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Nuveen Arizona Quality Municipal Income Fund (NAZ)

Filed: 7 May 20, 10:37am


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)

Gifford R. Zimmerman
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: Date: February 29

Date of reporting period: February 29, 2020

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.





 


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Table of Contents
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
3


Chair’s Letter
to Shareholders


Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. The extreme “social distancing” efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying market volatility, as global supply chains and consumer and business demand remain significantly disrupted. However, the full economic impact remains to be seen. The number of confirmed cases is still accelerating in the U.S. and other parts of the world, and previous epidemics offer few parallels to today’s situation. The spike in market volatility during March reflected great uncertainty, and while conditions have stabilized to some degree, we expect that large swings in both directions are likely to continue until there is more clarity.
While we do not want to understate the dampening effect on the global economy, differentiating short-term interruptions from the longer-lasting implications to the economy may provide opportunities. Some areas of the global economy were already on the mend prior to the coron-avirus epidemic. Momentum could pick up again as factories come back online and consumer demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments. Additional aid will likely be approved in the months ahead.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial advisor, who can review 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.
Sincerely,
Terence J. Toth
Chair of the Board
April 22, 2020
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Portfolio Managers’ Comments


Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers Michael S. Hamilton and Daniel J. Close, CFA, review U.S. economic and municipal market conditions, key investment strategies and the twelve-month reporting period performance of these three Nuveen Funds. Michael assumed portfolio management responsibility for NAZ in 2011, while Dan has managed NUM and NUO since 2007.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended February 29, 2020?
The longest economic expansion in U.S. history came to an abrupt halt in early 2020 amid the coronavirus pandemic. With large portions of the economy shut down, companies closing either temporarily or permanently, and nearly half of the U.S. population asked to stay home (as of March 2020, subsequent to the close of this reporting period), the economy is expected to show a deep contraction in the first quarter of 2020 and a dramatic increase in unemployment in the coming months.
In this twelve-month reporting period, however, the coronavirus had not yet had an impact on domestic economic indicators. Overall, economic growth remained steady over this reporting period. In the fourth quarter of 2019, gross domestic product (GDP) grew at an annualized rate of 2.1%, according to the “second” estimate by the Bureau of Economic Analysis. GDP measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. In the final months of the year, the economy was boosted by moderate consumer spending, along with positive contributions from government spending and trade, which offset weakness in business investment. For 2019 as a whole, U.S. GDP grew 2.3%, a decline from 2.9% in 2018 and the slowest pace since 2016.
Consumer spending, the largest driver of the economy, remained well supported in this reporting period by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.5% in February 2020 from 3.8% in February 2019 and job gains averaged around 194,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 3.0% in February 2020. However, inflation remained subdued.


This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
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Portfolio Managers’ Comments (continued)
The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 2.3% over the twelve-month reporting period ended February 29, 2020 before seasonal adjustment.
Low mortgage rates and low inventory drove home prices moderately higher in this reporting period. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 3.9% year-over-year in January 2020 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 2.6% and 3.1%, respectively.
As data pointed to slower momentum in the overall economy, the U.S. Federal Reserve (Fed) left rates unchanged throughout the first half of 2019 then cut rates by 0.25% at each of the July 2019, September 2019 and October 2019 policy committee meetings. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing. The Fed continued its Treasury bill buying in January 2020, as well as left its benchmark interest rate unchanged, while noting the emerging coronavirus risks. (Subsequent to the end of this reporting period, and in response to the COVID-19 outbreak, the Fed enacted an array of emergency measures to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. Meanwhile, the U.S. government approved three aid packages, totaling more than $100 billion in funding to health agencies and employers offering paid leave and $2 trillion in direct payments to Americans, an expansion of unemployment insurance and loans to large and small businesses.)
While trade and tariff policy drove market sentiment for most of the twelve-month reporting period, the outbreak of the novel coron-avirus and its associated disease COVID-19 rapidly dwarfed all other market concerns as the reporting period was closing. Equity and commodity markets sold-off and safe-haven assets rallied as China and other countries initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility.
Prior to the virus outbreak, markets had become more bullish on the outlook for 2020 as trade policy and Brexit appeared to make progress at the end of 2019. The U.S. and China agreed on a partial trade deal, which included rolling back some tariffs, increasing China’s purchases of U.S. agriculture products and the consideration of intellectual property, technology and financial services rights. The “phase one” deal was signed on January 15, 2020. While much of the focus remained on the U.S.-China relationship, trade spats between the U.S. and Mexico, the European Union (EU), Brazil and Argentina also arose throughout the reporting period. In January 2020, the U.S. Congress fully approved the U.S., Mexico and Canada Agreement (USMCA), which replaces the North American Free Trade Agreement. With more clarity on trade deals, the trade-related deterioration in global manufacturing and export data was expected to improve. However, the COVID-19 outbreak has since upended those assumptions.
The U.K. officially left the EU on January 31, 2020. After former Prime Minister Theresa May was unable to secure a Brexit deal by the original March 29, 2019 deadline, she resigned as of June 7, 2019. When her successor, Boris Johnson, failed to meet the EU’s first deadline extension of October 31, 2019, the EU approved a “flextension” to January 31, 2020. The Conservative Party won a large majority in the December 2019 general election and Parliament passed the Brexit Bill days later, facilitating the U.K.’s exit at the end of January 2020. Britain must now redefine its relationship with the EU during the 11-month transition period.
Investors also remained watchful of local political dynamics around the world. In Italy, the prime minister unexpectedly resigned in August 2019, and the newly formed coalition government appeared to take a less antagonistic stance. Europe’s traditional centrist parties lost seats in the May 2019 Parliamentary elections and populist parties saw marginal gains. Europe also contended with the “yellow vest” protests in France, immigration policy concerns, Russian sanctions and political risk in Turkey. Anti-government protests erupted across Latin America, Hong Kong and Lebanon during 2019. Venezuela’s economic and political crisis deepened. Argentina
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surprised the market with the return of a less market-friendly administration. Brazil’s Bolsonaro administration achieved a legislative win on pension reform and kept the economy on a path of modest growth. The ruling parties in India and South Africa maintained their majorities, where slower economic growth could complicate their respective reform mandates.
Municipal bonds delivered strong performance over the twelve-month reporting period. The significant decline in interest rates was the main driver of higher municipal bond prices, with positive technical and fundamental conditions also supporting credit spread tightening. Signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility drove interest rates considerably lower over the reporting period. The U.S. Treasury market began pricing coronavirus risk toward the very end of the reporting period, with a steep fall in yields, but the municipal market registered a relatively smaller move at the time. The U.S. Treasury yield curve flattened overall, with a portion of the curve temporarily inverting from late August 2019 to late September 2019. The municipal yield curve also flattened overall, as yields on longer maturities fell more than those of shorter maturities. Despite concerns about the broader economic outlook, credit conditions remained favorable for municipal credits. State tax revenues have increased across the 50 states and a healthy housing market added to local government tax revenues. Defaults in 2019 were mainly confined to idiosyncratic situations.
Municipal bond gross issuance nationwide remained robust in this reporting period. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance increased meaningfully in 2019. The Tax Cut and Jobs Act of 2017 prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs.
Demand for municipal bonds was robust in this reporting period, with consistently positive cash flows into municipal bond funds in calendar year 2019 and the first two months of 2020. (Fund flows turned more volatile after the close of the reporting period as markets began to assess the coronavirus impact.) Low interest rates in the U.S. and globally have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have begun to assess the impact of the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds in 2019 to date, especially in states with high income and/or property taxes.
How were the economic and market environments in Arizona, Michigan and Ohio during the twelve-month reporting period ended February 29, 2020?
Arizona’s economy continues to grow steadily since the recession of 2008 and the collapse of the housing market. The state’s job growth exceeded the nation’s for 2019, driven by construction, financial activities, education and health care, and leisure and hospitality. Arizona’s favorable business environment and ample workforce has lured new businesses into the state, recently including financial and insurance institutions such as USAA and State Farm. The economy’s improvement continues to favorably impact the housing market. Gains in Arizona housing prices have been driven primarily by the Phoenix market, with the state’s smaller metropolitan areas also showing progress. According to the S&P CoreLogic Case-Shiller Index, housing prices in Phoenix rose 6.9% over the twelve months ended January 2020 (most recent data available at the time this report was prepared), compared with a 3.9% price increase nationally. In the job market, the Arizona unemployment rate was 4.5% as of February 2020 versus 3.5% for the nation. Governor Ducey enacted the state’s $11.85 billion general fund Fiscal Year 2020 budget, up 14.1% over the previously enacted budget. The budget includes depositing $542 million into the rainy day fund, additional money for K-12 education, including a teacher salary increase, and increased funding for public safety and drought contingency plans without raising taxes. The
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Portfolio Managers’ Comments (continued)
recovering economy has helped the state replenish its rainy day fund, growing it to $1 billion after it was almost depleted in Fiscal Year 2009. For the state of Arizona, its Biennial Fiscal Year end is June 30, 2020. Due to the COVID-19 crisis, the state’s budget will be impacted to a varying degree as tax receipts are reduced and the expense to fight the virus increases. Moody’s upgraded the state’s Issuer Credit Rating (ICR) on November 19, 2019, from Aa2 to Aa1, citing “the state’s continued economic growth, the rebuilding of its reserves and the reduction to its already low debt burden.” As of February 2020, S&P and Moody’s rated Arizona’s ICR at AA and Aa1, respectively, with a stable outlook.
Michigan’s economic growth has outpaced many of its Great Lakes region neighbors in recent years, driven by employment growth and continued economic diversification. To a large extent, the Michigan economy remains tied to events in the auto industry, as the “Big Three” (General Motors, Ford and Chrysler) continued to rank among the state’s five largest employers. However, auto manufacturing is not expected to be a driver of growth for Michigan in the near term. Light motor vehicle sales were essentially flat in calendar year 2019, while sales forecasts show stable to slight declines annually through 2022. Overall, Michigan remains heavily reliant on manufacturing, which represented 14.2% of employment in the state, compared with 8.5% nationally in 2019. As of February 2020, Michigan’s unemployment rate was just 3.6%. Favorably, the state’s labor force participation rate has remained stable as unemployment has improved, indicating a real improvement in job growth. Following the peak in housing prices in mid-2006, home prices in Michigan declined dramatically and the inventory of foreclosed homes remained elevated in many of the state’s hardest-hit metropolitan areas, including Detroit, Warren and Flint. Improvement in the state economy has brought slow, steady improvement in the housing market. According to the S&P CoreLogic Case-Shiller Index of 20 major metropolitan areas, housing prices in Detroit rose 3.5% over the twelve months ended January 2020 (most recent data available at the time this report was prepared), compared with a 3.9% price increase nationally. On the fiscal front, as revenues improved, the state has demonstrated a commitment to rebuilding reserves and maintaining structurally balanced operations. The state’s previously depleted budget stabilization/rainy day reserve fund was on pace to exceed $1 billion by the end of Fiscal Year 2019, equal to over 4.5% of combined operating revenues. The state’s improved financial and cash position has eliminated the need for cash flow borrowing, which the state hasn’t resorted to since 2011. Strong income and sales tax revenue growth have helped make this possible, though the pace of revenue growth is projected to slow over the next two years. This slowdown and the state’s gap in infrastructure spending have the potential to pose future budgetary pressure. Michigan’s Fiscal Year 2020 budget increased spending by 3% over the prior year to $58.9 billion. Unable to secure legislative support for a transportation infrastructure improvement plan funded by a gas tax increase, Governor Whitmer announced a plan to instead borrow up to $3.5 billion to fix state roads. The state of Michigan and its local governments will be challenged fiscally in its response to the coronavirus outbreak, and the economy is expected to slow as a result of mandatory closures due to the virus. The size of the impact will depend on the speed of the containment and if the state costs are reimbursed by the federal government. The state has a history of proactively managing its budget. Strong management combined with the state’s solid financial position provides some financial flexibility as the situation evolves. For the state of Michigan, its Fiscal Year end is September 30, 2020. Due to the COVID-19 crisis, the state’s budget will be impacted to a varying degree as tax receipts are reduced and the expense to fight the virus increases. As of February 2020, Moody’s and S&P rated Michigan general obligation (GO) debt at Aa1 and AA-, respectively.
Ohio is trailing the nation in terms of job growth but is besting most of its Midwest peers. Ohio’s job growth in 2019 was an under-whelming 0.5% from a year ago because of losses in manufacturing. The state’s unemployment rate was 4.1% for February 2020, compared to 3.5% for the nation. Ohio’s gross domestic product was $676 billion in 2018, making Ohio the seventh largest state economy. Ohio ranks fourth among the 50 states in manufacturing gross domestic product. The COVID-19 outbreak in early 2020 is affecting Ohio’s steel and auto manufacturers because of global supply and demand disruptions. On the flip side, Ohio’s health care industry is booming and accounted for more than one-third of all net new jobs in 2019. Health care providers are continuing to invest and expand in the state’s largest metro areas. Ohio’s economy has also been affected by stagnant population growth. The state���s population grew by 174,000 to nearly 11.7 million between 2008 and 2018, placing the state’s lackluster growth at 41st in the nation. According to the S&P CoreLogic Case-Shiller Index, housing prices in Cleveland rose 3.9% over the twelve months ended January 2020 (most recent data available at the time this report was prepared), in line with the 3.9% price increase nationally. Ohio’s median household income continues to widen from the national median. Ohio’s median household income stood at $54,021, which
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places it 35th in the U.S., according to the Census Bureau. Ohio operates on a biennial budget cycle. The $69 billion, two-year spending plan for Fiscal Years 2020 and 2021 includes a 4% reduction in personal income tax rates. In the transportation budget, the state increased the gas tax 10.5 cents, bringing it to 38.5 cents per gallon, which will be directed toward transportation infrastructure spending. On the fiscal front, total tax receipts in the state’s general fund are up 3.1% over the prior year, through February 2020. Disbursements from the general fund are 0.9% below estimate for the same year-to-date period. The state’s conservative fiscal management has resulted in a strong financial position, with sound liquidity and reserve levels. Ohio prioritized the rebuilding of its budget stabilization fund after the Great Recession. The current budget stabilization fund balance of $2.7 billion is 8.5% of general fund revenues. For the state of Ohio, its Biennial Fiscal Year end is June 30, 2020. Due to the COVID-19 crisis, the state’s budget will be impacted to a varying degree as tax receipts are reduced and the expense to fight the virus increases. As of February 2020, Moody’s and S&P rated Ohio GO debt at Aa1 and AA+, respectively, with stable outlooks.
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 29, 2020?
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. Each Fund may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in NAM’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. To the extent that the Funds invest in bonds of municipal issuers located in other states, each Fund may have income that is not exempt from state personal income tax.
Municipal bonds performed well in this reporting period as valuations benefited from the falling interest rate environment and favorable technical supply-demand conditions. The municipal bond market experienced historically robust demand in the reporting period, particularly in high tax states such as California, New York and New Jersey, that exceeded the moderate pace of issuance. The new limits on state and local tax, or SALT, deductions resulted in larger than expected tax burdens for some high income taxpayers, driving demand for the tax benefits offered by municipal bonds. In this reporting period, Arizona’s municipal market underperformed the national market and Ohio’s market outperformed the national municipal market, while Michigan’s market performed nearly in line with the national market, as measured by their respective state S&P Municipal Bond Indexes.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds’ investment objectives.
In the Arizona Fund, we bought primarily 15 year and longer maturities to help maintain the Fund’s duration band. We also tended to emphasize 4% coupon structures as the opportunity to buy attractive 5% coupon bonds dwindled. NAZ added positions across a range of sectors, including health care, charter schools, higher education and Puerto Rico sales tax bonds known as COFINAs. To fund our buying, we mainly used the proceeds from selling short bonds, e.g. bonds maturing in less than a year, pre-refunded bonds and bonds with shorter call structures.
In the Michigan Fund, we bought several long-dated higher education credits (Wayne State University, Western Michigan University and Ferris State University) and new issues for Trinity Health Care and Grand Rapids Sanitary Sewer, as well as added to the Fund’s COFINA exposure in the second half of the reporting period. We bought these bonds with the cash from called and maturing bonds.
In the Ohio Fund, purchases in the second half of the reporting period emphasized long maturities, including dedicated tax bonds offering 5% coupons, Ohio Water revenue bonds, a non-rated Port of Greater Cincinnati tax increment financing deal and Franklin County Hilton Hotel credits. Most of the new purchases were funded with the proceeds from called and maturing bonds, as well as the sale of pre-refunded and other short maturity, high quality bonds. Also during the second half of the reporting period, the state
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Portfolio Managers’ Comments (continued)
of Ohio refinanced its outstanding Buckeye Tobacco Settlement bonds. A large portion of the Fund’s Buckeye Tobacco exposure was called away, and we bought both long-dated 5% coupon structures and zero coupon structures of the replacement Buckeye Tobacco bonds.
Additionally, as explained in the August 31, 2019 semiannual report to shareholders, NUM and NUO each bought out-of-state issues in the first half of this reporting period, as we worked to embed a higher yield in the overall portfolios and move the Funds’ duration profiles closer to that of their benchmark indexes. We accomplished this by selling some shorter-dated, high quality (and lower yielding) in-state paper and using the proceeds to buy higher yielding out-of-state bonds.
As of February 29, 2020, NAZ, NUM and NUO continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform for the twelve-month reporting period ended February 29, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended February 29, 2020. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended February 29, 2020, the total returns on common share NAV for the three Funds outperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index.
The factors driving performance in this reporting period included yield curve and duration positioning, credit ratings exposure and sector allocation. The substantial decline in interest rates helped longer duration bonds outperform over short duration bonds. NAZ and NUO benefited from their overweighted positioning in longer dated credits and underweights in short dated credits. NUM’s yield curve positioning, however, was a slight detractor from performance due to an underweight to 12-year and longer maturities, which were the best performing segment, and overweight to short maturities, which lagged. NUM’s holdings in the short maturity segment include bonds bought when prevailing interest rates were higher. While these bonds’ maturities have drifted lower over time as they approach their term dates, we have continued to hold them because of their higher embedded yields, which support the Fund’s income stream.
Our emphasis on lower rated, higher yielding bonds aided relative performance. Broadly speaking, the highest credit quality (AAA and AA rated) bonds underperformed in this reporting period, while lower rated bonds tended to outperform, due to strong investor demand for yield in an environment of low interest rates and a positive credit backdrop. On a relative performance basis, NAZ benefited from its underweights to high grade paper and overweights to bonds rated single A and lower, although the overall positive impact to relative performance was small. In NUM, an overweight to AAA rated bonds detracted from relative performance but the allocation to single B rated bonds (which are primarily tobacco settlement bonds) contributed positively. NUO’s credit ratings allocations were a drag on relative performance, mostly due to an overweight to AA rated credits, one of the weakest performing segments, and less exposure to non-rated bonds, which performed very well.
On a sector basis, the Arizona Fund’s underweight allocation to the tax supported sector was advantageous. Additionally, within the overall tax supported sector, NAZ held an overweight to incremental tax bonds, which further benefited performance. Another positive contributor was NAZ’s exposure to “other utilities” bonds, namely an overweight allocation to the strong performing Salt Verde Prepay Gas bonds. Although NAZ was overweight to outperforming sectors such as education and health care, our duration positioning within the sectors was unfavorable as the Fund held less exposure to longer duration bonds in these sectors. In aggregate, NAZ’s sector allocations contributed a marginal relative gain. In the Michigan Fund, an overweight to pre-refunded bonds detracted from relative performance, while the allocation to dedicated tax bonds added value. The Ohio Fund benefited from an overweight allocation to toll road credits and exposure to the industrial development revenue/pollution control revenue sector, which offset underperformance of its pre-refunded bonds allocation.
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The use of regulatory leverage was a factor affecting the Funds’ performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
The COVID-19 coronavirus pandemic has delivered a shock to the global economy. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets began to sell off severely, reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered, below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note below 1% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand while Saudi Arabia and Russia engaged in a price war.
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, but volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
After the end of the reporting period, the performance of each of the Funds in this report was negatively impacted by these events. Prices of municipal securities fell, which caused the leverage ratios of the Funds to increase markedly. After the U.S. Government took several actions to support the economy and the securities markets, those markets have largely normalized since the worst of the market dislocation in late March 2020, and bond prices have mostly recovered. However, it is possible that similar market dislocations will recur as the COVID-19 pandemic and society’s response to it plays out.
Additionally, the economic disruption caused by the COVID-19 pandemic is also very likely to negatively impact the state and local budgetary matters described earlier in the report, with states and localities being more likely to run budget deficits (or larger deficits) during the period of economic contraction stemming from the COVID-19 pandemic.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
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Fund Leverage
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. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
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 municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and 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 tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.
Leverage from issuance of preferred shares had a positive impact on the total return performance of the Funds over the reporting period. The use of leverage through inverse floating rate securities was negligible to the total return performance of the Funds over the reporting period. Subsequent to the close of the reporting period, the outbreak of the COVID-19 pandemic led to a significant downturn in global economies and capital markets. As security prices fell, each Fund’s use of leverage impacted total returns negatively.
As of February 29, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
    
 
NAZ NUM NUO 
Effective Leverage* 
36.79% 36.92% 34.58% 
Regulatory Leverage* 
32.91% 34.33% 31.20% 
 
 
*  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. 
 
THE FUNDS’ REGULATORY LEVERAGE
As of February 29, 2020, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
          
 
 Variable Rate  Variable Rate    
 
 Preferred*  Remarketed Preferred**    
 
 Shares  Shares    
 
 Issued at  Issued at    
 
 Liquidation  Liquidation    
 
 Preference  Preference  Total 
NAZ 
 
$
88,300,000
  
$
  
$
88,300,000
 
NUM 
 
$
173,000,000
  
$
  
$
173,000,000
 
NUO 
 
$
148,000,000
  
$
  
$
148,000,000
 
 
  
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, Note 5 – Fund Shares, Preferred Shares 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, Note 5 – Fund Shares, Preferred Shares for further details. 
 
Refer to Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
12

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of February 29, 2020. 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.
          
  Per Common Share Amounts 
Monthly Distributions (Ex-Dividend Date)  NAZ  NUM  NUO 
March 2019 
 
$
0.0415
  
$
0.0445
  
$
0.0455
 
April 
  
0.0415
   
0.0445
   
0.0455
 
May 
  
0.0415
   
0.0445
   
0.0455
 
June 
  
0.0438
   
0.0445
   
0.0418
 
July 
  
0.0438
   
0.0445
   
0.0418
 
August 
  
0.0438
   
0.0445
   
0.0418
 
September 
  
0.0438
   
0.0445
   
0.0418
 
October 
  
0.0438
   
0.0445
   
0.0440
 
November 
  
0.0438
   
0.0445
   
0.0440
 
December 
  
0.0438
   
0.0445
   
0.0440
 
January 
  
0.0438
   
0.0445
   
0.0440
 
February 2020 
  
0.0438
   
0.0445
   
0.0440
 
Total Distributions from Net Investment Income  
$
0.5187
  
$
0.5340
  
$
0.5237
 
Total Distributions from Long-Term Capital Gains*  
$
  
$
  
$
0.0601
 
Total Distributions  
$
0.5187
  
$
0.5340
  
$
0.5838
 
  
Yields             
Market Yield** 
  
3.78
%
  
3.76
%
  
3.43
%
Taxable-Equivalent Yield** 
  
6.91
%
  
6.84
%
  
6.29
%
 
  
Distribution paid in December 2019. 
** 
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 45.3%, 45.1% and 45.6% for NAZ, NUM and NUO, 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.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
13

Common Share Information (continued)
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE REPURCHASES
During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of February 29, 2020, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
    
 
NAZ NUM NUO 
Common shares cumulatively repurchased and retired 
127,500 784,500 205,000 
Common shares authorized for repurchase 
1,155,000 2,025,000 1,830,000 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of February 29, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.
          
 
 NAZ  NUM  NUO 
Common share NAV 
 
$
15.56
  
$
16.36
  
$
17.81
 
Common share price 
 
$
13.89
  
$
14.20
  
$
15.41
 
Premium/(Discount) to NAV 
  
(10.73
)%
  
(13.20
)%
  
(13.48
)%
12-month average premium/(discount) to NAV 
  
(10.74
)%
  
(11.99
)%
  
(10.57
)%
 
14

Risk Considerations and Investment Policy Updates
Risk Considerations
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 Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
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/NUM and www.nuveen.com/NUO.
Investment Policy Updates
Change in Investment Policy
Each of the Funds has recently adopted the following policy regarding limits to investments in illiquid securities:
While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.
New Temporary Investment Policy
Each of the Funds has adopted the following policy regarding its temporary investments.
Each Fund may temporarily depart from its normal investment policies and strategies – for instance, by allocating up to 100% of its assets to cash equivalents, short-term investments, or municipal bonds that do not comply with a Fund’s Name Policy – in response to adverse or unusual market, economic, political or other conditions. Such conditions could include a temporary decline in the availability of municipal bonds that comply with a Fund’s Name Policy. During these periods, the weighted average maturity of a Fund’s investment portfolio may fall below the defined range described in the respective Fund Summary under “Principal Investment Strategies” and a Fund may not achieve its investment objective to distribute income that is exempt from regular federal and state personal income tax.
15

  
NAZ 
Nuveen Arizona Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 29, 2020 
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NAZ at Common Share NAV 
13.60% 5.25% 6.26% 
NAZ at Common Share Price 
15.89% 3.99% 5.63% 
S&P Municipal Bond Arizona Index 
8.07% 3.67% 4.47% 
S&P Municipal Bond Index 
8.94% 3.93% 4.56% 
 
Past performance is not predictive of future results. Current performance 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.


16

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) 
 
Long-Term Municipal Bonds 
153.7% 
Other Assets Less Liabilities 
0.7% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 154.4% 
Floating Rate Obligations 
(5.4)% 
AMTP Shares, net of deferred 
 
offering costs (49.0)% 
Net Assets 100% 
 
  
States and Territories 
 
(% of total municipal bonds) 
 
Arizona 
95.5% 
Guam 
3.0% 
Puerto Rico 
1.4% 
Virgin Islands 
0.1% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
23.8% 
Tax Obligation/Limited 
21.5% 
Utilities 
13.1% 
Health Care 
12.5% 
Tax Obligation/General 
10.9% 
U.S. Guaranteed 
6.3% 
Water and Sewer 
5.7% 
Other 
6.2% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
4.5% 
AAA 
7.7% 
AA 
49.2% 
24.2% 
BBB 
2.3% 
BB or Lower 
5.7% 
N/R (not rated) 
6.4% 
Total 100% 
 
17

  
NUM Nuveen Michigan Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 29, 2020
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NUM at Common Share NAV 
11.92% 5.01% 6.11% 
NUM at Common Share Price 
13.59% 5.42% 6.58% 
S&P Municipal Bond Michigan Index 
8.98% 4.31% 4.99% 
S&P Municipal Bond Index 
8.94% 3.93% 4.56% 
 
Past performance is not predictive of future results. Current performance 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.

18

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) 
 
Long-Term Municipal Bonds 
154.2% 
Other Assets Less Liabilities 
1.7% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 155.9% 
Floating Rate Obligations 
(3.7)% 
AMTP Shares, net of deferred 
 
offering costs (52.2)% 
Net Assets 100% 
 
  
States and Territories 
 
(% of total municipal bonds) 
 
Michigan 
92.8% 
Puerto Rico 
2.3% 
Texas 
1.2% 
Colorado 
1.1% 
North Carolina 
1.0% 
Missouri 
0.5% 
Florida 
0.4% 
Kentucky 
0.3% 
Georgia 
0.2% 
Washington 
0.1% 
Oregon 
0.1% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
23.7% 
Tax Obligation/General 
18.8% 
Health Care 
13.2% 
Tax Obligation/Limited 
11.1% 
Water and Sewer 
9.3% 
U.S. Guaranteed 
9.2% 
Utilities 
7.7% 
Other 
7.0% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.4% 
AAA 
15.2% 
AA 
52.0% 
16.0% 
BBB 
0.9% 
BB or Lower 
3.5% 
N/R (not rated) 
3.0% 
Total 100% 
 
19

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 29, 2020
 
 
 Average Annual 
 
1-Year 5-Year 10-Year 
NUO at Common Share NAV 
13.39% 5.20% 6.08% 
NUO at Common Share Price 
12.40% 4.75% 5.30% 
S&P Municipal Bond Ohio Index 
9.48% 4.62% 5.06% 
S&P Municipal Bond Index 
8.94% 3.93% 4.56% 
 
Past performance is not predictive of future results. Current performance 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.

20

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) 
 
Long-Term Municipal Bonds 
147.5% 
Common Stocks 
0.6% 
Other Assets Less Liabilities 
3.3% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 151.4% 
Floating Rate Obligations 
(6.1)% 
VRDP Shares, net of deferred 
 
offering costs (45.3)% 
Net Assets 100% 
 
  
States and Territories 
 
(% of total municipal bonds) 
 
Ohio 
89.9% 
Puerto Rico 
2.7% 
Texas 
1.7% 
Michigan 
1.5% 
Colorado 
1.1% 
North Carolina 
1.1% 
Florida 
0.8% 
Missouri 
0.5% 
Kentucky 
0.3% 
Oregon 
0.3% 
Washington 
0.1% 
Total 100% 
 
  
Portfolio Composition 
 
(% of total investments) 
 
U.S. Guaranteed 
22.1% 
Tax Obligation/Limited 
21.1% 
Transportation 
11.6% 
Health Care 
11.0% 
Tax Obligation/General 
10.1% 
Water and Sewer 
8.4% 
Education and Civic Organizations 
7.8% 
Other 
7.9% 
Total 100% 
 
  
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
19.7% 
AAA 
13.1% 
AA 
43.5% 
13.4% 
BBB 
1.5% 
BB or Lower 
3.7% 
N/R (not rated) 
4.7% 
N/A (not applicable) 
0.4% 
Total 100% 
 
21

Shareholder Meeting Report
The annual meeting of shareholders for NUO was held in the offices of Nuveen on December 5, 2019 for shareholders of record on September 19, 2019; at this meeting the shareholders were asked to elect three Class I Trustees, including a choice between three nominees nominated by the existing Board of Trustees, and a slate of three nominees nominated by an activist shareholder; and to vote on a non-binding shareholder proposal by that same activist shareholder to declassify the Board of Trustees so that all Trustees are elected on an annual basis. 
The annual meeting of shareholders for NAZ and NUM was held in the offices of Nuveen on December 5, 2019 for shareholders of record on September 23, 2019; at this meeting the shareholders of each fund were asked to elect three Class I Trustees.
          
 
 
NAZ 
 

NUM
 
 
NUO 
 
 
Common and 
 
 
Common and  
 
Common and 
 
 
 
Preferred and 
 
 
Preferred  
 
Preferred 
 
 
 
shares voting 
 
 
shares voting  
 
shares voting 
 
 
 
together 
 
Preferred together  Preferred together 
 
Preferred 
 
as a class 
 
Shares as a class  Shares as a class 
 
Shares 
Shareholders voted on the non-binding 
 
 
 
 
 
 
 
 
proposal as follows: 
 
 
 
 
 
 
 
 
 
For — 
 
— —  — 5,105,484 
 
— 
Against — 
 
— —  — 6,283,668 
 
— 
Abstain — 
 
— —  — 216,607 
 
— 
Total — 
 
— —  — 11,605,759 
 
— 
         
The vote results in the Election of Class I 
 
 
 
 
 
 
 
 
Trustees were as follows: 
 
 
 
 
 
 
 
 
 
Judith M. Stockdale* 
 
 
 
 
 
 
 
 
 
For 8,990,007 
 
— 15,848,738  — 7,741,515 
 
— 
Withhold 977,916 
 
— 2,441,480  — 348,467 
 
— 
Total 9,967,923 
 
— 18,290,218  — 8,089,982 
 
— 
Carole E. Stone* 
 
 
 
 
 
 
 
 
 
For 8,992,095 
 
— 15,896,827  — 7,741,942 
 
— 
Withhold 975,828 
 
— 2,393,391  — 348,040 
 
— 
Total 9,967,923 
 
— 18,290,218  — 8,089,982 
 
— 
Margaret L. Wolff* 
 
 
 
 
 
 
 
 
 
For 9,037,299 
 
— 15,919,500  — 7,743,804 
 
— 
Withhold 930,624 
 
— 2,370,718  — 346,178 
 
— 
Total 9,967,923 
 
— 18,290,218  — 8,089,982 
 
— 
David Basile 
 
 
 
 
 
 
 
 
 
For — 
 
— —  — 3,477,289 
 
— 
Withhold — 
 
— —  — 38,488 
 
— 
Total — 
 
— —  — 3,515,777 
 
— 
Peter Borish 
 
 
 
 
 
 
 
 
 
For — 
 
— —  — 3,477,289 
 
— 
Withhold — 
 
— —  — 38,488 
 
— 
Total — 
 
— —  — 3,515,777 
 
— 
Charles Clarvit 
 
 
 
 
 
 
 
 
 
For — 
 
— —  — 3,477,289 
 
— 
Withhold — 
 
— —  — 38,488 
 
— 
Total — 
 
— —  — 3,515,777 
 
— 
 
* Ms. Stockdale, Stone and Wolff, incumbent Class I Trustees, will continue to serve as Class I Trustees until their successors are duly elected and qualify.
22

          
 
 
NAZ 
 

NUM
 
 
NUO 
 
 
Common and 
 
 
Common and  
 
Common and 
 
 
 
Preferred and 
 
 
Preferred  
 
Preferred 
 
 
 
shares voting 
 
 
shares voting  
 
shares voting 
 
 
 
together 
 
Preferred together  Preferred together 
 
Preferred 
 
as a class 
 
Shares as a class  Shares as a class 
 
Shares 
The vote results in the Election of Preferred 
 
 
 
 
 
 
 
 
Trustees were as follows: 
 
 
 
 
 
 
 
 
 
William C. Hunter 
 
 
 
 
 
 
 
 
 
For — 
 
883 —  1,730 — 
 
1,480 
Withhold — 
 
— —  — — 
 
— 
Total — 
 
883 —  1,730 — 
 
1,480 
Albin F. Moschner 
 
 
 
 
 
 
 
 
 
For — 
 
883 —  1,730 — 
 
1,480 
Withhold — 
 
— —  — — 
 
— 
Total — 
 
883 —  1,730 — 
 
1,480 
 
23

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees
Nuveen Arizona Quality Municipal Income Fund
Nuveen Michigan Quality Municipal Income Fund
Nuveen Ohio Quality Municipal Income Fund:

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Arizona Quality Municipal Income Fund, Nuveen Michigan Quality Municipal Income Fund, and Nuveen Ohio Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of February 29, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 29, 2020, the results of their operations and cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 29, 2020, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.


Chicago, Illinois
April 27, 2020
24

  
NAZ 
Nuveen Arizona Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 153.7% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 153.7% (100.0% of Total Investments) 
 
 
 
 
 Education and Civic Organizations – 36.6% (23.8% of Total Investments) 
 
 
 
$ 2,175  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 
7/26 at 100.00 AA $ 2,641,081 
 
 2016B, 5.000%, 7/01/47 
 
 
 
1,500  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green 
7/25 at 100.00 AA 1,769,025 
 
 Series 2015A, 5.000%, 7/01/41 
 
 
 
1,500  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 
7/25 at 100.00 AA 1,769,025 
 
 5.000%, 7/01/41 
 
 
 
2,515  
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for 
8/24 at 100.00 Aa3 2,885,258 
 
 Economic and Educational Development, Series 2014, 5.000%, 8/01/44 
 
 
 
2,240  
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option 
6/22 at 100.00 Aa2 3,079,059 
 
 Bond Trust 2015-XF0053, 14.461%, 6/01/42, 144A (IF) 
 
 
 
515  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 BB 592,997 
 
 Basis Schools, Inc Projects, Series 2017A, 5.125%, 7/01/37, 144A 
 
 
 
525  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 AA– 624,598 
 
 Basis Schools, Inc Projects, Series 2017C, 5.000%, 7/01/47 
 
 
 
150  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 BB 170,762 
 
 Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Basis Schools, Inc Projects, Series 2017F: 
 
 
 
1,700  5.000%, 7/01/37 7/27 at 100.00 AA– 2,053,498 
1,645  5.000%, 7/01/47 7/27 at 100.00 AA– 1,957,073 
315  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 BB 358,599 
 
 Basis Schools, Inc Projects, Series 2017G, 5.000%, 7/01/47, 144A 
 
 
 
240  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
11/27 at 100.00 N/R 253,409 
 
 Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A 
 
 
 
1,000  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/23 at 105.00 BB+ 1,091,550 
 
 Pinecrest Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A, 6.000%, 
 
 
 
 
 9/15/38, 144A 
 
 
 
375  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona 
9/27 at 100.00 BB+ 421,789 
 
 Agribusiness and Equine Center, Inc Project, Series 2017B, 5.000%, 3/01/48, 144A 
 
 
 
345  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
No Opt. Call BB 372,065 
 
 Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
 
 
 
 
 
Math & Science Projects, Series 2018A: 
 
 
 
615  5.000%, 7/01/38 1/28 at 100.00 AA– 746,874 
1,000  5.000%, 7/01/48 1/28 at 100.00 AA– 1,196,480 
455  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
7/26 at 100.00 BB+ 545,372 
 
 Academy of Nevada ? Horizon, Inspirada, and St Rose Campus Projects, Series 2018A, 5.750%, 
 
 
 
 
 7/15/38, 144A 
 
 
 
 
 
Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of 
 
 
 
 
 
Indianapolis – Health Pavilion Project, Series 2019A: 
 
 
 
1,645  4.000%, 10/01/39 10/29 at 100.00 BBB+ 1,853,849 
1,000  4.000%, 10/01/49 10/29 at 100.00 BBB+ 1,106,930 
1,500  
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus 
6/28 at 100.00 N/R 1,641,525 
 
 Academy Project, Series 2018A, 6.375%, 6/01/39, 144A 
 
 
 
2,000  
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern 
5/22 at 100.00 A+ 2,168,200 
 
 University, Refunding Series 2007, 5.000%, 5/15/31 
 
 
 
3,775  
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern 
5/20 at 100.00 AA– 3,807,729 
 
 University, Refunding Series 2010, 5.125%, 5/15/40 
 
 
 
 
25

  
NAZ Nuveen Arizona Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center 
 
 
 
 
 
for Academic Success Project, Refunding Series 2019: 
 
 
 
$ 360  4.000%, 7/01/31 7/29 at 100.00 BBB $ 410,602 
340  4.000%, 7/01/33 7/29 at 100.00 BBB 385,434 
355  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/27 at 100.00 AA– 433,700 
 
 Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37 
 
 
 
490  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/27 at 100.00 AA– 587,941 
 
 Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48 
 
 
 
1,495  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
1/30 at 100.00 AA– 1,886,944 
 
 Highland Prep Project, Series 2019, 5.000%, 1/01/43 
 
 
 
665  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/29 at 100.00 AA– 820,131 
 
 Legacy Traditional Schools Projects, Series 2019A, 5.000%, 7/01/49 
 
 
 
870  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/26 at 100.00 BB+ 980,795 
 
 Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A 
 
 
 
 
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid 
 
 
 
 
 
Traditional School Projects, Series 2016: 
 
 
 
520  5.000%, 7/01/36 7/26 at 100.00 Baa3 604,037 
300  5.000%, 7/01/47 7/26 at 100.00 Baa3 342,804 
3,000  
Maricopa County Industrial Development Authority, Arizona, Educational Facilities 
1/30 at 100.00 A2 3,481,230 
 
 Revenue Bonds, Creighton University Projects, Series 2020, 4.000%, 7/01/50 
 
 
 
2,095  
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University 
7/26 at 100.00 AA– 2,574,147 
 
 Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 
 
 
 
1,875  
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 
6/24 at 100.00 A+ 2,134,519 
 
 5.000%, 6/01/40 
 
 
 
70  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 BB 77,643 
 
 Basis Schools, Inc Projects, Series 2016A, 5.000%, 7/01/46, 144A 
 
 
 
900  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/22 at 100.00 BB 945,288 
 
 Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 
 
 
 
1,400  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/22 at 100.00 BB+ 1,463,728 
 
 Eagle College Prep Project, Series 2013A, 5.000%, 7/01/43 
 
 
 
800  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 BBB– 901,408 
 
 Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41 
 
 
 
500  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/24 at 100.00 Ba2 584,170 
 
 Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A 
 
 
 
 
 
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 Ba2 348,573 
300  5.000%, 7/01/45, 144A 7/25 at 100.00 Ba2 327,627 
650  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 Ba2 723,600 
 
 Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A 
 
 
 
 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Villa Montessori, Inc Projects, Series 2015: 
 
 
 
310  3.250%, 7/01/25 No Opt. Call BBB– 320,277 
400  5.000%, 7/01/35 7/25 at 100.00 BBB– 450,108 
500  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/28 at 100.00 AA– 570,670 
 
 Vista College Preparatory Project, Series 2018A, 4.125%, 7/01/38 
 
 
 
1,995  
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky 
10/26 at 100.00 A3 2,364,454 
 
 University Project, Series 2016, 5.000%, 10/01/36 
 
 
 
3,675  
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 3,951,948 
 
 Project, Series 2012, 5.000%, 6/01/42 (UB) (4) 
 
 
 
500  
Pima County Community College District, Arizona, Revenue Bonds, Series 2019, 
7/28 at 100.00 Aa3 637,610 
 
 5.000%, 7/01/36 
 
 
 
 
26

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 200  
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, 
5/24 at 100.00 N/R $ 224,186 
 
 Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Champion Schools Project, Series 2017: 
 
 
 
120  6.000%, 6/15/37, 144A 6/26 at 100.00 N/R 120,485 
680  6.125%, 6/15/47, 144A 6/26 at 100.00 N/R 680,095 
200  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 BB– 204,242 
 
 Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36 
 
 
 
35  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 N/R 37,071 
 
 San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
 
 
115  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/28 at 100.00 N/R 129,047 
 
 San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
 
 
745  
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 B– 748,025 
 
 Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
 
 
500  
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah 
6/25 at 100.00 BB 549,525 
 
 Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A 
 
 
 
730  
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona 
7/26 at 100.00 AA 891,308 
 
 College, Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
 
 
780  
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona 
6/24 at 100.00 AA 894,231 
 
 University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured 
 
 
 
57,515  
Total Education and Civic Organizations 
 
 
65,894,350 
 
 Health Care – 19.2% (12.5% of Total Investments) 
 
 
 
1,200  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, 
1/24 at 100.00 AA– 1,350,360 
 
 Series 2014A, 5.000%, 1/01/44 
 
 
 
5,100  
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/22 at 100.00 A1 5,433,285 
 
 Hospital, Refunding Series 2012A, 5.000%, 2/01/42 
 
 
 
 
 
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 A2 3,521,559 
2,860  5.000%, 12/01/42 12/24 at 100.00 A2 3,331,013 
1,250  
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
9/28 at 100.00 A2 1,576,150 
 
 HonorHealth, Series 2019A, 5.000%, 9/01/37 
 
 
 
 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
 
 
 
 
 
Refunding Series 2016A: 
 
 
 
1,250  5.000%, 1/01/32 1/27 at 100.00 AA– 1,550,538 
1,000  5.000%, 1/01/35 1/27 at 100.00 AA– 1,229,900 
2,000  5.000%, 1/01/38 1/27 at 100.00 AA– 2,441,600 
 
 
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
 
 
 
 
 
Series 2017A: 
 
 
 
2,700  4.000%, 1/01/41 1/28 at 100.00 AA– 3,099,897 
2,000  5.000%, 1/01/41 1/28 at 100.00 AA– 2,470,180 
1,000  
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
7/29 at 100.00 AA– 1,161,920 
 
 Series 2019A, 4.000%, 1/01/44 
 
 
 
1,120  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 AA 1,141,538 
 
 Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGM Insured 
 
 
 
1,025  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/26 at 100.00 A+ 1,234,592 
 
 Yavapai Regional Medical Center, Refunding Series 2016, 5.000%, 8/01/36 
 
 
 
1,000  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/23 at 100.00 A+ 1,138,730 
 
 Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33 
 
 
 
1,450  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/29 at 100.00 A+ 1,689,699 
 
 Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43 
 
 
 
 
27

  
NAZ Nuveen Arizona Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
 
 
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional 
 
 
 
 
 
Medical Center, Series 2014A: 
 
 
 
$ 1,000  5.000%, 8/01/22 No Opt. Call $ 1,096,330 
1,000  5.250%, 8/01/32 8/24 at 100.00 1,170,440 
29,960  
Total Health Care 
 
 
34,637,731 
 
 Housing/Multifamily – 0.8% (0.5% of Total Investments) 
 
 
 
1,250  
Arizona Industrial Development Authority, Student Housing Revenue Bonds, Provident Group – 
6/29 at 100.00 AA 1,402,625 
 
 NCCU Properties LLC- North Carolina Central University, Series 2019A, 4.000%, 6/01/44 – 
 
 
 
 
 BAM Insured 
 
 
 
 
 Long-Term Care – 1.8% (1.2% of Total Investments) 
 
 
 
285  
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater 
7/25 at 101.00 N/R 305,218 
 
 Avondale Project, Series 2017, 5.375%, 1/01/38 
 
 
 
1,885  
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 
10/25 at 101.00 N/R 2,011,332 
 
 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36 
 
 
 
780  
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of 
12/21 at 100.00 N/R 830,973 
 
 Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32 
 
 
 
80  
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU 
10/27 at 100.00 N/R 95,041 
 
 Project, Series 2017A, 6.125%, 10/01/47, 144A 
 
 
 
3,030  
Total Long-Term Care 
 
 
3,242,564 
 
 Tax Obligation/General – 16.7% (10.9% of Total Investments) 
 
 
 
575  
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation 
7/27 at 100.00 AA 712,115 
 
 Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
 
 
2,140  
El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 – AGM Insured 
7/22 at 100.00 AA 2,312,762 
1,000  
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation 
7/21 at 100.00 AA 1,057,150 
 
 Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
 
 
 
630  
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation 
7/27 at 100.00 Aa1 789,333 
 
 Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37 
 
 
 
775  
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation 
7/21 at 100.00 Aa2 817,795 
 
 Bonds, Series 2011, 5.000%, 7/01/23 
 
 
 
1,500  
Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series 
7/28 at 100.00 AAA 1,912,830 
 
 2018C, 5.000%, 7/01/36 
 
 
 
750  
Maricopa County Unified School District 69 Paradise Valley, Arizona, General Obligation 
7/29 at 100.00 AAA 905,115 
 
 Bonds, School Improvement Series 2020, 4.000%, 7/01/38, (WI/DD, Settling 3/03/20) 
 
 
 
1,350  
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation 
7/25 at 102.00 Aa2 1,633,392 
 
 Bonds, School Improvement Series 2018, 5.000%, 7/01/36 
 
 
 
1,275  
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation 
7/27 at 100.00 AAA 1,610,529 
 
 Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33 
 
 
 
 
 
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 Aa3 1,248,360 
1,000  5.000%, 7/01/36 7/27 at 100.00 Aa3 1,240,000 
690  
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 
7/27 at 100.00 AA– 863,742 
 
 5.000%, 7/01/36 
 
 
 
1,370  
Pima County Continental Elementary School District 39, Arizona, General Obligation 
7/21 at 100.00 AA 1,459,543 
 
 Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured 
 
 
 
2,895  
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, 
7/24 at 100.00 AA 3,348,386 
 
 School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured 
 
 
 
1,750  
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School 
7/21 at 100.00 1,843,520 
 
 Improvement Project 2010 Series 2011A, 5.000%, 7/01/25 
 
 
 
1,500  
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School 
7/27 at 100.00 AA 1,871,790 
 
 Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured 
 
 
 
 
28

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation 
 
 
 
 
 
Bonds, School improvement Project 2016, Series 2017A: 
 
 
 
$ 620  5.000%, 7/01/34 – BAM Insured 7/27 at 100.00 AA $ 771,547 
1,000  5.000%, 7/01/35 – BAM Insured 7/27 at 100.00 AA 1,242,380 
2,315  
Tolleson Union High School District 214 of Maricopa County, Arizona, School Improvement 
7/28 at 100.00 Aa1 2,960,862 
 
 Bonds, Project of 1990, Series 1990A, 5.000%, 7/01/38 
 
 
 
 
 
Western Maricopa Education Center District 402, Maricopa County, Arizona, General 
 
 
 
 
 
Obligation Bonds, School Improvement Project 2012, Series 2014B: 
 
 
 
715  4.500%, 7/01/33 7/24 at 100.00 AA– 809,595 
665  4.500%, 7/01/34 7/24 at 100.00 AA– 752,188 
25,515  
Total Tax Obligation/General 
 
 
30,162,934 
 
 Tax Obligation/Limited – 33.1% (21.5% of Total Investments) 
 
 
 
2,310  
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 A1 2,468,489 
 
 Project, Refunding Senior Series 2012A, 5.000%, 7/01/36 
 
 
 
1,250  
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 
7/26 at 100.00 AA+ 1,539,000 
 
 5.000%, 7/01/35 
 
 
 
275  
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36 
7/26 at 100.00 AA 314,999 
1,000  
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 
7/25 at 100.00 AA 1,194,880 
130  
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 N/R 127,447 
 
 Series 2017A, 7.000%, 7/01/41, 144A (5) 
 
 
 
1,210  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, 
7/25 at 100.00 N/R 1,320,655 
 
 Series 2015, 5.000%, 7/15/39, 144A 
 
 
 
1,810  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, 
7/27 at 100.00 AA 2,189,883 
 
 Series 2017, 5.000%, 7/15/42 – AGM Insured 
 
 
 
2,445  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, 
7/27 at 100.00 AA 2,839,525 
 
 Series 2018, 4.375%, 7/15/43 – BAM Insured 
 
 
 
486  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue 
7/23 at 100.00 N/R 509,979 
 
 Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38 
 
 
 
700  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue 
7/27 at 100.00 N/R 762,671 
 
 Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43 
 
 
 
655  
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General 
7/27 at 100.00 AA 798,307 
 
 Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured 
 
 
 
 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
 
 
 
 
 
Bonds, Series 2012: 
 
 
 
345  5.000%, 7/15/27 – BAM Insured 7/22 at 100.00 AA 373,480 
1,085  5.000%, 7/15/31 7/22 at 100.00 AA 1,166,928 
500  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/26 at 100.00 AA 563,740 
 
 Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured 
 
 
 
1,000  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/27 at 100.00 AA 1,233,520 
 
 Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured 
 
 
 
393  
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment 
7/27 at 100.00 N/R 428,669 
 
 Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 
 
 
 
590  
Festival Ranch Community Facilities District, City of Buckeye, Arizona, General 
7/27 at 100.00 AA 725,877 
 
 Obligation Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured 
 
 
 
600  
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, 
7/26 at 100.00 A1 684,348 
 
 Refunding Series 2016, 4.000%, 7/15/32 
 
 
 
1,500  
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation 
No Opt. Call A– 1,612,830 
 
 Refunding Bonds, Series 2013, 5.000%, 7/15/23 
 
 
 
1,500  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 
11/25 at 100.00 BB 1,734,690 
 
 5.000%, 11/15/39 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
510  5.000%, 1/01/31 1/22 at 100.00 BB 539,978 
200  5.125%, 1/01/42 1/22 at 100.00 BB 211,736 
 
29

  
NAZ Nuveen Arizona Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,500  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
1/22 at 100.00 BB $ 1,583,385 
1,250  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 BB 1,465,187 
 
 5.000%, 12/01/46 
 
 
 
1,425  
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 
7/23 at 100.00 AA 1,607,029 
 
 5.000%, 7/01/33 
 
 
 
50  
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation 
3/20 at 100.00 N/R 50,214 
 
 Bonds, Series 2008A, 7.400%, 7/15/33 
 
 
 
200  
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation 
7/26 at 100.00 BBB 235,350 
 
 Bonds, Series 2016, 5.000%, 7/15/31 
 
 
 
385  
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation 
7/27 at 100.00 AA 462,000 
 
 Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured 
 
 
 
300  
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 
7/21 at 100.00 AA– 315,951 
400  
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation 
3/20 at 100.00 N/R 380,012 
 
 Bonds, Series 2006, 5.350%, 7/15/31 
 
 
 
2,500  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
12/22 at 100.00 2,735,075 
 
 JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36 
 
 
 
580  
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa 
7/22 at 100.00 AA+ 626,823 
 
 Project, Series 2012, 5.000%, 7/01/38 (AMT) 
 
 
 
1,000  
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33 
8/24 at 100.00 AA 1,167,700 
1,600  
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019, 4.000%, 8/01/39 
8/28 at 100.00 AA 1,882,336 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
 
 
 
 
 
Cofina Project Series 2018A-1: 
 
 
 
1,550  4.550%, 7/01/40 7/28 at 100.00 N/R 1,747,888 
1,040  5.000%, 7/01/58 7/28 at 100.00 N/R 1,192,745 
1,000  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 N/R 1,111,400 
 
 Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40 
 
 
 
 
 
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016: 
 
 
 
540  4.000%, 8/01/34 8/26 at 100.00 AA 619,688 
545  4.000%, 8/01/36 8/26 at 100.00 AA 623,393 
1,740  
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 
8/28 at 100.00 AA 2,206,825 
 
 5.000%, 8/01/42 
 
 
 
 
 
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A: 
 
 
 
1,400  5.000%, 7/01/34 – BAM Insured 7/24 at 100.00 AA 1,619,254 
2,100  5.000%, 7/01/38 – BAM Insured 7/24 at 100.00 AA 2,420,775 
3,000  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
No Opt. Call AAA 3,544,380 
 
 Series 2006, 5.000%, 7/01/24 
 
 
 
1,320  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
7/27 at 100.00 AAA 1,662,870 
 
 Series 2017, 5.000%, 7/01/36 
 
 
 
1,650  
Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation 
7/28 at 100.00 AA 2,084,016 
 
 Bonds, Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured 
 
 
 
2,505  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 AAA 2,720,480 
 
 5.000%, 7/01/37 
 
 
 
180  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
No Opt. Call AA 188,233 
 
 Series 2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
750  
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, 
7/21 at 100.00 N/R 757,028 
 
 Series 2016, 3.250%, 7/15/25, 144A 
 
 
 
1,184  
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, 
3/20 at 100.00 N/R 1,183,988 
 
 Series 2005, 6.000%, 7/01/30 
 
 
 
52,188  
Total Tax Obligation/Limited 
 
 
59,535,656 
 
30

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Transportation – 6.9% (4.5% of Total Investments) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
 
 
 
 
 
Series 2015A: 
 
 
 
$ 910  5.000%, 7/01/40 7/25 at 100.00 A+ $ 1,082,454 
2,185  5.000%, 7/01/45 7/25 at 100.00 A+ 2,587,958 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior 
 
 
 
 
 
Lien Series 2013: 
 
 
 
1,785  5.000%, 7/01/30 (AMT) 7/23 at 100.00 AA– 2,001,806 
2,215  5.000%, 7/01/32 (AMT) 7/23 at 100.00 AA– 2,480,180 
2,000  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/27 at 100.00 AA– 2,420,080 
 
 Series 2017A, 5.000%, 7/01/47 (AMT) 
 
 
 
1,500  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/28 at 100.00 AA– 1,857,060 
 
 Series 2018, 5.000%, 7/01/43 (AMT) 
 
 
 
10,595  
Total Transportation 
 
 
12,429,538 
 
 U.S. Guaranteed – 9.7% (6.3% of Total Investments) (6) 
 
 
 
3,480  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding 
7/22 at 100.00 AA 3,818,082 
 
 Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) 
 
 
 
910  
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 
6/21 at 100.00 A+ 956,992 
 
 (Pre-refunded 6/01/21) 
 
 
 
180  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
7/20 at 100.00 A+ 182,486 
 
 Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
585  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/21 at 100.00 N/R 627,161 
 
 Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21) 
 
 
 
1,800  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/21 at 100.00 A+ 1,906,308 
 
 Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
 
 
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004 Series 2011: 
 
 
 
1,310  5.000%, 7/01/32 (Pre-refunded 7/01/21) 7/21 at 100.00 AAA 1,383,046 
1,360  5.000%, 7/01/33 (Pre-refunded 7/01/21) 7/21 at 100.00 AAA 1,435,833 
1,705  5.000%, 7/01/34 (Pre-refunded 7/01/21) 7/21 at 100.00 AAA 1,800,071 
1,495  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 N/R 1,638,415 
 
 5.000%, 7/01/37 (Pre-refunded 7/01/22) 
 
 
 
2,585  
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 
7/21 at 100.00 N/R 2,759,281 
 
 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21) 
 
 
 
825  
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, 
3/21 at 100.00 BB+ 882,016 
 
 Arizona Agribusiness and Equine Center, Inc Project, Series 2011, 7.875%, 3/01/42 
 
 
 
 
 (Pre-refunded 3/01/21) 
 
 
 
16,235  
Total U.S. Guaranteed 
 
 
17,389,691 
 
 Utilities – 20.2% (13.1% of Total Investments) 
 
 
 
1,495  
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 A– 1,577,046 
 
 Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,100  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 
10/24 at 100.00 AA 1,266,496 
3,310  
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue 
6/20 at 100.00 A– 3,345,549 
 
 Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
 
 
 
8,750  
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4) 
7/28 at 100.00 Aa2 11,100,863 
695  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/26 at 100.00 A+ 846,218 
 
 Series 2016, 5.000%, 7/01/35 
 
 
 
1,500  
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System 
6/25 at 100.00 AA+ 1,798,335 
 
 Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy 
 
 
 
 
 
Inc Prepay Contract Obligations, Series 2007: 
 
 
 
4,500  5.500%, 12/01/29 No Opt. Call A3 6,022,755 
5,665  5.000%, 12/01/37 No Opt. Call A3 8,117,265 
 
31

  
NAZ Nuveen Arizona Quality Municipal Income Fund 

Portfolio of Investments (continued)
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
$ 2,245  
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West 
4/20 at 100.00 N/R $ 2,231,799 
 
 Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) 
 
 
 
29,260  
Total Utilities 
 
 
36,306,326 
 
 Water and Sewer – 8.7% (5.7% of Total Investments) 
 
 
 
655  
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, 
1/26 at 100.00 AA+ 791,378 
 
 Series 2016, 5.000%, 1/01/36 
 
 
 
785  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien 
7/26 at 100.00 AA 941,152 
 
 Series 2016, 5.000%, 7/01/45 – AGM Insured 
 
 
 
2,855  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
7/20 at 100.00 Aa3 2,897,854 
500  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 
7/21 at 100.00 AA 529,325 
 
 5.500%, 7/01/41 
 
 
 
665  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 A– 802,070 
 
 Refunding Series 2017, 5.000%, 7/01/36 
 
 
 
545  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 A– 608,776 
 
 2013, 5.250%, 7/01/33 
 
 
 
1,125  
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 
7/25 at 100.00 AA 1,331,212 
 
 2015A, 5.000%, 7/01/36 – AGM Insured 
 
 
 
1,135  
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, 
7/24 at 100.00 AA+ 1,330,629 
 
 Refunding Junior Lien Series 2014, 5.000%, 7/01/29 
 
 
 
2,000  
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien 
7/24 at 100.00 AAA 2,325,680 
 
 Series 2014A, 5.000%, 7/01/39 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding 
 
 
 
 
 
Junior Lien Series 2001: 
 
 
 
1,250  5.500%, 7/01/21 – FGIC Insured No Opt. Call AAA 1,329,487 
1,040  5.500%, 7/01/22 – FGIC Insured No Opt. Call AAA 1,153,797 
 
 
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018: 
 
 
 
500  5.000%, 7/01/35 7/28 at 100.00 AA+ 644,410 
805  5.000%, 7/01/36 7/28 at 100.00 AA+ 1,036,743 
13,860  
Total Water and Sewer 
 
 
15,722,513 
$ 239,408  Total Long-Term Investments (cost $251,163,505) 
 
 
276,723,928 
 
 Floating Rate Obligations – (5.4)% 
 
 
(9,755,000) 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (49.0)% (7) 
 
 
(88,223,894) 
 
 Other Assets Less Liabilities – 0.7% 
 
 
1,278,893 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 180,023,927 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(6) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(7) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 31.9%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
32

  
NUM Nuveen Michigan Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 154.2% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 154.2% (100.0% of Total Investments) 
 
 
 
 
 Consumer Staples – 4.5% (2.9% of Total Investments) 
 
 
 
$ 6,000  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
3/20 at 100.00 B– $ 6,125,040 
 
 Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34 
 
 
 
8,650  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
3/20 at 100.00 B2 8,744,717 
 
 Bonds, Series 2008A, 6.875%, 6/01/42 
 
 
 
14,650  
Total Consumer Staples 
 
 
14,869,757 
 
 Education and Civic Organizations – 36.6% (23.7% of Total Investments) 
 
 
 
315  
Advanced Technology Academy, Michigan, Public School Academy Revenue Bonds, Refunding 
11/27 at 102.00 BB 349,077 
 
 Series 2019, 5.000%, 11/01/34 
 
 
 
1,220  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 
10/24 at 100.00 Aa3 1,431,780 
 
 2014, 5.000%, 10/01/39 
 
 
 
1,000  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 
3/20 at 100.00 969,690 
 
 5.250%, 11/01/36 
 
 
 
1,255  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 
3/20 at 100.00 B– 1,014,454 
 
 2005, 5.750%, 11/01/30 
 
 
 
 
 
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A: 
 
 
 
1,100  5.000%, 3/01/33 – BAM Insured 3/27 at 100.00 AA 1,356,916 
2,270  5.000%, 3/01/36 – BAM Insured 3/27 at 100.00 AA 2,786,243 
7,665  
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – 
3/28 at 100.00 AA 8,782,787 
 
 AGM Insured 
 
 
 
 
 
Ferris State University, Michigan, General Revenue Bonds, Series 2019A: 
 
 
 
1,000  4.000%, 10/01/39 10/29 at 100.00 A+ 1,162,080 
350  4.000%, 10/01/40 10/29 at 100.00 A+ 405,699 
500  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 
12/24 at 100.00 A+ 590,850 
 
 5.000%, 12/01/28 
 
 
 
 
 
Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, 
 
 
 
 
 
Series 2018: 
 
 
 
2,395  5.000%, 1/15/38 – AGM Insured 1/28 at 100.00 AA 2,933,516 
4,000  5.000%, 1/15/43 – AGM Insured 1/28 at 100.00 AA 4,858,680 
3,500  
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo 
12/28 at 100.00 A2 4,370,765 
 
 College Project, Refunding Series 2018, 5.000%, 12/01/43 
 
 
 
990  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service 
10/21 at 100.00 974,546 
 
 Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31 
 
 
 
1,170  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding 
3/20 at 100.00 N/R 1,171,474 
 
 Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured 
 
 
 
225  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
3/20 at 100.00 N/R 225,230 
 
 Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
 
 
7,790  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 
8/23 at 100.00 AA 8,747,703 
4,165  
Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48 
2/29 at 100.00 AA 5,280,928 
3,445  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 
10/21 at 100.00 A1 3,662,690 
 
 5.000%, 10/01/34 
 
 
 
 
 
Northern Michigan University, General Revenue Bonds, Series 2018A: 
 
 
 
400  5.000%, 12/01/33 6/28 at 100.00 A1 508,384 
650  5.000%, 12/01/35 6/28 at 100.00 A1 820,729 
5,400  
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47 
3/26 at 100.00 A1 6,435,450 
 
33

  
NUM Nuveen Michigan Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 810  
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 
7/26 at 100.00 A1 $ 980,780 
 
 2016A, 5.000%, 7/01/35 
 
 
 
1,380  
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking 
5/29 at 100.00 AA– 1,593,776 
 
 Project, Series 2019A, 4.000%, 5/01/44 
 
 
 
 
 
University of Michigan, General Revenue Bonds, Refunding Series 2017A: 
 
 
 
2,000  5.000%, 4/01/34 4/27 at 100.00 AAA 2,527,660 
2,000  5.000%, 4/01/35 4/27 at 100.00 AAA 2,523,880 
1,065  5.000%, 4/01/36 4/27 at 100.00 AAA 1,341,431 
2,000  5.000%, 4/01/42 4/27 at 100.00 AAA 2,495,460 
5,000  5.000%, 4/01/47 4/27 at 100.00 AAA 6,197,250 
7,200  5.000%, 4/01/47 (UB) (4) 4/27 at 100.00 AAA 8,924,040 
4,000  
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 
4/24 at 100.00 AAA 4,619,040 
 
 
University of Michigan, General Revenue Bonds, Series 2015: 
 
 
 
5,735  5.000%, 4/01/40 (UB) (4) 4/26 at 100.00 AAA 6,980,011 
2,400  5.000%, 4/01/46 (UB) (4) 4/26 at 100.00 AAA 2,896,200 
3,700  
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 
11/23 at 100.00 Aa3 4,182,628 
2,810  
Wayne State University, Michigan, General Revenue Bonds, Series 2019A, 5.000%, 11/15/35 
11/29 at 100.00 Aa3 3,657,327 
525  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 
11/21 at 100.00 Aa3 560,868 
 
 5.000%, 11/15/31 
 
 
 
 
 
Western Michigan University, General Revenue Bonds, Refunding Series 2013: 
 
 
 
750  5.250%, 11/15/33 – AGM Insured 11/23 at 100.00 AA 866,580 
4,250  5.000%, 11/15/39 – AGM Insured 11/23 at 100.00 AA 4,868,460 
 
 
Western Michigan University, General Revenue Bonds, Refunding Series 2015A: 
 
 
 
1,500  5.000%, 11/15/40 5/25 at 100.00 Aa3 1,771,845 
850  5.000%, 11/15/45 5/25 at 100.00 Aa3 999,694 
3,335  
Western Michigan University, General Revenue Bonds, Refunding Series 2019A, 
11/29 at 100.00 Aa3 4,224,144 
 
 5.000%, 11/15/49 
 
 
 
102,115  
Total Education and Civic Organizations 
 
 
121,050,745 
 
 Health Care – 20.4% (13.2% of Total Investments) 
 
 
 
2,945  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated 
11/29 at 100.00 AA 3,485,525 
 
 Group, Series 2019A, 4.000%, 11/15/43 
 
 
 
1,660  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 BBB+ 1,916,520 
 
 Series 2019A-1, 4.000%, 8/01/44 
 
 
 
2,000  
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn 
2/27 at 100.00 BBB 2,254,720 
 
 Hospital, Refunding Series 2016, 5.000%, 2/15/47 
 
 
 
4,000  
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson 
7/21 at 100.00 AA 4,214,880 
 
 Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 
 
 
 
 
 
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson 
 
 
 
 
 
Healthcare, Series 2019A: 
 
 
 
1,720  5.000%, 7/01/36 7/28 at 100.00 AA 2,155,108 
1,995  5.000%, 7/01/39 7/28 at 100.00 AA 2,480,802 
1,780  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, 
8/24 at 100.00 A+ 2,065,192 
 
 Refunding Series 2015A, 5.000%, 8/01/32 
 
 
 
4,850  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, 
6/24 at 100.00 A+ 5,510,958 
 
 Refunding Series 2014, 5.000%, 6/01/39 
 
 
 
3,930  
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding 
8/23 at 100.00 A+ 4,417,399 
 
 Series 2013, 5.000%, 8/15/31 
 
 
 
6,060  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding 
5/25 at 100.00 A+ 6,979,544 
 
 Series 2015, 5.000%, 11/15/45 
 
 
 
3,000  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 
11/22 at 100.00 A+ 3,243,570 
 
 2012, 5.000%, 11/15/42 
 
 
 
 
34

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
$ 4,925  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/26 at 100.00 AA– $ 5,912,955 
 
 Refunding Series 2016MI, 5.000%, 12/01/45 
 
 
 
1,900  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/27 at 100.00 AA– 2,401,980 
 
 Refunding Series 2017MI, 5.000%, 12/01/30 
 
 
 
1,800  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
12/29 at 100.00 AA– 2,114,100 
 
 Refunding Series 2019A-MI, 4.000%, 12/01/49 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding 
 
 
 
 
 
Series 2012: 
 
 
 
1,000  5.000%, 11/01/25 11/22 at 100.00 A+ 1,105,890 
1,000  5.000%, 11/01/26 11/22 at 100.00 A+ 1,105,060 
3,750  5.000%, 11/01/42 11/22 at 100.00 A+ 4,073,663 
4,500  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant 
11/29 at 100.00 AA– 5,293,035 
 
 Health Obligated Group, Series 2019A, 4.000%, 11/01/49 
 
 
 
5,380  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
3/24 at 100.00 A+ 6,121,203 
 
 Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 
 
 
 
555  
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 BBB+ 640,764 
 
 2019A-1, 4.000%, 8/01/44 
 
 
 
58,750  
Total Health Care 
 
 
67,492,868 
 
 Housing/Multifamily – 1.4% (0.9% of Total Investments) 
 
 
 
1,825  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 AA 1,862,942 
 
 5.000%, 10/01/35 
 
 
 
1,725  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 
4/22 at 100.00 AA 1,805,333 
 
 4.625%, 10/01/41 
 
 
 
1,000  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 
4/22 at 100.00 AA 1,034,800 
 
 4.000%, 10/01/42 
 
 
 
4,550  
Total Housing/Multifamily 
 
 
4,703,075 
 
 Tax Obligation/General – 29.0% (18.8% of Total Investments) 
 
 
 
840  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
No Opt. Call Aa2 984,757 
 
 School Building & Site Series 2015, 5.000%, 5/01/24 
 
 
 
895  
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 
5/26 at 100.00 AAA 1,121,650 
 
 5.000%, 5/01/28 
 
 
 
4,445  
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School 
5/27 at 100.00 AA 5,386,051 
 
 Building & Site Series 2017I, 5.000%, 5/01/47 
 
 
 
 
 
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
1,000  4.000%, 5/01/32 5/21 at 100.00 AA 1,028,930 
500  4.000%, 5/01/33 5/21 at 100.00 AA 513,810 
1,135  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General 
5/24 at 100.00 AA 1,303,638 
 
 Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 
 
 
 
 
 
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
 
 
 
 
 
Obligation Bonds, Devos Place Project, Series 2001: 
 
 
 
8,900  0.000%, 12/01/25 No Opt. Call AAA 8,418,777 
3,000  0.010%, 12/01/26 No Opt. Call AAA 2,784,720 
100  0.010%, 12/01/27 No Opt. Call AAA 91,004 
4,305  0.000%, 12/01/29 No Opt. Call AAA 3,752,668 
 
 
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2011: 
 
 
 
560  5.000%, 10/01/28 10/21 at 100.00 AA 595,532 
500  5.000%, 10/01/30 10/21 at 100.00 AA 531,640 
500  5.000%, 10/01/31 10/21 at 100.00 AA 531,395 
 
35

  
NUM Nuveen Michigan Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding 
 
 
 
 
 
School Building & Site Series 2016: 
 
 
 
$ 4,205  5.000%, 5/01/28 – AGM Insured 5/26 at 100.00 AA $ 5,173,159 
1,000  5.000%, 5/01/38 – AGM Insured 5/26 at 100.00 AA 1,205,300 
 
 
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School 
 
 
 
 
 
Building & Site Series 2019: 
 
 
 
1,000  5.000%, 11/01/36 – AGM Insured 5/29 at 100.00 AA 1,297,000 
1,850  5.000%, 11/01/43 – AGM Insured 5/29 at 100.00 AA 2,348,594 
1,265  
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017, 
5/27 at 100.00 Aa3 1,598,871 
 
 5.000%, 5/01/30 
 
 
 
1,675  
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 
4/27 at 100.00 AA+ 2,129,746 
 
 2017, 5.000%, 4/01/30 
 
 
 
 
 
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement 
 
 
 
 
 
Series 2016: 
 
 
 
1,000  5.000%, 6/01/31 6/26 at 100.00 AAA 1,250,920 
1,445  5.000%, 6/01/34 6/26 at 100.00 AAA 1,793,317 
 
 
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement 
 
 
 
 
 
Series 2017A: 
 
 
 
1,570  5.000%, 6/01/36 6/27 at 100.00 AAA 1,992,330 
1,650  5.000%, 6/01/37 6/27 at 100.00 AAA 2,086,706 
1,025  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 
1/25 at 100.00 AAA 1,204,918 
 
 5.000%, 1/01/34 
 
 
 
3,440  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 
1/25 at 100.00 AAA 4,063,294 
 
 5.000%, 1/01/31 
 
 
 
 
 
Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General 
 
 
 
 
 
Obligation Bonds, Series 2013: 
 
 
 
1,000  5.000%, 10/01/25 10/23 at 100.00 AA+ 1,147,400 
1,020  5.000%, 10/01/26 10/23 at 100.00 AA+ 1,169,960 
 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I: 
 
 
 
2,085  5.000%, 5/01/38 5/26 at 100.00 AA 2,533,567 
2,200  5.000%, 5/01/41 5/26 at 100.00 AA 2,654,168 
 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Unlimited 
 
 
 
 
 
Tax, Series 2019: 
 
 
 
1,325  5.000%, 5/01/40 5/29 at 100.00 AA 1,695,881 
1,000  5.000%, 5/01/41 5/29 at 100.00 AA 1,275,780 
1,500  
Michigan Finance Authority, Senior Lien Distributable State Aid Revenue Bonds, Charter 
11/28 at 100.00 Aa3 1,877,040 
 
 County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 
 
 
 
4,000  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 
12/21 at 100.00 Aa1 4,297,760 
 
 5.000%, 12/01/22 
 
 
 
1,500  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call Aa2 1,586,550 
 
 5/01/22 – NPFG Insured 
 
 
 
2,945  
Muskegon Community College District, Michigan, General Obligation Bonds, Community 
5/24 at 100.00 AA 3,369,168 
 
 Facility Series 2013I, 5.000%, 5/01/38 
 
 
 
 
 
Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, 
 
 
 
 
 
Refunding Series 2015: 
 
 
 
1,350  5.000%, 11/01/33 11/25 at 100.00 AA 1,636,362 
1,730  5.000%, 11/01/36 11/25 at 100.00 AA 2,088,179 
 
 
Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital 
 
 
 
 
 
Improvement Series 2011: 
 
 
 
1,585  5.000%, 10/01/31 – AGM Insured 10/21 at 100.00 AA 1,687,312 
640  5.250%, 10/01/37 – AGM Insured 10/21 at 100.00 AA 684,102 
 
 
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
 
 
 
530  5.000%, 10/01/31 – AGM Insured 10/21 at 100.00 AA 564,212 
800  5.250%, 10/01/40 – AGM Insured 10/21 at 100.00 AA 854,624 
 
36

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
$ 1,510  
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax 
4/28 at 100.00 AA+ $ 1,884,752 
 
 Series 2018, 5.000%, 4/01/43 
 
 
 
1,435  
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School 
5/24 at 100.00 AA 1,658,114 
 
 Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured 
 
 
 
550  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding 
5/25 at 100.00 AA 665,808 
 
 Series 2015, 5.000%, 5/01/26 
 
 
 
675  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation 
10/29 at 100.00 Aa2 814,259 
 
 Certificates, Refunding Series 2019A, 4.000%, 10/01/38 
 
 
 
1,600  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation 
11/23 at 100.00 Aa1 1,817,184 
 
 Bonds, School Building & Site Series 2014, 5.000%, 5/01/40 
 
 
 
2,000  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation 
5/29 at 100.00 Aa1 2,535,700 
 
 Bonds, School Building & Site Series 2019, 5.000%, 5/01/49 
 
 
 
2,590  
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, 
5/27 at 100.00 AA 3,193,263 
 
 School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured 
 
 
 
1,050  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF 
No Opt. Call Aa2 1,175,696 
 
 Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured 
 
 
 
84,425  
Total Tax Obligation/General 
 
 
96,055,568 
 
 Tax Obligation/Limited – 17.1% (11.1% of Total Investments) 
 
 
 
4,400  
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst 
7/24 at 100.00 AA 4,958,492 
 
 Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured 
 
 
 
2,200  
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment 
2/24 at 103.00 N/R 2,470,270 
 
 Bonds, Series 2013A, 5.950%, 2/01/42 
 
 
 
 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit 
 
 
 
 
 
Regional Convention Facility Authority Local Project, Series 2014H-1: 
 
 
 
2,000  5.000%, 10/01/24 10/23 at 100.00 AA– 2,288,700 
2,000  5.000%, 10/01/25 10/24 at 100.00 AA– 2,363,720 
11,025  5.000%, 10/01/39 10/24 at 100.00 AA– 12,804,986 
1,845  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/23 at 100.00 Aa2 2,106,049 
 
 2013-I-A, 5.000%, 10/15/29 
 
 
 
4,000  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/25 at 100.00 Aa2 4,780,480 
 
 2015-I, 5.000%, 4/15/38 
 
 
 
2,500  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/26 at 100.00 Aa2 3,010,075 
 
 2016-I, 5.000%, 10/15/46 
 
 
 
 
 
Michigan State Trunk Line Fund Bonds, Series 2011: 
 
 
 
1,100  5.000%, 11/15/24 11/21 at 100.00 AA+ 1,179,024 
1,750  5.000%, 11/15/29 11/21 at 100.00 AA+ 1,872,028 
1,605  5.000%, 11/15/31 11/21 at 100.00 AA+ 1,716,066 
1,160  4.000%, 11/15/32 11/21 at 100.00 AA+ 1,217,002 
1,970  5.000%, 11/15/36 11/21 at 100.00 AA+ 2,101,813 
1,950  
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 
11/24 at 100.00 AA+ 2,318,940 
 
 5.000%, 11/15/29 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
 
 
 
 
 
Cofina Project Series 2018A-1: 
 
 
 
5,500  4.500%, 7/01/34 7/25 at 100.00 N/R 6,053,245 
4,900  4.550%, 7/01/40 7/28 at 100.00 N/R 5,525,583 
49,905  
Total Tax Obligation/Limited 
 
 
56,766,473 
 
 Transportation – 4.9% (3.2% of Total Investments) 
 
 
 
5,110  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, 
1/29 at 100.00 A+ 5,946,252 
 
 4.000%, 1/01/44 
 
 
 
4,500  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call A1 4,817,745 
 
 Refunding Series 2011A, 5.000%, 12/01/21 (AMT) 
 
 
 
 
37

  
NUM Nuveen Michigan Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
$ 1,000  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/27 at 100.00 A1 $ 1,244,260 
 
 County Airport, Senior Series 2017A, 5.000%, 12/01/42 
 
 
 
4,000  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/22 at 100.00 AA 4,403,400 
 
 County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured 
 
 
 
14,610  
Total Transportation 
 
 
16,411,657 
 
 U.S. Guaranteed – 14.1% (9.2% of Total Investments) (5) 
 
 
 
1,810  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
5/22 at 100.00 Aa1 1,973,352 
 
 Refunding Series 2012, 5.000%, 5/01/29 (Pre-refunded 5/01/22) 
 
 
 
 
 
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School 
 
 
 
 
 
Building & Site, Series 2011B: 
 
 
 
1,200  5.500%, 5/01/36 (Pre-refunded 5/01/21) 5/21 at 100.00 AA 1,265,472 
2,190  5.500%, 5/01/41 (Pre-refunded 5/01/21) 5/21 at 100.00 AA 2,309,486 
1,800  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance 
6/20 at 100.00 AA 1,818,756 
 
 Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured 
 
 
 
2,810  
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option 
7/21 at 100.00 AA– 3,436,770 
 
 Bond Trust 2016-XF0394, 14.845%, 7/01/37 (Pre-refunded 7/01/21), 144A (IF) (4) 
 
 
 
 
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, 
 
 
 
 
 
Refunding Series 2011C: 
 
 
 
5,500  5.000%, 1/15/31 (Pre-refunded 1/15/22) 1/22 at 100.00 AA 5,929,220 
2,000  5.000%, 1/15/42 (Pre-refunded 1/15/22) 1/22 at 100.00 AA 2,156,080 
5,505  
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, 
6/22 at 100.00 N/R 6,014,323 
 
 Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) 
 
 
 
75  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/26 at 100.00 N/R 93,167 
 
 Refunding Series 2016MI, 5.000%, 12/01/45 (Pre-refunded 6/01/26) 
 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
 
 
 
 
 
2011MI: 
 
 
 
35  5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00 N/R 37,528 
9,615  5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00 AA– 10,318,241 
 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012: 
 
 
 
2,000  5.000%, 10/01/31 (Pre-refunded 10/01/22) 10/22 at 100.00 AAA 2,214,960 
1,135  5.000%, 10/01/32 (Pre-refunded 10/01/22) 10/22 at 100.00 AAA 1,256,990 
2,500  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing 
12/20 at 101.00 AA 2,584,675 
 
 Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Pre-refunded 
 
 
 
 
 12/01/20) (AMT) 
 
 
 
390  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 
10/20 at 100.00 AAA 399,606 
 
 2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20) 
 
 
 
1,995  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St John’s 
5/20 at 100.00 Aaa 2,144,685 
 
 Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
 
 
 
1,000  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 AA– 1,092,520 
 
 Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) 
 
 
 
1,475  
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, 
5/21 at 100.00 AA 1,538,454 
 
 Refunding Series 2011, 4.500%, 5/01/31 (Pre-refunded 5/01/21) – AGM Insured 
 
 
 
43,035  
Total U.S. Guaranteed 
 
 
46,584,285 
 
 Utilities – 11.9% (7.7% of Total Investments) 
 
 
 
 
 
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A: 
 
 
 
2,750  5.000%, 7/01/33 7/21 at 100.00 AA 2,895,090 
6,020  5.000%, 7/01/39 7/21 at 100.00 AA 6,349,655 
6,665  
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A, 
7/29 at 100.00 AA– 8,463,683 
 
 5.000%, 7/01/48 
 
 
 
 
38

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
 
 
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: 
 
 
 
$ 75  5.000%, 7/01/32 7/26 at 100.00 AA– $ 91,844 
500  5.000%, 7/01/33 7/26 at 100.00 AA– 610,565 
 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A: 
 
 
 
1,900  5.000%, 1/01/27 1/22 at 100.00 A2 2,014,760 
4,530  5.000%, 1/01/43 1/22 at 100.00 A2 4,776,613 
 
 
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding 
 
 
 
 
 
Series 2011: 
 
 
 
1,760  5.000%, 1/01/24 – AGM Insured 1/21 at 100.00 AA 1,818,133 
1,990  5.000%, 1/01/25 – AGM Insured 1/21 at 100.00 AA 2,055,391 
2,180  5.000%, 1/01/26 – AGM Insured 1/21 at 100.00 AA 2,251,853 
290  5.000%, 1/01/27 – AGM Insured 1/21 at 100.00 AA 299,582 
3,640  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison 
No Opt. Call Aa3 3,887,920 
 
 Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured 
 
 
 
500  
Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, 
5/29 at 100.00 A3 611,145 
 
 Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 
 
 
 
 
 2019B, 5.000%, 11/01/36, 144A 
 
 
 
2,700  
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – 
10/25 at 100.00 AA 3,158,271 
 
 BAM Insured 
 
 
 
35,500  
Total Utilities 
 
 
39,284,505 
 
 Water and Sewer – 14.3% (9.3% of Total Investments) 
 
 
 
15  
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 
3/20 at 100.00 AA 15,048 
 
 2004A, 5.000%, 7/01/34 – AGM Insured 
 
 
 
1,700  
Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series 
4/28 at 100.00 AA 2,071,722 
 
 2018, 5.000%, 4/01/43 – AGM Insured 
 
 
 
1,690  
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 
10/28 at 100.00 Aa3 1,971,284 
 
 4.000%, 10/01/44 
 
 
 
 
 
Grand Rapids, Kent County, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & 
 
 
 
 
 
Refunding Series 2020: 
 
 
 
2,000  5.000%, 1/01/45 1/30 at 100.00 AA 2,591,940 
1,000  4.000%, 1/01/50 1/30 at 100.00 AA 1,180,530 
 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding 
 
 
 
 
 
Series 2014: 
 
 
 
1,000  5.000%, 1/01/32 1/24 at 100.00 AA 1,150,760 
1,000  5.000%, 1/01/33 1/24 at 100.00 AA 1,149,500 
1,000  5.000%, 1/01/34 1/24 at 100.00 AA 1,147,940 
1,855  5.000%, 1/01/44 1/24 at 100.00 AA 2,137,405 
 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018: 
 
 
 
2,500  5.000%, 1/01/43 1/28 at 100.00 AA 3,118,425 
1,055  5.000%, 1/01/48 1/28 at 100.00 AA 1,302,113 
1,005  
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding 
7/26 at 100.00 1,232,753 
 
 Second Lien Series 2016C, 5.000%, 7/01/32 
 
 
 
6,245  
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien 
7/26 at 100.00 AA– 7,681,600 
 
 Series 2016C, 5.000%, 7/01/32 
 
 
 
 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
 
 
 
 
 
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C: 
 
 
 
4,665  5.000%, 7/01/34 7/25 at 100.00 5,511,278 
1,070  5.000%, 7/01/35 7/25 at 100.00 1,262,546 
 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
 
 
 
 
 
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1: 
 
 
 
1,500  5.000%, 7/01/35 – AGM Insured 7/24 at 100.00 AA 1,733,130 
1,220  5.000%, 7/01/37 – AGM Insured 7/24 at 100.00 AA 1,404,257 
 
39

  
NUM Nuveen Michigan Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Water and Sewer (continued) 
 
 
 
 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate 
 
 
 
 
 
Refunding Series 2013: 
 
 
 
$ 1,955  5.000%, 10/01/22 No Opt. Call AAA $ 2,163,032 
3,200  5.000%, 10/01/25 10/22 at 100.00 AAA 3,555,296 
90  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 
3/20 at 100.00 AAA 90,285 
 
 2004, 5.000%, 10/01/23 
 
 
 
 
 
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011: 
 
 
 
500  5.250%, 10/01/31 10/21 at 100.00 A– 533,250 
1,500  5.625%, 10/01/40 10/21 at 100.00 A– 1,607,850 
2,415  
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 AA+ 2,688,136 
 
 Participation, Missouri Project Series 2019, 4.000%, 12/01/41 
 
 
 
40,180  
Total Water and Sewer 
 
 
47,300,080 
$ 447,720  Total Long-Term Investments (cost $466,119,095) 
 
 
510,519,013 
 
 Floating Rate Obligations – (3.7)% 
 
 
(12,265,000) 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (52.2)% (6) 
 
 
(172,876,855) 
 
 Other Assets Less Liabilities – 1.7% 
 
 
5,626,543 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 331,003,701 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 33.9%. 
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, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
40

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Portfolio of Investments 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 148.1% (100.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 147.5% (99.6% of Total Investments) 
 
 
 
 
 Consumer Discretionary – 0.4% (0.3% of Total Investments) 
 
 
 
$ 1,180  
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 BBB– $ 1,447,199 
 
 Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 
 
 
 
 
 Consumer Staples – 2.2% (1.5% of Total Investments) 
 
 
 
20,605  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 N/R 2,900,772 
 
 Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 
 
 
 
 
 0.010%, 6/01/57 
 
 
 
1,025  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 N/R 1,176,106 
 
 Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 
 
 
 
2,730  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 N/R 3,087,302 
 
 Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
24,360  
Total Consumer Staples 
 
 
7,164,180 
 
 Education and Civic Organizations – 11.5% (7.8% of Total Investments) 
 
 
 
 
 
Lorain County Community College District, Ohio, General Receipts Revenue Bonds, 
 
 
 
 
 
Refunding Series 2017: 
 
 
 
1,305  5.000%, 12/01/32 6/27 at 100.00 Aa2 1,619,883 
1,200  5.000%, 12/01/33 6/27 at 100.00 Aa2 1,486,872 
505  5.000%, 12/01/34 6/27 at 100.00 Aa2 624,761 
 
 
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014: 
 
 
 
4,375  5.000%, 9/01/33 9/24 at 100.00 AA 5,119,669 
2,500  4.000%, 9/01/39 9/24 at 100.00 AA 2,766,250 
2,585  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 
9/26 at 100.00 AA 3,140,620 
 
 
Miami University of Ohio, General Receipts Bonds, Series 2011: 
 
 
 
130  5.000%, 9/01/33 9/21 at 100.00 AA 137,677 
1,960  5.000%, 9/01/36 9/21 at 100.00 AA 2,072,720 
 
 
Miami University of Ohio, General Receipts Bonds, Series 2012: 
 
 
 
480  4.000%, 9/01/32 9/22 at 100.00 AA 512,107 
1,000  4.000%, 9/01/33 9/22 at 100.00 AA 1,066,120 
 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University 
 
 
 
 
 
Project, Series 2012: 
 
 
 
120  5.000%, 11/01/27 5/22 at 100.00 AA 130,346 
590  5.000%, 11/01/32 5/22 at 100.00 AA 640,073 
5,000  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, 
12/22 at 100.00 A+ 5,463,050 
 
 Refunding Series 2013, 5.000%, 12/01/43 
 
 
 
1,000  
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 
12/22 at 100.00 Aa3 1,114,350 
1,000  Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 3/25 at 100.00 N/R 1,085,490 
 
 
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
 6.000%, 3/01/45 
 
 
 
1,000  
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C, 
12/24 at 100.00 AA– 1,159,970 
 
 5.000%, 6/01/41 
 
 
 
3,175  
University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46 
6/26 at 100.00 AA– 3,818,636 
1,375  
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking 
5/29 at 100.00 AA– 1,588,001 
 
 Project, Series 2019A, 4.000%, 5/01/44 
 
 
 
 
 
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017: 
 
 
 
1,555  5.000%, 12/15/29 12/26 at 100.00 A+ 1,926,614 
1,670  5.000%, 12/15/30 12/26 at 100.00 A+ 2,061,899 
32,525  
Total Education and Civic Organizations 
 
 
37,535,108 
 
41

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Health Care – 16.3% (11.0% of Total Investments) 
 
 
 
$ 3,000  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/23 at 100.00 AA– $ 3,303,960 
 
 Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38 
 
 
 
 
 
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated 
 
 
 
 
 
Group Project, Refunding & Improvement Series 2017: 
 
 
 
2,250  5.000%, 12/01/37 12/27 at 100.00 A– 2,771,550 
1,000  5.000%, 12/01/47 12/27 at 100.00 A– 1,203,910 
2,945  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated 
11/29 at 100.00 AA 3,485,525 
 
 Group, Series 2019A, 4.000%, 11/15/43 
 
 
 
1,660  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, 
8/29 at 100.00 BBB+ 1,916,520 
 
 Series 2019A-1, 4.000%, 8/01/44 
 
 
 
2,400  
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center 
6/23 at 100.00 Ba2 2,526,240 
 
 Project, Series 2013, 5.000%, 6/15/43 
 
 
 
250  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 AA+ 264,545 
 
 5.000%, 11/15/41 
 
 
 
4,480  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option 
11/21 at 100.00 AA+ 5,001,293 
 
 Bond Trust 2016-XL0004, 8.194%, 11/15/41, 144A (IF) (4) 
 
 
 
1,730  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 AA– 2,148,314 
 
 5.000%, 12/01/47 
 
 
 
300  
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc, 
3/20 at 100.00 A– 301,122 
 
 Refunding Series 2008C, 6.000%, 8/15/43 
 
 
 
820  
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health 
8/21 at 100.00 A2 865,502 
 
 Center Project, Refunding Series 2011, 5.250%, 8/01/41 
 
 
 
6,105  
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System 
2/23 at 100.00 BB+ 6,629,908 
 
 Obligated Group Project, Series 2013, 5.000%, 2/15/44 
 
 
 
4,500  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant 
11/29 at 100.00 AA– 5,293,035 
 
 Health Obligated Group, Series 2019A, 4.000%, 11/01/49 
 
 
 
 
 
Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
 
 
 
 
 
System Project, Series 2010: 
 
 
 
1,520  5.250%, 11/15/40 – AGM Insured 5/20 at 100.00 AA 1,533,878 
555  5.750%, 11/15/40 – AGM Insured 5/20 at 100.00 AA 560,700 
2,090  
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, 
1/28 at 100.00 AA 2,667,634 
 
 Refunding Series 2017A, 5.000%, 1/01/33 
 
 
 
 
 
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 2013A: 
 
 
 
1,000  5.000%, 1/15/28 1/23 at 100.00 1,107,050 
2,000  5.000%, 1/15/29 1/23 at 100.00 2,212,300 
555  
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 BBB+ 640,764 
 
 2019A-1, 4.000%, 8/01/44 
 
 
 
 
 
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood 
 
 
 
 
 
County Hospital Project, Series 2012: 
 
 
 
2,670  5.000%, 12/01/37 12/22 at 100.00 Ba2 2,841,360 
5,510  5.000%, 12/01/42 12/22 at 100.00 Ba2 5,835,365 
47,340  
Total Health Care 
 
 
53,110,475 
 
 Housing/Multifamily – 1.0% (0.7% of Total Investments) 
 
 
 
140  
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, 
3/20 at 100.00 Aaa 140,448 
 
 Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT) 
 
 
 
3,265  
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower 
3/20 at 100.00 Aa1 3,272,118 
 
 Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT) 
 
 
 
3,405  
Total Housing/Multifamily 
 
 
3,412,566 
 
 Industrials – 1.2% (0.8% of Total Investments) 
 
 
 
3,495  
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation 
No Opt. Call A3 3,795,605 
 
 Inc, Series 1992, 6.450%, 12/15/21 
 
 
 
 
42

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Long-Term Care – 1.0% (0.6% of Total Investments) 
 
 
 
$ 895  
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 BBB $ 908,085 
 
 Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
2,220  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint 
4/20 at 100.00 BBB– 2,228,125 
 
 Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40 
 
 
 
3,115  
Total Long-Term Care 
 
 
3,136,210 
 
 Tax Obligation/General – 14.9% (10.1% of Total Investments) 
 
 
 
2,500  
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, 
11/27 at 100.00 AA 3,063,825 
 
 School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54 
 
 
 
1,050  
Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 12/01/43 
6/28 at 100.00 AA+ 1,315,619 
 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2006: 
 
 
 
4,310  0.000%, 12/01/27 – AGM Insured No Opt. Call AA 3,871,285 
5,835  0.000%, 12/01/28 – AGM Insured No Opt. Call AA 5,126,689 
2,250  
Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29 
10/28 at 100.00 AAA 2,996,460 
 
 
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: 
 
 
 
900  5.000%, 12/01/32 12/25 at 100.00 Aaa 1,104,678 
1,000  5.000%, 12/01/34 12/25 at 100.00 Aaa 1,220,940 
1,730  
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 
12/23 at 100.00 AAA 1,986,991 
 
 
Gallia County Local School District, Gallia and Jackson Counties, Ohio, General 
 
 
 
 
 
Obligation Bonds, Refunding School Improvement Series 2014: 
 
 
 
1,260  5.000%, 11/01/30 11/24 at 100.00 Aa2 1,472,738 
1,540  5.000%, 11/01/31 11/24 at 100.00 Aa2 1,797,365 
1,005  
Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds, 
6/29 at 100.00 AA+ 1,270,692 
 
 School Facilities Construction & Improvement Series 2019, 5.000%, 12/01/53 
 
 
 
2,160  
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 
No Opt. Call Aa1 2,122,416 
 
 2011, 0.010%, 12/01/21 
 
 
 
4,500  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, 
No Opt. Call A2 6,179,895 
 
 Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured 
 
 
 
1,305  
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 
No Opt. Call Aa3 1,579,637 
 
 2006, 5.500%, 12/01/24 – AMBAC Insured 
 
 
 
725  
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities 
6/22 at 100.00 Aa3 792,933 
 
 Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
 
 
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V: 
 
 
 
2,500  5.000%, 5/01/33 5/28 at 100.00 AAA 3,245,850 
1,250  5.000%, 5/01/34 5/28 at 100.00 AAA 1,622,138 
4,000  
Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation 
1/28 at 100.00 Aa2 4,553,600 
 
 Bonds, School Improvement Series 2018A, 4.000%, 1/15/55 
 
 
 
1,500  
Springboro Community City School District, Warren County, Ohio, General Obligation 
No Opt. Call AA 2,111,925 
 
 Bonds, Refunding Series 2007, 5.250%, 12/01/32 
 
 
 
1,000  
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, 
12/27 at 100.00 AAA 1,246,300 
 
 School Facilities & Improvement Series 2018A, 5.000%, 12/01/48 
 
 
 
42,320  
Total Tax Obligation/General 
 
 
48,681,976 
 
 Tax Obligation/Limited – 31.2% (21.1% of Total Investments) 
 
 
 
 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate 
 
 
 
 
 
Lien Series 2017B-2: 
 
 
 
1,250  5.000%, 10/01/31 4/28 at 100.00 AA 1,598,975 
1,000  5.000%, 10/01/32 4/28 at 100.00 AA 1,276,660 
 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding 
 
 
 
 
 
Series 2017A-2: 
 
 
 
435  5.000%, 10/01/30 10/27 at 100.00 AA 552,450 
700  5.000%, 10/01/33 10/27 at 100.00 AA 883,463 
 
43

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 6,750  
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention 
12/20 at 100.00 AA $ 6,957,832 
 
 Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27 
 
 
 
 
 
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014: 
 
 
 
1,815  5.000%, 12/01/32 12/24 at 100.00 AAA 2,150,975 
1,415  5.000%, 12/01/33 12/24 at 100.00 AAA 1,674,129 
1,000  5.000%, 12/01/34 12/24 at 100.00 AAA 1,180,860 
945  5.000%, 12/01/35 12/24 at 100.00 AAA 1,114,514 
1,920  
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44 
12/25 at 100.00 Aa1 2,283,533 
10,350  
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/24 at 100.00 Aa1 12,138,480 
 
 Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 
 
 
 
 
 5.000%, 12/01/35 
 
 
 
2,500  
Franklin County Convention Facilities Authority, Ohio, Lease Appropriation Bonds, 
12/29 at 100.00 AA 3,190,050 
 
 Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/46 
 
 
 
 
 
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018: 
 
 
 
2,120  5.000%, 6/01/36 6/28 at 100.00 AAA 2,736,475 
1,155  5.000%, 6/01/37 6/28 at 100.00 AAA 1,487,270 
6,500  5.000%, 6/01/43 6/28 at 100.00 AAA 8,255,780 
5,535  5.000%, 6/01/48 6/28 at 100.00 AAA 6,989,377 
1,000  
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
12/25 at 100.00 AA+ 1,213,470 
 
 Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34 
 
 
 
5,565  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.010%, 12/01/28 – 
No Opt. Call AA 4,889,465 
 
 AGM Insured 
 
 
 
5,000  
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31 
12/21 at 100.00 A1 5,346,850 
6,000  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/29 at 100.00 Aa2 6,996,480 
 
 2019-I, 4.000%, 10/15/49 
 
 
 
1,000  
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, 
10/22 at 100.00 Aa3 1,101,550 
 
 Series 2012C, 5.000%, 10/01/24 
 
 
 
2,000  
Ohio State, Capital Facilities Lease Appropriation Bonds, Juvenile Correctional Building 
4/29 at 100.00 AA 2,601,980 
 
 Fund Projects, Series 2019A, 5.000%, 4/01/37 
 
 
 
1,250  
Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2019, 5.000%, 12/01/48 
12/28 at 100.00 AA 1,542,125 
1,845  
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community 
12/25 at 100.00 AA 2,102,728 
 
 Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured 
 
 
 
400  
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development 
12/28 at 100.00 N/R 453,460 
 
 TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50 
 
 
 
1,000  
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment 
11/30 at 100.00 N/R 1,032,920 
 
 Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, 
 
 
 
 
 Senior Lien Series 2019A, 5.000%, 11/01/51 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
7,135  4.500%, 7/01/34 7/25 at 100.00 N/R 7,852,710 
4,700  4.550%, 7/01/40 7/28 at 100.00 N/R 5,300,049 
 
 
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of 
 
 
 
 
 
Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A: 
 
 
 
1,645  5.000%, 12/01/23 12/22 at 100.00 AA+ 1,830,737 
1,200  5.000%, 12/01/24 12/22 at 100.00 AA+ 1,335,144 
765  
Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of 
12/20 at 100.00 Aa3 787,391 
 
 Participation, School Facilities Project, Series 2012, 5.000%, 12/01/24 
 
 
 
2,450  
Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of 
12/27 at 100.00 Aa2 3,055,223 
 
 Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39 
 
 
 
88,345  
Total Tax Obligation/Limited 
 
 
101,913,105 
 
44

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Transportation – 17.2% (11.6% of Total Investments) 
 
 
 
 
 
Dayton, Ohio, Airport Revenue Bonds, James M Cox International Airport, Series 2015B: 
 
 
 
$ 860  5.000%, 12/01/33 – AGM Insured 12/23 at 100.00 AA $ 962,116 
500  5.000%, 12/01/34 – AGM Insured 12/23 at 100.00 AA 558,790 
6,835  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, 
1/29 at 100.00 A+ 7,953,548 
 
 4.000%, 1/01/44 
 
 
 
 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
 
 
 
 
 
Bypass Project, Series 2015: 
 
 
 
2,500  5.000%, 12/31/35 – AGM Insured (AMT) 6/25 at 100.00 AA 2,923,725 
3,000  5.000%, 12/31/39 – AGM Insured (AMT) 6/25 at 100.00 AA 3,485,550 
4,250  5.000%, 6/30/53 (AMT) 6/25 at 100.00 A3 4,842,960 
2,050  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
2/23 at 100.00 Aa3 2,286,099 
 
 Series 2013A-1, 5.250%, 2/15/39 
 
 
 
15,000  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/28 at 100.00 Aa3 18,649,350 
 
 Series 2018A, 5.000%, 2/15/46 (UB) (4) 
 
 
 
 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien, 
 
 
 
 
 
Capital Appreciation Series 2013A-2: 
 
 
 
5,000  0.000%, 2/15/37 No Opt. Call Aa3 3,518,450 
11,260  0.010%, 2/15/38 No Opt. Call Aa3 7,681,234 
5,000  0.000%, 2/15/40 No Opt. Call Aa3 3,185,650 
56,255  
Total Transportation 
 
 
56,047,472 
 
 U.S. Guaranteed – 32.8% (22.1% of Total Investments) (5) 
 
 
 
1,950  
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, 
6/20 at 100.00 AA– 1,971,021 
 
 Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20) 
 
 
 
 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: 
 
 
 
1,165  5.500%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00 N/R 1,201,255 
2,335  5.500%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00 2,407,665 
 
 
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, 
 
 
 
 
 
Series 2012: 
 
 
 
110  5.000%, 12/01/26 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 120,307 
245  5.000%, 12/01/28 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 267,957 
160  5.000%, 12/01/29 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 174,992 
1,605  5.000%, 12/01/29 (Pre-refunded 6/01/22) 6/22 at 100.00 Aaa 1,757,266 
875  
Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A, 
12/20 at 100.00 AA 902,746 
 
 5.000%, 12/01/32 (Pre-refunded 12/01/20) 
 
 
 
8,150  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 
12/21 at 100.00 AAA 8,753,507 
 
 (Pre-refunded 12/01/21) 
 
 
 
 
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: 
 
 
 
2,150  5.000%, 1/01/30 (Pre-refunded 1/01/22) 1/22 at 100.00 2,316,367 
1,500  5.000%, 1/01/31 (Pre-refunded 1/01/22) – AGM Insured 1/22 at 100.00 AA 1,616,070 
 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate 
 
 
 
 
 
Lien Series 2013A-2: 
 
 
 
1,315  5.000%, 10/01/27 (Pre-refunded 10/01/23) 10/23 at 100.00 AA 1,512,421 
1,520  5.000%, 10/01/30 (Pre-refunded 10/01/23) 10/23 at 100.00 AA 1,748,198 
1,600  5.000%, 10/01/31 (Pre-refunded 10/01/23) 10/23 at 100.00 AA 1,840,208 
 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate 
 
 
 
 
 
Lien Series 2015A-2: 
 
 
 
2,705  5.000%, 10/01/37 (Pre-refunded 10/01/23) 10/23 at 100.00 N/R 3,105,935 
8,045  5.000%, 10/01/37 (Pre-refunded 10/01/23) 10/23 at 100.00 AA+ 9,237,430 
3,000  
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 
11/23 at 100.00 AA 3,459,630 
 
 2014A-1, 5.000%, 11/15/38 (Pre-refunded 11/15/23) 
 
 
 
1,140  
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School 
11/21 at 100.00 A1 1,220,416 
 
 Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured 
 
 
 
 
45

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
 
 
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
 
 
 
 
 
Improvement Bonds, Refunding Series 2012: 
 
 
 
$ 1,010  5.250%, 12/01/27 (Pre-refunded 12/01/21) 12/21 at 100.00 AA+ $ 1,088,245 
760  5.250%, 12/01/30 (Pre-refunded 12/01/21) 12/21 at 100.00 AA+ 818,877 
600  5.000%, 12/01/31 (Pre-refunded 12/01/21) 12/21 at 100.00 AA+ 643,884 
 
 
Greenville City School District, Drake County, Ohio, General Obligation Bonds, School 
 
 
 
 
 
Improvement Series 2013: 
 
 
 
555  5.250%, 1/01/38 (Pre-refunded 1/01/22) 1/22 at 100.00 AA 599,927 
1,355  5.250%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00 AA 1,464,687 
3,225  
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, 
6/21 at 100.00 A+ 3,440,914 
 
 Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21) 
 
 
 
20,700  
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
1/23 at 100.00 AA+ 23,138,253 
 
 Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23) 
 
 
 
3,965  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 BBB 4,310,272 
 
 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
 
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding 
 
 
 
 
 
& Improvement Series 2014: 
 
 
 
2,950  5.000%, 11/15/39 (Pre-refunded 11/15/24) 11/24 at 100.00 AA+ 3,529,410 
1,400  5.000%, 11/15/44 (Pre-refunded 11/15/24) 11/24 at 100.00 AA+ 1,674,974 
2,000  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 
5/23 at 100.00 AA+ 2,268,920 
 
 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23) 
 
 
 
1,100  
Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic 
1/22 at 100.00 AA 1,184,073 
 
 Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (Pre-refunded 1/01/22) 
 
 
 
945  
Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health 
5/20 at 100.00 AA 954,176 
 
 System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured 
 
 
 
10,915  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
2/23 at 100.00 Aa3 12,238,662 
 
 Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23) 
 
 
 
5,000  
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban 
6/22 at 100.00 Aa3 5,462,600 
 
 Redevelopment, Series 2012, 5.000%, 6/01/42 (Pre-refunded 6/01/22) 
 
 
 
450  
South-Western City School District, Franklin and Pickaway Counties, Ohio, General 
6/22 at 100.00 AA 492,165 
 
 Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
 
 (Pre-refunded 6/01/22) 
 
 
 
96,500  
Total U.S. Guaranteed 
 
 
106,923,430 
 
 Utilities – 5.3% (3.6% of Total Investments) 
 
 
 
1,500  
American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds, 
2/24 at 100.00 A1 1,699,470 
 
 Series 2015A, 5.000%, 2/15/42 
 
 
 
1,430  
American Municipal Power, Inc, Ohio, Greenup Hydroelectric Project Revenue Bonds, 
2/26 at 100.00 A1 1,697,353 
 
 Refunding Series 2016A, 5.000%, 2/15/41 
 
 
 
1,660  
American Municipal Power, Inc, Ohio, Solar Electricity Prepayment Project Revenue Bonds, 
2/29 at 100.00 2,062,450 
 
 Green Bonds Series 2019A, 5.000%, 2/15/44 
 
 
 
1,815  
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 ý 
No Opt. Call A– 1,353,482 
 
 NPFG Insured 
 
 
 
 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2: 
 
 
 
2,000  0.010%, 11/15/28 – NPFG Insured No Opt. Call A– 1,713,680 
6,895  0.000%, 11/15/32 – NPFG Insured No Opt. Call A– 5,285,500 
2,155  0.000%, 11/15/34 – NPFG Insured No Opt. Call A– 1,565,026 
2,000  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call N/R 10,000 
 
 FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6) 
 
 
 
950  
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
No Opt. Call A1 815,413 
 
 Hydroelectric Project – Joint Venture 5, Series 2001, 0.010%, 2/15/29 – NPFG Insured 
 
 
 
 
46

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
$ 1,000  
Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, 
5/29 at 100.00 A3 $ 1,212,330 
 
 Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 
 
 
 
 
 2019B, 5.000%, 11/01/39, 144A 
 
 
 
21,405  
Total Utilities 
 
 
17,414,704 
 
 Water and Sewer – 12.5% (8.4% of Total Investments) 
 
 
 
8,000  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46 
12/26 at 100.00 AAA 9,774,800 
2,035  
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42 
1/22 at 100.00 AA+ 2,170,958 
190  
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, 
No Opt. Call Aa2 197,416 
 
 Series 1993G, 5.500%, 1/01/21 – NPFG Insured 
 
 
 
3,380  
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 10/01/44 
10/28 at 100.00 Aa3 3,942,567 
2,025  
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 ý 
12/20 at 100.00 A2 2,072,304 
 
 AGM Insured 
 
 
 
3,225  
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019, 
12/29 at 100.00 AAA 4,216,946 
 
 5.000%, 6/01/44 
 
 
 
2,290  
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 AA+ 2,548,999 
 
 Participation, Missouri Project Series 2019, 4.000%, 12/01/41 
 
 
 
 
 
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013: 
 
 
 
820  5.000%, 11/15/25 11/23 at 100.00 Aa3 938,457 
605  5.000%, 11/15/26 11/23 at 100.00 Aa3 691,685 
1,075  5.000%, 11/15/27 11/23 at 100.00 Aa3 1,227,768 
695  5.000%, 11/15/28 11/23 at 100.00 Aa3 792,682 
10,000  
Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 
11/26 at 100.00 AA– 12,215,900 
 
 11/15/41 (UB) (4) 
 
 
 
34,340  
Total Water and Sewer 
 
 
40,790,482 
$ 454,585  
Total Municipal Bonds (cost $432,935,849) 
 
 
481,372,512 

 
Shares  Description (1) Value 
 
 COMMON STOCKS – 0.6% (0.4% of Total Investments) 
 
 
 Electric Utilities – 0.6% (0.4% of Total Investments) 
 
64,342  
Energy Harbor Corp (7), (8) 
$ 1,833,760 
 
 
Total Common Stocks (cost $2,000,000) 
1,833,760 
 
 Total Long-Term Investments (cost $434,935,849) 483,206,272 
 
 Floating Rate Obligations – (6.1)% (20,000,000) 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (45.3)% (9) (147,769,374) 
 
 Other Assets Less Liabilities – 3.3% 10,848,944 
 
 Net Asset Applicable to Common Shares – 100% $ 326,285,842 
 
47

  
NUO Nuveen Ohio Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
August 31, 2019 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(7) 
Common Stock received as part of the bankruptcy settlement for Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23. 
(8) 
For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 – Investment Valuation and Fair Value Measurements for more information. 
(9) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.6%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
48

Statement of Assets and Liabilities
February 29, 2020
          
 
 NAZ  NUM  NUO 
Assets          
Long-term investments, at value (cost $251,163,505, $466,119,095 
         
and $434,935,849, respectively)  
$
276,723,928
  
$
510,519,013
  
$
483,206,272
 
Cash 
  
477,885
   
744,931
   
1,087,660
 
Receivable for: 
            
Interest   
2,404,916
   
6,138,262
   
4,592,911
 
Investments sold   
   
   
13,361,252
 
Other assets 
  
101
   
61,143
   
31,133
 
Total assets   
279,606,830
   
517,463,349
   
502,279,228
 
Liabilities             
Floating rate obligations 
  
9,755,000
   
12,265,000
   
20,000,000
 
Payable for: 
            
Dividends   
490,843
   
852,245
   
752,884
 
Interest   
30,377
   
86,389
   
47,013
 
Investments purchased - regular settlement   
   
   
7,101,791
 
Investments purchased - when-issued/delayed-delivery settlement   
886,845
   
   
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred 
            
offering costs (liquidation preference $88,300,000, $173,000,000 and $—, respectively)   
88,223,894
   
172,876,855
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs 
            
(liquidation preference $—, $— and $148,000,000, respectively)   
   
   
147,769,374
 
Accrued expenses: 
            
Management fees   
133,315
   
236,113
   
230,664
 
Trustees fees   
911
   
62,664
   
28,468
 
Other   
61,718
   
80,382
   
63,192
 
Total liabilities   
99,582,903
   
186,459,648
   
175,993,386
 
Net assets applicable to common shares 
 
$
180,023,927
  
$
331,003,701
  
$
326,285,842
 
Common shares outstanding 
  
11,571,158
   
20,226,887
   
18,316,955
 
Net asset value (“NAV”) per common share outstanding 
 
$
15.56
  
$
16.36
  
$
17.81
 
  
Net assets applicable to common shares consist of:             
Common shares, $0.01 par value per share 
 
$
115,712
  
$
202,269
  
$
183,170
 
Paid-in-surplus 
  
156,308,288
   
287,665,220
   
278,274,538
 
Total distributable earnings 
  
23,599,927
   
43,136,212
   
47,828,134
 
Net assets applicable to common shares 
 
$
180,023,927
  
$
331,003,701
  
$
326,285,842
 
Authorized shares: 
            
Common  Unlimited  Unlimited  Unlimited 
Preferred  Unlimited  Unlimited  Unlimited 
 
See accompanying notes to financial statements.
49

 
Statement of Operations 
 
Year Ended February 29, 2020 
 
 
 

  
 
 NAZ  NUM  NUO 
Investment Income  
$
10,461,643
  
$
18,577,757
  
$
15,727,495
 
Expenses             
Management fees 
  
1,659,129
   
2,943,055
   
2,868,873
 
Interest expense and amortization of offering costs 
  
2,155,387
   
4,078,791
   
3,739,673
 
Custodian fees 
  
41,897
   
60,331
   
56,613
 
Trustees fees 
  
6,814
   
12,868
   
27,417
 
Professional fees 
  
42,824
   
50,974
   
269,628
 
Shareholder reporting expenses 
  
20,112
   
33,951
   
264,499
 
Shareholder servicing agent fees 
  
16,471
   
26,581
   
9,339
 
Stock exchange listing fees 
  
6,832
   
6,896
   
6,896
 
Investor relations expenses 
  
9,910
   
18,511
   
17,539
 
Other 
  
37,926
   
39,146
   
48,549
 
Total expenses 
  
3,997,302
   
7,271,104
   
7,309,026
 
Net investment income (loss) 
  
6,464,341
   
11,306,653
   
8,418,469
 
Realized and Unrealized Gain (Loss)             
Net realized gain (loss) from investments 
  
524,499
   
1,186,029
   
2,511,885
 
Change in net unrealized appreciation (depreciation) of investments 
  
14,956,580
   
23,567,577
   
28,274,554
 
Net realized and unrealized gain (loss) 
  
15,481,079
   
24,753,606
   
30,786,439
 
Net increase (decrease) in net assets applicable to 
            
common shares from operations  
$
21,945,420
  
$
36,060,259
  
$
39,204,908
 
 
See accompanying notes to financial statements.
50

Statement of Changes in Net Assets
             
 
 
NAZ
  
NUM
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 2/29/20  2/28/19  2/29/20  2/28/19 
Operations             
Net investment income (loss) 
 
$
6,464,341
  
$
6,081,745
  
$
11,306,653
  
$
11,223,210
 
Net realized gain (loss) from investments 
  
524,499
   
(437,782
)
  
1,186,029
   
(1,094,781
)
Change in net unrealized appreciation (depreciation) of investments 
  
14,956,580
   
889,889
   
23,567,577
   
2,661,036
 
Net increase (decrease) in net assets applicable 
                
to common shares from operations   
21,945,420
   
6,533,852
   
36,060,259
   
12,789,465
 
Distributions to Common Shareholders                 
Dividends 
  
(6,001,960
)
  
(6,065,999
)
  
(10,801,157
)
  
(10,961,603
)
Decrease in net assets applicable to common 
                
shares from distributions to common shareholders   
(6,001,960
)
  
(6,065,999
)
  
(10,801,157
)
  
(10,961,603
)
Capital Share Transactions                 
Common shares: 
                
Proceeds from shelf offering, net of offering costs   
   
69,117
   
   
 
Cost of shares repurchased and retired   
   
(1,481,001
)
  
   
(7,000,749
)
Net increase (decrease) in net assets applicable to 
                
common shares from capital share transactions   
   
(1,411,884
)
  
   
(7,000,749
)
Net increase (decrease) in net assets applicable to 
                
common shares   
15,943,460
   
(944,031
)
  
25,259,102
   
(5,172,887
)
Net assets applicable to common shares at the 
                
beginning of period   
164,080,467
   
165,024,498
   
305,744,599
   
310,917,486
 
Net assets applicable to common shares at 
                
the end of period  
$
180,023,927
  
$
164,080,467
  
$
331,003,701
  
$
305,744,599
 
 
See accompanying notes to financial statements.
51

 
Statement of Changes in Net Assets (continued) 
 
 
 

  
 
 NUO 
 
 Year  Year 
 
 Ended  Ended 
 
 2/29/20  2/28/19 
Operations       
Net investment income (loss) 
 
$
8,418,469
  
$
10,189,551
 
Net realized gain (loss) from investments 
  
2,511,885
   
(179,947
)
Change in net unrealized appreciation (depreciation) of investments 
  
28,274,554
   
2,782,168
 
Net increase (decrease) in net assets applicable 
        
to common shares from operations   
39,204,908
   
12,791,772
 
Distributions to Common Shareholders         
Dividends 
  
(10,693,438
)
  
(10,903,460
)
Decrease in net assets applicable to common 
        
shares from distributions to common shareholders   
(10,693,438
)
  
(10,903,460
)
Capital Share Transactions         
Common shares: 
        
Proceeds from shelf offering, net of offering costs   
   
 
Cost of shares repurchased and retired   
   
(2,742,770
)
Net increase (decrease) in net assets applicable to 
        
common shares from capital share transactions   
   
(2,742,770
)
Net increase (decrease) in net assets applicable to 
        
common shares   
28,511,470
   
(854,458
)
Net assets applicable to common shares at the 
        
beginning of period   
297,774,372
   
298,628,830
 
Net assets applicable to common shares at 
        
the end of period  
$
326,285,842
  
$
297,774,372
 
 
See accompanying notes to financial statements.
52

 
Statement of Cash Flows 
 
Year Ended February 29, 2020 
 
 
 

  
 
 NAZ  NUM  NUO 
Cash Flows from Operating Activities:          
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations  
$
21,945,420
  
$
36,060,259
  
$
39,204,908
 
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 
  
(19,816,760
)
  
(73,106,112
)
  
(73,627,383
)
Proceeds from sales and maturities of investments 
  
16,466,504
   
68,940,635
   
77,719,195
 
Taxes (paid) refunded 
  
(568
)
  
(5,365
)
  
1,831
 
Amortization (Accretion) of premiums and discounts, net 
  
1,757,303
   
3,382,099
   
2,697,223
 
Amortization of deferred offering costs 
  
80,511
   
72,625
   
9,841
 
(Increase) Decrease in: 
            
Receivable for interest   
(85,188
)
  
66,708
   
253,318
 
Receivable for investments sold   
   
   
(13,361,252
)
Other assets   
924
   
(11,095
)
  
(7,507
)
Increase (Decrease) in: 
            
Payable for interest   
(134,804
)
  
(237,239
)
  
47,013
 
Payable for investments purchased – regular settlement   
   
   
7,101,791
 
Payable for investments purchased – when-issued/delayed-delivery settlement   
886,845
   
   
 
Accrued management fees   
9,421
   
15,265
   
16,639
 
Accrued Trustees fees   
(339
)
  
11,575
   
8,022
 
Accrued other expenses   
(67,478
)
  
(61,986
)
  
(23,077
)
Net realized (gain) loss from: 
            
Investments   
(524,499
)
  
(1,186,029
)
  
(2,511,885
)
Paydowns   
   
   
1,208,169
 
Change in net unrealized (appreciation) depreciation of investments 
  
(14,956,580
)
  
(23,567,577
)
  
(28,274,554
)
Net cash provided by (used in) operating activities 
  
5,560,712
   
10,373,763
   
10,462,292
 
Cash Flows from Financing Activities:             
Proceeds from borrowings 
  
455,300
   
   
3,028,485
 
Repayments of borrowings 
  
(455,300
)
  
   
(3,028,485
)
Cash distributions paid to common shareholders 
  
(5,976,471
)
  
(10,797,525
)
  
(10,706,228
)
Net cash provided by (used in) financing activities 
  
(5,976,471
)
  
(10,797,525
)
  
(10,706,228
)
Net Increase (Decrease) in Cash   
(415,759
)
  
(423,762
)
  
(243,936
)
Cash at the beginning of period 
  
893,644
   
1,168,693
   
1,331,596
 
Cash at the end of period 
 
$
477,885
  
$
744,931
  
$
1,087,660
 
  
Supplemental Disclosures of Cash Flow Information  NAZ  NUM  NUO 
Cash paid for interest (excluding amortization of offering costs) 
 
$
2,274,140
  
$
4,295,949
  
$
3,682,818
 
 
See accompanying notes to financial statements.
53

 
Financial Highlights 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 

  
 
    Investment Operations  
Less Distributions
to Common Shareholders
  
Common Share
 
  
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  Total  
From
Net
Investment
Income
  
From
Accum-
ulated Net
Realized
Gains
  Total  
Shelf
Offering
Costs
  
Premium
per
Share
Sold
through
Shelf
Offering
  
Discount
per
Share
Repur-
chased
and
Retired
  
Ending
NAV
  
Ending
Share
Price
 
NAZ                                     
Year Ended 2/28-2/29:
                            
2020 
 
$
14.18
  
$
0.56
  
$
1.34
  
$
1.90
  
$
(0.52
)
 
$
  
$
(0.52
)
 
$
  
$
  
$
  
$
15.56
  
$
13.89
 
2019 
  
14.11
   
0.52
   
0.04
   
0.56
   
(0.52
)
  
   
(0.52
)
  
0.01
   
   
0.02
   
14.18
   
12.46
 
2018 
  
14.26
   
0.63
   
(0.13
)
  
0.50
   
(0.64
)
  
   
(0.64
)
  
(0.01
)
  
*
  
   
14.11
   
13.69
 
2017 
  
15.01
   
0.68
   
(0.68
)
  
(0.00
)
  
(0.75
)
  
   
(0.75
)
  
   
   
   
14.26
   
14.22
 
2016 
  
15.02
   
0.76
   
0.03
   
0.79
   
(0.80
)
  
   
(0.80
)
  
   
   
   
15.01
   
15.74
 
  
NUM                                                 
Year Ended 2/28-2/29:
                                     
2020 
  
15.12
   
0.56
   
1.21
   
1.77
   
(0.53
)
  
   
(0.53
)
  
   
   
   
16.36
   
14.20
 
2019 
  
14.96
   
0.55
   
0.07
   
0.62
   
(0.53
)
  
   
(0.53
)
  
   
   
0.07
   
15.12
   
12.99
 
2018 
  
15.10
   
0.61
   
(0.12
)
  
0.49
   
(0.63
)
  
   
(0.63
)
  
   
   
*
  
14.96
   
12.84
 
2017 
  
15.93
   
0.68
   
(0.73
)
  
(0.05
)
  
(0.72
)
  
(0.06
)
  
(0.78
)
  
   
   
   
15.10
   
13.50
 
2016 
  
15.80
   
0.76
   
0.15
   
0.91
   
(0.78
)
  
*
  
(0.78
)
  
   
   
*
  
15.93
   
14.01
 
 
  
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. 
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
54

                 
      
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     Ratios to Average Net Assets(b)    
  
  
  
Based
on
NAV(a)
  
Based
on
Share
Price(a)
  
Ending
Net
Assets
(000)
  Expenses(c)  
Net
Investment
Income
(Loss)
  
Portfolio
Turnover
Rate(d)
 
  
  
 
13.60
%
  
15.89
%
 
$
180,024
   
2.32
%
  
3.76
%
  
6
%
 
4.29
   
(5.09
)
  
164,080
   
2.61
   
3.73
   
11
 
 
3.44
   
0.69
   
165,024
   
2.03
   
4.35
   
19
 
 
(0.07
)
  
(5.03
)
  
165,141
   
1.91
   
4.54
   
13
 
 
5.45
   
15.59
   
173,767
   
1.51
   
5.12
   
9
 
  
  
  
 
11.92
   
13.59
   
331,004
   
2.29
   
3.56
   
14
 
 
4.75
   
5.54
   
305,745
   
2.46
   
3.67
   
13
 
 
3.19
   
(0.39
)
  
310,917
   
2.07
   
3.98
   
8
 
 
(0.40
)
  
1.74
   
314,297
   
1.88
   
4.34
   
20
 
 
5.97
   
7.15
   
331,466
   
1.52
   
4.85
   
12
 
 
  
(b) 
Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund. 
(c) 
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) 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 Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
 
     
NAZ 
 
 NUM 
 
Year Ended 2/28-2/29: 
 
Year Ended 2/28-2/29: 
2020 
1.25% 
 
2020 
1.28% 
2019 
1.39 
 
2019 
1.43 
2018 
0.95 
 
2018 
1.06 
2017 
0.87 
 
2017 
0.88 
2016 
0.49 
 
2016 
0.52 
 
  
(d) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. 
Rounds to less than $0.01 per share. 
 
See accompanying notes to financial statements.
55

 
Financial Highlights (continued) 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 

  
 
    Investment Operations  
Less Distributions
to Common Shareholders
  Common Share 
  
Beginning
Common
Share
NAV
  
Net
Investment
Income
(Loss)
  
Net
Realized/
Unrealized
Gain (Loss)
  Total  
From
Net
Investment
Income
  
From
Accum-
ulated Net
Realized
Gains
  Total  
Discount
per
Share
Repur-
chased
and
Retired
  
Ending
NAV
  
Ending
Share
Price
 
NUO                               
Year Ended 2/28-2/29:
                      
2020 
 
$
16.26
  
$
0.46
  
$
1.67
  
$
2.13
  
$
(0.52
)
 
$
(0.06
)
 
$
(0.58
)
 
$
  
$
17.81
  
$
15.41
 
2019 
  
16.12
   
0.55
   
0.15
   
0.70
   
(0.56
)
  
(0.03
)
  
(0.59
)
  
0.03
   
16.26
   
14.24
 
2018 
  
16.34
   
0.68
   
(0.19
)
  
0.49
   
(0.71
)
  
   
(0.71
)
  
   
16.12
   
14.14
 
2017 
  
17.16
   
0.74
   
(0.81
)
  
(0.07
)
  
(0.75
)
  
   
(0.75
)
  
   
16.34
   
14.97
 
2016 
  
17.01
   
0.81
   
0.17
   
0.98
   
(0.83
)
  
   
(0.83
)
  
   
17.16
   
15.44
 
 
  
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. 
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. 
 
56

                 
      
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
     Ratios to Average Net Assets(b)    
  
  
  
Based
on
NAV(a)
  
Based
on
Share
Price(a)
  
Ending
Net
Assets
(000)
  Expenses(c)  
Net
Investment
Income
(Loss)
  
Portfolio
Turnover
Rate(d)
 
  
  
 
13.39
%
  
12.40
%
 
$
326,286
   
2.34
%
  
2.70
%
  
15
%
 
4.65
   
5.14
   
297,774
   
2.35
   
3.44
   
12
 
 
2.98
   
(0.93
)
  
298,629
   
1.94
   
4.10
   
16
 
 
(0.49
)
  
1.67
   
302,690
   
1.79
   
4.35
   
8
 
 
5.95
   
5.96
   
317,856
   
1.58
   
4.83
   
10
 
 
  
(b) 
Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund. 
(c) 
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) 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 Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: 
 
  
NUO 
 
Year Ended 2/28–2/29: 
2020 
1.20% 
2019 
1.28 
2018 
0.90 
2017 
0.77 
2016 
0.55 
 
  
(d) 
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. 
 
See accompanying notes to financial statements.
57

 
Financial Highlights (continued) 
 
 
 

  
 
 
AMTP Shares
at the End of Period
  
VMTP Shares
at the End of Period
  
VRDP Shares
at the End of Period
 
 
 
Aggregate
Amount
Outstanding
(000)
  
Asset
Coverage
Per $100,000
Share
  
Aggregate
Amount
Outstanding
(000)
  
Asset
Coverage
Per $100,000
Share
  
Aggregate
Amount
Outstanding
(000)
  
Asset
Coverage
Per $100,000
Share
 
NAZ                   
Year Ended 2/28-2/29:
                
2020 
 
$
88,300
  
$
303,878
  
$
  
$
  
$
  
$
 
2019 
  
88,300
   
285,822
   
   
   
   
 
2018 
  
   
   
88,300
   
286,891
   
   
 
2017 
  
   
   
88,300
   
287,022
   
   
 
2016 
  
   
   
79,000
   
319,959
   
   
 
  
NUM                         
Year Ended 2/28-2/29:
                     
2020 
  
173,000
   
291,332
   
   
   
   
 
2019 
  
173,000
   
276,731
   
   
   
   
 
2018 
  
   
   
173,000
   
279,721
   
   
 
2017 
  
   
   
173,000
   
281,675
   
   
 
2016 
  
   
   
159,000
   
308,469
   
   
 
  
NUO                         
Year Ended 2/28-2/29:
                     
2020 
  
   
   
   
   
148,000
   
320,463
 
2019 
  
   
   
   
   
148,000
   
301,199
 
2018 
  
   
   
   
   
148,000
   
301,776
 
2017 
  
   
   
   
   
148,000
   
304,520
 
2016 
  
   
   
   
   
148,000
   
314,768
 
 
See accompanying notes to financial statements.
58

Notes to
Financial Statements

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 Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified, closed-end management investment companies. NAZ, NUM and NUO were organized as Massachusetts business trusts on April 8, 2013, January 7, 2013 and April 8, 2013, respectively (previously organized as Minnesota trusts on January 23, 1991, July 25, 1991 and October 17, 1991, respectively).
The end of the reporting period for the Funds is February 29, 2020, and the period covered by these Notes to Financial Statements is the fiscal year ended February 29, 2020 (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.
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 the 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 common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (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.
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 expect the risk of loss to be remote.
59

Notes to Financial Statements (continued)
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 reflects the amortization of premiums and accretion of discounts for financial reporting purposes and, is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Investment income also reflects dividend income, which is recorded on the ex-dividend date.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. During the current fiscal period, ASU 2017-08 became effective for the Funds and it did not have a material impact on the Funds’ financial statements.
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds’ investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes 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. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
60

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued, at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be 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. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
             
NAZ  Level 1  Level 2  Level 3  Total 
Long-Term Investments*: 
            
Municipal Bonds  
$
  
$
276,723,928
  
$
  
$
276,723,928
 
  
NUM                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
510,519,013
  
$
  
$
510,519,013
 
  
NUO                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
481,372,512
  
$
  
$
481,372,512
 
Common Stocks   
   
1,833,760
**
  
   
1,833,760
 
Total 
 
$
  
$
483,206,272
  
$
  
$
483,206,272
 
 
  
Refer to the Fund’s Portfolio of Investments for industry classifications. 
** 
Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. 
 
4. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a 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 of the 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.
61

Notes to Financial Statements (continued)
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.
The 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 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:
          
Floating Rate Obligations Outstanding  NAZ  NUM  NUO 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
9,755,000
  
$
12,265,000
  
$
20,000,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
  
6,715,000
   
8,430,000
   
4,480,000
 
Total 
 
$
16,470,000
  
$
20,695,000
  
$
24,480,000
 
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
          
Self-Deposited Inverse Floaters  NAZ  NUM  NUO 
Average floating rate obligations outstanding 
 
$
9,755,000
  
$
12,265,000
  
$
20,000,000
 
Average annual interest rate and fees 
  
1.92
%
  
1.91
%
  
1.91
%
 
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 is 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
62

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 such facilities for any of the other Funds as of the end of the reporting period.
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:
          
Floating Rate Obligations – Recourse Trusts  NAZ  NUM  NUO 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
9,755,000
  
$
12,265,000
  
$
12,000,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
  
   
8,430,000
   
4,480,000
 
Total 
 
$
9,755,000
  
$
20,695,000
  
$
16,480,000
 
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
          
 
 NAZ  NUM  NUO 
Purchases 
 
$
19,816,760
  
$
73,106,112
  
$
73,627,383
 
Sales and maturities 
  
16,466,504
   
68,940,635
   
77,719,195
 
 
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to
63

Notes to Financial Statements (continued)
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.
5. Fund Shares
Common Shares
Common Shares Equity Shelf Program and Offering Costs
NAZ has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during prior fiscal periods.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:
       
 
 
NAZ
 
 
 Year  Year 
 
 Ended  Ended 
 
 2/29/20  2/28/19 
Additional authorized common shares 
  
   
1,100,000
*
Common shares sold 
  
   
 
Offering proceeds, net of offering costs 
 
$
  
$
69,117
 

    
*   Represents additional authorized shares for the period March 1, 2018 through June 29, 2018. 
 
Costs incurred by the Fund in connection with its initial shelf registrations were recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other expenses” on the Statement of Operations.
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Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
                   
 
 NAZ  NUM  NUO 
 
 Year  Year  Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended  Ended  Ended 
 
 2/29/20  2/28/19  2/29/20  2/28/19  2/29/20  2/28/19 
Common shares: 
                  
Repurchased and retired 
  
   
(127,500
)
  
   
(562,500
)
  
   
(205,000
)
Weighted average common share: 
                        
Price per share repurchased and retired  
$
  
$
11.60
  
$
  
$
12.43
  
$
  
$
13.36
 
Discount per share repurchased and retired   
%
  
15.61
%
  
%
  
16.07
%
  
%
  
15.59
%
 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have 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 each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
     
 
 
 
 
Liquidation 
 
 
 
 
Preference, 
 
 
Shares Liquidation Net of Deferred 
Fund Series Outstanding Preference Offering Costs 
NAZ 2028 883 $ 88,300,000 $ 88,223,894 
NUM 2028 1,730 $173,000,000 $172,876,855 
 
Each 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 each 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 each Fund. From time-to-time the majority owner may propose to each Fund an adjustment to the dividend rate. Should the majority owner and the Funds fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Funds will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fail 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 each Fund’s AMTP Shares are as follows:
     
 
Notice 
 
Term Premium 
Fund Period Series Redemption Date Expiration Date 
NAZ 540-day 2028 December 1, 2028* February 13, 2019 
NUM 540-day 2028 December 1, 2028* December 13, 2019 
 
*    Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
       
 
 NAZ  NUM 
Average liquidation preference of AMTP Shares outstanding 
 
$
88,300,000
  
$
173,000,000
 
Annualized dividend rate 
  
2.21
%
  
2.21
%
 
65

Notes to Financial Statements (continued)
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 “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” 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 “Interest payable” 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 each 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 “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” 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 Fund has issued and has 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, details of the Fund’s VRDP Shares outstanding were as follows:
       
 
 
 
 
Liquidation Preference, 
 
 
 
 
Shares Remarketing net of deferred Liquidation 
 
Fund Series Outstanding Fees* offering costs Preference Maturity 
NUO 1,480 N/A $147,769,374 $148,000,000 September 1, 2043 
 
*  Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.
N/A  Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. The Fund’s VRDP Shares have successfully remarketed since issuance.
NUO designated a special rate period until November 9, 2022, for its Series 1 VRDP Shares. 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 remarketing 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 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 the Fund. The 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 the Fund during the current fiscal period were as follows:
    
 
 NUO 
Average liquidation preference of VRDP Shares outstanding 
 
$
148,000,000
 
Annualized dividend rate 
  
2.26
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” 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 Fund in connection
66

with its 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 “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, the Fund also pays 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, when applicable.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
    
 
Year Ended 
February 28, 2019 
NAZ Series Shares Amount 
AMTP Shares issued 
2028 883 $88,300,000 
 
 
Year Ended 
February 28, 2019 
NUM Series Shares Amount 
AMTP Shares issued 
2028 1,730 $173,000,000 
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
    
 
Year Ended 
February 28, 2019 
NAZ Series Shares Amount 
VMTP Shares redeemed 
2019 (883) $(88,300,000) 
 
 
Year Ended 
February 28, 2019 
NUM Series Shares Amount 
VMTP Shares redeemed 
2019 (1,730)
$(173,000,000)
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to 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. Furthermore, 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
67

Notes to Financial Statements (continued)
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of February 29, 2020.
          
 
 NAZ  NUM  NUO 
Tax cost of investments 
 
$
241,225,244
  
$
453,530,427
  
$
414,813,867
 
Gross unrealized: 
            
Appreciation  
$
25,766,215
  
$
44,784,809
  
$
48,594,994
 
Depreciation   
(22,541
)
  
(60,330
)
  
(202,609
)
Net unrealized appreciation (depreciation) of investments 
 
$
25,743,674
  
$
44,724,479
  
$
48,392,385
 
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, distribution reallocations, paydowns and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 29, 2020, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 29, 2020, the Funds’ tax year end, were as follows:
          
 
 NAZ  NUM  NUO 
Undistributed net tax-exempt income1 
 
$
611,894
  
$
644,295
  
$
 
Undistributed net ordinary income2 
  
798
   
   
 
Undistributed net long-term capital gains 
  
   
   
241,695
 
 
 
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2020, paid on March 2, 2020. 
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 
 
The tax character of distributions paid during the Funds’ tax years ended February 29, 2020 and February 28, 2019 was designated for purposes of the dividends paid deduction as follows:
          
2020  NAZ  NUM  NUO 
Distributions from net tax-exempt income3 
 
$
8,083,529
  
$
14,949,195
  
$
12,939,050
 
Distributions from net ordinary income2 
  
8,995
   
   
29,235
 
Distributions from net long-term capital gains4 
  
   
   
1,100,898
 
2019  NAZ  NUM  NUO 
Distributions from net tax-exempt income 
 
$
8,204,833
  
$
15,101,888
  
$
13,648,599
 
Distributions from net ordinary income2 
  
23,353
   
   
274,619
 
Distributions from net long-term capital gains 
  
   
   
499,143
 
 
 
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 
3 The Funds hereby designate these amounts paid during the fiscal year ended February 29, 2020, as Exempt Interest Dividends. 
4 The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 29, 2020. 
 
As of February 29, 2020, the Funds’ tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
       
 
 NAZ  NUM 
Not subject to expiration: 
      
Short-term  
$
1,179,768
  
$
1,132,576
 
Long-term   
1,069,853
   
199,890
 
Total 
 
$
2,249,621
  
$
1,332,466
 
 
During the Funds’ tax year ended February 29, 2020, the Funds utilized capital loss carryforwards as follows:
          
 
 NAZ  NUM  NUO 
Utilized capital loss carryforwards 
 
$
538,711
  
$
1,203,396
  
$
135,294
 
 
68

7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for 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 Fund 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:
  
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 
0.3625 
 
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:
  
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 
 
 
*  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 include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of February 29, 2020, the complex-level fee for each Fund was 0.1554%.
 
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, none of the Funds engaged in inter-fund trades.
69

Notes to Financial Statements (continued)
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” 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, NAZ and NUO utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
   
 
NAZ NUO 
Maximum outstanding balance 
$455,300 $3,028,485 
 
During the Funds’ utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
       
 
 NAZ  NUO 
Utilization period (days outstanding) 
  
2
   
2
 
Average daily balance outstanding 
 
$
455,300
  
$
3,028,485
 
Average annual interest rate 
  
2.76
%
  
2.76
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The Securities and Exchange Commission (“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 interfund 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.
70

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.
9. Subsequent Events
Other Matters
Subsequent to the current fiscal period, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The COVID-19 coronavirus pandemic was first detected in China in December 2019 and subsequently spread internationally. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The virus and those containment efforts have caused disruptions to global supply chains, consumer demand, business investment and the global financial system. The impact of the coronavirus may last for an extended period of time and has resulted in substantial market volatility and has resulted in significant economic downturn. The potential impact to the Funds is uncertain at this time and management continues to monitor and evaluate the situation.
Reference Rate Reform
In March 2020, FASB issued 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 at the end of 2021, 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. In addition, derivative contracts that qualified for hedge accounting prior to modification, will be allowed to continue to receive such treatment, even if critical terms change due to a change in the benchmark interest rate. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
71

Additional Fund Information (Unaudited)
       
Board of Trustees 
 
 
 
 
 
 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young 
 
 
 
 
 
 
Investment Adviser Custodian Legal Counsel Independent Registered Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank Chapman and Cutler LLP Public Accounting Firm Shareholder Services 
333 West Wacker Drive 
& Trust Company Chicago, IL 60603 KPMG LLP 
 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
 
Canton, MA 02021 
 
 
 
 
 
(800) 257-8787 
 
Portfolio of Investments Information
Each 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
Each 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.
    
 
NAZ NUM NUO 
Common shares repurchased 
— — — 
 
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.

72

Glossary of Terms Used in this Report (Unaudited)
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
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.
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), 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-Refunding: 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.
73

Glossary of Terms Used in this Report (Unaudited) (continued)
S&P Municipal Bond Indexes Arizona, Michigan and Ohio: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona, Michigan and Ohio, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to finan- cial 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.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
74

Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
75

Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at nine. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.
     
Name, Position(s) Held Year First Principal Number 
Year of Birth with the Funds Elected or Occupation(s) of Portfolios 
& Address 
 
Appointed Including other in Fund Complex 
 
 
and Term(1) 
Directorships Overseen by 
 
 
 
During Past 5 Years Board Member 
 
Independent Board Members:
 
TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, 
 
1959 
 
 
Quality Control Corporation (since 2012); member: Catalyst Schools of 
 
333 W. Wacker Drive 
Chairman and 
2008 
Chicago Board (since 2008) and Mather Foundation Board (since 2012), 
156 
Chicago, IL 6o6o6 
Board Member 
Class II 
and chair of its Investment Committee; formerly, Director, Fulcrum IT 
 
 
 
 
Services LLC (2010- 2019); formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc. (2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice President, 
 
 
 
 
Quantitative Management & Securities Lending (2000-2004); prior thereto, 
 
 
 
 
various positions with Northern Trust Company (since 1994); formerly, 
 
 
 
 
Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust 
 
 
 
 
Global Investments Board (2004-2007), Northern Trust Japan Board 
 
 
 
 
(2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern 
 
 
 
 
Trust Hong Kong Board (1997-2004). 
 
 
JACK B. EVANS 
 
 
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine 
 
1948 
 
 
Foundation, a private philanthropic corporation; Director and Chairman, 
 
333 W. Wacker Drive 
Board Member 
1999 
United Fire Group, a publicly held company; Director, Public Member, 
156 
Chicago, IL 6o6o6 
 
Class III 
American Board of Orthopaedic Surgery (since 2015); Life Trustee of 
 
 
 
 
Coe College and the Iowa College Foundation; formerly, President 
 
 
 
 
Pro-Tem of the Board of Regents for the State of Iowa University System; 
 
 
 
 
formerly, Director, Alliant Energy and The Gazette Company; formerly, 
 
 
 
 
Director, Federal Reserve Bank of Chicago; formerly, President and Chief 
 
 
 
 
Operating Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
 
WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of 
 
1948 
 
 
Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
156 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; Dean and Distinguished Professor of Finance, 
 
 
 
 
School of Business at the University of Connecticut (2003-2006); previously, 
 
 
 
 
Senior Vice President and Director of Research at the Federal Reserve Bank 
 
 
 
 
of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research 
 
 
 
 
Center at Georgetown University. 
 
 
ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); formerly, Chairman (2019), 
 
333 W. Wacker Drive 
Board Member 
2016 
and Director (2012-2019), USA Technologies, Inc., a provider of 
156 
Chicago, IL 6o6o6 
 
Class III 
solutions and services to facilitate electronic payment transactions; 
 
 
 
 
formerly, Director, Wintrust Financial Corporation (1996-2016); previously, 
 
 
 
 
held positions at Leap Wireless International, Inc., including Consultant 
 
 
 
 
(2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing 
 
 
 
 
Officer (2004-2008); formerly, President, Verizon Card Services division 
 
 
 
 
of Verizon Communications, Inc. (2000-2003); formerly, President, One 
 
 
 
 
Point Services at One Point Communications (1999- 2000); formerly, 
 
 
 
 
Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, 
 
 
 
 
various executive positions (1991-1996) and Chief Executive Officer 
 
 
 
 
(1995-1996) of Zenith Electronics Corporation. 
 
 
76

     
Name, Position(s) Held Year First Principal Number 
Year of Birth with the Funds Elected or Occupation(s) of Portfolios 
& Address 
 
Appointed Including other in Fund Complex 
 
 
and Term(1) 
Directorships Overseen by 
 
 
 
During Past 5 Years Board Member 
 
Independent Board Members (continued): 
 
JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC. (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies for 
 
333 W. Wacker Drive 
Board Member 
2013 
clients; served on The President’s Council of Fordham University (2010- 
156 
Chicago, IL 6o6o6 
 
Class II 
2019) and previously a Director of the Curran Center for Catholic 
 
 
 
 
American Studies (2009- 2018); formerly, senior external advisor to the 
 
 
 
 
Financial Services practice of Deloitte Consulting LLP. (2012-2014); former 
 
 
 
 
Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 
 
 
 
 
2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO 
 
 
 
 
Bank N.V., North America, and Global Head of the Financial Markets 
 
 
 
 
Division (2007-2008), with various executive leadership roles in ABN 
 
 
 
 
AMRO Bank N.V. between 1996 and 2007. 
 
 
JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013); formerly, Board Member, 
 
1947 
 
 
U.S. Endowment for Forestry and Communities (2013-2019); formerly, 
 
333 W. Wacker Drive 
Board Member 
1997 
Executive Director (1994-2012), Gaylord and Dorothy Donnelley 
156 
Chicago, IL 6o6o6 
 
Class I 
Foundation; prior thereto, Executive Director, Great Lakes Protection 
 
 
 
 
Fund (1990-1994). 
 
 
CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, 
 
333 W. Wacker Drive 
Board Member 
2007 
Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
156 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
156 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions 
 
 
 
 
Group) (2005-2014); Member of the Board of Trustees of New 
 
 
 
 
York-Presbyterian Hospital (since 2005); Member (since 2004) and 
 
 
 
 
Chair (since 2015) of the Board of Trustees of The John A. Hartford 
 
 
 
 
Foundation (a philanthropy dedicated to improving the care of older 
 
 
 
 
adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of 
 
 
 
 
the Board of Trustees of Mt. Holyoke College. 
 
 
ROBERT L. YOUNG 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal 
 
333 W. Wacker Drive 
Board Member 
2017 
Executive Officer (2013-2016), and Senior Vice President and Chief 
156 
Chicago, IL 6o6o6 
 
Class II 
Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director 
 
 
 
 
and various officer positions for J.P.Morgan Investment Management Inc. 
 
 
 
 
(formerly, JPMorgan Funds Management, Inc. and formerly, One Group 
 
 
 
 
Administrative Services) and JPMorgan Distribution Services, Inc. 
 
 
 
 
(formerly, One Group Dealer Services, Inc.) (1999-2017). 
 
 
77

Board Members & Officers (Unaudited) (continued)
    
Name, Position(s) Held Year First Principal 
Year of Birth with the Funds Elected or Occupation(s) 
& Address 
 
Appointed(2) 
During Past 5 Years 
 
Officers of the Funds:
 
CEDRIC H. ANTOSIEWICZ 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 
333 W. Wacker Drive 
Administrative 
2007 
2017), formerly, Managing Director (2014-2017) of Nuveen Fund 
Chicago, IL 6o6o6 
Officer 
 
Advisors, LLC. 
 
 
NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1979 
 
 
(2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
333 W. Wacker Drive 
Vice President 
2016 
Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
 
WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
333 W. Wacker Drive 
Officer and 
2003 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
 
DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
333 W. Wacker Drive 
Vice President 
2015 
 
Chicago, IL 6o6o6 
 
 
 
 
 
TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
333 W. Wacker Drive 
Vice President 
2002 
 
Chicago, IL 6o6o6 
 
 
 
 
 
BRIAN J. LOCKHART 
 
 
Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director 
1974 
 
 
(since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment 
333 W. Wacker Drive 
Vice President 
2019 
Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); 
Chicago, IL 6o6o6 
 
 
Chartered Financial Analyst and Certified Financial Risk Manager. 
 
 
JACQUES M. LONGERSTAEY 
 
 
Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior 
1963 
 
 
Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief 
8500 Andrew Carnegie Blvd. 
Vice President 
2019 
Investment and Model Risk Officer, Wealth & Investment Management Division, 
Charlotte, NC 28262 
 
 
Wells Fargo Bank (NA) (from 2013-2019). 
 
78

    
Name, Position(s) Held Year First Principal 
Year of Birth with the Funds Elected or Occupation(s) 
& Address 
 
Appointed(2) 
During Past 5 Years 
 
Officers of the Funds (continued): 
 
KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice 
333 W. Wacker Drive 
and Assistant 
2007 
President (2016-2017) and Managing Director and Assistant Secretary 
Chicago, IL 6o6o6 
Secretary 
 
(2008-2016); Senior Managing Director (since 2017) and Assistant 
 
 
 
Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive 
 
 
 
Vice President (2016-2017) and Managing Director (2008-2016); Senior 
 
 
 
Managing Director (since 2017), Secretary (since 2016) and Co-General 
 
 
 
Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive 
 
 
 
Vice President (2016-2017), Managing Director (2008-2016) and Assistant 
 
 
 
Secretary (2007-2016); Senior Managing Director (since 2017), Secretary 
 
 
 
(since 2016) and Associate General Counsel (since 2011) of Nuveen Asset 
 
 
 
Management, LLC, formerly Executive Vice President (2016-2017) and 
 
 
 
Managing Director and Assistant Secretary (2011- 2016); Senior Managing 
 
 
 
Director (since 2017) and Secretary (since 2016) of Nuveen Investments 
 
 
 
Advisers, LLC, formerly Executive Vice President (2016- 2017); Vice President 
 
 
 
(since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of 
 
 
 
NWQ Investment Management Company, LLC, Symphony Asset 
 
 
 
Management LLC, Santa Barbara Asset Management, LLC and Winslow 
 
 
 
Capital Management, LLC (since 2010). Senior Managing Director (since 2017) 
 
 
 
and Secretary (since 2016) of Nuveen Alternative Investments, LLC. 
 
JON SCOTT MEISSNER 
 
 
Managing Director of Mutual Fund Tax and Financial Reporting groups at 
1973 
 
 
Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC 
8500 Andrew Carnegie Blvd. 
Vice President 
2019 
(since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF 
Charlotte, NC 28262 
 
 
Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual 
 
 
 
Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA 
 
 
 
Separate Account VA-1 and the CREF Accounts; has held various positions with 
 
 
 
TIAA since 2004. 
 
WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1966 
 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC 
333 W. Wacker Drive 
Vice President 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President (2010-2016) 
 
 
 
of Nuveen, has held various positions with Nuveen since 1991. 
 
DEANN D. MORGAN 
 
 
Executive Vice President, Global Head of Product at Nuveen (since November 
1969 
 
 
2019); Managing Member MDR Collaboratory LLC (since 2018); Managing 
100 Park Avenue 
Vice President 
2020 
Director, Head of Wealth Management Product Structuring & COO Multi 
New York, NY 10016 
 
 
Asset Investing, The Blackstone Group (2013-2017). 
 
MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, 
 
 
 
Managing Director (2010-2015) of UBS Securities, LLC. 
 
CHRISTOPHER M. ROHRBACHER 
 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017), Co-General Counsel (since 2019) and 
Chicago, IL 6o6o6 
Secretary 
 
Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; 
 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
 
 
(2012-2017) and Associate General Counsel (since 2016), formerly, 
 
 
 
Assistant General Counsel (2008-2016) of Nuveen. 
 
79

Board Members & Officers (Unaudited) (continued)
    
Name, Position(s) Held Year First Principal 
Year of Birth with the Funds Elected or Occupation(s) 
& Address 
 
Appointed(2) 
During Past 5 Years 
 
Officers of the Funds (continued):
 
WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
333 W. Wacker Drive 
Vice President 
2017 
 
Chicago, IL 6o6o6 
 
 
 
 
E. SCOTT WICKERHAM 
 
 
Senior Managing Director, Head of Fund Administration at Nuveen, LLC 
1973 
Vice President 
 
(since 2019), formerly, Managing Director; Senior Managing Director 
TIAA 
and Controller 
2019 
(since 2019), Nuveen Fund Advisers, LLC; Principal Financial Officer, 
730 Third Avenue 
 
 
Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, 
New York, NY 10017 
 
 
the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer 
 
 
 
(since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration 
 
 
 
(2014-2015); has held various positions with TIAA since 2006. 
 
MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC (since 
1968 
Vice President 
 
2008); Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC 
333 W. Wacker Drive 
and Assistant 
2008 
(since 2019); Vice President (since 2010) and Associate General Counsel 
Chicago, IL 60606 
Secretary 
 
(since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. 
 
GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
Chicago, IL 60606 
 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) 
 
 
 
of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and 
 
 
 
Associate General Counsel of Nuveen Asset Management, LLC (since 2011); 
 
 
 
Vice President (since 2017), formerly, Managing Director (2003-2017) and 
 
 
 
Assistant Secretary (since 2003) of Symphony Asset Management LLC; 
 
 
 
Managing Director and Assistant Secretary (since 2002) of Nuveen Investments 
 
 
 
Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment 
 
 
 
Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC 
 
 
 
(since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered 
 
 
 
Financial Analyst. 
 
  
(1) 
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. 
(2) 
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex. 
 
80
Notes


81

Notes


82

Notes


83


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

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.comEAN-B-0220D 1137134-INV-Y-04/21




 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Arizona Quality Municipal Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
  Audit Fees Billed  Audit-Related Fees  Tax Fees  All Other Fees 
Fiscal Year Ended 
to Fund 1
  
Billed to Fund 2
  
Billed to Fund 3
  
Billed to Fund 4
 
February 29, 2020
 
$
28,590
  
$
0
  
$
0
  
$
0
 
                 
Percentage approved
  
0
%
  
0
%
  
0
%
  
0
%
pursuant to
                
pre-approval
                
exception
                
                 
February 28, 2019
 
$
28,040
  
$
0
  
$
0
  
$
0
 
                 
Percentage approved
  
0
%
  
0
%
  
0
%
  
0
%
pursuant to
                
pre-approval
                
exception
                

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
  
     
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
     
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
     
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 Audit-Related FeesTax Fees Billed toAll Other Fees
 Billed to Adviser andAdviser andBilled to Adviser
 Affiliated FundAffiliated Fundand Affiliated Fund
Fiscal Year EndedService ProvidersService ProvidersService Providers
February 29, 2020
 $                            0 $                                  0 $                                0
    
Percentage approved
0%0%0%
pursuant to
   
pre-approval
   
exception
   
February 28, 2019
 $                            0 $                                  0 $                                0
    
Percentage approved
0%0%0%
pursuant to
   
pre-approval
   
exception
   

NON-AUDIT SERVICES

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

  Total Non-Audit Fees  
  billed to Adviser and  
  Affiliated Fund ServiceTotal Non-Audit Fees 
  Providers (engagementsbilled to Adviser and 
  related directly to theAffiliated Fund Service 
 Total Non-Audit Feesoperations and financialProviders (all other 
Fiscal Year EndedBilled to Fundreporting of the Fund)engagements)Total
February 29, 2020 $                            0 $                                  0 $                                0 $                        0
February 28, 2019 $                            0 $                                  0 $                                0 $                        0
     
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.   
     
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale and Carole E. Stone, Chair.
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the Fund’s investment strategy:
 
Michael Hamilton, Managing Director, manages tax-exempt fixed income portfolios for Nuveen.  He began working in the investment industry when he joined the firm in 1989, as a fixed-income fund manager and trader.  He became a portfolio manager in 1992. He received a B.A. from Albertson’s College of Idaho and an M.B.A. from Western Washington University. He is a member of the Portland Society of Financial Analysts. Currently, he manages investments for 11 Nuveen-sponsored investment companies.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER 

Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Michael Hamilton
Registered Investment Company
10
$2.46 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
1
$27.5 million
*
Assets are as of February 29, 2020.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

Item 8(a)(3). FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary portfolio manager’s compensation is as follows:
Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

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

Item 8(a)(4). OWNERSHIP OF NAZ SECURITIES AS OF FEBRUARY 29, 2020

Name of Portfolio ManagerNone$1 - $10,000$10,001-$50,000$50,001-$100,000$100,001-$500,000$500,001-$1,000,000Over $1,000,000
Michael Hamilton
X
      

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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


(a)(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.
 




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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: May 7, 2020

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: May 7, 2020
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: May 7, 2020