N-CSRS 1 d512846dncsrs.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: |  | August 31, 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
August
31,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
Arizona
Quality
Municipal
Income
Fund
NAZ
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
NXJ
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
NQP
2
Table
of
Contents
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Fund
Leverage
5
Common
Share
Information
6
About
the
Funds’
Benchmarks
8
Performance
Overview
and
Holding
Summaries
9
Portfolios
of
Investments
15
Statement
of
Assets
and
Liabilities
49
Statement
of
Operations
50
Statement
of
Changes
in
Net
Assets
51
Statement
of
Cash
Flows
53
Financial
Highlights
54
Notes
to
Financial
Statements
59
Risk
Considerations
71
Additional
Fund
Information
72
Glossary
of
Terms
Used
in
this
Report
73
Annual
Investment
Management
Agreement
Approval
Process
74
Chair’s
Letter
to
Shareholders
3
Dear
Shareholders,
Inflation
concerns
have
continued
to
dominate
the
investment
landscape
in
2023.
Inflation
rates
have
fallen
meaningfully
from
post-pandemic
highs,
helped
by
the
significant
policy
interest
rate
increases
from
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
and
the
normalization
of
supply
chains.
However,
they
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
Core
inflation
measures,
which
exclude
volatile
food
and
energy
prices,
in
particular
remain
above
central
banks’
targeted
levels.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
increased
to
2.1%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
Consider
that
much
of
this
growth
occurred
while
the
Fed
was
raising
interest
rates
in
one
of
the
fastest
hiking
cycles
in
its
history.
The
Fed
increased
the
target
fed
funds
rate
from
near
zero
in
March
2022
to
a
range
of
5.25%
to
5.50%
as
of
September
2023,
pausing
briefly
in
June
2023
and
again
in
September
2023.
Despite
historically
high
inflation
and
rapidly
rising
interest
rates,
the
jobs
market
has
remained
relatively
strong,
helping
to
support
consumer
sentiment
and
spending.
However,
markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
leading
to
interest
rates
staying
higher
for
longer
and
a
potentially
deeper
slowdown
in
the
economy.
U.S.
regional
banks
–
after
enduring
the
relatively
contained
collapses
of
Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank
and
major
European
bank
Credit
Suisse
in
March
2023
–
remain
exposed
to
challenges
in
the
commercial
real
estate
sector.
Additionally,
concerns
about
government
funding
and
deficits
persist.
Congress
averted
a
near-term
default
scenario
in
June
2023
and
a
partial
government
shutdown
at
the
end
of
September
2023,
but
funding
will
need
to
be
renegotiated
again
in
November
2023.
Given
the
lingering
upside
risks
to
inflation
and
the
lagging
impact
of
tighter
credit
conditions
on
the
economy,
Fed
officials
are
closely
monitoring
incoming
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis.
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
turbulence.
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
October 23,
2023
4
Important
Notices
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
February
28,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Events
that
Occurred
Subsequent
to
the
Reporting
Period
Portfolio
Manager
Update
for
NAZ
Effective
October
13,
2023,
Stephen
Candido
has
been
added
as
a
portfolio
manager.
Michael
Hamilton
continues
to
serve
as
a
portfolio
manager
of
the
Fund.
Portfolio
Manager
Update
for
NXJ
and
NQP
Effective
October
13,
2023,
Steven
Hlavin
has
been
added
as
a
portfolio
manager.
Paul
Brennan
continues
to
serve
as
a
portfolio
manager
of
the
Funds.
Updated
Distribution
Policy
On
October
23,
2023,
the
Funds’
Board
of
Trustees
(the
“Board”)
updated
each
Fund’s
distribution
policy.
Each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
will
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
Fund
Leverage
5
IMPACT
OF
THE
FUNDS’
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
detracted
from
relative
performance
over
this
reporting
period.
As
of
August
31,
2023
,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
August
31,
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
NQP
Effective
Leverage
*
40.28%
40.46%
40.85%
Regulatory
Leverage
*
38.46%
36.31%
31.17%
*
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
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.
6
Common
Share
Information
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
August
31,
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 the
Notes
to
Financial Statements 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 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-
closed-end-funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
As
of
August
31,
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.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAZ
NXJ
NQP
March
$0.0325
$0.0325
$0.0290
April
0.0325
0.0305
0.0290
May
0.0325
0.0305
0.0290
June
0.0325
0.0305
0.0290
July
0.0310
0.0305
0.0290
August
0.0310
0.0305
0.0290
Total
Distributions
from
Net
Investment
Income
$0.1920
$0.1850
$0.1740
Yields
NAZ
NXJ
NQP
Market
Yield
1
3.60%
3.24%
3.17%
Taxable-Equivalent
Yield
1
6.32%
6.68%
5.63%
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%
and
43.9%
for
NAZ,
NXJ
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.
7
During
the
current
reporting
period,
the
following
Funds
repurchased
and
retired
their
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
August
31,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NAZ
NXJ
NQP
Common
shares
repurchased
and
retired
127,500
1,928,692
895,899
Common
shares
authorized
for
repurchase
1,155,000
4,145,000
3,735,000
NXJ
NQP
Common
shares
repurchased
and
retired
218,349
160,999
Weighted
average
price
per
common
share
repurchased
and
retired
$
11.50
$
11.23
Weighted
average
discount
per
common
share
repurchased
and
retired
(16.22)%
(15.95)%
NAZ
NXJ
NQP
Common
share
NAV
$12.19
$13.34
$12.90
Common
share
price
$10.34
$11.31
$10.99
Premium/(Discount)
to
NAV
(15.18)%
(15.22)%
(14.81)%
Average
premium/(discount)
to
NAV
(13.37)%
(15.75)%
(15.47)%
8
About
the
Funds’
Benchmarks
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
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.
Nuveen
Arizona
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
August
31,
2023
9
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
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAZ
at
Common
Share
NAV
11/19/92
0.40%
(0.97)%
0.88%
3.52%
NAZ
at
Common
Share
Price
11/19/92
(6.85)%
(22.65)%
0.18%
3.22%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
Arizona
Index
—
1.00%
1.07%
1.45%
2.74%
10
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
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
164.5‌%
Short-Term
Municipal
Bonds
2.2‌%
Other
Assets
&
Liabilities,
Net
0.8%
Floating
Rate
Obligations
(5.0)%
AMTP
Shares,
Net
(62.5‌)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
1.1%
AAA
8.0%
AA
55.9%
A
16.4%
BBB
3.0%
BB
or
Lower
5.0%
N/R
(not
rated)
10.6%
Total
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
26.4%
Education
and
Civic
Organizations
19.4%
Utilities
17.9%
Health
Care
14.9%
Tax
Obligation/General
11.1%
Transportation
4.2%
U.S.
Guaranteed
2.6%
Long-Term
Care
2.3%
Other
1.2%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
Arizona
94.2%
Puerto
Rico
3.7%
Guam
1.9%
Virgin
Islands
0.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
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
August
31,
2023
11
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
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXJ
at
Common
Share
NAV
3/27/01
1.21%
1.48%
1.15%
4.14%
NXJ
at
Common
Share
Price
3/27/01
1.08%
(5.87)%
1.67%
4.31%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
New
Jersey
Index
—
1.61%
2.79%
2.21%
3.50%
12
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
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
.2‌
%
Short-Term
Municipal
Bonds
1
.3‌
%
Other
Assets
&
Liabilities,
Net
3.3%
Floating
Rate
Obligations
(7.0)%
VRDP
Shares,
Net
(
56
.8‌
)
%
Net
Assets
100‌
%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
4.8%
AAA
8.6%
AA
42.9%
A
27.0%
BBB
9.9%
BB
or
Lower
2.8%
N/R
(not
rated)
4.0%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/Limited
26.9%
Transportation
18.2%
Education
and
Civic
Organizations
11.9%
Health
Care
11.2%
Tax
Obligation/General
9.7%
Housing/Single
Family
6.9%
U.S.
Guaranteed
4.8%
Other
10.4%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
New
Jersey
89.0%
New
York
4.9%
Pennsylvania
2.8%
Delaware
1.8%
Puerto
Rico
1.5%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
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
Pennsylvania
Quality
Municipal
Income
Fund
Performance
Overview
and
Holding
Summaries
as
of
August
31,
2023
13
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
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NQP
at
Common
Share
NAV
2/21/91
(0.07)%
(1.80)%
1.07%
3.86%
NQP
at
Common
Share
Price
2/21/91
(0.26)%
(7.28)%
1.37%
3.95%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
Pennsylvania
Index
—
1.05%
1.51%
1.64%
3.04%
14
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
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
155.9‌%
Common
Stocks
9.9‌%
Variable
Rate
Senior
Loan
Interests
0.0‌%
Other
Assets
&
Liabilities,
Net
3.2%
Floating
Rate
Obligations
(23.8)%
VRDP
Shares,
Net
(45.2‌)%
Net
Assets
100‌%
Bond
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
7.2%
AAA
0.4%
AA
49.1%
A
25.3%
BBB
8.4%
BB
or
Lower
3.7%
N/R
(not
rated)
5.9%
Total
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Health
Care
17.8%
Housing/Single
Family
14.1%
Tax
Obligation/General
12.7%
Utilities
11.5%
Education
and
Civic
Organizations
10.2%
Transportation
8.5%
U.S.
Guaranteed
6.7%
Other
12.5%
Common
Stocks
6.0%
Variable
Rate
Senior
Loan
Interests
0.0%
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.
15
Nuveen
Arizona
Quality
Municipal
Income
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
NAZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
164.5% (98.7%
of
Total
Investments)
X
232,419,157
MUNICIPAL
BONDS
-
164.5% (98.7%
of
Total
Investments)
X
232,419,157
Education
and
Civic
Organizations
-
32.3%
(19.4%
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
$
2,217,717
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
1,525,635
1,500
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2015D,
5.000%,
7/01/41
7/25
at
100.00
1,525,635
2,030
Arizona
Board
of
Regents,
Arizona
State
University
System
Revenue
Bonds,
Series
2020B,
4.000%,
7/01/47
7/30
at
100.00
1,927,099
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
2,529,914
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
505,215
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
529,368
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
224,033
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
1,742,381
1,645
5.000%,
7/01/47
7/27
at
100.00
1,658,686
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
340,529
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
194,599
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
336,680
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
326,325
190
Arizona
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Academies
of
Math
&
Science
Projects,
Series
2017B,
4.250%,
7/01/27,
144A
No
Opt.
Call
185,989
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
620,541
1,000
5.000%,
7/01/48
1/28
at
100.00
980,440
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
459,013
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
1,025,640
140
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
127,656
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
16
NAZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
1,451,384
1,080
4.000%,
10/01/49
10/29
at
100.00
888,494
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
1,551,405
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
346,727
340
4.000%,
7/01/33
7/29
at
100.00
324,067
780
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Arizona
Autism
Charter
Schools
Project,
Series
2020A,
5.000%,
7/01/50,
144A
7/29
at
100.00
702,398
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
144,645
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
363,978
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
493,523
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
1,732,304
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
568,533
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
799,582
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
524,384
300
5.000%,
7/01/47
7/26
at
100.00
293,148
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
2,585,575
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
2,148,904
Northern
Arizona
University,
System
Revenue
Bonds,
Refunding
Series
2014:
1,155
5.000%,
6/01/40
6/24
at
100.00
1,159,747
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
63,121
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
775,328
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
505,265
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
310,830
300
5.000%,
7/01/45,
144A
7/25
at
100.00
268,770
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
600,119
17
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
915,928
Phoenix
Industrial
Development
Authority,
Arizona,
Education
Facility
Revenue
Bonds,
Villa
Montessori,
Inc.
Projects,
Series
2015:
110
3.250%,
7/01/25
No
Opt.
Call
106,717
400
5.000%,
7/01/35
7/25
at
100.00
401,752
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
849,276
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
2,051,379
500
Pima
County
Community
College
District,
Arizona,
Revenue
Bonds,
Series
2019,
5.000%,
7/01/36
7/28
at
100.00
533,370
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
202,022
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
110,380
680
6.125%,
6/15/47,
144A
6/26
at
100.00
587,622
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
195,768
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
35,063
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
116,910
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
478,745
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
754,937
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
785,749
Total
Education
and
Civic
Organizations
45,710,944
Health
Care
-
22.7%
(13.6%
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
3,013,264
2,860
5.000%,
12/01/42
12/24
at
100.00
2,859,885
110
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
102,274
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
4,476,853
1,250
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2019A,
5.000%,
9/01/42
9/28
at
100.00
1,268,712
3,275
Maricopa
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
HonorHealth,
Series
2021A,
4.000%,
9/01/51
3/31
at
100.00
2,936,267
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
1,304,175
1,000
5.000%,
1/01/35
1/27
at
100.00
1,041,050
2,000
5.000%,
1/01/38
1/27
at
100.00
2,053,820
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
18
NAZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
2,606,553
2,000
5.000%,
1/01/41
1/28
at
100.00
2,050,740
2,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Banner
Health,
Series
2019A,
4.000%,
1/01/44
7/29
at
100.00
1,885,960
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
1,504,395
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
1,050,707
1,000
Yavapai
County
Industrial
Development
Authority,
Arizona,
Hospital
Revenue
Bonds,
Yavapai
Regional
Medical
Center,
Series
2013A,
5.250%,
8/01/33
9/23
at
100.00
1,000,390
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
1,840,230
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
1,012,320
Total
Health
Care
32,007,595
Housing/Multifamily
-
1.2%
(0.7%
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
1,144,775
250
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2021A,
0.000%,
10/01/56
(c)
10/29
at
103.00
176,958
500
Sierra
Vista
Industrial
Development
Authority,
Arizona,
Economic
Development
Revenue
Bonds,
Convertible
Capital
Appreciation
Revenue
Bonds,
Series
2022A,
0.000%,
10/01/56
(c)
10/29
at
103.00
437,460
Total
Housing/Multifamily
1,759,193
Housing/Single
Family
-
0.5%
(0.3%
of
Total
Investments)
750
Tucson
and
Pima
County
Industrial
Development
Authority,
Arizona,
Joint
Single
Family
Mortgage
Revenue
Bonds,
Series
2023A,
4.850%,
7/01/48
7/32
at
103.31
756,053
Total
Housing/Single
Family
756,053
Information
Technology
-
0.3%
(0.2%
of
Total
Investments)
410
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2007,
4.100%,
12/01/37,
(AMT),
(Mandatory
Put
6/15/28)
2/28
at
100.00
408,811
Total
Information
Technology
408,811
Long-Term
Care
-
3.9%
(2.3%
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
432,005
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
915,240
1,000
5.000%,
5/15/56
5/26
at
103.00
841,170
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
1,411,090
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
1,183,531
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
669,481
Total
Long-Term
Care
5,452,517
19
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
-
18.6%
(11.1%
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
$
602,703
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
2,013,138
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
1,092,642
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
2,454,664
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
660,738
1,500
Maricopa
County
Special
Health
Care
District,
Arizona,
General
Obligation
Bonds,
Series
2018C,
5.000%,
7/01/36
7/28
at
100.00
1,603,545
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
1,407,429
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
1,356,562
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
1,052,620
1,000
5.000%,
7/01/36
7/27
at
100.00
1,050,420
690
Northwest
Fire
District
of
Pima
County,
Arizona,
General
Obligation
Bonds,
Series
2017,
5.000%,
7/01/36
7/27
at
100.00
724,748
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
1,950,080
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
2,922,763
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
1,575,540
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
650,771
1,000
5.000%,
7/01/35
-
BAM
Insured
7/27
at
100.00
1,048,180
2,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/46
7/31
at
103.00
1,664,940
950
Tempe,
Arizona,
General
Obligation
Bonds,
Series
2021,
5.000%,
7/01/39
7/31
at
100.00
1,037,257
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
717,324
665
4.500%,
7/01/34
7/24
at
100.00
666,150
Total
Tax
Obligation/General
26,252,214
Tax
Obligation/Limited
-
43.9%
(26.4%
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
99,326
1,250
Arizona
State
Transportation
Board,
Highway
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
7/01/35
7/26
at
100.00
1,306,688
275
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Refunding
Series
2016,
4.000%,
7/01/36
7/26
at
100.00
276,933
1,000
Buckeye,
Arizona,
Excise
Tax
Revenue
Obligations,
Series
2015,
5.000%,
7/01/37
7/25
at
100.00
1,020,970
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
20
NAZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
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
$
1,033,054
123
Cahava
Springs
Revitalization
District,
Cave
Creek,
Arizona,
Special
Assessment
Bonds,
Series
2017A,
7.000%,
7/01/41,
144A
(d)
7/27
at
100.00
94,597
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
1,182,715
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
1,889,640
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
2,458,912
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
639,210
484
Eastmark
Community
Facilities
District
1,
Mesa,
Arizona,
Special
Assessment
Revenue
Bonds,
Assessment
District
1,
Series
2013,
5.250%,
7/01/38
10/23
at
100.00
464,703
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
635,915
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
1,686,425
1,035
Eastmark
Community
Facilities
District
2,
Mesa,
Arizona,
General
Obligation
Bonds,
Series
2020,
3.500%,
7/15/44
7/30
at
100.00
710,662
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
110,584
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
1,122,089
Festival
Ranch
Community
Facilities
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2012:
345
5.000%,
7/15/27
-
BAM
Insured
10/23
at
100.00
345,341
1,085
5.000%,
7/15/31
10/23
at
100.00
1,085,890
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
490,635
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
1,044,150
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
610,131
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
940,680
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
2,107,820
331
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
312,868
Goodyear
Community
Facilities
Utilities
District
1,
Arizona,
General
Obligation
Bonds,
Refunding
Series
2016:
545
4.000%,
7/15/32
7/26
at
100.00
552,695
1,500
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D,
5.000%,
11/15/39
11/25
at
100.00
1,467,315
1,250
Guam
Government,
Limited
Obligation
Section
30
Revenue
Bonds,
Series
2016A,
5.000%,
12/01/46
12/26
at
100.00
1,171,100
1,425
Marana,
Arizona,
Pledged
Excise
Tax
Revenue
Bonds,
Refunding
Series
2013,
5.000%,
7/01/33
10/23
at
100.00
1,426,083
615
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A,
5.000%,
10/01/39
10/32
at
100.00
611,617
200
Merrill
Ranch
Community
Facilities
District
2,
Florence,
Arizona,
General
Obligation
Bonds,
Series
2016,
5.000%,
7/15/31
7/26
at
100.00
206,552
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
397,051
21
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
400
Parkway
Community
Facilities
District
1,
Prescott
Valley,
Arizona,
General
Obligation
Bonds,
Series
2006,
5.350%,
7/15/31
10/23
at
100.00
$
318,372
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
1,545,245
580
Phoenix
Mesa
Gateway
Airport
Authority,
Arizona,
Special
Facility
Revenue
Bonds,
Mesa
Project,
Series
2012,
5.000%,
7/01/38,
(AMT)
10/23
at
100.00
579,994
1,000
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2014,
5.000%,
8/01/33
8/24
at
100.00
1,010,270
1,500
Pinal
County,
Arizona,
Pledged
Revenue
Obligations,
Series
2019,
4.000%,
8/01/38
8/28
at
100.00
1,486,995
1,000
Puerto
Rico
Highway
and
Transportation
Authority,
Restructured
Toll
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/62
7/32
at
100.00
986,250
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
9,520
0.000%,
7/01/46
7/28
at
41.38
2,651,510
2,440
5.000%,
7/01/58
7/28
at
100.00
2,367,776
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Refunding
Series
2016:
540
4.000%,
8/01/34
8/26
at
100.00
549,795
545
4.000%,
8/01/36
8/26
at
100.00
551,006
1,740
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2018A,
5.000%,
8/01/42
8/28
at
100.00
1,833,716
2,500
Queen
Creek,
Arizona,
Excise
Tax
&
State
Shared
Revenue
Obligation
Bonds,
Series
2020,
4.000%,
8/01/45
8/30
at
100.00
2,393,175
San
Luis,
Arizona,
Pledged
Excise
Tax
Revenue
Bonds,
Refunding
Series2014A:
1,400
5.000%,
7/01/34
-
BAM
Insured
7/24
at
100.00
1,413,314
2,100
5.000%,
7/01/38
-
BAM
Insured
7/24
at
100.00
2,117,934
3,000
Scottsdale
Municipal
Property
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Refunding
Series
2006,
5.000%,
7/01/24
No
Opt.
Call
3,042,180
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
1,748,917
694
Superstition
Vistas
Community
Facilities
District
1,
Apache
Junction,
Arizona,
Special
Assessment
Revenue
Bonds,
Series
2023,
6.000%,
7/01/47
7/33
at
100.00
684,444
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
3,217,110
500
Verrado
District
1
Community
Faciliites
District,
Buckeye,
Arizona,
General
Obligation
Bonds,
Series
2023,
4.125%,
7/15/41
-
BAM
Insured
,
(WI/
DD)
7/33
at
100.00
486,825
325
Vistancia
West
Community
Facilities
District,
Peoria,
Arizona,
General
Obligation
Bonds,
Series
2016,
3.250%,
7/15/25,
144A
10/23
at
100.00
324,243
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
4,125,774
1,160
Yuma
County,
Arizona,
Pledge
Revenue
Obligations,
Series
2022,
4.250%,
7/15/42
-
BAM
Insured
7/32
at
100.00
1,147,727
Total
Tax
Obligation/Limited
62,084,923
Transportation
-
7.0%
(4.2%
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
924,223
2,185
5.000%,
7/01/45
7/25
at
100.00
2,209,276
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
2,036,560
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
1,027,060
1,000
5.000%,
7/01/42,
(AMT)
7/27
at
100.00
1,016,260
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
1,537,620
Nuveen
Arizona
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
22
NAZ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
$
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
$
1,116,133
Total
Transportation
9,867,132
U.S.
Guaranteed
-
4.3%
(2.6%
of
Total
Investments)
(e)
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
1,206,180
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
588,516
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
56,227
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
729,094
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
2,026,500
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
1,416,492
Total
U.S.
Guaranteed
6,023,009
Utilities
-
29.8%
(17.9%
of
Total
Investments)
Carefree
Utilities
Community
Facilities
District,
Arizona,
Water
System
Revenue
Bonds,
Series
2021:
30
4.000%,
7/01/41
7/31
at
100.00
28,153
650
4.000%,
7/01/46
7/31
at
100.00
586,638
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
672,711
2,615
City
of
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2022C,
5.000%,
7/01/36
No
Opt.
Call
2,969,489
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
1,184,638
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
803,557
875
Goodyear,
Arizona,
Water
and
Sewer
Revenue
Obligations,
Subordinate
Lien
Series
2020,
4.000%,
7/01/49
-
AGM
Insured
7/29
at
100.00
801,080
665
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
7/01/36
7/27
at
100.00
676,631
1,100
Guam
Power
Authority,
Revenue
Bonds,
Series
2014A,
5.000%,
10/01/39
10/24
at
100.00
1,116,016
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
1,150,785
8,750
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2018,
5.000%,
7/01/42,
(UB)
(f)
7/28
at
100.00
9,144,800
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
1,149,483
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
966,750
695
Pinal
County
Electrical
District
3,
Arizona,
Electric
System
Revenue
Bonds,
Refunding Series
2016,
5.000%,
7/01/35
7/26
at
100.00
725,406
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
1,000,270
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
1,534,305
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
2,674,350
23
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
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
$
4,752,270
5,665
5.000%,
12/01/37
No
Opt.
Call
5,806,115
Surprise,
Arizona,
Utility System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2018:
500
5.000%,
7/01/35
7/28
at
100.00
543,610
805
5.000%,
7/01/36
7/28
at
100.00
869,859
3,000
Yuma,
Arizona,
Utilities
System
Revenue
Bonds,
Series
2021,
4.000%,
7/01/40
-
BAM
Insured
7/31
at
100.00
2,939,850
Total
Utilities
42,096,766
Total
Municipal
Bonds
(cost
$242,204,291)
232,419,157
Total
Long-Term
Investments
(cost
$242,204,291)
232,419,157
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
2.2%(1.3%
of
Total
Investments)
X
3,078,000
MUNICIPAL
BONDS
-
2.2% (1.3%
of
Total
Investments)
X
3,078,000
Health
Care
-
2.2%
(1.3%
of
Total
Investments)
$
3,078
Phoenix
Industrial
Development
Authority,
Arizona,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2014B,
2.300%,
11/15/52,
(Mandatory
Put
9/08/23)
(g)
9/23
at
100.00
$
3,078,000
Total
Health
Care
3,078,000
Total
Municipal
Bonds
(cost
$3,078,000)
3,078,000
Total
Short-Term
Investments
(cost
$3,078,000)
3,078,000
Total
Investments
(cost
$245,282,291)
-
166.7%
235,497,157
Floating
Rate
Obligations
-
(5.0)%
(7,000,000)
AMTP
Shares,
Net
-
(62.5)%
(h)
(88,254,347)
Other
Assets
&
Liabilities,
Net
-
0.8%
1,056,720
Net
Assets
Applicable
to
Common
Shares
-
100%
$
141,299,530
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
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.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
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.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(g)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(h)
AMTP
Shares,
Net
as
a
percentage
of
Total
Investments
is
37.5%
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
24
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
159.2% (99.2%
of
Total
Investments)
X
876,520,900
MUNICIPAL
BONDS
-
159.2% (99.2%
of
Total
Investments)
X
876,520,900
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
(c)
10/23
at
100.00
$
1,613,563
1,485
5.125%,
1/01/37
(c)
10/23
at
100.00
967,493
Total
Consumer
Discretionary
2,581,056
Consumer
Staples
-
5.4%
(3.4%
of
Total
Investments)
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
8,525
4.000%,
6/01/37
6/28
at
100.00
8,561,146
13,045
5.000%,
6/01/46
6/28
at
100.00
13,280,593
8,250
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
8,117,175
Total
Consumer
Staples
29,958,914
Education
and
Civic
Organizations
-
19.2%
(11.9%
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%,
7/01/53
-
AGM
Insured
7/31
at
100.00
916,940
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
1,762,059
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
739,145
Essex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
Institute
of
Technology
CHF-Newark,
LLC-NJIT
Student
Housing
Project,
Series
2021A:
2,600
4.000%,
8/01/51
-
BAM
Insured
8/31
at
100.00
2,373,254
1,000
4.000%,
8/01/56
-
BAM
Insured
8/31
at
100.00
903,530
1,000
Gloucester
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Rowan
University
Fossil
Park
&
Student
Center
Projects,
Series
2021,
4.000%,
7/01/46
-
BAM
Insured
7/30
at
100.00
945,670
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
926,060
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
155,606
2,025
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
2,067,646
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
763,469
500
5.000%,
6/01/32
12/27
at
100.00
521,870
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
958,080
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
2,454,707
1,600
5.000%,
7/01/33
7/25
at
100.00
1,637,872
1,000
5.000%,
7/01/34
7/25
at
100.00
1,023,520
5,950
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
5,971,301
25
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
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
$
5,979,706
4,000
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Princeton
University,
Tender
Option
Bond
Trust
2015-XF0149,
4.980%,
7/01/44,
144A,
(IF)
(d)
7/24
at
100.00
4,084,120
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series 2017F:
330
3.750%,
7/01/37
7/27
at
100.00
252,057
3,830
4.000%,
7/01/42
7/27
at
100.00
2,808,616
3,885
5.000%,
7/01/47
7/27
at
100.00
3,211,924
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
1,221,828
775
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Refunding
Series
2017D,
3.500%,
7/01/44
7/27
at
100.00
614,242
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D:
685
5.000%,
7/01/38
10/23
at
100.00
685,212
1,935
5.000%,
7/01/43
10/23
at
100.00
1,935,445
1,980
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C,
3.000%,
7/01/46
7/26
at
100.00
1,390,752
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
721,230
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
1,080,437
2,500
5.000%,
7/01/42
7/27
at
100.00
2,515,375
1,050
4.000%,
7/01/47
7/27
at
100.00
897,225
3,160
5.000%,
7/01/47
7/27
at
100.00
3,164,424
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
854,578
4,560
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson
University,
Series
2015C,
5.000%,
7/01/40
7/25
at
100.00
4,598,395
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
2,056,440
2,420
5.000%,
7/01/47
-
AGM
Insured
7/27
at
100.00
2,477,983
410
New
Jersey
Higher
Education
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Tender
Option
Bond
Trust
2015-XF0151,
0.815%,
12/01/27,
(AMT),
144A,
(IF)
12/23
at
100.00
377,663
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
958,935
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
11,634,149
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2018A:
910
3.750%,
12/01/30,
(AMT)
6/28
at
100.00
879,606
925
4.000%,
12/01/32,
(AMT)
6/28
at
100.00
919,736
725
4.000%,
12/01/33,
(AMT)
6/28
at
100.00
720,875
775
4.000%,
12/01/35,
(AMT)
6/28
at
100.00
771,133
1,375
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Refunding
Series
2023B,
4.000%,
12/01/44,
(AMT)
12/33
at
100.00
1,305,920
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
842,784
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
2,511,250
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Senior
Lien
Series
2016-1A:
1,660
3.500%,
12/01/32,
(AMT)
12/25
at
100.00
1,616,923
380
4.000%,
12/01/39,
(AMT)
12/25
at
100.00
376,284
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
26
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
1,275
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
$
1,190,812
535
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
506,640
New
Jersey
Higher
Education
Student
Assistance
Authority,
Student
Loan
Revenue
Bonds,
Series
2015-1A:
1,720
4.000%,
12/01/28,
(AMT)
12/24
at
100.00
1,717,626
950
4.000%,
12/01/30,
(AMT)
12/24
at
100.00
948,661
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
6,567,913
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
3,693,349
2,315
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
2,342,896
1,000
Passaic
County
Improvement
Authority,
New
Jersey,
Charter
School
Revenue
Bonds,
Paterson
Arts
&
Science
Charter
School,
Series
2023,
5.500%,
7/01/58
7/31
at
100.00
978,610
Total
Education
and
Civic
Organizations
105,532,483
Financials
-
0.2%
(0.1%
of
Total
Investments)
1,254
New
Jersey
Economic
Development
Authority,
Revenue
Refunding
Bonds,
Kapkowski
Road
Landfill
Project,
Series
2002,
6.500%,
4/01/28
No
Opt.
Call
1,243,062
Total
Financials
1,243,062
Health
Care
-
17.0%
(10.6%
of
Total
Investments)
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
1,788,451
1,215
3.000%,
7/01/51
7/31
at
100.00
824,985
185
New
Jersey
Health
Care
Facilities
Finance
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Series
2008A,
5.000%,
7/01/27
10/23
at
100.00
185,091
2,175
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
2,062,944
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
11,059,730
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
744,961
4,140
5.000%,
7/01/57
7/27
at
100.00
4,214,520
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A:
210
4.000%,
7/01/45
7/24
at
100.00
188,937
12,010
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
12,184,265
1,450
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Meridian
Health
System
Obligated
Group,
Refunding
Series
2013A,
5.000%,
7/01/32
10/23
at
100.00
1,450,261
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
866,877
1,055
5.000%,
7/01/33
7/26
at
100.00
1,100,987
1,370
5.000%,
7/01/34
7/26
at
100.00
1,427,540
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
4,258,081
5,955
5.000%,
7/01/43
7/24
at
100.00
5,977,629
27
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
3,945
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
10/23
at
100.00
$
3,947,249
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
4,224,472
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
1,616,248
1,000
3.000%,
7/01/51
7/31
at
100.00
719,890
1,960
4.000%,
7/01/51
7/31
at
100.00
1,821,938
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
1,389,152
1,135
4.000%,
7/01/34
7/26
at
100.00
1,061,043
1,600
5.000%,
7/01/35
7/26
at
100.00
1,611,920
3,700
5.000%,
7/01/36
7/26
at
100.00
3,710,841
2,095
5.000%,
7/01/41
7/26
at
100.00
2,025,677
6,655
4.000%,
7/01/48
7/26
at
100.00
5,436,203
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
5,025
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
4,942,590
5,410
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
5,424,228
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
1,740
4.000%,
7/01/44
7/29
at
100.00
1,587,471
8,350
3.000%,
7/01/49
7/29
at
100.00
5,633,077
Total
Health
Care
93,487,258
Housing/Multifamily
-
4.5%
(2.8%
of
Total
Investments)
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A:
450
5.000%,
7/01/47
1/27
at
100.00
416,466
1,400
5.000%,
1/01/50
1/27
at
100.00
1,281,756
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
1,714,427
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
5,428,978
3,418
New
Jersey
Housing
&
Mortgage
Finance
Agency,
Multifamily
Conduit
Revenue
Bonds,
Cherry
Garden
Apartments
Project,
Series
2021B,
2.375%,
1/01/39
No
Opt.
Call
2,559,639
4,320
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
3,873,139
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
1,085,287
1,750
4.250%,
11/01/37,
(AMT)
5/26
at
100.00
1,633,345
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2020A:
1,150
2.300%,
11/01/40
11/29
at
100.00
807,024
500
2.450%,
11/01/45
11/29
at
100.00
332,640
1,000
2.550%,
11/01/50
11/29
at
100.00
636,860
1,000
2.625%,
11/01/56
11/29
at
100.00
611,610
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
28
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2021A:
$
1,500
2.250%,
11/01/36
11/30
at
100.00
$
1,150,935
1,270
2.650%,
11/01/46
11/30
at
100.00
852,195
1,445
2.700%,
11/01/51
11/30
at
100.00
917,748
1,310
2.750%,
11/01/56
11/30
at
100.00
805,205
750
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2023C,
5.000%,
11/01/38,
(AMT)
5/32
at
100.00
756,360
Total
Housing/Multifamily
24,863,614
Housing/Single
Family
-
11.1%
(6.9%
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
5,041,291
3,275
3.750%,
10/01/35
10/27
at
100.00
3,137,909
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
2,749,887
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C:
4,585
3.500%,
10/01/34
4/28
at
100.00
4,326,543
4,835
3.850%,
10/01/39,
(UB)
(d)
4/28
at
100.00
4,381,622
3,295
3.950%,
10/01/44,
(UB)
(d)
4/28
at
100.00
2,976,967
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E:
4,810
2.050%,
10/01/35
4/29
at
100.00
3,847,182
6,235
2.250%,
10/01/40
4/29
at
100.00
4,552,797
3,210
2.400%,
10/01/45
4/29
at
100.00
2,363,427
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
4,574,845
4,625
2.150%,
10/01/41
4/30
at
100.00
3,236,251
8,070
2.400%,
4/01/52
4/30
at
100.00
5,600,499
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2022I:
4,040
4.500%,
10/01/42
4/31
at
100.00
3,992,893
3,095
4.600%,
10/01/46
4/31
at
100.00
3,092,679
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Social
Series
2023J:
1,000
4.150%,
10/01/38,
(UB)
(d)
4/32
at
100.00
944,710
2,300
4.500%,
10/01/43,
(UB)
(d)
4/32
at
100.00
2,258,554
3,850
4.700%,
10/01/48,
(UB)
(d)
4/32
at
100.00
3,843,494
Total
Housing/Single
Family
60,921,550
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
1,022,654
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
1,934,451
1,430
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
1,087,215
Total
Long-Term
Care
4,044,320
29
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
-
15.2%
(9.5%
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
$
429,920
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
2,777,008
Cumberland
County,
New
Jersey,
General
Obligation
Bonds,
Series
2021:
1,470
2.000%,
5/15/30
5/28
at
100.00
1,290,146
1,475
2.000%,
5/15/31
5/28
at
100.00
1,269,414
7,200
Essex
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Essex
County
Family
Court
Building
House
Projects,
County
Guaranteed
Series
2023,
5.000%,
7/03/24
No
Opt.
Call
7,281,144
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
592,681
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018:
1,340
3.125%,
3/01/31
-
BAM
Insured
3/28
at
100.00
1,305,817
1,110
3.250%,
3/01/32
-
BAM
Insured
3/28
at
100.00
1,086,379
1,255
3.500%,
3/01/36
-
BAM
Insured
3/28
at
100.00
1,211,451
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
1,057,025
1,750
Hudson
County
Improvement
Authority,
New
Jersey,
County
Guaranteed
Pooled
Notes,
Series
2023B-1,
5.000%,
7/24/24
No
Opt.
Call
1,770,510
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
1,916,920
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
4,316,481
9,775
5.250%,
5/01/51
5/26
at
100.00
10,014,683
5,000
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2022A,
3.000%,
2/15/37
2/29
at
100.00
4,327,550
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
Refunding
General
Improvement
Series
2017A:
1,000
5.000%,
11/01/29
11/27
at
100.00
1,074,080
515
5.000%,
11/01/31
11/27
at
100.00
553,254
440
5.000%,
11/01/33
11/27
at
100.00
472,318
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
2,114,299
1,000
3.000%,
3/01/36
3/31
at
100.00
924,260
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
762,516
2,110
New
Brunswick,
New
Jersey,
General
Obligation
Bonds,
Cultural
Center
Project,
Series
2017,
4.000%,
9/15/44
-
AGM
Insured
9/27
at
100.00
2,010,492
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A:
5,530
4.000%,
6/01/31
No
Opt.
Call
5,793,670
4,080
3.000%,
6/01/32
No
Opt.
Call
3,793,503
3,115
New
Jersey
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
2.250%,
6/01/35
12/27
at
100.00
2,533,087
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
610,770
755
3.000%,
7/15/39
-
BAM
Insured
7/31
at
100.00
603,690
1,000
3.000%,
7/15/40
-
BAM
Insured
7/31
at
100.00
787,210
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
30
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
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
$
2,699,136
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
2,879
4.000%,
7/01/33
7/31
at
103.00
2,695,838
1,965
4.000%,
7/01/35
7/31
at
103.00
1,805,933
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
977,080
South
Orange
Village
Township,
New
Jersey,
General
Obligation
Bonds,
Refunding
Series
2020:
400
4.000%,
1/15/25
No
Opt.
Call
403,024
500
4.000%,
1/15/26
No
Opt.
Call
507,705
1,196
South
Orange
Village
Township,
New
Jersey,
General
Obligation
Bonds,
Series
2023,
5.000%,
6/28/24
No
Opt.
Call
1,210,017
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)
10/23
at
100.00
5,020,115
2,515
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
10/23
at
100.00
2,516,283
1,450
Union
County,
New
Jersey,
General
Obligation
Bonds,
Series
2018,
3.000%,
3/01/27
9/25
at
100.00
1,437,370
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
1,606,370
Total
Tax
Obligation/General
83,559,149
Tax
Obligation/Limited
-
43.2%
(26.9%
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
2,855,023
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
4,002,028
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
981,190
7,500
Burlington
County
Bridge
Commission,
New
Jersey,
Governmental
Leasing
Program
Revenue
Bonds,
Series
2023C,
4.500%,
8/07/24
No
Opt.
Call
7,564,575
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
2,774,700
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
2,380,882
Middlesex
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Revenue
Bonds,
New
Jersey
Health
+
Life
Science
Exchange
-
H-1
Project
Series
2023A:
1,965
5.000%,
8/15/49
8/33
at
100.00
2,133,813
8,000
4.000%,
8/15/53,
(UB)
(d)
8/33
at
100.00
7,520,960
1,990
5.000%,
8/15/53
8/33
at
100.00
2,139,986
7,785
5.000%,
8/15/53,
(UB)
(d)
8/33
at
100.00
8,371,756
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
5,519,270
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
2,568,192
1,685
5.000%,
11/01/52
11/32
at
100.00
1,762,089
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
5,262,465
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
6,169,620
31
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
6,385
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2014UU,
5.000%,
6/15/27
6/24
at
100.00
$
6,447,765
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ:
1,300
5.000%,
6/15/31
12/30
at
100.00
1,429,779
1,000
5.000%,
6/15/32
12/30
at
100.00
1,097,430
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
1,188,108
655
5.000%,
6/15/30
6/26
at
100.00
681,704
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022BB:
1,250
3.000%,
6/15/50
12/31
at
100.00
907,400
1,500
4.000%,
6/15/50
12/31
at
100.00
1,381,455
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2022CC:
3,750
5.000%,
6/15/42
12/32
at
100.00
3,972,412
6,000
5.000%,
6/15/44
12/32
at
100.00
6,326,220
1,250
5.000%,
6/15/48
12/32
at
100.00
1,308,500
1,610
5.500%,
6/15/50
12/32
at
100.00
1,754,997
1,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
Program
Bonds,
Series
2023AA,
4.250%,
6/15/44
6/33
at
100.00
982,090
32,965
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/30
No
Opt.
Call
24,934,067
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
37,600
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
26,266,608
39,090
0.000%,
12/15/33
-
AGM
Insured
No
Opt.
Call
26,092,966
5,160
0.000%,
12/15/34
-
AGM
Insured
No
Opt.
Call
3,284,856
7,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2010D,
5.000%,
12/15/24
No
Opt.
Call
7,119,210
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2018A:
1,150
5.000%,
12/15/35
12/28
at
100.00
1,218,586
440
5.000%,
12/15/36
12/28
at
100.00
463,456
4,950
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
4,845,901
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB:
750
4.000%,
6/15/44
12/28
at
100.00
711,165
6,845
3.500%,
6/15/46
12/28
at
100.00
5,733,030
2,900
4.000%,
6/15/50
12/28
at
100.00
2,670,813
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
4,425
5.000%,
6/15/45
12/30
at
100.00
4,614,479
3,435
3.000%,
6/15/50
12/30
at
100.00
2,507,000
1,175
4.000%,
6/15/50
12/30
at
100.00
1,082,140
Newark
Parking
Authority,
Essex
County,
New
Jersey,
Lease
Revenue
Bonds,
Parking
Facility/Office
Project
Series
2023:
600
5.250%,
2/01/43
-
AGM
Insured
2/33
at
100.00
628,758
1,250
5.500%,
2/01/51
-
AGM
Insured
2/33
at
100.00
1,315,975
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
3,840,082
4,005
Passaic
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Preakness
Healthcare
Center
Expansion
Project,
Series
2012,
3.500%,
5/01/35
10/23
at
100.00
3,975,123
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
732
4.750%,
7/01/53
7/28
at
100.00
686,228
2,355
5.000%,
7/01/58
7/28
at
100.00
2,285,292
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
32
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
$
2,874
4.329%,
7/01/40
7/28
at
100.00
$
2,729,150
1,012
4.784%,
7/01/58
7/28
at
100.00
948,639
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
1,571,457
1,425
5.500%,
5/01/29
No
Opt.
Call
1,606,944
1,000
5.500%,
5/01/30
No
Opt.
Call
1,148,270
1,830
5.500%,
5/01/31
No
Opt.
Call
2,139,746
1,915
5.500%,
5/01/32
No
Opt.
Call
2,275,020
1,990
5.500%,
5/01/33
No
Opt.
Call
2,397,532
2,075
5.500%,
5/01/34
No
Opt.
Call
2,534,779
3,975
Union
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Plainfield
-
Park
Madison
Redevelopment
Project,
Tender
Option
Trust
2016-XG0057,
5.309%,
3/01/34,
144A,
(IF)
(d)
No
Opt.
Call
6,764,456
Total
Tax
Obligation/Limited
237,876,137
Transportation
-
29.2%
(18.2%
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
1,291,155
5,890
4.125%,
1/01/39
1/24
at
100.00
5,813,960
7,800
5.000%,
1/01/44
1/24
at
100.00
7,821,996
1,000
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
940,820
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
1,009,520
2,820
4.000%,
7/01/35
-
BAM
Insured
7/25
at
100.00
2,838,584
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
2,163,756
1,520
5.000%,
7/01/29
No
Opt.
Call
1,659,612
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
2,916,867
10,210
5.000%,
7/01/47
7/27
at
100.00
10,493,838
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
1,133,139
1,350
5.000%,
7/01/29
No
Opt.
Call
1,473,998
1,015
5.000%,
7/01/30
7/29
at
100.00
1,109,293
10,035
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds, Series
2013,
5.000%,
1/01/40
1/24
at
100.00
10,059,987
2,325
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/37
1/29
at
100.00
2,495,051
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
6,263,444
5,555
5.625%,
1/01/52,
(AMT)
1/24
at
100.00
5,565,110
New
Jersey
Economic
Development
Authority,
Special
Facilities
Revenue
Bonds,
Continental
Airlines
Inc.,
Series
1999:
1,040
5.125%,
9/15/23,
(AMT)
9/23
at
100.50
1,040,031
2,800
5.250%,
9/15/29,
(AMT)
10/23
at
100.50
2,807,952
33
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
$
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
$
2,279,205
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
5,791,482
7,910
5.000%,
10/01/47,
(AMT)
10/27
at
100.00
7,958,805
6,570
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
6,649,103
3,065
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2005A,
5.250%,
1/01/29
-
AGM
Insured
No
Opt.
Call
3,397,215
1,000
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2021A,
4.000%,
1/01/42
1/31
at
100.00
986,020
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022A:
1,250
4.000%,
1/01/42
7/32
at
100.00
1,232,525
2,500
4.000%,
1/01/43
7/32
at
100.00
2,463,950
7,500
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2022B,
5.250%,
1/01/52,
(UB)
(d)
1/33
at
100.00
8,211,150
2,750
Passaic
County
Improvement
Authority,
New
Jersey,
Revenue
Bonds,
Paterson
Parking
Deck
Facility,
Series
2005,
5.000%,
4/15/35
-
AGM
Insured
10/23
at
100.00
2,753,190
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
7,250,049
3,080
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Seventh
Series
2013,
4.000%,
1/15/43,
(AMT)
10/23
at
100.00
2,899,173
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
7,622,880
4,000
4.000%,
11/01/47,
(AMT)
11/29
at
100.00
3,695,360
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
4,368,780
2,500
4.000%,
9/01/39,
(AMT)
9/29
at
100.00
2,411,050
1,265
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Thirty-Eighth
Series
2023,
5.000%,
7/15/38,
(AMT)
7/33
at
100.00
1,367,718
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
2,162,460
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)
(d)
1/33
at
100.00
6,260,700
4,660
5.000%,
1/15/52,
(AMT),
(UB)
(d)
1/33
at
100.00
4,840,622
3,000
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2014A,
5.000%,
11/01/39
11/24
at
100.00
2,999,790
1,040
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
1,058,356
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2022A:
2,240
4.625%,
11/01/47
11/32
at
100.00
2,207,094
1,000
5.250%,
11/01/52
-
BAM
Insured
11/32
at
100.00
1,068,280
Total
Transportation
160,833,070
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
34
NXJ
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
-
7.8%
(4.8%
of
Total
Investments)
(e)
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,
(Pre-refunded
2/15/24)
2/24
at
100.00
$
176,178
220
5.000%,
2/15/26,
(Pre-refunded
2/15/24)
2/24
at
100.00
221,481
1,320
5.000%,
2/15/27,
(Pre-refunded
2/15/24)
2/24
at
100.00
1,328,884
1,385
5.000%,
2/15/28,
(Pre-refunded
2/15/24)
2/24
at
100.00
1,394,321
1,385
5.000%,
2/15/29,
(Pre-refunded
2/15/24)
2/24
at
100.00
1,394,321
2,500
5.000%,
2/15/32,
(Pre-refunded
2/15/24)
2/24
at
100.00
2,516,825
3,040
5.000%,
2/15/33,
(Pre-refunded
2/15/24)
2/24
at
100.00
3,060,459
1,000
5.000%,
2/15/34,
(Pre-refunded
2/15/24)
2/24
at
100.00
1,006,730
1,950
5.000%,
2/15/35,
(Pre-refunded
2/15/24)
2/24
at
100.00
1,963,123
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
2,262,781
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
1,428,104
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
684,242
11,455
5.250%,
6/15/40,
(Pre-refunded
6/15/25)
6/25
at
100.00
11,875,742
5,020
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2014PP,
5.000%,
6/15/26,
(Pre-refunded
6/15/24)
6/24
at
100.00
5,084,758
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
2,081,386
3,390
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
3,406,441
405
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
406,341
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
1,024,750
1,395
5.000%,
2/15/35,
(Pre-refunded
2/15/25)
2/25
at
100.00
1,429,526
Total
U.S.
Guaranteed
42,746,393
Utilities
-
5.2%
(3.3%
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)
10/23
at
100.00
1,000,080
1,225
5.125%,
6/15/43,
(AMT)
10/23
at
100.00
1,217,307
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
1,534,065
1,495
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011C,
3.000%,
8/01/41,
(AMT)
8/24
at
100.00
1,146,261
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
2,011,853
5,220
New
Jersey
Infrastructure
Bank,
Environmental
Infrastructure
Bonds,
Green
Series
2021A-1,
3.000%,
9/01/34
9/30
at
100.00
4,943,079
2,700
Passaic
County
Utilities
Authority,
New
Jersey,
Solid
Waste
Disposal
Revenue
Bonds,
Refunding
Series
2018,
5.000%,
3/01/37
No
Opt.
Call
3,020,544
1,500
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/30,
144A
No
Opt.
Call
1,539,105
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
858,060
35
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
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
$
11,603,540
Total
Utilities
28,873,894
Total
Municipal
Bonds
(cost
$907,754,445)
876,520,900
Total
Long-Term
Investments
(cost
$907,754,445)
876,520,900
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
1.3%(0.8%
of
Total
Investments)
X
7,000,000
MUNICIPAL
BONDS
-
1.3% (0.8%
of
Total
Investments)
X
7,000,000
Health
Care
-
0.9%
(0.6%
of
Total
Investments)
$
5,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Virtua
Health,
Series
2009E,
2.620%,
7/01/43,
(Mandatory
Put
9/15/23)
(f)
9/23
at
100.00
$
5,000,000
Total
Health
Care
5,000,000
Tax
Obligation/General
-
0.4%
(0.2%
of
Total
Investments)
$
2,000
Mercer
County,
New
Jersey,
General
Obligation
Bonds,
Tender
Option
Bond
Floater
Series
2023-005,
4.100%,
4/04/24,
(Mandatory
Put
9/08/23),
144A
(f)
No
Opt.
Call
2,000,000
Total
Tax
Obligation/General
2,000,000
Total
Municipal
Bonds
(cost
$7,000,000)
7,000,000
Total
Short-Term
Investments
(cost
$7,000,000)
7,000,000
Total
Investments
(cost
$914,754,445)
-
160.5%
883,520,900
Floating
Rate
Obligations
-
(7.0)%
(
38,595,000
)
VRDP
Shares,
Net
-
(56.8)%
(g)
(
312,711,751
)
Other
Assets
&
Liabilities,
Net
-
3.3%
18,398,943
Net
Assets
Applicable
to
Common
Shares
-
100%
$
550,613,092
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(e)
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.
(f)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(g)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
35.4%.
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
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.
See
Notes
to
Financial
Statements
36
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
165.8% (100.0%
of
Total
Investments)
X
748,437,569
MUNICIPAL
BONDS
-
155.9% (94.0%
of
Total
Investments)
X
748,437,569
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
$
2,236,740
Total
Consumer
Staples
2,236,740
Education
and
Civic
Organizations
-
16.9%
(10.2%
of
Total
Investments)
715
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
College
Revenue
Refunding
Bonds,
Robert
Morris
College,
Series
1998A,
6.000%,
5/01/28
No
Opt.
Call
743,250
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
645,646
1,000
5.000%,
10/15/38
10/26
at
100.00
958,470
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
1,473,404
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds, Alvernia
University
Project,
Series
2020:
590
5.000%,
10/01/39
10/29
at
100.00
553,373
20
5.000%,
10/01/49
10/29
at
100.00
17,522
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
3,247,118
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
780,708
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
1,000,610
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
1,863,356
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
1,042,950
1,230
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
1,110,641
1,020
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
999,090
4,595
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
3,601,469
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
2,043,079
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2:
590
3.250%,
5/01/36
5/26
at
100.00
493,948
1,555
3.500%,
5/01/41
5/26
at
100.00
1,215,606
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
1,837,460
Lackawanna
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2017:
350
3.375%,
11/01/33
11/27
at
100.00
323,988
2,925
4.000%,
11/01/40
11/27
at
100.00
2,623,432
2,000
McCandless
Industrial
Development
Authority,
Pennsylvania,
La
Roche
University
Revenue
Bonds,
Series
A
and
B
of
2022,
6.750%,
12/01/46
12/32
at
100.00
1,856,460
37
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
1,490
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2021A,
2.625%,
6/01/42,
(AMT)
6/30
at
100.00
$
1,240,723
2,755
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2022A,
4.500%,
6/01/43,
(AMT)
6/31
at
100.00
2,715,052
1,545
Pennsylvania
Higher
Education
Assistance
Agency,
Education
Loan
Revenue
Bonds,
Senior
Series
2023A,
4.000%,
6/01/44,
(AMT)
6/32
at
100.00
1,486,475
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
2,569,076
2,080
5.000%,
12/01/44
12/24
at
100.00
2,096,161
360
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
LaSalle
University,
Series
2012,
4.000%,
5/01/32
10/23
at
100.00
315,914
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012:
1,030
4.000%,
11/01/39
10/23
at
100.00
884,801
4,300
5.000%,
11/01/42
10/23
at
100.00
4,051,933
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
1,324,253
1,440
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
Widener
University,
Series
2021A,
4.000%,
7/15/46
7/31
at
100.00
1,181,448
8,335
Pennsylvania
State
University,
Revenue
Bonds,
Series
2022A,
5.000%,
9/01/47
9/32
at
100.00
8,941,288
3,000
Pennsylvania
State
University,
Revenue
Bonds,
Series
2023,
5.250%,
9/01/48
9/33
at
100.00
3,293,370
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
1,002,105
500
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Richard
Allen
Preparatory
Charter
School,
Series
2006,
6.250%,
5/01/33
10/23
at
100.00
456,255
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Joseph?s
University
Project,
Refunding
Series
2020C.
Forward
Delivery:
1,500
4.000%,
11/01/36
11/29
at
100.00
1,428,795
1,400
4.000%,
11/01/37
11/29
at
100.00
1,307,152
3,000
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
Saint
Joseph?s
University
Project,
Series
2022,
5.500%,
11/01/60
11/32
at
100.00
3,153,810
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017:
2,280
5.000%,
3/15/45,
144A
3/28
at
100.00
1,905,031
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
2,365,472
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
4,567,447
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
3,054,954
Wilkes-Barre
Finance
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Scranton,
Series
2015A:
1,890
5.000%,
11/01/32
11/25
at
100.00
1,940,822
740
5.000%,
11/01/33
11/25
at
100.00
759,699
675
4.000%,
11/01/35
11/25
at
100.00
650,275
Total
Education
and
Civic
Organizations
81,123,891
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
38
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
-
29.5%
(17.8%
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
$
14,782,169
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
209,145
2,300
4.000%,
7/15/36
7/29
at
100.00
2,252,988
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
723,139
4,100
5.000%,
11/01/50,
(UB)
(c)
11/27
at
100.00
2,554,136
7,335
5.000%,
11/01/50
11/27
at
100.00
4,569,412
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
6,391,438
2,000
Butler
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Butler
Health
System
Project,
Series
2015A,
5.000%,
7/01/39
7/25
at
100.00
1,827,860
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
2,430,134
1,580
4.000%,
10/01/37
10/27
at
100.00
1,531,226
6,900
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
6,154,317
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
1,415,122
375
5.000%,
6/01/35
6/26
at
100.00
385,073
2,275
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/41
7/26
at
100.00
2,005,140
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A:
1,225
4.000%,
7/01/45
7/29
at
100.00
897,864
1,500
5.000%,
7/01/49
7/29
at
100.00
1,256,055
5,000
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
5,041,150
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
4,569,439
9,505
Geisinger
Authority,
Montour
County,
Pennsylvania,
Health
System
Revenue
Bonds,
Geisinger
Health
System,
Series
2020A,
4.000%,
4/01/50
4/30
at
100.00
8,546,991
1,650
Lancaster
County
Hospital
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2021,
5.000%,
11/01/51
11/29
at
100.00
1,684,254
2,200
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B,
5.000%,
8/15/46,
(UB)
(c)
8/26
at
100.00
2,221,384
3,000
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42,
(UB)
(c)
8/26
at
100.00
3,052,620
1,530
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2012B,
4.000%,
7/01/43
9/23
at
100.00
1,395,467
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
997,136
2,850
4.000%,
11/01/41,
(UB)
(c)
5/26
at
100.00
2,499,336
4,955
4.000%,
11/01/46,
(UB)
(c)
5/26
at
100.00
4,124,245
39
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
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
$
984,218
2,650
5.000%,
7/01/41
7/26
at
100.00
2,653,260
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
1,866,371
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019:
3,310
4.000%,
9/01/44
9/29
at
100.00
3,047,417
395
4.000%,
9/01/49
9/29
at
100.00
352,838
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
3,328,633
200
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Fixed
Rate
Series
2023A-2,
4.000%,
5/15/48
5/33
at
100.00
180,928
7,125
Pennsylvania
HIgher
Educational
Facilities
Authority,
Revenue
Bonds,
Thomas
Jefferson
University,
Refunding
Series
2015A,
5.250%,
9/01/50,
(UB)
(c)
3/25
at
100.00
7,135,830
14,445
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
13,756,551
11,775
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2019,
4.000%,
8/15/49
8/29
at
100.00
10,601,739
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
1,840,644
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
3,000,060
1,170
4.000%,
8/15/45
2/25
at
100.00
1,024,452
5,660
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
5,659,434
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
675,228
1,305
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
1,332,784
705
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
628,444
Total
Health
Care
141,586,071
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
10/23
at
100.00
148,336
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
1,655,742
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
270,543
1,350
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Multifamily
Housing
Revenue
Bonds,
Presbyterian
Homes
Germantown
-
Morrisville
Project,
Series
2005A,
5.625%,
7/01/35
10/23
at
100.00
1,374,205
Total
Housing/Multifamily
3,448,826
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
40
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Single
Family
-
23.3%
(14.1%
of
Total
Investments)
$
3,060
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2015-117B,
3.900%,
10/01/35,
(UB)
(c)
10/24
at
100.00
$
3,002,105
2,105
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
2,037,072
4,890
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
4,297,381
4,790
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41,
(UB)
(c)
10/25
at
100.00
3,951,415
15,545
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41
10/25
at
100.00
12,823,537
1,080
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-122,
3.650%,
10/01/32
4/26
at
100.00
1,049,317
3,895
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
3,770,827
5,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-124B,
3.500%,
10/01/37,
(UB)
(c)
10/26
at
100.00
4,679,300
1,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A,
3.000%,
10/01/46
10/28
at
100.00
718,570
3,880
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-131A,
3.000%,
10/01/39
4/29
at
100.00
3,131,470
2,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A,
2.550%,
10/01/41
10/29
at
100.00
1,456,680
10,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-132A,
2.550%,
10/01/41,
(UB)
(c)
10/29
at
100.00
7,283,400
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133:
1,500
2.350%,
10/01/40
10/29
at
100.00
1,082,460
1,350
2.500%,
10/01/45
10/29
at
100.00
923,616
1,565
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2021-136,
2.550%,
10/01/51
10/30
at
100.00
1,011,569
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2023-141A:
4,105
4.600%,
10/01/43,
(UB)
(c)
10/32
at
100.00
4,078,974
5,000
4.700%,
10/01/46,
(UB)
(c)
10/32
at
100.00
5,034,700
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
3,698,500
3,650
2.050%,
4/01/41
10/29
at
100.00
2,434,331
2,505
2.100%,
10/01/43
10/29
at
100.00
1,728,525
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
3,601,130
6,855
2.375%,
10/01/46
10/30
at
100.00
4,349,840
7,705
2.500%,
10/01/50
10/30
at
100.00
4,772,092
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
3,687,965
6,545
2.600%,
4/01/46
4/31
at
100.00
4,343,851
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
2,554,243
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
7,802,405
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
2,419,339
10,000
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2023-142A,
4.900%,
10/01/46,
(UB)
(c)
10/32
at
100.00
10,193,400
Total
Housing/Single
Family
111,918,014
41
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Industrials
-
1.3%
(0.8%
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
(d),(e)
6/30
at
100.00
$
8,900
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
(d),(e)
6/30
at
100.00
8,900
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
6,465,909
Total
Industrials
6,483,709
Long-Term
Care
-
7.8%
(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
909,159
1,160
5.000%,
5/15/47
5/27
at
100.00
1,035,706
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
207,460
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
1,414,618
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
2,891,875
2,000
4.000%,
12/01/51
12/28
at
103.00
1,318,580
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
2,543,642
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
1,484,828
2,850
5.000%,
1/01/38
1/25
at
100.00
2,849,772
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
994,594
1,815
5.000%,
1/01/29
1/26
at
100.00
1,830,700
735
5.000%,
1/01/30
1/26
at
100.00
740,549
300
3.250%,
1/01/36
1/26
at
100.00
249,669
1,405
3.250%,
1/01/39
1/26
at
100.00
1,114,165
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
622,173
200
5.000%,
1/01/39
1/29
at
100.00
196,210
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
656,123
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
828,350
715
5.000%,
3/01/50
3/27
at
102.00
560,103
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
1,122,712
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
42
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Long-Term
Care
(continued)
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
$
637,709
1,400
4.000%,
7/01/56
7/26
at
103.00
989,534
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
4,303,250
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
1,572,364
1,000
5.000%,
11/01/49
11/26
at
103.00
826,550
Pennsylvania
Economic
Development
Finance
Authority,
Revenue
Bonds,
Presbyterian
Senior
Living
Project,
Series
2023B-2:
500
5.000%,
7/01/42
7/29
at
103.00
491,580
1,250
5.250%,
7/01/46
7/29
at
103.00
1,251,650
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
1,695,671
2,785
4.000%,
5/15/47
5/28
at
103.00
1,969,858
Total
Long-Term
Care
37,309,154
Tax
Obligation/General
-
21.1%
(12.7%
of
Total
Investments)
840
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2017B,
2.500%,
11/15/29
11/25
at
100.00
782,250
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014C-74:
1,750
5.000%,
12/01/32
12/24
at
100.00
1,773,957
1,285
5.000%,
12/01/34
12/24
at
100.00
1,298,544
2,440
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018C-
77,
5.000%,
11/01/43
11/28
at
100.00
2,552,313
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
1,527,165
1,255
4.000%,
8/01/33
8/26
at
100.00
1,275,745
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
1,964,138
1,000
Bristol
Township
School
District,
Bucks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023,
4.125%,
6/01/40
-
BAM
Insured
6/31
at
100.00
998,040
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D:
4,200
5.000%,
12/15/37
12/24
at
100.00
4,237,884
1,100
5.000%,
12/15/39
12/24
at
100.00
1,108,965
2,900
Colonial
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
5.000%,
2/15/44
2/27
at
100.00
3,014,318
2,235
Cumberland
Valley
School
District,
Cumberland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2023A,
5.000%,
11/15/47
-
AGM
Insured
11/32
at
100.00
2,387,293
7,465
Erie
City
School
District,
Erie
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2000,
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
5,664,666
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
935,027
425
3.000%,
10/15/35
-
BAM
Insured
10/31
at
100.00
376,087
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
6,089,652
43
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
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
$
6,244,111
North
Allegheny
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2015:
5,000
5.000%,
5/01/31
5/25
at
100.00
5,121,000
4,000
5.000%,
5/01/32
5/25
at
100.00
4,094,200
2,875
5.000%,
5/01/33
5/25
at
100.00
2,942,246
Penn
Manor
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2019A:
1,000
4.000%,
3/01/35
9/27
at
100.00
1,022,390
1,000
4.000%,
3/01/36
9/27
at
100.00
1,017,810
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
2,633,231
3,925
Philadelphia
School
District,
Pennsylvania,
General
Obligation
Bonds,
Series
2007A,
5.000%,
6/01/34
-
NPFG
Insured
No
Opt.
Call
4,417,313
195
Philadelphia,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
5/01/42
5/31
at
100.00
185,305
2,875
Pittsburgh,
Pennsylvania,
General
Obligation
Bonds,
Series
2022,
5.000%,
9/01/39
9/30
at
100.00
3,077,688
11,440
Reading
School
District,
Berks
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2003B,
0.000%,
1/15/32
-
NPFG
Insured
No
Opt.
Call
8,088,309
Scranton,
Lackawanna
County,
Pennsylvania,
General
Obligation
Notes,
Series
2016:
230
5.000%,
11/15/26
5/24
at
100.00
228,312
2,925
5.000%,
11/15/32
5/24
at
100.00
2,879,662
21,000
State
Public
School
Building
Authority,
Pennsylvania,
Lease
Revenue
Bonds,
Philadelphia
School
District,
Series
2003,
5.500%,
6/01/28
-
AGM
Insured,
(UB)
(c)
No
Opt.
Call
23,156,280
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
147,168
Total
Tax
Obligation/General
101,241,069
Tax
Obligation/Limited
-
10.5%
(6.3%
of
Total
Investments)
749
Allegheny
County
Redevelopment
Authority,
Pennsylvania,
TIF
Revenue
Bonds,
Pittsburg
Mills
Project,
Series
2004,
5.600%,
7/01/23
2005
1
(d)
6/23
at
100.00
674,376
190
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
194,305
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
158,221
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
1,104,251
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018:
1,500
5.000%,
6/01/31
6/28
at
100.00
1,592,250
2,815
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
2,681,766
7,215
4.000%,
6/01/39
-
AGM
Insured,
(UB)
(c)
6/28
at
100.00
6,873,514
1,363
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
1,336,776
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-
Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A:
2,650
4.750%,
12/01/37
12/26
at
100.00
2,712,355
4,000
4.900%,
12/01/44
12/26
at
100.00
4,070,240
2,160
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
2,218,471
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
44
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
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
$
5,686,057
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
1,065,903
1,982
5.000%,
7/01/58
7/28
at
100.00
1,923,333
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
2,350
4.329%,
7/01/40
7/28
at
100.00
2,231,560
901
4.329%,
7/01/40
7/28
at
100.00
854,635
3,419
4.784%,
7/01/58
7/28
at
100.00
3,204,936
10,000
Southeastern
Pennsylvania
Transportation
Authority,
Revenue
Bonds,
Asset
Improvement
Series
2022,
5.250%,
6/01/52,
(UB)
(c)
6/32
at
100.00
10,818,000
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
802,692
Total
Tax
Obligation/Limited
50,203,641
Transportation
-
14.0%
(8.5%
of
Total
Investments)
1,760
Allegheny
County
Airport
Authority,
Pennsylvania,
Airport
Revenue
Bonds,
Pittsburgh
International
Airport,
Series
2021A,
5.000%,
1/01/51,
(AMT)
1/31
at
100.00
1,784,042
1,900
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A,
5.000%,
1/01/39
1/29
at
100.00
2,011,302
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
4,012,280
12,170
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Capital
Appreciation
Series
2009E,
6.375%,
12/01/38
12/27
at
100.00
13,263,474
820
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
Subordinate
Second
Series
2016B-2,
5.000%,
6/01/39
6/26
at
100.00
836,031
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2014C,
5.000%,
12/01/44
12/24
at
100.00
3,033,960
10,470
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45,
(UB)
(c)
12/25
at
100.00
10,648,199
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2022B:
1,215
5.250%,
12/01/47,
(UB)
(c)
12/32
at
100.00
1,315,359
2,365
5.250%,
12/01/52,
(UB)
(c)
12/32
at
100.00
2,543,841
12,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2023A,
5.000%,
12/01/53,
(UB)
,
(WI/DD)
12/33
at
100.00
12,678,120
2,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2009C,
6.250%,
6/01/33
-
AGM
Insured
6/26
at
100.00
2,160,960
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2017B-1:
1,435
5.000%,
6/01/31
6/27
at
100.00
1,518,574
1,430
5.000%,
6/01/33
6/27
at
100.00
1,511,696
530
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
485,242
1,100
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
1,003,178
585
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
3.000%,
7/01/34
-
AGM
Insured
7/27
at
100.00
542,880
1,490
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
7/01/47,
(AMT)
7/27
at
100.00
1,501,369
1,725
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2020A,
4.000%,
7/01/35
7/30
at
100.00
1,733,901
1,470
Philadelphia,
Pennsylvania,
Airport
Revenue
Bonds,
Refunding
Series
2020C,
4.000%,
7/01/50,
(AMT)
7/30
at
100.00
1,293,247
45
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
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
$
1,061,830
500
5.000%,
12/15/33
12/27
at
100.00
530,540
550
5.000%,
12/15/34
12/27
at
100.00
584,040
1,000
5.000%,
12/15/36
12/27
at
100.00
1,052,770
250
5.000%,
12/15/37
12/27
at
100.00
262,435
Total
Transportation
67,369,270
U.S.
Guaranteed
-
11.2%
(6.7%
of
Total
Investments)
(f)
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
2,792,844
2,000
5.250%,
12/01/33,
(Pre-refunded
12/01/23)
12/23
at
100.00
2,009,240
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
The
Highlands
at
Wyomissing,
Series
2018:
1,000
5.000%,
5/15/43,
(Pre-refunded
5/15/25)
5/25
at
102.00
1,044,740
400
5.000%,
5/15/48,
(Pre-refunded
5/15/25)
5/25
at
102.00
417,896
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
834,310
2,985
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
3,093,684
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
2,186,969
625
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
629,888
2,330
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
2,378,091
560
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
571,559
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
608,896
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
1,175,631
135
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
147,637
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
1,250,351
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
1,954,834
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
6,713,879
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
9,214,740
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
1,027,060
1,860
5.000%,
10/01/34,
(Pre-refunded
4/01/25)
4/25
at
100.00
1,910,331
2,045
5.000%,
10/01/35,
(Pre-refunded
4/01/25)
4/25
at
100.00
2,100,338
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
7,031,500
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
46
NQP
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(f)
(continued)
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017:
$
140
5.000%,
3/15/45,
(Pre-refunded
3/15/28),
144A
3/28
at
100.00
$
150,802
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
1,472,385
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
3,034,590
Total
U.S.
Guaranteed
53,752,195
Utilities
-
19.1%
(11.5%
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
3,392,464
3,320
5.000%,
12/01/45
12/25
at
100.00
3,383,080
4,165
Allegheny
County
Sanitary
Authority,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2022,
5.000%,
6/01/53,
(UB)
(c)
6/32
at
100.00
4,373,001
6,500
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Project,
Refunding
Series
2006A,
4.750%,
1/01/35,
(Mandatory
Put
7/01/33)
No
Opt.
Call
6,500,000
2,540
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35
(d)
No
Opt.
Call
25
9,855
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2008A,
2.700%,
4/01/35
(d)
No
Opt.
Call
99
6,210
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35
(d)
No
Opt.
Call
62
2,000
Bethel
Park
Municipal
Authority,
Pennsylvania,
Guaranteed
Sewer
Revenue
Bonds,
Series
2020B,
3.000%,
9/01/47
9/30
at
100.00
1,449,040
7,000
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Sewer
System
Revenue
Bonds,
Series
2022A,
4.250%,
12/01/47
-
AGM
Insured,
(UB)
(c)
12/32
at
100.00
6,800,360
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
1,127,194
855
4.000%,
5/01/45
5/25
at
100.00
816,952
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
4,522,827
4,420
0.000%,
12/01/35
No
Opt.
Call
2,581,722
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
5,825,176
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
265,066
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
2,974,114
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
2,828,970
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
8,471,610
5,000
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
5,069,600
47
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
2,915
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Sixteenth
Series
2020A,
5.000%,
8/01/50
-
AGM
Insured
8/30
at
100.00
$
3,025,012
2,735
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/29
8/25
at
100.00
2,806,302
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2018A:
5,000
5.000%,
10/01/48,
(UB)
(c)
10/28
at
100.00
5,139,150
7,000
5.000%,
10/01/53,
(UB)
(c)
10/28
at
100.00
7,172,690
5,000
Philadelphia,
Pennsylvania,
Water
and
Wastewater
Revenue
Bonds,
Series
2022C,
5.500%,
6/01/52
6/32
at
100.00
5,400,850
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2023A:
3,250
5.000%,
9/01/48
-
AGM
Insured
9/33
at
100.00
3,471,293
2,680
4.250%,
9/01/53
-
AGM
Insured
9/33
at
100.00
2,570,120
Westmoreland
County
Municipal
Authority,
Pennsylvania,
Municipal
Service
Revenue
Bonds,
Refunding
Series
2020:
1,000
4.000%,
8/15/24
-
AGM
Insured
No
Opt.
Call
1,004,930
1,000
2.450%,
8/15/37
-
AGM
Insured
8/28
at
100.00
793,280
Total
Utilities
91,764,989
Total
Municipal
Bonds
(cost
$809,971,457)
748,437,569
Shares
Description
(a)
Value
X
47,721,349
COMMON
STOCKS
-
9.9% (6.0%
of
Total
Investments)
X
47,721,349
Electric
Utilities
-
0.0%
(0.0%
of
Total
Investments)
2,024
Talen
Energy
Corp
(g)
$
106,641
Total
Electric
Utilities
106,641
Independent
Power
and
Renewable
Electricity
Producers
-
9.9%
(6.0%
of
Total
Investments)
601,606
Energy
Harbor
Corp
(g),(h)
47,614,708
Total
Independent
Power
and
Renewable
Electricity
Producers
47,614,708
Total
Common
Stocks
(cost
$16,928,491)
47,721,349
Principal
Amount
(000)
Description
Coupon
(i)
Reference
Rate
(j)
Spread
(i)
Maturity
(j)
Value
100,000
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
0.0% (0.0%
of
Total
Investments)
X
100,000
Trading
Companies
&
Distributors
-
0.0%
(0.0%
of
Total
Investments)
$
100
KDC
Agribusiness
Fairless
Hills
LLC
(d),(e)
12.000%
N/A
N/A
09/17/23
$
100,000
Total
Trading
Companies
&
Distributors
100,000
Total
Variable
Rate
Senior
Loan
Interests
(cost
$100,000)
100,000
Total
Long-Term
Investments
(cost
$826,999,948)
796,258,918
Floating
Rate
Obligations
-
(23.8)%
(
114,075,000
)
VRDP
Shares,
Net
-
(45.2)%
(k)
(
216,837,278
)
Other
Assets
&
Liabilities,
Net
-
3.2%
14,862,416
Net
Assets
Applicable
to
Common
Shares
-
100%
$
480,209,056
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
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.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
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.
(g)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
48
NQP
(h)
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).
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
fourth
quarter
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.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity. The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(i)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
London
Inter-Bank
Offered
Rate
("LIBOR"),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(j)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(k)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
27.2%.
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
N/A
Not
Applicable.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
When-issued
or
delayed
delivery
security.
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements.
49
August
31,
2023
(Unaudited)
NAZ
NXJ
NQP
ASSETS
Long-term
investments,
at
value
†
$
232,419,157‌
$
876,520,900‌
$
796,258,918‌
Short-term
investments,
at
value
◊
3,078,000‌
7,000,000‌
–‌
Cash
–‌
5,298,924‌
4,387,655‌
Receivables:
Interest
2,166,285‌
9,212,244‌
11,046,389‌
Investments
sold
–‌
6,138,255‌
19,056,176‌
Other
17,190‌
233,810‌
217,218‌
Total
assets
237,680,632‌
904,404,133‌
830,966,356‌
LIABILITIES
Cash
overdraft
13,932‌
–‌
–‌
Floating
rate
obligations
7,000,000‌
38,595,000‌
114,075,000‌
AMTP
Shares,
Net
*
88,254,347‌
–‌
–‌
VRDP
Shares,
Net
***
–‌
312,711,751‌
216,837,278‌
Payables:
Dividends
347,026‌
1,138,083‌
970,167‌
Interest
92,687‌
547,600‌
2,673,555‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
486,720‌
–‌
15,473,760‌
Accrued
expenses:
Custodian
fees
20,728‌
60,014‌
48,953‌
Investor
relations
3,126‌
10,813‌
9,389‌
Management
fees
121,335‌
449,033‌
402,224‌
Trustees
fees
4,372‌
202,599‌
189,619‌
Professional
fees
18,412‌
19,767‌
17,041‌
Shareholder
reporting
expenses
6,582‌
24,034‌
24,134‌
Shareholder
servicing
agent
fees
2,430‌
2,283‌
3,174‌
Other
9,405‌
30,064‌
33,006‌
Total
liabilities
96,381,102‌
353,791,041‌
350,757,300‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
141,299,530‌
$
550,613,092‌
$
480,209,056‌
Common
shares
outstanding
11,595,866‌
41,264,587‌
37,222,342‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.19‌
$
13
.34‌
$
12
.90‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
115,959‌
$
412,646‌
$
372,223‌
Paid-in
capital
156,642,895‌
589,279,679‌
526,914,425‌
Total
distributable
earnings
(loss)
(
15,459,324‌
)
(
39,079,233‌
)
(
47,077,592‌
)
Net
assets
applicable
to
common
shares
$
141,299,530‌
$
550,613,092‌
$
480,209,056‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
242,204,291‌
$
907,754,445‌
$
826,999,948‌
◊
Short-term
investments,
cost
$
3,078,000‌
$
7,000,000‌
$
—‌
*
AMTP
Shares,
liquidation
preference
88,300,000‌
—‌
—‌
***
VRDP
Shares,
liquidation
preference
—‌
313,900,000‌
217,500,000‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
See
Notes
to
Financial
Statements.
50
Six
Months
Ended
August
31,
2023
(Unaudited)
NAZ
NXJ
NQP
INVESTMENT
INCOME
Interest
$
4,807,603‌
$
17,987,769‌
$
15,702,483‌
Total
investment
income
4,807,603‌
17,987,769‌
15,702,483‌
EXPENSES
–
–
–
Management
fees
727,489‌
2,694,999‌
2,420,458‌
Shareholder
servicing
agent
fees
7,299‌
7,844‌
9,862‌
Interest
expense
and
amortization
of
offering
costs
1,983,415‌
7,439,237‌
6,736,472‌
Trustees
fees
4,377‌
16,511‌
13,372‌
Custodian
expenses
14,614‌
36,292‌
31,174‌
Excise
tax
liability
expense
—‌
1,568‌
—‌
Investor
relations
expenses
5,369‌
20,044‌
16,634‌
Professional
fees
26,607‌
59,750‌
56,577‌
Shareholder
reporting
expenses
7,496‌
21,404‌
22,975‌
Stock
exchange
listing
fees
3,734‌
6,353‌
5,724‌
Other
13,340‌
36,686‌
32,286‌
Total
expenses
2,793,740‌
10,340,688‌
9,345,534‌
Net
investment
income
(loss)
2,013,863‌
7,647,081‌
6,356,949‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
520,710‌
)
(
1,685,382‌
)
(
5,007,206‌
)
Net
realized
gain
(loss)
(
520,710‌
)
(
1,685,382‌
)
(
5,007,206‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
980,648‌
)
627,532‌
(
1,820,108‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
980,648‌
)
627,532‌
(
1,820,108‌
)
Net
realized
and
unrealized
gain
(loss)
(
1,501,358‌
)
(
1,057,850‌
)
(
6,827,314‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
512,505‌
$
6,589,231‌
$
(
470,365‌
)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements.
51
NAZ
NXJ
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
OPERATIONS
Net
investment
income
(loss)
$
2,013,863‌
$
5,425,472‌
$
7,647,081‌
$
21,733,403‌
Net
realized
gain
(loss)
(
520,710‌
)
(
3,063,982‌
)
(
1,685,382‌
)
(
5,591,822‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
980,648‌
)
(
21,339,972‌
)
627,532‌
(
81,281,533‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
512,505‌
(
18,978,482‌
)
6,589,231‌
(
65,139,952‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
2,226,406‌
)
(
6,080,179‌
)
(
7,652,926‌
)
(
23,105,996‌
)
Total
distributions
(
2,226,406‌
)
(
6,080,179‌
)
(
7,652,926‌
)
(
23,105,996‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Reinvestments
of
distributions
—‌
99,790‌
—‌
—‌
Cost
of
shares
repurchased
and
retired
–‌
–‌
(
2,515,143‌
)
–‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
99,790‌
(
2,515,143‌
)
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
1,713,901‌
)
(
24,958,871‌
)
(
3,578,838‌
)
(
88,245,948‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
143,013,431‌
167,972,302‌
554,191,930‌
642,437,878‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
141,299,530‌
$
143,013,431‌
$
550,613,092‌
$
554,191,930‌
See
Notes
to
Financial
Statements.
52
NQP
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
OPERATIONS
Net
investment
income
(loss)
$
6,356,949‌
$
17,682,061‌
Net
realized
gain
(loss)
(
5,007,206‌
)
(
6,002,823‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
1,820,108‌
)
(
75,961,063‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(
470,365‌
)
(
64,281,825‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
6,489,780‌
)
(
18,635,597‌
)
Total
distributions
(
6,489,780‌
)
(
18,635,597‌
)
Common
shares:
Cost
of
shares
repurchased
and
retired
(
1,810,756‌
)
–‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
(
1,810,756‌
)
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(
8,770,901‌
)
(
82,917,422‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
488,979,957‌
571,897,379‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
480,209,056‌
$
488,979,957‌
Statement
of
Cash
Flows
See
Notes
to
Financial
Statements.
53
Six
Months
Ended
August
31,
2023
(Unaudited)
NAZ
NXJ
NQP
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
512,505‌
$
6,589,231‌
$
(470,365‌)
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
(9,568,922‌)
(81,875,692‌)
(51,515,672‌)
Proceeds
from
sale
and
maturities
of
investments
11,190,125‌
90,169,030‌
48,814,741‌
Proceeds
from
(Purchase
of)
short-term
investments,
net
(3,078,000‌)
(7,000,000‌)
—‌
Amortization
(Accretion)
of
premiums
and
discounts,
net
794,922‌
(41,542‌)
1,480,805‌
Amortization
of
deferred
offering
costs
4,381‌
30,389‌
17,340‌
(Increase)
Decrease
in:
Receivable
for
interest
(16,707‌)
46,088‌
(1,041,837‌)
Receivable
for
investments
sold
1,876,297‌
(6,138,255‌)
(18,116,176‌)
Other
assets
(5,866‌)
(14,801‌)
(13,672‌)
Increase
(Decrease)
in:
Payable
for
interest
30,928‌
148,226‌
1,373,869‌
Payable
for
investments
purchased
-
when-issued/delayed-delivery
settlement
486,720‌
(984,590‌)
14,497,290‌
Accrued
custodian
fees
(4,227‌)
(17,461‌)
(14,034‌)
Accrued
investor
relations
fees
(992‌)
(3,666‌)
(2,900‌)
Accrued
management
fees
9,630‌
36,337‌
29,149‌
Accrued
Trustees
fees
1,260‌
11,577‌
10,934‌
Accrued
professional
fees
(13,542‌)
(11,433‌)
(13,142‌)
Accrued
shareholder
reporting
expenses
534‌
3,535‌
4,810‌
Accrued
shareholder
servicing
agent
fees
(3‌)
(361‌)
(168‌)
Accrued
other
expenses
4,249‌
24,078‌
26,865‌
Net
realized
(gain)
loss
from
investments
520,710‌
1,685,382‌
5,007,206‌
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
980,648‌
(627,532‌)
1,820,108‌
Net
cash
provided
by
(used
in)
operating
activities
3,724,650‌
2,028,540‌
1,895,151‌
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
floating
rate
obligations
—‌
17,985,000‌
17,600,000‌
(Repayments
of)
floating
rate
obligations
—‌
(12,625,000‌)
(10,795,000‌)
Increase
(Decrease)
in:
Cash
overdraft
(1,481,721‌)
—‌
—‌
Cash
distributions
paid
to
common
shareholders
(2,242,929‌)
(7,730,629‌)
(6,490,963‌)
Cost
of
common
shares
repurchased
and
retired
—‌
(2,515,143‌)
(1,810,756‌)
Net
cash
provided
by
(used
in)
financing
activities
(3,724,650‌)
(4,885,772‌)
(1,496,719‌)
Net
increase
(decrease)
in
Cash
and
Cash
collateral
at
brokers
—‌
(2,857,232‌)
398,432‌
Cash
and
Cash
collateral
at
brokers
at
the
beginning
of
period
—‌
8,156,156‌
3,989,223‌
Cash
and
Cash
collateral
at
brokers
at
the
end
of
period
$
—‌
$
5,298,924‌
$
4,387,655‌
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NAZ
NXJ
NQP
Cash
paid
for
interest
$
1,947,910‌
$
7,259,870‌
$
5,344,592‌
Financial
Highlights
54
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NAZ
8/31/23(c)
2.72
%
(d)
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
8/31/23(c
)
2.62
(d)
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
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
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Shelf
Offering
Costs
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NAZ
8/31/23(c)
$
12.33
$
0.17
$
(0.12)
$
0.05
$
(0.19)
$
—
$
(0.19)
$
—
$
—
$
12.19
$
10.34
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
8/31/23(c)
13.36
0.18
—
0.18
(0.19)
—
(0.19)
(0.01)
—
13.34
11.31
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)
Percentage
is
not
annualized.
(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:
See
Notes
to
Financial
Statements.
55
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
0.40‌
%
(6.85‌)
%
$
141,300
3.84‌
%
(d)
2.76‌
%
(d)
4‌
%
(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
1.21‌
1.08‌
550,613
3.64‌
(d)
2.69‌
(d)
9‌
(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
(c)
Unaudited.
(d)
Annualized.
56
Financial
Highlights
(continuted)
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NQP
8/31/23(c
)
2.71
%
(d)
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
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
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NQP
8/31/23(c)
$
13.08
$
0.17
$
(0.17)
$
—
$
(0.17)
$
—
$
(0.17)
$
(0.01)
$
12.90
$
10.99
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)
Percentage
is
not
annualized.
(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:
See
Notes
to
Financial
Statements.
57
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
(0.07‌)
%
(0.26‌)
%
$
480,209
3.76‌
%
(d)
2.55‌
%
(d)
6‌
%
(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
(c)
Unaudited.
(d)
Annualized.
58
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
8/31/23(c)
$
88,300
$
260,022
$
—
$
—
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
8/31/23(c)
—
—
313,900
275,410
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
NQP
8/31/23(c)
—
—
217,500
320,786
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.
(c)
Unaudited.
Notes
to
Financial
Statements
(Unaudited)
59
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
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
and
NQP
were
organized
as
Massachusetts
business
trusts
on
April
8,
2013,
June
1,
1999
and
December
20,
1990,
respectively
(NAZ
previously
organized
as
Minnesota
trusts
on
January
23,
1991).
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
August
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
August
31,
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.
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.
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
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
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
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
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:
60
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
New
Accounting
Pronouncement:
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
Accounting
Pronouncement:
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.
During
the
current
fiscal
period,
the
Funds
adopted
the
new
guidance
and
there
was
no
material
impact
to
the
Funds.
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.
Fund
Gross
Custodian
Fee
Credits
NAZ
$
—
NXJ
—
NQP
—
61
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.
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:
NAZ
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
232,419,157
$
–
$
232,419,157
Short-Term
Investments:
Municipal
Bonds
–
3,078,000
–
3,078,000
Total
$
–
$
235,497,157
$
–
$
235,497,157
NXJ
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
876,520,900
$
–
$
876,520,900
Short-Term
Investments:
Municipal
Bonds
–
7,000,000
–
7,000,000
Total
$
–
$
883,520,900
$
–
$
883,520,900
NQP
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
748,419,769
$
17,800*
$
748,437,569
Common
Stocks
–
47,721,349
–
47,721,349
Variable
Rate
Senior
Loan
Interests
–
–
100,000*
100,000
Total
$
–
$
796,141,118
$
117,800
$
796,258,918
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
62
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
these
Notes
to
Financial
Statements.
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
these
Notes
to
Financial
Statements.
4.
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
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:
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAZ
$
7,000,000
$
—
$
7,000,000
NXJ
38,595,000
21,660,000
60,255,000
NQP
114,075,000
—
114,075,000
63
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:
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.
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAZ
$
7,000,000
4.33
%
NXJ
34,659,890
3.96
NQP
105,805,877
3.90
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
38,595,000
21,660,000
60,255,000
NQP
114,075,000
—
114,075,000
Fund
Purchases
Sales
and
Maturities
NAZ
$
9,568,922
$
11,190,125
NXJ
81,875,692
90,169,030
NQP
51,515,672
48,814,741
64
Notes
to
Financial
Statements
(Unaudited)
(continued)
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. 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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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
pre-determined
threshold
amount.
6.
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
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
7,827
—
—
Repurchased
and
retired
—
—
(218,349)
—
Total
—
7,827
(218,349)
—
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
–
–
11.50
–
Discount
per
share
repurchased
and
retired
–%
–%
(16.22)%
–%
NQP
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Common
Shares:
Repurchased
and
retired
(160,999)
—
Total
(160,999)
—
Weighted
average
common
share:
Price
per
share
repurchased
and
retired
11.23
–
Discount
per
share
repurchased
and
retired
(15.95)%
–%
65
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
and
NQP
had
$312,711,751
and
$216,837,278
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
$88,254,347
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
4.10
%
66
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
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.
7.
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.
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.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special
Rate
Period
Expiration
Maturity
NXJ
1
810
N/A**
$81,000,000
July
17,
2024
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
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
4.24
%
NQP
217,500,000
4.23
67
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.
As
of
the
end
of
the
reporting
period,
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
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
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:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAZ
$
238,179,411
$
1,032,503
$
(10,714,705)
$
(9,682,202)
NXJ
874,371,355
17,094,810
(46,540,025)
(29,445,215)
NQP
712,668,754
38,963,239
(69,447,582)
(30,484,343)
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)
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
on
February
1,
2023
and
paid
on
March
1,
2023.
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
NQP
4,620,885
5,659,004
10,279,889
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
68
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
August
31,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
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:
9.
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.
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
0.1600%
NXJ
0.1600%
NQP
0.1600%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAZ
$
1,049,741
$
—
$
—
NXJ
—
—
—
NQP
—
—
—
69
10.
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
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
in June
2023.
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:
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.
Fund
Maximum
Outstanding
Balance
NAZ
$
722,793
NXJ
4
51,017
NQP
660,198
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAZ
3
$
722,793
6.28
%
NXJ
3
451,017
6.28
NQP
3
660,198
6.28
70
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
Risk
Considerations
(Unaudited)
71
Fund
Shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
Arizona
Quality
Municipal
Income
Fund
(NAZ)
Nuveen
New
Jersey
Quality
Municipal
Income
Fund
(NXJ)
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(NQP)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NAZ,
www.nuveen.com/
NXJ
and
www.nuveen.com/NQP.
72
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
Congress
Street
Suite
1
Boston,
MA
02114-2016
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
NQP
Common
Shares
Repurchased
0
218,349
160,999
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
73
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.
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.
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
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.
74
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
are
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
their
respective
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-
Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
securities
lending;
liquidity
management;
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
(including,
among
other
things,
an
analysis
of
secondary
market
performance
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
of
Nuveen
closed-end
funds);
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
75
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
With
respect
to
closed-end
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
76
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
over
specified
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
acknowledged
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
helping
to
provide
income.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
77
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Arizona
Quality
Municipal
Income
Fund
(the
“Arizona
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
The
Fund,
however,
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December 31,
2022
and
the
first
quartile
for
the
three-
and
five-year
periods
ended
December 31,
2022.
The
Fund
also
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Jersey
Quality
Municipal
Income
Fund
(the
“New
Jersey
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
second
quartile
for
the
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Pennsylvania
Quality
Municipal
Income
Fund
(the
“Pennsylvania
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
five-year
period
ended
March
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March 31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
closed-end
fund’s
actual
management
fee
rate
(after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
established
by
Broadridge.
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
as
well
as
changes
to
the
composition
of
the
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
(excluding
investment-related
costs
of
leverage
for
closed-end
funds)
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
total
net
expenses
both
including
and
excluding
investment-related
expenses
(i.e.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
recognized
that
leverage
expenses
will
vary
across
funds
and
in
comparison
to
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
(excluding
leverage
costs
and
leveraged
assets
for
the
closed-end
funds)
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Universe.
78
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
with
respect
to
closed-end
funds
that
utilize
leverage,
the
Independent
Board
Members
recognized
that
certain
assets
attributable
to
a
fund’s
use
of
leverage
may
be
included
in
the
amount
of
assets
upon
which
the
advisory
fee
or
sub-advisory
fee
is
calculated.
The
Independent
Board
Members
acknowledged
the
fact
that
a
decision
to
employ
leverage
or
increase
a
fund’s
leverage
which
has
the
effect,
all
other
things
being
equal,
of
increasing
the
assets
upon
which
an
advisory
or
sub-
advisory
fee
is
based
(and,
in
turn,
increasing
the
Adviser’s
and
applicable
sub-adviser’s
management
fees),
means
that
the
Adviser
and
applicable
sub-adviser
may
have
a
conflict
of
interest
in
determining
whether
to
use
or
increase
leverage.
The
Independent
Board
Members
recognized,
however,
that
the
Adviser
and
sub-advisers
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
the
Adviser
and/or
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
also
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1 million
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Arizona
Fund
and
the
New
Jersey
Fund
each
had
an
actual
management
fee
that
was
in
line
with
the
respective
peer
average
and
a
net
total
expense
ratio
that
was
below
the
respective
peer
average;
and
(b)
the
Pennsylvania
Fund
had
an
actual
management
fee
and
a
net
total
expense
ratio
that
were
in
line
with
the
respective
peer
averages.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
municipal
Nuveen
funds,
such
other
clients
may
include
retail
and
institutional
municipal
managed
accounts
sub-advised
by
the
Sub-Adviser,
municipal
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
certain
municipal
private
limited
partnerships
offered
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts,
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
municipal
ETFs
offered
outside
the
Nuveen
family
and
the
management
fee
rates
paid
by
the
municipal
private
limited
partnerships
operated
by
Nuveen.
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
79
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2022
and
December
31,
2021.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
noted,
however,
that
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
80
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Board
acknowledged
that
an
affiliate
of
the
Adviser
may
receive
compensation
for
serving
as
a
co-manager
in
the
initial
public
offerings
of
new
Nuveen
closed-end
funds
(if
any)
and
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services,
if
any,
in
2021
and
2022.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-B-0823P
3131568-INV-B-10/24
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

ITEM 2. | CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

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

Not applicable to this filing.

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 to this filing.

(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: See 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: See 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/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer

Date: November 3, 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: November 3, 2023

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

Date: November 3, 2023