
upon
to
do
so
in
the
future.
While
an
insured
municipal
security
will
typically
be
deemed
to
have
the
rating
of
its
insurer,
if
the
insurer
of
a
municipal
security
suffers
a
downgrade
in
its
credit
rating
or
the
market
discounts
the
value
of
the
insurance
provided
by
the
insurer,
the
value
of
the
municipal
security
would
more
closely,
if
not
entirely,
reflect
such
rating.
In
such
a
case,
the
value
of
insurance
associated
with
a
municipal
security
may
not
add
any
value.
The
insurance
feature
of
a
municipal
security
does
not
guarantee
the
full
payment
of
principal
and
interest
through
the
life
of
an
insured
obligation,
the
market
value
of
the
insured
obligation
or
the
NAV
of
the
common
shares
represented
by
such
insured
obligation.
Interest
Rate
Risk.
Interest
rate
risk
is
the
risk
that
municipal
securities
in
the
Fund’s
portfolio
will
decline
in
value
because
of
changes
in
market
interest
rates.
Generally,
when
market
interest
rates
rise,
the
market
value
of
such
securities
will
fall,
and
vice
versa.
As
interest
rates
decline,
issuers
of
municipal
securities
may
prepay
principal
earlier
than
scheduled,
forcing
the
Fund
to
reinvest
in
lower-yielding
securities
and
potentially
reducing
the
Fund’s
income.
As
interest
rates
increase,
slower
than
expected
principal
payments
may
extend
the
average
life
of
municipal
securities,
potentially
locking
in
a
below-market
interest
rate
and
reducing
the
Fund’s
value.
In
typical
market
interest
rate
environments,
the
prices
of
longer-
term
municipal
securities
generally
fluctuate
more
than
prices
of
shorter-term
municipal
securities
as
interest
rates
change.
Inverse
Floating
Rate
Securities
Risk.
The
Fund
may
invest
in
inverse
floating
rate
securities.
In
general,
income
on
inverse
floating
rate
securities
will
decrease
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
Investments
in
inverse
floating
rate
securities
may
subject
the
Fund
to
the
risks
of
reduced
or
eliminated
interest
payments
and
losses
of
principal.
In
addition,
inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate,
which
effectively
leverages
the
Fund’s
investment.
As
a
result,
the
market
value
of
such
securities
generally
will
be
more
volatile
than
that
of
fixed
rate
securities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
special
purpose
trusts
that
have
recourse
to
the
Fund.
In
such
instances,
the
Fund
may
be
at
risk
of
loss
that
exceeds
its
investment
in
the
inverse
floating
rate
securities.
The
Fund
may
be
required
to
sell
its
inverse
floating
rate
securities
at
less
than
favorable
prices,
or
liquidate
other
Fund
portfolio
holdings
in
certain
circumstances,
including,
but
not
limited
to,
the
following:
106
Shareholder
Update
(Unaudited)
(continued)
If
the
Fund
has
a
need
for
cash
and
the
securities
in
a
special
purpose
trust
are
not
actively
trading
due
to
adverse
market
conditions;
If
special
purpose
trust
sponsors
(as
a
collective
group
or
individually)
experience
financial
hardship
and
consequently
seek
to
terminate
their
respective
outstanding
special
purpose
trusts;
and
If
the
value
of
an
underlying
security
declines
significantly
and
if
additional
collateral
has
not
been
posted
by
the
Fund.
Municipal
Securities
Market
Liquidity
Risk.
Inventories
of
municipal
securities
held
by
brokers
and
dealers
have
decreased
in
recent
years,
lessening
their
ability
to
make
a
market
in
these
securities.
This
reduction
in
market
making
capacity
has
the
potential
to
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities
at
attractive
prices,
and
increase
municipal
security
price
volatility
and
trading
costs,
particularly
during
periods
of
economic
or
market
stress.
In
addition,
recent
federal
banking
regulations
may
cause
certain
dealers
to
reduce
their
inventories
of
municipal
securities,
which
may
further
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities.
As
a
result,
the
Fund
may
be
forced
to
accept
a
lower
price
to
sell
a
security,
to
sell
other
securities
to
raise
cash,
or
to
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
If
the
Fund
needed
to
sell
large
blocks
of
municipal
securities
to
raise
cash
to
meet
its
obligations,
those
sales
could
further
reduce
the
municipal
securities’
prices
and
hurt
performance.
Municipal
Securities
Market
Risk.
The
amount
of
public
information
available
about
the
municipal
securities
in
the
Fund’s
portfolio
is
generally
less
than
that
for
corporate
equities
or
bonds,
and
the
investment
performance
of
the
Fund
may
therefore
be
more
dependent
on
the
analytical
abilities
of
the
sub-adviser
than
if
the
Fund
were
a
stock
fund
or
taxable
bond
fund.
The
secondary
market
for
municipal
securities,
particularly
below
investment
grade
municipal
securities,
also
tends
to
be
less
well-developed
or
liquid
than
many
other
securities
markets,
which
may
adversely
affect
the
Fund’s
ability
to
sell
its
municipal
securities
at
attractive
prices.
Other
Investment
Companies
Risk.
The
Fund
may
invest
in
the
securities
of
other
investment
companies,
including
ETFs.
Investing
in
an
investment
company
exposes
the
Fund
to
all
of
the
risks
of
that
investment
company’s
investments.
The
Fund,
as
a
holder
of
the
securities
of
other
investment
companies,
will
bear
its
pro
rata
portion
of
the
other
investment
companies’
expenses,
including
advisory
fees.
These
expenses
are
in
addition
to
the
direct
expenses
of
the
Fund’s
own
operations.
As
a
result,
the
cost
of
investing
in
investment
company
shares
may
exceed
the
costs
of
investing
directly
in
its
underlying
investments.
In
addition,
securities
of
other
investment
companies
may
be
leveraged.
As
a
result,
the
Fund
may
be
indirectly
exposed
to
leverage
through
an
investment
in
such
securities
and
therefore
magnify
the
Fund’s
leverage
risk.
With
respect
to
ETF’s,
an
ETF
that
is
based
on
a
specific
index
may
not
be
able
to
replicate
and
maintain
exactly
the
composition
and
relative
weighting
of
securities
in
the
index.
The
value
of
an
ETF
based
on
a
specific
index
is
subject
to
change
as
the
values
of
its
respective
component
assets
fluctuate
according
to
market
volatility.
ETFs
typically
rely
on
a
limited
pool
of
authorized
participants
to
create
and
redeem
shares,
and
an
active
trading
market
for
ETF
shares
may
not
develop
or
be
maintained.
The
market
value
of
shares
of
ETFs
and
closed-end
funds
may
differ
from
their
NAV.
Puerto
Rico
Municipal
Securities
Market
Risk.
To
the
extent
that
the
Fund
invests
a
significant
portion
of
its
assets
in
the
securities
issued
by
the
Commonwealth
of
Puerto
Rico
or
its
political
subdivisions,
agencies,
instrumentalities,
or
public
corporations
(collectively
referred
to
as
“Puerto
Rico”
or
the
“Commonwealth”),
it
will
be
disproportionally
affected
by
political,
social
and
economic
conditions
and
developments
in
the
Commonwealth.
In
addition,
economic,
political
or
regulatory
changes
in
that
territory
could
adversely
affect
the
value
of
the
Fund’s
investment
portfolio.
Puerto
Rico
currently
is
experiencing
significant
fiscal
and
economic
challenges,
including
substantial
debt
service
obligations,
high
levels
of
unemployment,
underfunded
public
retirement
systems,
and
persistent
government
budget
deficits.
These
challenges
may
negatively
affect
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Several
major
ratings
agencies
have
downgraded
the
general
obligation
debt
of
Puerto
Rico
to
below
investment
grade
and
continue
to
maintain
a
negative
outlook
for
this
debt,
which
increases
the
likelihood
that
the
rating
will
be
lowered
further.
Puerto
Rico
recently
defaulted
on
its
debt
by
failing
to
make
full
payment
due
on
its
outstanding
bonds,
and
there
can
be
no
assurance
that
Puerto
Rico
will
be
able
to
satisfy
its
future
debt
obligations.
Further
downgrades
or
defaults
may
place
additional
strain
on
the
Puerto
Rico
economy
and
may
negatively
affect
the
value,
liquidity,
and
volatility
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Additionally,
numerous
issuers
have
entered
Title
III
of
the
Puerto
Rico
Oversite,
Management
and
Economic
Stability
Act
(“PROMESA”),
which
is
similar
to
bankruptcy
protection,
through
which
the
Commonwealth
of
Puerto
Rico
can
restructure
its
debt.
However,
Puerto
Rico’s
case
is
the
first
ever
heard
under
PROMESA
and
there
is
no
existing
case
precedent
to
guide
the
proceedings.
Accordingly,
Puerto
Rico’s
debt
restructuring
process
could
take
significantly
longer
than
traditional
municipal
bankruptcy
proceedings.
Further,
it
is
not
clear
whether
a
debt
restructuring
process
will
ultimately
be
approved
or,
if
so,
the
extent
to
which
it
will
apply
to
Puerto
Rico
municipal
securities
sold
by
an
issuer
other
than
the
territory.
A
debt
restructuring
could
reduce
the
principal
amount
due,
the
interest
rate,
the
maturity,
and
other
terms
of
Puerto
Rico
municipal
securities,
which
could
adversely
affect
the
value
of
Puerto
Rican
municipal
securities.
Legislation
that
would
allow
Puerto
Rico
to
restructure
its
municipal
debt
obligations,
thus
increasing
the
risk
that
Puerto
Rico
may
never
pay
off
municipal
indebtedness,
or
may
pay
only
a
small
fraction
of
the
amount
owed,
could
also
impact
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
These
challenges
and
uncertainties
have
been
exacerbated
by
multiple
hurricanes
and
the
resulting
natural
disasters
that
have
stuck
Puerto
Rico
since
2017.
The
full
extent
of
the
natural
disasters’
impact
on
Puerto
Rico’s
economy
and
foreign
investment
in
Puerto
Rico
is
difficult
to
estimate.
Reinvestment
Risk.
Reinvestment
risk
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
and
when
the
Fund
invests
the
proceeds
from
matured,
traded
or
called
municipal
securities
at
market
interest
rates
that
are
below
the
portfolio’s
current
earnings
rate.
A
decline
in
income
could
affect
the
common
shares’
market
price,
NAV
and/or
a
common
shareholder’s
overall
returns.
Special
Considerations
Related
to
Single
State
Concentration
Risk.
Because
the
Fund
primarily
invests
in
municipal
securities
from
a
single
state,
the
Fund
is
more
susceptible
to
political,
economic
or
regulatory
factors
affecting
issuers
of
single
state
municipal
securities.
Information
regarding
the
financial
condition
of
the
state
is
ordinarily
included
in
various
public
documents
issued
thereby,
such
as
the
official
statements
prepared
in
connection
with
the
issuance
of
general
obligation
bonds
for
the
state.
107
Additionally,
the
states
are
party
to
numerous
legal
proceedings,
many
of
which
normally
occur
in
governmental
operations.
The
creditworthiness
of
obligations
issued
by
local
issuers
of
the
state
may
be
unrelated
to
the
creditworthiness
of
obligations
issued
by
the
state,
and
that
there
is
no
obligation
on
the
part
of
the
state
to
make
payment
on
such
local
obligations
in
the
event
of
default.
Special
Risks
Related
to
Certain
Municipal
Obligations.
Municipal
leases
and
certificates
of
participation
involve
special
risks
not
normally
associated
with
general
obligations
or
revenue
bonds.
Leases
and
installment
purchase
or
conditional
sale
contracts
(which
normally
provide
for
title
to
the
leased
asset
to
pass
eventually
to
the
governmental
issuer)
have
evolved
as
a
means
for
governmental
issuers
to
acquire
property
and
equipment
without
meeting
the
constitutional
and
statutory
requirements
for
the
issuance
of
debt.
The
debt
issuance
limitations
are
deemed
to
be
inapplicable
because
of
the
inclusion
in
many
leases
or
contracts
of
“non-appropriation”
clauses
that
relieve
the
governmental
issuer
of
any
obligation
to
make
future
payments
under
the
lease
or
contract
unless
money
is
appropriated
for
such
purpose
by
the
appropriate
legislative
body.
In
addition,
such
leases
or
contracts
may
be
subject
to
the
temporary
abatement
of
payments
in
the
event
that
the
governmental
issuer
is
prevented
from
maintaining
occupancy
of
the
leased
premises
or
utilizing
the
leased
equipment.
Although
the
obligations
may
be
secured
by
the
leased
equipment
or
facilities,
the
disposition
of
the
property
in
the
event
of
non-appropriation
or
foreclosure
might
prove
difficult,
time
consuming
and
costly,
and
may
result
in
a
delay
in
recovering
or
the
failure
to
fully
recover
the
Fund’s
original
investment.
In
the
event
of
non-appropriation,
the
issuer
would
be
in
default
and
taking
ownership
of
the
assets
may
be
a
remedy
available
to
the
Fund,
although
the
Fund
does
not
anticipate
that
such
a
remedy
would
normally
be
pursued.
Certificates
of
participation
involve
the
same
risks
as
the
underlying
municipal
leases.
In
addition,
the
Fund
may
be
dependent
upon
the
municipal
authority
issuing
the
certificates
of
participation
to
exercise
remedies
with
respect
to
the
underlying
securities.
Certificates
of
participation
also
entail
a
risk
of
default
or
bankruptcy,
both
of
the
issuer
of
the
municipal
lease
and
also
the
municipal
agency
issuing
the
certificate
of
participation.
Swap
Transactions
Risk.
The
Fund
may
enter
into
debt-related
derivative
instruments
such
as
credit
default
swap
contracts
and
interest
rate
swaps.
Like
most
derivative
instruments,
the
use
of
swaps
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
In
addition,
the
use
of
swaps
requires
an
understanding
by
the
adviser
and/or
the
sub-
adviser
of
not
only
the
referenced
asset,
rate
or
index,
but
also
of
the
swap
itself.
If
the
investment
adviser
and/or
the
sub-adviser
is
incorrect
in
its
forecasts
of
default
risks,
market
spreads
or
other
applicable
factors
or
events,
the
investment
performance
of
the
Fund
would
diminish
compared
with
what
it
would
have
been
if
these
techniques
were
not
used.
Tax
Risk.
The
value
of
the
Fund’s
investments
and
its
NAV
may
be
adversely
affected
by
changes
in
tax
rates,
rules
and
policies.
Because
interest
income
from
municipal
securities
is
normally
not
subject
to
regular
federal
income
taxation,
the
attractiveness
of
municipal
securities
in
relation
to
other
investment
alternatives
is
affected
by
changes
in
federal
income
tax
rates
or
changes
in
the
tax
exempt
status
of
interest
income
from
municipal
securities.
Additionally,
the
Fund
is
not
a
suitable
investment
for
individual
retirement
accounts,
for
other
tax
exempt
or
tax-deferred
accounts,
for
investors
who
are
not
sensitive
to
the
federal
income
tax
consequences
of
their
investments.
Taxability
Risk.
The
Fund
will
invest
in
municipal
securities
in
reliance
at
the
time
of
purchase
on
an
opinion
of
bond
counsel
to
the
issuer
that
the
interest
paid
on
those
securities
will
be
excludable
from
gross
income
for
regular
federal
income
tax
purposes,
and
the
sub-adviser
will
not
independently
verify
that
opinion.
Subsequent
to
the
Fund’s
acquisition
of
such
a
municipal
security,
however,
the
security
may
be
determined
to
pay,
or
to
have
paid,
taxable
income.
As
a
result,
the
treatment
of
dividends
previously
paid
or
to
be
paid
by
the
Fund
as
“exempt-interest
dividends”
could
be
adversely
affected,
subjecting
the
Fund’s
shareholders
to
increased
federal
income
tax
liabilities.
Certain
other
investments
made
by
the
Fund,
including
derivatives
transactions,
may
result
in
the
receipt
of
taxable
income
or
gains
by
the
Fund.
Tobacco
Settlement
Bond
Risk.
The
Fund
may
invest
in
tobacco
settlement
bonds.
Tobacco
settlement
bonds
are
municipal
securities
that
are
backed
solely
by
expected
revenues
to
be
derived
from
lawsuits
involving
tobacco
related
deaths
and
illnesses
which
were
settled
between
certain
states
and
American
tobacco
companies.
Tobacco
settlement
bonds
are
secured
by
an
issuing
state’s
proportionate
share
in
the
Master
Settlement
Agreement,
an
agreement
between
46
states
and
nearly
all
of
the
U.S.
tobacco
manufacturers
(the
“MSA”).
Under
the
terms
of
the
MSA,
the
actual
amount
of
future
settlement
payments
by
tobacco-manufacturers
is
dependent
on
many
factors,
including,
among
other
things,
reduced
cigarette
consumption.
Payments
made
by
tobacco
manufacturers
could
be
negatively
impacted
if
the
decrease
in
tobacco
consumption
is
significantly
greater
than
the
forecasted
decline.
Unrated
Securities
Risk.
The
Fund
may
purchase
securities
that
are
not
rated
by
any
rating
organization.
Unrated
securities
determined
by
the
Fund’s
investment
adviser
to
be
of
comparable
quality
to
rated
investments
which
the
Fund
may
purchase
may
pay
a
higher
dividend
or
interest
rate
than
such
rated
investments
and
be
subject
to
a
greater
risk
of
illiquidity
or
price
changes.
Less
public
information
is
typically
available
about
unrated
investments
or
issuers
than
rated
investments
or
issuers.
Some
unrated
securities
may
not
have
an
active
trading
market
or
may
be
difficult
to
value,
which
means
the
Fund
might
have
difficulty
selling
them
promptly
at
an
acceptable
price.
To
the
extent
that
the
Fund
invests
in
unrated
securities,
the
Fund’s
ability
to
achieve
its
investment
objectives
will
be
more
dependent
on
the
investment
adviser’s
credit
analysis
than
would
be
the
case
when
the
Fund
invests
in
rated
securities.
Valuation
Risk.
The
municipal
securities
in
which
the
Fund
invests
typically
are
valued
by
a
pricing
service
utilizing
a
range
of
market-based
inputs
and
assumptions,
including
readily
available
market
quotations
obtained
from
broker-dealers
making
markets
in
such
instruments,
cash
flows
and
transactions
for
comparable
instruments.
There
is
no
assurance
that
the
Fund
will
be
able
to
sell
a
portfolio
security
at
the
price
established
by
the
pricing
service,
which
could
result
in
a
loss
to
the
Fund.
Pricing
services
generally
price
municipal
securities
assuming
orderly
transactions
of
an
institutional
“round
lot”
size,
but
some
trades
may
occur
in
smaller,
“odd
lot”
sizes,
often
at
lower
prices
than
institutional
round
lot
trades.
Different
pricing
services
may
incorporate
different
assumptions
and
inputs
into
their
valuation
methodologies,
potentially
resulting
in
different
values
for
the
same
securities.
As
a
result,
if
the
Fund
were
to
change
pricing
services,
or
if
the
Fund’s
pricing
service
were
to
change
its
valuation
methodology,
there
could
be
a
material
impact,
either
positive
or
negative,
on
the
Fund’s
NAV.
108
Shareholder
Update
(Unaudited)
(continued)
Zero
Coupon
Bonds
Risk.
Because
interest
on
zero
coupon
bonds
is
not
paid
on
a
current
basis,
the
values
of
zero
coupon
bonds
will
be
more
volatile
in
response
to
interest
rate
changes
than
the
values
of
bonds
that
distribute
income
regularly.
Although
zero
coupon
bonds
generate
income
for
accounting
purposes,
they
do
not
produce
cash
flow,
and
thus
the
Fund
could
be
forced
to
liquidate
securities
at
an
inopportune
time
in
order
to
generate
cash
to
distribute
to
shareholders
as
required
by
tax
laws.
Fund
Level
and
Other
Risks:
Anti-Takeover
Provisions.
The
Fund’s
organizational
documents
include
provisions
that
could
limit
the
ability
of
other
entities
or
persons
to
acquire
control
of
the
Fund
or
convert
the
Fund
to
open-end
status,
which
are
commonly
known
as
“Control
Share
Acquisition”
provisions.
Although
the
application
of
the
"Control
Share
Acquisition"
provisions
has
currently
been
suspended,
these
provisions
could
have
the
effect
of
depriving
the
common
shareholders
of
opportunities
to
sell
their
common
shares
at
a
premium
over
the
then-current
market
price
of
the
common
shares.
Counterparty
Risk.
Changes
in
the
credit
quality
of
the
companies
that
serve
as
the
Fund’s
counterparties
with
respect
to
derivatives
or
other
transactions
supported
by
another
party’s
credit
will
affect
the
value
of
those
instruments.
Certain
entities
that
have
served
as
counterparties
in
the
markets
for
these
transactions
have
incurred
or
may
incur
in
the
future
significant
financial
hardships
including
bankruptcy
and
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower-quality
credit
investments.
As
a
result,
such
hardships
have
reduced
these
entities’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
transactions.
By
using
such
derivatives
or
other
transactions,
the
Fund
assumes
the
risk
that
its
counterparties
could
experience
similar
financial
hardships.
In
the
event
of
the
insolvency
of
a
counterparty,
the
Fund
may
sustain
losses
or
be
unable
to
liquidate
a
derivatives
position.
Cybersecurity
Risk.
The
Fund
and
its
service
providers
are
susceptible
to
operational
and
information
security
risk
resulting
from
cyber
incidents.
Cyber
incidents
refer
to
both
intentional
attacks
and
unintentional
events
including:
processing
errors,
human
errors,
technical
errors
including
computer
glitches
and
system
malfunctions,
inadequate
or
failed
internal
or
external
processes,
market-wide
technical-related
disruptions,
unauthorized
access
to
digital
systems
(through
“hacking”
or
malicious
software
coding),
computer
viruses,
and
cyber-attacks
which
shut
down,
disable,
slow
or
otherwise
disrupt
operations,
business
processes
or
website
access
or
functionality
(including
denial
of
service
attacks).
Cyber
incidents
could
adversely
impact
the
Fund
and
cause
the
Fund
to
incur
financial
loss
and
expense,
as
well
as
face
exposure
to
regulatory
penalties,
reputational
damage,
and
additional
compliance
costs
associated
with
corrective
measures.
In
addition,
substantial
costs
may
be
incurred
in
order
to
prevent
any
cyber
incidents
in
the
future.
Furthermore,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund.
Economic
and
Political
Events
Risk.
The
Fund
may
be
more
sensitive
to
adverse
economic,
business
or
political
developments
if
it
invests
a
substantial
portion
of
its
assets
in
the
municipal
securities
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
private
activity
bonds
or
moral
obligation
bonds).
Such
developments
may
adversely
affect
a
specific
industry
or
local
political
and
economic
conditions,
and
thus
may
lead
to
declines
in
the
creditworthiness
and
value
of
such
municipal
securities.
Global
Economic
Risk.
National
and
regional
economies
and
financial
markets
are
becoming
increasingly
interconnected,
which
increases
the
possibilities
that
conditions
in
one
country,
region
or
market
might
adversely
impact
issuers
in
a
different
country,
region
or
market.
Changes
in
legal,
political,
regulatory,
tax
and
economic
conditions
may
cause
fluctuations
in
markets
and
investments
prices
around
the
world,
which
could
negatively
impact
the
value
of
the
Fund’s
investments.
Major
economic
or
political
disruptions,
particularly
in
large
economies
like
China’s,
may
have
global
negative
economic
and
market
repercussions.
Additionally,
instability
in
various
countries,
such
as
Afghanistan
and
Syria,
and
natural
and
environmental
disasters
and
the
spread
of
infectious
illnesses
or
other
public
health
emergencies
,
possible
terrorist
attacks
in
the
United
States
and
around
the
world,
continued
tensions
between
North
Korea
and
the
United
States
and
the
international
community
generally,
growing
social
and
political
discord
in
the
United
States,
the
European
debt
crisis,
the
response
of
the
international
community—through
economic
sanctions
and
otherwise—further
downgrade
of
U.S.
government
securities,
the
change
in
the
U.S.
president
and
the
new
administration
and
other
similar
events
may
adversely
affect
the
global
economy
and
the
markets
and
issuers
in
which
the
Fund
invests.
Recent
examples
of
such
events
include
the
outbreak
of
a
novel
coronavirus
known
as
COVID-19
that
was
first
detected
in
China
in
December
2019
and
heightened
concerns
regarding
North
Korea’s
nuclear
weapons
and
long-range
ballistic
missile
programs.
In
addition,
Russia’s
recent
invasion
of
Ukraine
in
February
2022
has
resulted
in
sanctions
imposed
by
several
nations,
such
as
the
United
States,
United
Kingdom,
European
Union
and
Canada.
The
current
sanctions
and
potential
further
sanctions
may
negatively
impact
certain
sectors
of
Russia’s
economy,
but
also
may
negatively
impact
the
value
of
the
Fund’s
investments
that
do
not
have
direct
exposure
to
Russia.
These
events
could
reduce
consumer
demand
or
economic
output,
result
in
market
closure,
travel
restrictions
or
quarantines,
and
generally
have
a
significant
impact
on
the
economy.
These
events
could
also
impair
the
information
technology
and
other
operational
systems
upon
which
the
Fund’s
service
providers,
including
the
Fund’s
sub-adviser,
rely,
and
could
otherwise
disrupt
the
ability
of
employees
of
the
Fund’s
service
providers
to
perform
essential
tasks
on
behalf
of
the
Fund.
The
Fund
does
not
know
and
cannot
predict
how
long
the
securities
markets
may
be
affected
by
these
events
and
the
effects
of
these
and
similar
events
in
the
future
on
the
U.S.
economy
and
securities
markets.
The
Fund
may
be
adversely
affected
by
abrogation
of
international
agreements
and
national
laws
which
have
created
the
market
instruments
in
which
the
Fund
may
invest,
failure
of
the
designated
national
and
international
authorities
to
enforce
compliance
with
the
same
laws
and
agreements,
failure
of
local,
national
and
international
organizations
to
carry
out
the
duties
prescribed
to
them
under
the
relevant
agreements,
revisions
of
these
laws
and
agreements
which
dilute
their
effectiveness
or
conflicting
interpretation
of
provisions
of
the
same
laws
and
agreements.
Governmental
and
quasi-governmental
authorities
and
regulators
throughout
the
world
have
in
the
past
responded
to
major
economic
disruptions
with
a
variety
of
significant
fiscal
and
monetary
policy
changes,
including
but
not
limited
to,
direct
capital
infusions
into
companies,
new
monetary
programs
and
dramatically
lower
interest
rates.
An
unexpected
or
quick
reversal
of
these
policies,
or
the
ineffectiveness
of
these
policies,
could
increase
volatility
in
securities
markets,
which
could
adversely
affect
the
Fund’s
investments.
109
Investment
and
Market
Risk.
An
investment
in
common
shares
is
subject
to
investment
risk,
including
the
possible
loss
of
the
entire
principal
amount
that
you
invest.
Common
shares
frequently
trade
at
a
discount
to
their
NAV.
An
investment
in
common
shares
represents
an
indirect
investment
in
the
securities
owned
by
the
Fund.
Common
shares
at
any
point
in
time
may
be
worth
less
than
your
original
investment,
even
after
taking
into
account
the
reinvestment
of
Fund
dividends
and
distributions.
Legislation
and
Regulatory
Risk.
At
any
time
after
the
date
of
this
report,
legislation
or
additional
regulations
may
be
enacted
that
could
negatively
affect
the
assets
of
the
Fund,
securities
held
by
the
Fund
or
the
issuers
of
such
securities.
Fund
shareholders
may
incur
increased
costs
resulting
from
such
legislation
or
additional
regulation.
There
can
be
no
assurance
that
future
legislation,
regulation
or
deregulation
will
not
have
a
material
adverse
effect
on
the
Fund
or
will
not
impair
the
ability
of
the
Fund
to
achieve
its
investment
objectives.
Leverage
Risk.
The
use
of
leverage
creates
special
risks
for
common
shareholders,
including
potential
interest
rate
risks
and
the
likelihood
of
greater
volatility
of
NAV
and
market
price
of,
and
distributions
on,
the
common
shares.
The
use
of
leverage
in
a
declining
market
will
likely
cause
a
greater
decline
in
the
Fund’s
NAV,
which
may
result
at
a
greater
decline
of
the
common
share
price,
than
if
the
Fund
were
not
to
have
used
leverage.
The
Fund
will
pay
(and
common
shareholders
will
bear)
any
costs
and
expenses
relating
to
the
Fund’s
use
of
leverage,
which
will
result
in
a
reduction
in
the
Fund’s
NAV.
The
investment
adviser
may,
based
on
its
assessment
of
market
conditions
and
composition
of
the
Fund’s
holdings,
increase
or
decrease
the
amount
of
leverage.
Such
changes
may
impact
the
Fund’s
distributions
and
the
price
of
the
common
shares
in
the
secondary
market.
The
Fund
may
seek
to
refinance
its
leverage
over
time,
in
the
ordinary
course,
as
current
forms
of
leverage
mature
or
it
is
otherwise
desirable
to
refinance;
however,
the
form
that
such
leverage
will
take
cannot
be
predicted
at
this
time.
If
the
Fund
is
unable
to
replace
existing
leverage
on
comparable
terms,
its
costs
of
leverage
will
increase.
Accordingly,
there
is
no
assurance
that
the
use
of
leverage
may
result
in
a
higher
yield
or
return
to
common
shareholders.
The
amount
of
fees
paid
to
the
investment
adviser
and
the
sub-adviser
for
investment
advisory
services
will
be
higher
if
the
Fund
uses
leverage
because
the
fees
will
be
calculated
based
on
the
Fund’s
Managed
Assets
-
this
may
create
an
incentive
for
the
investment
adviser
and
the
sub-
adviser
to
leverage
the
Fund
or
increase
the
Fund’s
leverage.
Market
Discount
from
Net
Asset
Value.
Shares
of
closed-end
investment
companies
like
the
Fund
frequently
trade
at
prices
lower
than
their
NAV.
This
characteristic
is
a
risk
separate
and
distinct
from
the
risk
that
the
Fund’s
NAV
could
decrease
as
a
result
of
investment
activities.
Whether
investors
will
realize
gains
or
losses
upon
the
sale
of
the
common
shares
will
depend
not
upon
the
Fund’s
NAV
but
entirely
upon
whether
the
market
price
of
the
common
shares
at
the
time
of
sale
is
above
or
below
the
investor’s
purchase
price
for
the
common
shares.
Furthermore,
management
may
have
difficulty
meeting
the
Fund’s
investment
objectives
and
managing
its
portfolio
when
the
underlying
securities
are
redeemed
or
sold
during
periods
of
market
turmoil
and
as
investors’
perceptions
regarding
closed-end
funds
or
their
underlying
investments
change.
Because
the
market
price
of
the
common
shares
will
be
determined
by
factors
such
as
relative
supply
of
and
demand
for
the
common
shares
in
the
market,
general
market
and
economic
circumstances,
and
other
factors
beyond
the
control
of
the
Fund,
the
Fund
cannot
predict
whether
the
common
shares
will
trade
at,
below
or
above
NAV.
The
common
shares
are
designed
primarily
for
long-term
investors,
and
you
should
not
view
the
Fund
as
a
vehicle
for
short-term
trading
purposes.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/
or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
110
Shareholder
Update
(Unaudited)
(continued)
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
Recently
the
U.S.
Federal
Reserve
(the
“Fed”)
has
sharply
raised
interest
rates
and
has
signaled
an
intention
to
continue
to
do
so
until
current
inflation
levels
re-align
with
the
Fed’s
long-term
inflation
target.
Changing
interest
rate
environments
impact
the
various
sectors
of
the
economy
in
different
ways.
For
example,
in
March
2023,
the
Federal
Deposit
Insurance
Corporation
("FDIC")
was
appointed
receiver
for
each
of
Silicon
Valley
Bank
and
Signature
Bank,
the
second-
and
third-largest
bank
failures
in
U.S.
history,
which
failures
may
be
attributable,
in
part,
to
rising
interest
rates.
Bank
failures
may
have
a
destabilizing
impact
on
the
broader
banking
industry
or
markets
generally.
The
impact
of
these
developments
in
the
near-
and
long-term
is
unknown
and
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
impact
of
these
developments
in
the
near-
and
long-term
is
unknown
and
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
Reverse
Repurchase
Agreement
Risk.
A
reverse
repurchase
agreement,
in
economic
essence,
constitutes
a
securitized
borrowing
by
the
Fund
from
the
security
purchaser.
The
Fund
may
enter
into
reverse
repurchase
agreements
for
the
purpose
of
creating
a
leveraged
investment
exposure
and,
as
such,
their
usage
involves
essentially
the
same
risks
associated
with
a
leveraging
strategy
generally
since
the
proceeds
from
these
agreements
may
be
invested
in
additional
portfolio
securities.
Reverse
repurchase
agreements
tend
to
be
short-term
in
tenor,
and
there
can
be
no
assurances
that
the
purchaser
(lender)
will
commit
to
extend
or
“roll”
a
given
agreement
upon
its
agreed-upon
repurchase
date
or
an
alternative
purchaser
can
be
identified
on
similar
terms.
Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
The
Fund
may
be
restricted
from
taking
normal
portfolio
actions
during
such
time,
could
be
subject
to
loss
to
the
extent
that
the
proceeds
of
the
agreement
are
less
than
the
value
of
securities
subject
to
the
agreement
and
may
experience
adverse
tax
consequences.
111
EFFECTS
OF
LEVERAGE
The
following
table
is
furnished
in
response
to
requirements
of
the
SEC.
It
is
designed
to
illustrate
the
effects
of
leverage
through
the
use
of
senior
securities,
as
that
term
is
defined
under
Section
18
of
the
1940
Act,
as
well
as
certain
other
forms
of
leverage,
such
as
reverse
repurchase
agreements
and
investments
in
inverse
floating
rate
securities,
on
common
share
total
return,
assuming
investment
portfolio
total
returns
(consisting
of
income
and
changes
in
the
value
of
investments
held
in
a
Fund’s
portfolio)
of
-10%,
-5%,
0%,
5%
and
10%.
The
table
below
reflects
each
Fund’s
(i)
continued
use
of
leverage
as
of
February
28,
2023
as
a
percentage
of
Managed
Assets
(including
assets
attributable
to
such
leverage),
(ii)
the
estimated
annual
effective
interest
expense
rate
payable
by
the
Fund
on
such
instruments
(based
on
actual
leverage
costs
incurred
during
the
fiscal
year
ended
February
28,
2023)
as
set
forth
in
the
table,
and
(iii)
the
annual
return
that
the
Fund’s
portfolio
must
experience
(net
of
expenses)
in
order
to
cover
such
costs
of
leverage
based
on
such
estimated
annual
effective
interest
expense
rate.
The
information
below
does
not
reflect
any
Fund’s
use
of
certain
other
forms
of
economic
leverage
achieved
through
the
use
of
other
instruments
or
transactions
not
considered
to
be
senior
securities
under
the
1940
Act,
such
as
certain
derivative
instruments
and
investments
in
inverse
floating
rate
securities.
The
numbers
are
merely
estimates,
used
for
illustration.
The
costs
of
leverage
may
vary
frequently
and
may
be
significantly
higher
or
lower
than
the
estimated
rate.
The
assumed
investment
portfolio
returns
in
the
table
below
are
hypothetical
figures
and
are
not
necessarily
indicative
of
the
investment
portfolio
returns
experienced
or
expected
to
be
experienced
by
the
Fund.
Your
actual
returns
may
be
greater
or
less
than
those
appearing
below.
Common
Share
total
return
is
composed
of
two
elements
—
the
distributions
paid
by
a
Fund
to
holders
of
common
shares
(the
amount
of
which
is
largely
determined
by
the
net
investment
income
of
the
Fund
after
paying
dividend
payments
on
any
preferred
shares
issued
by
the
Fund
and
expenses
on
any
forms
of
leverage
outstanding)
and
gains
or
losses
on
the
value
of
the
securities
and
other
instruments
the
Fund
owns.
As
required
by
SEC
rules,
the
table
assumes
that
a
Fund
is
more
likely
to
suffer
capital
losses
than
to
enjoy
capital
appreciation.
For
example,
to
assume
a
total
return
of
0%,
a
Fund
must
assume
that
the
income
it
receives
on
its
investments
is
entirely
offset
by
losses
in
the
value
of
those
investments.
This
table
reflects
hypothetical
performance
of
a
Fund’s
portfolio
and
not
the
actual
performance
of
the
Fund’s
common
shares,
the
value
of
which
is
determined
by
market
forces
and
other
factors.
Should
a
Fund
elect
to
add
additional
leverage
to
its
portfolio,
any
benefits
of
such
additional
leverage
cannot
be
fully
achieved
until
the
proceeds
resulting
from
the
use
of
such
leverage
have
been
received
by
the
Fund
and
invested
in
accordance
with
the
Fund’s
investment
objectives
and
policies.
As
noted
above,
a
Fund’s
willingness
to
use
additional
leverage,
and
the
extent
to
which
leverage
is
used
at
any
time,
will
depend
on
many
factors.
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Ohio
Quality
Municipal
Income
Fund
(NUO)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
Estimated
Leverage
as
a
Percentage
of
Managed
Assets
(Including
Assets
Attributable
to
Leverage)
39.99%
41.48%
36.20%
40.33
Estimated
Annual
Effective
Leverage
Expense
Rate
Payable
by
Fund
on
Leverage
2.43%
2.46%
2.52%
2.37%
Annual
Return
Fund
Portfolio
Must
Experience
(net
of
expenses)
to
Cover
Estimated
Annual
Effective
Interest
Expense
Rate
on
Leverage
0.97%
1.02%
0.91%
0.96%
Common
Share
Total
Return
for
(10.00)%
Assumed
Portfolio
Total
Return
-18.28%
-18.83%
-17.10%
-18.36%
Common
Share
Total
Return
for
(5.00)%
Assumed
Portfolio
Total
Return
-9.95%
-10.29%
-9.27%
-9.98%
Common
Share
Total
Return
for
0.00%
Assumed
Portfolio
Total
Return
-1.62%
-1.74%
-1.43%
-1.60%
Common
Share
Total
Return
for
5.00%
Assumed
Portfolio
Total
Return
6.71%
6.80%
6.41%
6.77%
Common
Share
Total
Return
for
10.00%
Assumed
Portfolio
Total
Return
15.04%
15.34%
14.25%
15.15%
112
Shareholder
Update
(Unaudited)
(continued)
DIVIDEND
REINVESTMENT
PLAN
Nuveen
Closed-End
Funds
Automatic
Reinvestment
Plan
Your
Nuveen
Closed-End
Fund
allows
you
to
conveniently
reinvest
distributions
in
additional
Fund
shares.
By
choosing
to
reinvest,
you’ll
be
able
to
invest
money
regularly
and
automatically,
and
watch
your
investment
grow
through
the
power
of
compounding.
Just
like
distributions
in
cash,
there
may
be
times
when
income
or
capital
gains
taxes
may
be
payable
on
distributions
that
are
reinvested.
It
is
important
to
note
that
an
automatic
reinvestment
plan
does
not
ensure
a
profit,
nor
does
it
protect
you
against
loss
in
a
declining
market.
Easy
and
convenient
To
make
recordkeeping
easy
and
convenient,
each
month
you’ll
receive
a
statement
showing
your
total
distributions,
the
date
of
investment,
the
shares
acquired
and
the
price
per
share,
and
the
total
number
of
shares
you
own.
How
shares
are
purchased
The
shares
you
acquire
by
reinvesting
will
either
be
purchased
on
the
open
market
or
newly
issued
by
the
Fund.
If
the
shares
are
trading
at
or
above
NAV
at
the
time
of
valuation,
the
Fund
will
issue
new
shares
at
the
greater
of
the
NAV
or
95%
of
the
then-current
market
price.
If
the
shares
are
trading
at
less
than
NAV,
shares
for
your
account
will
be
purchased
on
the
open
market.
If
Computershare
Trust
Company,
N.A.
(the
“Plan
Agent”)
begins
purchasing
Fund
shares
on
the
open
market
while
shares
are
trading
below
NAV,
but
the
Fund’s
shares
subsequently
trade
at
or
above
their
NAV
before
the
Plan
Agent
is
able
to
complete
its
purchases,
the
Plan
Agent
may
cease
open-market
purchases
and
may
invest
the
uninvested
portion
of
the
distribution
in
newly-issued
Fund
shares
at
a
price
equal
to
the
greater
of
the
shares’
NAV
or
95%
of
the
shares’
market
value
on
the
last
business
day
immediately
prior
to
the
purchase
date.
Distributions
received
to
purchase
shares
in
the
open
market
will
normally
be
invested
shortly
after
the
distribution
payment
date.
No
interest
will
be
paid
on
distributions
awaiting
reinvestment.
Because
the
market
price
of
the
shares
may
increase
before
purchases
are
completed,
the
average
purchase
price
per
share
may
exceed
the
market
price
at
the
time
of
valuation,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
shares
issued
by
the
Fund.
A
pro
rata
portion
of
any
applicable
brokerage
commissions
on
open
market
purchases
will
be
paid
by
Dividend
Reinvestment
Plan
(the
“Plan”)
participants.
These
commissions
usually
will
be
lower
than
those
charged
on
individual
transactions.
Flexible
You
may
change
your
distribution
option
or
withdraw
from
the
Plan
at
any
time,
should
your
needs
or
situation
change.
You
can
reinvest
whether
your
shares
are
registered
in
your
name,
or
in
the
name
of
a
brokerage
firm,
bank,
or
other
nominee.
Ask
your
investment
advisor
if
his
or
her
firm
will
participate
on
your
behalf.
Participants
whose
shares
are
registered
in
the
name
of
one
firm
may
not
be
able
to
transfer
the
shares
to
another
firm
and
continue
to
participate
in
the
Plan.
The
Fund
reserves
the
right
to
amend
or
terminate
the
Plan
at
any
time.
Although
the
Fund
reserves
the
right
to
amend
the
Plan
to
include
a
service
charge
payable
by
the
participants,
there
is
no
direct
service
charge
to
participants
in
the
Plan
at
this
time.
Call
today
to
start
reinvesting
distributions
For
more
information
on
the
Nuveen
Automatic
Reinvestment
Plan
or
to
enroll
in
or
withdraw
from
the
Plan,
speak
with
your
financial
professional
or
call
us
at
(800)
257-8787.
113
CHANGES
OCCURRING
DURING
THE
PRIOR
FISCAL
YEAR
The
following
information
in
this
annual
report
is
a
summary
of
certain
changes
during
the
most
recent
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
shares
of
a
Fund.
During
the
most
recent
fiscal
year,
there
have
been
no
changes
to:
(i)
the
Funds’
investment
objectives
and
principal
investment
policies
that
have
not
been
approved
by
shareholders,
(ii)
the
principal
risks
of
the
Fund,
(iii)
the
portfolio
managers
of
the
Funds;
(iv)
a
Fund’s
charter
or
by-laws
that
would
delay
or
prevent
a
change
of
control
of
the
Fund
that
have
not
been
approved
by
shareholders
except
as
follows:
Principal
Risks
The
following
principal
risk
has
been
added
for
each
Fund:
Unrated
Securities
Risk
.
The
Fund
may
purchase
securities
that
are
not
rated
by
any
rating
organization.
Unrated
securities
determined
by
the
Fund’s
investment
adviser
to
be
of
comparable
quality
to
rated
investments
which
the
Fund
may
purchase
may
pay
a
higher
dividend
or
interest
rate
than
such
rated
investments
and
be
subject
to
a
greater
risk
of
illiquidity
or
price
changes.
Less
public
information
is
typically
available
about
unrated
investments
or
issuers
than
rated
investments
or
issuers.
Some
unrated
securities
may
not
have
an
active
trading
market
or
may
be
difficult
to
value,
which
means
the
Fund
might
have
difficulty
selling
them
promptly
at
an
acceptable
price.
To
the
extent
that
the
Fund
invests
in
unrated
securities,
the
Fund’s
ability
to
achieve
its
investment
objectives
will
be
more
dependent
on
the
investment
adviser’s
credit
analysis
than
would
be
the
case
when
the
Fund
invests
in
rated
securities.
The
following
principal
risks
were
consolidated
into
a
single
risk
factor
entitled,
“Economic
Sector
Risk,”
and
are
therefore
no
longer
included
as
stand-alone
principal
risks:
Sector
and
Industry
Risk.
Subject
to
the
concentration
limits
of
the
Fund’s
investment
policies
and
guidelines,
a
Fund
may
invest
a
significant
portion
of
its
net
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
hospitals
and
other
health
care
facilities,
charter
schools
and
other
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies
such
as
airline
companies,
whose
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
net
assets
in
the
sectors
noted
above,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Sector
Focus
Risk.
At
times,
the
Fund
may
focus
its
investments
(i.e.,
overweight
its
investments
relative
to
the
overall
municipal
securities
market)
in
one
or
more
particular
sectors,
which
may
subject
the
Fund
to
additional
risk
and
variability.
Securities
issued
in
the
same
sector
may
be
similarly
affected
by
economic
or
market
events,
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
NAV
of
the
Fund’s
common
shares.
Developments
Regarding
the
Funds’
Control
Share
By-Law
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
amended
the
Funds’
bylaws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
114
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
NAZ
$
—
NXJ
—
NUO
105,653
NQP
—
115
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
The
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NAZ
NXJ
NUO
NQP
Common
shares
repurchased
0
0
62,700
0
116
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities,
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
in
the
Investment
Company
Act
of
1940
.
S&P
Municipal
Bond
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Arizona
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Arizona
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
New
Jersey
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
New
Jersey
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Ohio
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Ohio
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Pennsylvania
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
Pennsylvania
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
117
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back
.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
118
Board
Members
&
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Board
Member
2008
Class
II
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
formerly,
chair
of
its
investment
committee
(2017-2022);
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
(2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-
2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
139
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
1999
Class
III
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
139
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2003
Class
I
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
139
119
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
139
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)
(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
139
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
139
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
139
120
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
139
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
formerly,
Chair
(2015-
2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
139
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2017
Class
II
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
139
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2015
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2020-2021)
of
Nuveen
Securities,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
of
Nuveen
(2006-2017).
Brett
E.
Black
1972
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Enterprise
Senior
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022);
Deputy
Chief
Compliance
Officer
(2014-2017)
of
BMO
Funds,
Inc.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Managing
Director
(since
2022),
formerly,
Vice
President
(2016-2022),
and
Assistant
Secretary
(since
2016)
of
Nuveen
Securities,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
121
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
formerly,
Associate
General
Counsel
of
Jackson
National
Asset
Management
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
(since
2021)
and
Assistant
Secretary
(since
2016)
of
TIAA
SMA
Strategies
LLC;
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-
2017),
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021)
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
(2017-2022),
at
Nuveen;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Managing
Director
(since
2021),
formerly,
Senior
Director
(2016-2021),
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Senior
Director
Mutual
Fund
Taxation
(2015-2022),
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
of
Nuveen.
122
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Trey
S.
Stenersen
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Senior
Managing
Director
of
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2018);
Senior
Managing
Director
(since
2019)
and
Chief
Risk
Officer
(since
2022),
formerly
Head
of
Investment
Risk
Management
(2017-
2022)
of
Nuveen;
Senior
Managing
Director
(since
2018)
of
Nuveen
Alternative
Advisors
LLC.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019)
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2014)
of
the
CREF
Accounts,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA
(since
2017).
(1)
The
Board
of
Trustees
is
divided
into
three
classes,
Class
I,
Class
II,
and
Class
III,
with
each
being
elected
to
serve
until
the
third
succeeding
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed,
except
two
board
members
are
elected
by
the
holders
of
Preferred
Shares,
when
applicable,
to
serve
until
the
next
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
board
member
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
complex.
(2)
Officers
serve
indefinite
terms
until
their
successor
has
been
duly
elected
and
qualified,
their
death
or
their
resignation
or
removal. The
year
first
elected
or
appointed
represents
the
year
in
which
the
Officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
EAN-B-0223D
2809333-INV-Y-04/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds

ITEM 2. | CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

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

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

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Arizona Quality Municipal Income Fund

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended |  | Audit Fees Billed to Fund 1 |  |  | Audit-Related Fees Billed to Fund 2 |  |  | Tax Fees Billed to Fund 3 |  |  | All Other Fees Billed to Fund 4 |
February 28, 2023 |  | $ | 32,000 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
February 28, 2022 |  | $ | 30,300 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended |  | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | Tax Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
February 28, 2023 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
February 28, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

NON-AUDIT SERVICES

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

Fiscal Year Ended |  | Total Non-Audit Fees Billed to Fund |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |  |  | Total |
February 28, 2023 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
February 28, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |

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

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

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

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, John K. Nelson, Albin F. Moschner, Judith M. Stockdale, Carole E. Stone, Chair, and Robert L. Young.

ITEM 6. | SCHEDULE OF INVESTMENTS.

a) |  | See Portfolio of Investments in Item 1.

b) |  | Not applicable.

ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 8. | PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 8(a)(1). | PORTFOLIO MANAGER BIOGRAPHY

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

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

ITEM 8(a)(2). | OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER

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

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  |  | Assets* |
Michael Hamilton |  | Registered Investment Company |  |  | 8 |  |  | $ | 2.25 billion |
|  | Other Pooled Investment Vehicles |  |  | 0 |  |  | $ | 0 |
|  | Other Accounts |  |  | 1 |  |  | $ | 24.9 million |

* Assets are as of February 28, 2023. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

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

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

ITEM 8(a)(3). | FUND MANAGER COMPENSATION

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

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

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

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

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

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

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

ITEM 8(a)(4). | OWNERSHIP OF NAZ SECURITIES AS OF FEBRUARY 28, 2023

Name of Portfolio Manager |  | None |  | $1 - $10,000 |  | $10,001- $50,000 |  | $50,001- $100,000 |  | $100,001- $500,000 |  | $500,001- $1,000,000 |  | Over $1,000,000
Michael Hamilton |  | X |  |  |  |  |  |  |  |  |  |  |  |

ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. | CONTROLS AND PROCEDURES.

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

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

ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. | EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2) 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)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 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 Arizona Quality Municipal Income Fund

By (Signature and Title) |  | /s/ Mark L. Winget
|  | Mark L. Winget
|  | Vice President and Secretary

Date: May 5, 2023

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/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer
|  | (principal executive officer)

Date: May 5, 2023

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

Date: May 5, 2023