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Nuveen Arizona Quality Municipal Income Fund (NAZ)

Filed: 6 May 21, 3:29pm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07278

Nuveen Arizona Quality Municipal Income Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Mark L. Winget
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: Date: February 28

Date of reporting period: February 28, 2021

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.





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Table of Contents
  
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Chair’s Letter
to Shareholders

Dear Shareholders,
A year has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020. A year of global economic recession, financial market turbulence and some immeasurable losses. A year later the health crisis persists but the widespread distribution of vaccines in the U.S. is enabling us to look forward to what our “new normal” might be. In the meantime, extraordinary economic interventions by governments and central banks, around the world, are helping to bridge the gap.
With vaccine progress and economic stimulus beginning to provide real benefits to the global economy, markets are anticipating a strong rebound in growth, especially in the U.S. To extend relief programs enacted earlier in the crisis, the U.S. government passed $900 billion in aid to individuals and businesses in late December 2020. Another $1.9 trillion relief package was signed into law in March 2021 providing extended unemployment benefits, direct payments to individuals and families, assistance to state and local municipalities, grants to education and public health, and other support. The U.S. Federal Reserve, along with other central banks around the world, has pledged to keep monetary conditions accommodative for as long as necessary, as they consider the recent increase in inflation risks as transitory.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. COVID-19 cases are still elevated in some regions, as more virulent strains have spread and vaccination rollouts have been uneven around the world. The recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored. While achieving sufficient inoculation of the population depends on many variables, including logistics, public confidence, real-world efficacy and the emergence of variant virus strains, vaccination rates are gathering pace and three options (Pfizer/BioNTech, Moderna and Johnson & Johnson) were authorized for use in the U.S. By early April the U.S. was administering an average of 3 million doses per day, up from 1.3 million per day on average at the beginning of February, according to Bloomberg’s vaccine tracker. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, either of which could cause investment outlooks to shift. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning within our goal of providing long-term value for our shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
If you have concerns about what’s coming next, it can be an opportune time to assess your portfolio’s resilience and readiness. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. 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 23, 2021
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Portfolio Managers’ Comments
Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. Portfolio managers Michael S. Hamilton, Daniel J. Close, CFA, and Paul L. Brennan, CFA, review U.S. economic and market conditions, key investment strategies and the twelve-month reporting period performance of these Nuveen Funds.
Michael assumed portfolio management responsibility for NAZ in 2011, while Dan has managed NUO since 2007. Paul assumed portfolio management responsibility for the NXJ and NQP in 2011.
What factors affected the U.S. economy and the market during the twelve-month annual reporting period ended February 28, 2021?
The U.S. economy rebounded more quickly than expected from the deep downturn caused by the COVID-19 crisis and containment measures, but had not made a full recovery by the end of 2020. The economy fell into a deep recession in February 2020 due to the restrictions on business and social activity to mitigate the COVID-19 spread. In the first and second quarters of 2020, annualized gross domestic product (GDP) shrank 5% and 31.4%, respectively. Government relief programs provided significant aid to individuals and businesses as the economy began reopening in May 2020, which helped the economy bounce back strongly over the second half of the year. U.S. GDP grew 4.3% on an annualized basis in the fourth quarter of 2020 and 33.4% (annualized) in the third quarter, but remained down 3.5% in 2020 overall (from the 2019 annual level to the 2020 annual level) as measured by the Bureau of Economic Analysis “third” estimate. 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.
Although, consumer spending, the largest driver of the economy, remained resilient despite the disruption caused by the health and economic crisis, it declined significantly as unemployment rose sharply starting in March 2020. These measures rebounded markedly in the second half of 2020, although the momentum slowed toward the end of 2020 amid a resurgence of COVID-19 infections. As of February 2021, slightly more than half of the 22 million jobs lost in March and April 2020 have been recovered resulting

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)
in an unemployment rate of 6.2% in February 2021 as reported by the Bureau of Labor Statistics, up from 3.5% in February 2020. The average hourly earnings rate increased, growing at an annualized rate of 5.3% in February 2021, despite the spike in unemployment. Earnings data was skewed by the concentration of job losses in lower-wage work, which effectively eliminated most of the low-wage data, resulting in an average of mostly higher numbers. The overall trend of inflation remained muted, as decreases in apparel, transportation and pharmaceutical drug prices offset an increase in food, energy and used car prices. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 1.7% over the twelve-month reporting period ended February 28, 2021, before seasonal adjustment.
With the onset of the COVID-19 crisis, the Federal Reserve (Fed) enacted an array of emergency measures in March 2020 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. In August 2020, the Fed announced a change in its inflation targeting policy, moving from a program of absolute targeting to an average inflation targeting policy. Under this regime, the Fed will tolerate the inflation rate temporarily overshooting the target rate to offset periods of below-target inflation, so that inflation averages a 2% target rate over time. Fed officials remained cautious, acknowledging the economy’s significant improvement from the COVID-19 recession but also expressing concerns about near-term weakness, and left monetary policy unchanged over the remainder of their meetings in 2020 and early 2021.
The federal government also intervened with historic relief measures, starting with three aid packages in March and April 2020. These included $2 trillion allocated across direct payments to Americans, an expansion of unemployment insurance, loans to large and small businesses, funding to hospitals and health agencies and support to state and local governments, and more than $100 billion in funding to health agencies and employers offering paid leave. In December 2020, the government enacted a $900 billion relief package extending some of these programs, and followed in March 2021 with another $1.9 trillion deal providing support to individuals and families, small businesses, state and local governments, education and public health/vaccination.
The COVID-19 crisis rapidly dwarfed all other market concerns starting in late February 2020. Equity and commodity markets sold off and safe-haven assets rallied in March 2020 as countries initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess at the time, which amplified market volatility. An ill-timed oil price war between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC member Russia, which caused oil prices to plunge in March 2020, exacerbated the market sell-off. At year end, the announcement of high efficacy rates in several COVID-19 vaccine trials, followed by regulatory authorizations and public vaccination drives across Western countries, improved the outlook for 2021 and led to risk-on sentiment in the markets. Market volatility picked up in early 2021, however, as a stronger economic outlook and improving vaccination rates led to rising inflation concerns and an increase in long-term interest rates.
Geopolitical uncertainty remained elevated during 2020 in anticipation of the U.S. presidential election in November 2020 and the Brexit transition period set to expire in December 2020. However, political risks began to ease with the election of President Joe Biden and a final deal struck between the European Union and U.K. before the end of the transition period. Although China and the U.S. signed a “phase one” trade deal in January 2020, tensions continued to flare over other trade and technology/security issues, Hong Kong’s sovereignty and the management of the COVID-19 crisis.
Despite the severe sell-off in March 2020 and an abrupt increase in interest rates toward the end of the reporting period, the broad municipal bond market managed positive performance in the twelve-month reporting period overall. For most of the reporting period, a significant decline in interest rates drove municipal bond prices higher, with positive technical and fundamental conditions also supporting credit spread tightening. This contrasted sharply with the beginning of the reporting period when coronavirus risks drove U.S. Treasury yields to historic lows and rate volatility increased sharply during a six-week period from late February to the end of March 2020. As liquidity became stressed, investors began to liquidate any asset possible, including municipal bonds. Municipal bond prices declined rapidly (and yields spiked higher), amid rampant selling across both the high grade and high yield segments that was exacerbated in some cases by exchange-traded fund and closed-end fund selling. Municipal bond prices became severely
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dislocated from Treasury prices. Credit spreads widened significantly during the March 2020 sell-off, ending the month above their long-term average. Ongoing monetary and fiscal interventions from the Fed and U.S. government helped the market stabilize, then recover over the course of 2020.
The municipal yield curve steepened over this reporting period, initially driven by a pronounced drop in yields at the short end of the curve. Then a new steepening cycle began in early 2021 as markets priced in a stronger economic recovery and higher inflation, fueled by increasing vaccination rates and more federal stimulus, which drove longer-term interest rates higher.
Municipal bond gross issuance nationwide remained strong in the reporting period, with deals postponed rather than canceled during the COVID-driven sell-off. The overall low level of interest rates has 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. This lower net issuance was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance has increased meaningfully since the advent of the Tax Cut and Jobs Act of 2017, which 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 while adding to the scarcity value of tax-exempt issues.
While municipal bond funds suffered significant outflows in March 2020, particularly from high yield municipal bond funds, fund flows rebounded strongly over the remainder of 2020 and sustained a robust pace through early 2021. Demand has been resilient even though municipal defaults, as expected, have increased somewhat during the COVID-19 crisis. Notably, default activity has occurred mainly in sectors with greater COVID-19 risk exposure, such as senior living, corporate-backed and real estate-backed. Moreover, while there are some pockets of municipal credit ratings stress, a wave of downgrades has not materialized. With interest rates in the U.S. and globally still near all-time lows, even after the recent increase in long-term rates, the appetite for yield has continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have adjusted to 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, especially in states with high income taxes and/or property taxes.
How were the economic and market environments in Arizona, New Jersey, Ohio and Pennsylvania during the twelve-month reporting period ended February 28, 2021?
Arizona’s economy has held up better than the nation as its shutdowns were relatively shorter and less strict. Employment fell at the start of the COVID-19 crisis but has since recorded consecutive month gains. Given Arizona’s service-based economy, leisure/hospitality jobs have been most affected by COVID-19 crisis related shutdowns. Arizona’s favorable business environment and ample workforce continues to lure new businesses into the state. Gains in the housing market were supported by low interest rates and increased demand. According to the S&P CoreLogic Case-Shiller Index, housing prices in Phoenix rose 15.8% over the twelve months ended January 2021 (most recent data available at the time this report was prepared), compared with an 11.2% price increase nationally. In the job market, prior to the economic fallout from COVID-19, Arizona’s unemployment rate was a low 4.2% in February 2020, then peaked at 13.1% in April 2020 and now sits at 6.9% as of February 2021 versus 6.2% for the nation. On March 28, 2020, Governor Ducey enacted the state’s $11.8 billion general fund Fiscal Year 2021 budget, down 2.7% over the previously enacted budget. The budget includes money to respond to COVID-19 crisis, additional money for K-12 education, including a teacher salary increase, and increased funding for public safety and drought contingency plans without raising taxes. Governor Ducey presented his Fiscal Year 2022 Budget in January totaling $12.6 billion, up 9.2% over revised Fiscal Year 2021 budget. The state projects a $351 million budget surplus as revenues have performed better than expected. Under the American Rescue Plan, the state is expected to receive $7.48 billion: $4 billion for the state and $3.48 billion for local governments. Due to the COVID-19
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Portfolio Managers’ Comments (continued)
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. For the state of Arizona, its Biennial Fiscal Year end is June 30, 2021. 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 May 2020, S&P and Moody’s rated Arizona’s ICR at AA and Aa1, respectively, with a stable outlook.
Ohio has a population of 11.7 million, making it the seventh-largest U.S. state by population. The state has a large, diverse economy that is the seventh largest among the states. After above-average job losses and GDP contraction in the first few months of the COVID-19 crisis, Ohio’s initial economic recovery has been strong and compares favorably to the nation’s recovery. From February 2020 to April 2020, Ohio lost 16% of its total non-farm jobs, compared to 14.7% for the U.S. However, the state’s unemployment rate was 5.0% in February 2021, compared to 6.2% for the nation, although some of this may reflect declining labor force participation. According to the S&P CoreLogic Case-Shiller Index, housing prices in Cleveland rose 11.7% over the twelve months ended January 2021 (most recent data available at the time this report was prepared), which outpaced the national average of 11.2%. Ohio’s real median household income in 2019 stood at $64,663, which places it 33rd in the U.S., according to the Census Bureau. Ohio operates on a biennial budget cycle. To balance the state budget in Fiscal Year 2020, due to anticipated declines in revenue and increased costs related to the state’s response to the COVID-19 crisis, Governor DeWine directed spending cuts of $775 million for the remainder of the Fiscal Year (June 30, 2020) and reduced spending by $390 million across all agencies for Fiscal Year 2021. Ohio was directly allocated a minimum of $2.49 billion of the total $4.53 billion granted by the federal government under the CARES Act in March 2020 to the state and its eligible local governments. The federal government also allocated approximately $5.6 billion directly to the state under the American Rescue Plan Act of 2021 out of a total $11.2 billion granted to the state and its eligible local governments. According to the latest revenue figures, Ohio’s tax revenues are $1.3 billion (8.3%) above last year through February 2021. On a year-over-year basis, February total General Revenue Fund disbursements were $289.2 million (-12.0%) lower than those of the same month in the previous Fiscal Year, with a decrease in Medicaid largely responsible for the difference. The governor’s proposed Fiscal Year 2022-2023 budget is structurally balanced and based on conservative economic forecasts that assume slower economic recovery than the nation. The state’s conservative fiscal management has resulted in a strong financial position, with sound liquidity and reserve levels, heading into the COVID-19 crisis. Ohio prioritized the rebuilding of its budget stabilization fund after the Great Recession. The current budget stabilization fund balance of $2.7 billion is 8.0% of general fund revenues and, to date, there has been no draw on these rainy day funds. Ohio has maintained a moderate debt burden relative to other states. The state’s net tax-supported debt totaled $13.3 billion in 2020, which is 2.3% of state personal income, compared to the Moody’s 50-state median of 2.0%. For the state of Ohio, its Biennial Fiscal Year end is June 30, 2021. As of March 2021, Moody’s and S&P rated Ohio GO debt at Aa1 and AA+, respectively, with stable outlooks.
New Jersey’s economy is slowly recovering from the COVID-19 crisis. Several characteristics that historically positioned the state to do quite well, such as its proximity to New York City’s extensive job market, a shoreline along the Atlantic coast that benefits from a strong tourism industry and two large transportation hubs in the Port of New York and New Jersey and Newark airport, exposed the state to the epicenter of the virus outbreak. New Jersey lost 341,700 jobs in 2020, led by declines in leisure and hospitality as well as education and health services sectors. After steep losses at the beginning of the COVID-19 crisis, from April to December 2020, the state regained 49% of jobs lost. This is lower than the 55.5% of jobs regained nationally. New Jersey’s unemployment rate peaked at 16.6% in April 2020 and has declined to 7.8% as of February 2021, well above the national rate of 6.2%. New Jersey continues to be challenged by a structural budget gap and low reserves. For Fiscal Year 2021, the state implemented a “millionaire’s tax,” cut expenses and issued $4.3 billion in bonds to finance the expected budget deficit. Revenue has declined less than originally projected, allowing Governor Murphy to propose funding 100% of the actuarially recommended pension contribution in the Fiscal Year 2022 budget, one year earlier than expected. The governor’s budget proposal does not raise taxes but spends down $4 billion in reserves. The budget that is ultimately enacted by the legislature could vary from this proposal, particularly since the state will be receiving federal stimulus funds from the American Rescue Plan that were not accounted for in the governor’s spending plan. For the state of New Jersey, its Fiscal Year end is June 30, 2021. The state carries a BBB+ rating and stable outlook by S&P and A- rating
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and negative outlook by Fitch. On April 9, 2021 (subsequent to the close of the reporting period), Moody’s affirmed its rating on New Jersey’s general obligation debt at A3 but changed the outlook to stable from negative.
Pennsylvania has the sixth-largest economy among U.S. states, based on a 2019 real total GDP of $726.2 billion. The Commonwealth is home to 12.8 million residents, making it the fifth-largest state by population. Severe job losses associated with the fallout of the COVID-19 crisis caused employment in Pennsylvania to contract by 7.3% on a year-over-year basis, as of February 2021. The nation’s employment contracted by 6.2% over the same period. Pennsylvania’s economy is large and diverse, but it has lagged the U.S. for the better part of a decade in terms of job, GDP and income growth. Pennsylvania’s Independent Fiscal Office projects that it will take six years for the Commonwealth’s labor market to return to its pre-COVID-19 crisis level. Pennsylvania came into the current economic recession with a weaker financial position than most states. This is most evident in the state’s very slim budget reserve, which covers just 0.3 days of expenses. Through February 2021, General Fund collections totaled $23.9 billion, which is $901.3 million, or 3.9%, above estimate. Pennsylvania received $4.7 billion in federal aid under the CARES Act in 2020, with $2.2 billion of the funds allocated to eligible local governments. An estimated $7.3 billion of federal relief funding is expected to come to the Pennsylvania state government from the American Rescue Plan Act of 2021. Governor Wolf’s Fiscal Year 2022 proposed budget totals $37.8 billion and is a $3.8 billion (11.1%) increase over the prior year. The budget includes a $1.35 billion increase in K-12 spending as well as $3 billion over a ten-year period to workers and businesses to recover from the COVID-19 crisis. Funding for this spending increase comes from a proposal to raise income taxes from 3.07% to 4.49% on higher-income earners, legalizing and taxing marijuana, and a severance tax on the natural gas industry. The Commonwealth has an above-average debt burden relative to other states. Its net tax-supported debt totaled $19.4 billion in 2019, which is 2.6% of state personal income, compared to the Moody’s 50-state median of 2.0%. Pennsylvania’s adjusted net pension liability totaling $79 billion is also above average, ranking it the fifth highest among the states. For the state of Pennsylvania, its Fiscal Year end is June 30, 2021. As of March 2021, Pennsylvania’s general obligation (GO) debt was rated Aa3 by Moody’s and A+ by S&P.
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 28, 2021?
The Nuveen Arizona Quality Municipal Income Fund’s primary investment objective is current income exempt from both regular federal income taxes and Arizona individual income taxes; its secondary investment objective is the enhancement of portfolio value. The Fund invests in municipal securities that are exempt from federal and Arizona state income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund uses leverage.
The Nuveen Ohio Quality Municipal Income Fund’s primary investment objective is current income exempt from both regular federal income taxes and Ohio personal income taxes. The secondary objective is the enhancement of portfolio value. The Fund invests in municipal securities that are exempt from federal, Ohio state, and local income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund uses leverage.
The Nuveen New Jersey Quality Municipal Income Fund’s investment objective is to provide current income exempt from regular federal and New Jersey income tax and to enhance portfolio value. The Fund invests in municipal securities that are exempt from federal and New Jersey state income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the portfolio manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the portfolio
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Portfolio Managers’ Comments (continued)
manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund uses leverage.
The Nuveen Pennsylvania Quality Municipal Income Fund’s primary investment objective is current income exempt from regular federal income taxes and Pennsylvania income taxes. The secondary objective is the enhancement of portfolio value. The Fund invests in municipal securities that are exempt from federal, Pennsylvania state, and local income taxes. The Fund invests at least 80% of its managed assets in securities rated, at the time of investment, investment grade or, if they are unrated, are judged by the portfolio manager to be of comparable quality. The Fund may invest up to 20% of its managed assets in municipal securities rated below investment quality or judged by the portfolio manager to be of comparable quality, of which up to 10% of its managed assets may be rated below B-/B3 or of comparable quality. The Fund uses leverage.
The twelve-month reporting period was bookended by challenging conditions in the municipal bond market, with the advent of the COVID-19 crisis at the beginning of the reporting period and a sudden increase in long-term interest rates at the end of the reporting period. The health and economic crisis and the anticipated recovery from the COVID-19 crisis recession contributed to elevated interest rate volatility and considerable swings in municipal market valuations during this reporting period. Despite these fluctuations, municipal yields ended the reporting period slightly higher than where they began and credit spreads largely recovered from the dramatic widening seen at the peak of the market sell-off in March-April 2020. The municipal yield curve steepened over the reporting period as a whole, with the market pricing in the prospects for a strengthening economic recovery aided by massive fiscal stimulus, accommodative monetary policy and vaccination progress. The Arizona municipal market performed nearly in line with the national market and the New Jersey, Ohio and Pennsylvania municipal markets outperformed the national market during the reporting period, as measured by their respective state S&P Municipal Bond Indexes.
The Funds’ trading activity continued to focus on pursuing its investment objectives. The Funds‘ continued to seek bonds in areas of the market that demonstrated resilience and would perform well over the long term. Additionally, as closed ends funds do not need to manage cash to meet investor redemptions, the Funds weren’t forced to sell positions during periods of market turbulence.
NAZ’s positioning remained relatively stable as the Fund remained fully invested and continued to maintain its duration target. Early in the reporting period, the March-April 2020 market sell-off provided ample opportunities for tax loss swapping. This strategy entails selling depreciated bonds with lower yields and buying similarly structured but higher yielding bonds. This approach was implemented to enhance the Fund’s income earning capability and seek to make the Fund more tax efficient. We would also note that many of the positions we swapped during that timeframe were among the best performing holdings by the end of the reporting period. Outside of these one-for-one bond exchanges, the Fund added bonds issued for dedicated tax, a children’s hospital and other health care names, primarily in maturities of 20 years and longer to help maintain the Fund’s duration target. The Fund sold maturities less than 18 months to fund our buying in longer-dated credits, as well as used the proceeds of called and maturing bonds.
NUO also stayed fully invested, using bond calls and maturities to make new purchases. The Ohio Fund was also active with tax loss swaps earlier in the reporting period, as well as added attractively valued bonds whose revenues are generated from public gathering/social activities. In the second half of the reporting period, the Fund bought three local GOs, two water and sewer, one health care and one state GO. These purchases were a mix of 4% and 5% coupon structures trading at a premium, in the intermediate to long maturity range and with mid to high grade credit quality.
For NXJ and NQP, trading activity was somewhat lighter during this reporting period as the Funds were well positioned for the environment and the prevailing environment offered fewer opportunities to replace positions with more attractive names. Portfolio turnover was mainly driven by the proceeds from called and maturing bonds, bond coupon income and a small amount of strategic and tactical sales. For NXJ and NQP, the Funds took some small precautionary steps early in the reporting period to prepare for the possibility of deleveraging, including delaying the reinvestment of cash proceeds from called bonds and coupon income. However, market liquidity, although stressed, remains sufficient and deleveraging was not needed.
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The state of New Jersey was an active issuer during this reporting period, with three deals coming to market in November 2020, December 2020 and January 2021 for COVID-19 GO Emergency Bonds, New Jersey Transportation Trust Fund Authority and New Jersey Economic Development Authority. NXJ participated in all three new issues, which were well received by the marketplace. Additionally, the New Jersey Fund added issues for Barnabas Health, Atlantic City Electric, New Jersey Housing and Mortgage Finance Agency, New Jersey-American Water Company, New Jersey State Turnpike Authority and a number of county and local municipalities (including Mercer, Monmouth, Somerset and Union counties and Berkeley Heights Township and Cherry Hill Township).
NQP added issues for Pennsylvania Housing Finance Agency, Geisinger Health System, Westmoreland County Water, Puerto Rico sales tax revenue bonds (known as COFINAs), Saint Joseph’s University, St. Luke’s Hospital Bethlehem, Philadelphia Gas Works and Delaware River Port Authority. We continued to limit NXJ’s and NQP’s exposure to each state’s government debt due to concerns about their fiscal health that pre-dated the COVID-19 crisis.
Also during this reporting period, NUO and NQP acquired shares in Energy Harbor when their holdings of certain municipal bonds issued by FirstEnergy Solutions were converted into Energy Harbor equity as part of FirstEnergy Solution’s emergence from bankruptcy protection. Over time, the Fund expects to sell these shares and reinvest the proceeds into municipal bonds.
As of February 28, 2021, the four Funds continued to use inverse floating rate securities. The Funds employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of the Funds’ duration management strategies, NXJ and NQP used U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. The hedging strategies performed as expected given the direction of interest rates during the reporting period, the Treasury futures had a neutral impact to NXJ and NQP (which removed the positions in August 2020) and they enabled the Funds to invest in longer duration bonds that were contributors to performance and that helped support the Funds’ dividends. The Treasury futures positions were eliminated from NXJ and NQP prior to the end of the reporting period.
How did the Funds perform for the twelve-month reporting period ended February 28, 2021?
The tables in the Performance Overview and Holding Summaries section of this report provides total returns at net asset value (NAV) for the period ended February 28, 2021. Each Fund’s total returns at net asset value (NAV) are compared with the performance of corresponding market indexes.
For the twelve months ended February 28, 2021, the total returns on common share NAV for the four Funds underperformed their respective state’s S&P Municipal Bond Index.
The factors driving performance during this reporting period included yield curve and duration positioning, credit ratings exposure and sector allocation. The use of regulatory leverage was also a factor affecting the Funds’ performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
We continued to position the Funds with longer duration profiles than their respective state’s S&P Municipal Bond Index. NAZ’s large overweight to durations in the 6- to 8-year range detracted from performance, but the relative loss was more than offset by a slight overweight to durations of 8 years and longer, which outperformed. NUO’s duration and yield curve positioning was a modest detractor overall. Although NUO’s underweight to bonds with 4- to 6-year durations added to relative performance, it was outweighed by the negative impact of the overweight to the 2- to 4-year duration category. The longer duration positioning was a positive relative contributor to NXJ and had a neutral impact on NQP relative to their respective state indexes, but the steepening yield curve partially offset the advantage of the two Funds’ longer duration.
Credit quality and sector positioning produced mixed results for relative performance. The Funds continued to emphasize lower rated, higher yielding bonds and sectors, which generally performed better than high grade, low yielding bonds and sectors. For NAZ, overweight allocations to BB and A rated credits were favorable, but the negative impact of an overweight to BBB rated debt
11
 

Portfolio Managers’ Comments (continued)
and an underweight to AA rated paper outweighed the relative gains. NUO’s credit ratings allocations were the main detractor from its relative performance. The Ohio Fund’s overweight to the AA rated segment was the largest drag, negating the relative advantage of holding strong performing B rated credits. NXJ’s credit ratings and sector allocations detracted from performance relative to the New Jersey index. The Fund holds less exposure than the state index to state appropriation debt, much of which is BBB rated, and the resulting underweight to both the sector and BBB rated credit cost NXJ in terms of relative performance. Credit quality and sector positioning for NQP was unfavorable relative to the Pennsylvania index, as lower rated bonds severely underperformed during the COVID-19 crisis sell-off and only partially recovered over the remainder of the reporting period.
On a sector basis, NAZ’s positioning added to relative performance. While an overweight to longer duration dedicated tax bonds and an underweight to the industrial development revenue (IDR) sector were negative for performance, an underweight in life care and an overweight to gas prepay bonds were positive contributors that more than compensated for the sector weakness elsewhere. NUO’s sector allocations were an overall negative influence on performance, largely due to overweights to the dedicated tax and public power sectors, both of which underperformed in this reporting period. For New Jersey, the better performing sectors included transportation, housing, tobacco and other revenue, and NXJ held underweights in each of these sectors except housing. But New Jersey saw the most weakness in the education sector (where NXJ was overweighted), while the tax-supported (slight overweight), health care (overweight) and pre-refunded sectors (neutral weight) trailed only marginally. Pennsylvania’s municipal market was led by the tax supported, transportation and utility sectors (and NQP was overweighted utility and underweight in tax supported and transportation), whereas the biggest laggards were the health care, IDR and housing sectors (and NQP held overweights in each sector).
Individual security selection contributed positively to NUO’s relative performance. The Fund’s selection in tender option bonds and longer-dated credits that were held through the full reporting period, especially those bonds that recovered from the crisis sell-off by the end of the period, were the most beneficial to performance.
Security selection in NXJ added value relative to the New Jersey index. The Fund had more favorable yield curve/duration positioning in its state debt selections, including GOs, New Jersey Transportation Trust Fund Authority and New Jersey Economic Development Authority. However, some of the relative gain was offset by our selection in housing and education bonds. Holdings in housing bonds underperformed as the low interest rate environment accelerated mortgage refinancing activity, shortening the expected average life of the bonds. NXJ’s education holdings included a number of smaller, lower rated private schools (such as Rider University, Stevens Institute of Technology and Seton Hall), student residence halls project and student loan debt, which hadn’t rebounded to the same extent as higher rated education credits.
Mixed performance from NQP’s security selection resulted in an overall neutral impact to relative performance versus the state index. The Fund’s selection was most beneficial in utilities, transportation (Pittsburgh and Allegheny County Sports and Exhibition Authority Parking Revenue Bonds and Pennsylvania Turnpike Commission), IDR (American Water Works, Amtrak and Pennsylvania Economic Development Financing Authority KDC Agribusiness Fairless Hills) and health care (especially in life care bonds). In utilities, a position in Energy Harbor stock was the leading performer as the stock price recovered from negative headline risk earlier in the reporting period. The Fund owns Energy Harbor common stock after certain bonds held by the Fund were converted to equity as part of the company’s exit from bankruptcy in February 2020. However, selection in housing (particularly Pennsylvania Housing Finance Agency Revenue Bonds) and tax supported debt (especially state GOs) was disadvantageous.
12
 
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES 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. All this will make the shares’ total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.
Leverage from issuance of preferred shares had a negative 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.
As of February 28, 2021, the Funds’ percentages of leverage are as shown in the accompanying table. 
 
 
 

 
NAZ NUO NXJ NQP 
Effective Leverage* 
37.53% 35.16% 38.02% 38.42% 
Regulatory Leverage* 
33.61% 31.75% 31.52% 27.07% 
 
*     
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 regu- latory 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 28, 2021, the following Funds have issued and outstanding preferred shares as shown in the accompanying table.
 
Variable Rate  Variable Rate  
 
Preferred*  Remarketed Preferred**  
 
Shares Issued at  Shares Issued at  
 
Liquidation Preference  Liquidation Preference Total 
NAZ 
$ 88,300,000  $ — $ 88,300,000 
NUO 
$148,000,000  $ — $148,000,000 
NXJ 
$313,900,000  $ — $313,900,000 
NQP 
$217,500,000  $ — $217,500,000 
 
*     
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, 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, for further details on preferred shares and each Fund’s respective transactions.
13

 
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of February 28, 2021. 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 NUO NXJ NQP 
March 2020 
$0.0438 $0.0440 $0.0515 $0.0505 
April 
0.0438 0.0440 0.0515 0.0505 
May 
0.0438 0.0440 0.0515 0.0505 
June 
0.0475 0.0440 0.0555 0.0535 
July 
0.0475 0.0440 0.0555 0.0535 
August 
0.0475 0.0440 0.0555 0.0535 
September 
0.0475 0.0440 0.0555 0.0535 
October 
0.0500 0.0490 0.0585 0.0560 
November 
0.0500 0.0490 0.0585 0.0560 
December 
0.0500 0.0490 0.0585 0.0560 
January 
0.0500 0.0490 0.0585 0.0560 
February 2021 
0.0500 0.0490 0.0585 0.0560 
Total Distributions from Net Investment Income $0.5714 $0.5530 $0.6690 $0.6455 
Total Distributions from Long-Term Capital Gains* $ — $0.0291 $ — $ — 
Total Distributions $0.5714 $0.5821 $0.6690 $0.6455 
 
Yields 
 
 
 
 
Market Yield** 
3.96% 3.88% 4.98% 4.75% 
Taxable-Equivalent Yield** 
7.23% 7.09% 10.27% 8.44% 
 
*     
Distribution paid in December 2020.
**     
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%, 45.6%, 51.6% and 43.9% for NAZ, NUO, NXJ and NQP, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to invest- ments 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.
14

 

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-endfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE REPURCHASES
During August 2020, 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 28, 2021, 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 NUO NXJ NQP 
Common shares cumulatively repurchased and retired 
127,500 205,000 1,710,343 734,900 
Common shares authorized for repurchase 
1,155,000 1,830,000 4,145,000 3,735,000 
 
During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the following table.
 
NXJ 
Common shares repurchased and retired 
25,343    
Weighted average price per common share repurchased and retired 
$13.36    
Weighted average discount per common share repurchased and retired 
16.96% 
 
OTHER COMMON SHARE INFORMATION
As of February 28, 2021, 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 NUO NXJ NQP 
Common share NAV 
$15.07    
$17.37    
$16.44     
$15.68     
Common share price 
$15.17    
$15.14    
$14.09     
$14.15     
Premium/(Discount) to NAV 
0.66% (12.84)% (14.29)% (9.76)% 
12-month average premium/(discount) to NAV 
(5.56)% (13.31)% (15.37)% (12.41)% 
 
15
 
NAZ
Nuveen Arizona Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2021

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 28, 2021 
 
 
 

 
Average Annual 
 
1-Year 5-Year 10-Year 
NAZ at Common Share NAV 
0.62% 4.26% 6.19% 
NAZ at Common Share Price 
13.67% 3.64% 7.26% 
S&P Municipal Bond Arizona Index 
1.26% 3.14% 4.40% 
S&P Municipal Bond Index 
1.22% 3.41% 4.51% 
 
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 
155.3% 
Other Assets Less Liabilities 
0.9% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 156.2% 
Floating Rate Obligations 
(5.6)% 
AMTP Shares, net of deferred 
 
offering costs 
(50.6)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Arizona 
95.1% 
Guam 
2.9% 
Puerto Rico 
1.9% 
Virgin Islands 
0.1% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
25.6% 
Education and Civic Organizations 
22.6% 
Utilities 
16.1% 
Health Care 
14.3% 
Tax Obligation/General 
10.5% 
Transportation 
5.3% 
Other 
5.6% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
2.1% 
AAA 
4.6% 
AA 
51.3% 
24.5% 
BBB 
3.1% 
BB or Lower 
6.0% 
N/R (not rated) 
8.4% 
Total 100% 
 
17
 

NUO 
Nuveen Ohio Quality Municipal Income Fund 
Performance Overview and Holding Summaries as of February 28, 2021 
 
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 28, 2021 
 
 
 

 
Average Annual 
 
1-Year 5-Year 10-Year 
NUO at Common Share NAV 
0.78% 4.15% 6.05% 
NUO at Common Share Price 
2.07% 3.97% 5.42% 
S&P Municipal Bond Ohio Index 
2.81% 4.13% 5.34% 
S&P Municipal Bond Index 
1.22% 3.41% 4.51% 
 
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 
151.5% 
Common Stocks 
0.6% 
Other Assets Less Liabilities 
0.7% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 152.8% 
Floating Rate Obligations 
(6.3)% 
VRDP Shares, net of deferred 
 
offering costs 
(46.5)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Ohio 
90.2% 
Puerto Rico 
2.7% 
Texas 
1.6% 
Michigan 
1.4% 
Colorado 
1.1% 
North Carolina 
1.1% 
Florida 
0.8% 
Missouri 
0.5% 
Kentucky 
0.3% 
Oregon 
0.2% 
Washington 
0.1% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
U.S. Guaranteed 
27.4% 
Tax Obligation/Limited 
15.7% 
Tax Obligation/General 
12.3% 
Transportation 
11.3% 
Utilities 
10.4% 
Health Care 
9.6% 
Education and Civic Organizations 
7.8% 
Other 
5.5% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
22.4% 
AAA 
15.3% 
AA 
37.5% 
13.4% 
BBB 
1.3% 
BB or Lower 
3.5% 
N/R (not rated) 
6.2% 
N/A (not applicable) 
0.4% 
Total 100% 
 
19

 

NXJ
Nuveen New Jersey Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2021
 
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section. 
 
 
Average Annual Total Returns as of February 28, 2021 
 
 
 

 
Average Annual 
 
1-Year 5-Year 10-Year 
NXJ at Common Share NAV 
0.08% 5.31% 6.91% 
NXJ at Common Share Price 
0.42% 5.47% 6.82% 
S&P Municipal Bond New Jersey Index 
1.31% 4.38% 5.11% 
S&P Municipal Bond Index 
1.22% 3.41% 4.51% 
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 
149.6% 
Short-Term Municipal Bonds 
0.0% 
Other Assets Less Liabilities 
1.3% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 150.9% 
Floating Rate Obligations 
(5.1)% 
VRDP Shares, net of deferred offering costs 
(45.8)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
New Jersey 
90.4% 
New York 
3.4% 
Pennsylvania 
3.2% 
Delaware 
2.1% 
Guam 
0.9% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
24.7% 
Transportation 
15.2% 
Health Care 
14.0% 
Education and Civic Organizations 
11.5% 
U.S. Guaranteed 
8.3% 
Tax Obligation/General 
7.9% 
Housing/Single Family 
5.9% 
Other 
12.5% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.1% 
AAA 
9.5% 
AA 
32.5% 
17.8% 
BBB 
22.7% 
BB or Lower 
5.4% 
N/R (not rated) 
2.0% 
Total 100% 
 
21
 

NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2021
 
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section. 
 
 
Average Annual Total Returns as of February 28, 2021 
 
 
 

 
 
Average Annual 
 
 
1-Year 5-Year 10-Year 
NQP at Common Share NAV 
(0.29)% 4.27% 6.37% 
NQP at Common Share Price 
2.56% 4.92% 6.70% 
S&P Municipal Bond Pennsylvania Index 
1.37% 3.66% 4.69% 
S&P Municipal Bond Index 
1.22% 3.41% 4.51% 
 
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.
22
 
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 
156.2% 
Common Stocks 
2.9% 
Short-Term Municipal Bonds 
0.2% 
Other Assets Less Liabilities 
0.0% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 159.3% 
Floating Rate Obligations 
(22.3)% 
VRDP Shares, net of deferred offering costs 
(37.0)% 
Net Assets 100% 

States and Territories 
 
(% of total municipal bonds) 
 
Pennsylvania 
97.1% 
Puerto Rico 
1.7% 
New Jersey 
0.9% 
Guam 
0.3% 
Total 100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
22.2% 
U.S. Guaranteed 
14.4% 
Tax Obligation/General 
11.9% 
Utilities 
9.5% 
Housing/Single Family 
10.9% 
Education and Civic Organizations 
10.2% 
Transportation 
6.7% 
Tax Obligation/Limited 
6.2% 
Other 
8.0% 
Total 100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
15.9% 
AAA 
0.4% 
AA 
35.2% 
27.7% 
BBB 
8.4% 
BB or Lower 
6.5% 
N/R (not rated) 
4.1% 
N/A (not applicable) 
1.8% 
Total 100% 
 
23
 

Shareholder Meeting Report
The annual meeting of shareholders was held on November 16, 2020 for NAZ, NUO, NXJ and NQP. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.
 
NAZ NUO NXJ NQP 
 
Common and  Common and  Common and  Common and  
 
Preferred  Preferred  Preferred  Preferred  
 
shares voting  shares voting  shares voting  shares voting  
 
together Preferred together Preferred together Preferred together Preferred 
 
as a class Shares* as a class Shares* as a class Shares as a class Shares* 
Election of Board Members: 
 
 
 
 
 
 
 
 
John K. Nelson 
 
 
 
 
 
 
 
 
For 8,560,659 — 10,828,257 — 28,162,851 — 24,055,135 — 
Withhold 1,381,174 — 5,913,280 — 8,145,272 — 7,983,822 — 
Total 9,941,833 — 16,741,537 — 36,308,123 — 32,038,957 — 
Terence J. Toth 
 
 
 
 
 
 
 
 
For 8,560,659 — 10,823,211 — 28,152,806 — 23,997,361 — 
Withhold 1,381,174 — 5,918,326 — 8,155,317 — 8,041,596 — 
Total 9,941,833 — 16,741,537 — 36,308,123 — 32,038,957 — 
Robert L. Young 
 
 
 
 
 
 
 
 
For 8,560,659 — 10,828,383 — 28,161,190 — 24,052,981 — 
Withhold 1,381,174 — 5,913,154 — 8,146,933 — 7,985,976 — 
Total 9,941,833 — 16,741,537 — 36,308,123 — 32,038,957 — 
William C. Hunter 
 
 
 
 
 
 
 
 
For — — — — — 810 — — 
Withhold — 883 — 1,480 — 2,329 — 2,175 
Total — 883 — 1,480 — 3,139 — 2,175 
Albin F. Moschner 
 
 
 
 
 
 
 
 
For — — — — — 810 — — 
Withhold — 883 — 1,480 — 2,329 — 2,175 
Total — 883 — 1,480 — 3,139 — 2,175 
* Each Board Member will continue to serve on the Board as a “holdover” Board Member until his successor has been duly elected and qualified.
24

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


Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Arizona Quality Municipal Income Fund, Nuveen Ohio Quality Municipal Income Fund, Nuveen New Jersey Quality Municipal Income Fund, and Nuveen Pennsylvania Quality Municipal Income Fund (the Funds), including the portfolios of investments, as of February 28, 2021, 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 for Nuveen Arizona Quality Municipal Income Fund and Nuveen Ohio Quality Municipal Income Fund, and the financial highlights for each of the years in the four-year period then ended, the ten-month period from May 1, 2016 through February 28, 2017, and the year ended April 30, 2016 for Nuveen New Jersey Quality Municipal Income Fund and Nuveen Pennsylvania Quality Municipal Income Fund. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2021, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended for Nuveen Arizona Quality Municipal Income Fund and Nuveen Ohio Quality Municipal Income Fund, and the financial highlights for each of the years in the four-year period then ended, the ten-month period from May 1, 2016 through February 28, 2017, and the year ended April 30, 2016 for Nuveen New Jersey Quality Municipal Income Fund and Nuveen Pennsylvania Quality Municipal Income Fund in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2021, 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, 2021
25
 

NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments February 28, 2021
 
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 155.3% (100.0% of Total Investments) 
 
 
 
 
 
 MUNICIPAL BONDS – 155.3% (100.0% of Total Investments) 
 
 
 
 
 
 Education and Civic Organizations – 35.1% (22.6% of Total Investments) 
 
 
 
$ 2,175  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 
7/26 at 100.00 AA $ 2,527,046 
 
 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 1,710,615 
 
 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 1,710,615 
 
 5.000%, 7/01/41 
 
 
 
1,255  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B, 
7/30 at 100.00 AA 1,460,544 
 
 4.000%, 7/01/47 
 
 
 
2,515  
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for 
8/24 at 100.00 Aa3 2,773,039 
 
 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 2,760,038 
 
 Bond Trust 2015-XF0053, 17.818%, 6/01/42, 144A (IF) 
 
 
 
515  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 BB 575,785 
 
 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– 600,028 
 
 Basis Schools, Inc Projects, Series 2017C, 5.000%, 7/01/47 
 
 
 
250  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 BB 278,015 
 
 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– 1,983,509 
1,645  5.000%, 7/01/47 7/27 at 100.00 AA– 1,880,087 
380  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/27 at 100.00 BB 422,583 
 
 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 249,636 
 
 Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A 
 
 
 
375  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona 
9/27 at 100.00 BB+ 412,928 
 
 Agribusiness and Equine Center, Inc Project, Series 2017B, 5.000%, 3/01/48, 144A 
 
 
 
310  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
No Opt. Call BB 331,461 
 
 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– 723,800 
1,000  5.000%, 7/01/48 1/28 at 100.00 AA– 1,154,790 
455  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
7/26 at 100.00 BB+ 522,445 
 
 Academy of Nevada ? Horizon, Inspirada and St Rose Campus Projects, Series 2018A, 5.750%, 
 
 
 
 
 7/15/38, 144A 
 
 
 
1,000  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
9/23 at 105.00 BB+ 1,128,140 
 
 Academy of Nevada ? Sloan Canyon Campus Project, Series 2020A-2, 6.000%, 9/15/38, 144A 
 
 
 
180  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds 
7/28 at 100.00 BB– 184,478 
 
 Pensar Academy Project, Series 2020, 4.000%, 7/01/30, 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+ 1,785,500 
1,000  4.000%, 10/01/49 10/29 at 100.00 BBB+ 1,066,810 
1,500  
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus 
6/28 at 100.00 N/R 1,687,950 
 
 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+ 2,078,600 
 
 University, Refunding Series 2007, 5.000%, 5/15/31 
 
 
 
 
26
 

      
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 $ 404,622 
340  4.000%, 7/01/33 7/29 at 100.00 BBB 377,879 
355  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/27 at 100.00 AA– 419,965 
 
 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– 568,493 
 
 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– 1,813,614 
 
 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– 785,850 
 
 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+ 944,359 
 
 Paradise Schools Projects, Series 2016, 5.000%, 7/01/47, 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 579,561 
300  5.000%, 7/01/47 7/26 at 100.00 Baa3 327,933 
2,500  
Maricopa County Industrial Development Authority, Arizona, Educational Facilities 
1/30 at 100.00 A2 3,060,925 
 
 Revenue Bonds, Creighton University Projects, Series 2020, 5.000%, 7/01/47 
 
 
 
2,095  
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University 
7/26 at 100.00 AA– 2,439,334 
 
 Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 
 
 
 
1,155  
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 
6/24 at 100.00 A+ 1,265,984 
70  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/25 at 100.00 BB 75,555 
 
 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 927,252 
 
 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+ 1,431,402 
 
 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– 876,816 
 
 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 BB+ 576,400 
 
 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 BB+ 339,731 
300  5.000%, 7/01/45, 144A 7/25 at 100.00 BB+ 318,666 
650  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 BB+ 710,580 
 
 Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A 
 
 
 
610  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/30 at 100.00 Ba2 658,306 
 
 Northwest Christian School Project, Series 2020A, 5.000%, 9/01/45, 144A 
 
 
 
 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
 
 
 
 
 
Villa Montessori, Inc Projects, Series 2015: 
 
 
 
260  3.250%, 7/01/25 No Opt. Call BBB– 269,136 
400  5.000%, 7/01/35 7/25 at 100.00 BBB– 438,736 
500  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/28 at 100.00 AA– 557,425 
 
 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 2,295,666 
 
 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 3,803,148 
 
 Project, Series 2012, 5.000%, 6/01/42 (UB) (4) 
 
 
 
500  
Pima County Community College District, Arizona, Revenue Bonds, Series 2019, 5.000%, 7/01/36 
7/28 at 100.00 Aa3 612,905 
 
27
 

NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
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 $ 218,686 
 
 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 112,298 
680  6.125%, 6/15/47, 144A 6/26 at 100.00 N/R 620,194 
200  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 BB– 211,588 
 
 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 36,763 
 
 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 129,134 
 
 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– 746,363 
 
 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 537,415 
 
 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 870,489 
 
 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 875,230 
 
 University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured 
 
 
 
54,645  
Total Education and Civic Organizations 
 
 
61,246,845 
 
 Health Care – 22.3% (14.3% of Total Investments) 
 
 
 
1,200  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, 
1/24 at 100.00 AA– 1,327,980 
 
 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 5,254,836 
 
 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 A+ 3,393,276 
2,860  5.000%, 12/01/42 12/24 at 100.00 A+ 3,216,184 
 
 
Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children’s 
 
 
 
 
 
National Prince County Regional Medical Center, Series 2020A: 
 
 
 
430  4.000%, 9/01/40 9/30 at 100.00 A1 497,936 
100  3.000%, 9/01/50 9/30 at 100.00 A1 102,540 
 
 
Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s 
 
 
 
 
 
Hospital, Series 2020A: 
 
 
 
1,400  5.000%, 2/01/40 2/30 at 100.00 A1 1,763,524 
1,950  4.000%, 2/01/50 2/30 at 100.00 A1 2,177,155 
1,250  
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
9/28 at 100.00 A+ 1,546,863 
 
 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– 1,514,500 
1,000  5.000%, 1/01/35 1/27 at 100.00 AA– 1,200,470 
2,000  5.000%, 1/01/38 1/27 at 100.00 AA– 2,376,300 
 
 
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– 3,045,870 
2,000  5.000%, 1/01/41 1/28 at 100.00 AA– 2,404,600 
1,000  
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
7/29 at 100.00 AA– 1,142,950 
 
 Series 2019A, 4.000%, 1/01/44 
 
 
 
1,500  
Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, 
7/30 at 100.00 AA– 1,729,260 
 
 Variable Rate Demand Series 2019F, 4.000%, 1/01/45 
 
 
 
 
28

 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
$ 1,025  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
8/26 at 100.00 A+ $ 1,186,960 
 
 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+ 1,087,960 
 
 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+ 1,614,619 
 
 Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43 
 
 
 
 
 
Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional 
 
 
 
 
 
Medical Center, Series 2014A: 
 
 
 
1,000  5.000%, 8/01/22 No Opt. Call 1,064,790 
1,000  5.250%, 8/01/32 8/24 at 100.00 1,127,360 
34,220  
Total Health Care 
 
 
38,775,933 
 
 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 1,358,288 
 
 NCCU Properties LLC- North Carolina Central University, Series 2019A, 4.000%, 6/01/44 – 
 
 
 
 
 BAM Insured 
 
 
 
 
 Long-Term Care – 3.7% (2.4% of Total Investments) 
 
 
 
285  
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater 
7/25 at 101.00 N/R 257,312 
 
 Avondale Project, Series 2017, 5.375%, 1/01/38 
 
 
 
2,115  
Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal 
5/26 at 103.00 BBB– 2,356,533 
 
 Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56 
 
 
 
1,870  
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 
10/25 at 101.00 N/R 1,905,044 
 
 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 794,734 
 
 Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32 
 
 
 
1,080  
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU 
10/27 at 100.00 N/R 1,150,481 
 
 Project, Series 2017A, 6.125%, 10/01/47, 144A 
 
 
 
6,130  
Total Long-Term Care 
 
 
6,464,104 
 
 Tax Obligation/General – 16.2% (10.5% of Total Investments) 
 
 
 
575  
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation 
7/27 at 100.00 AA 693,818 
 
 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 
7/22 at 100.00 AA 2,255,325 
 
 Insured 
 
 
 
1,000  
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation 
7/21 at 100.00 AA 1,016,280 
 
 Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
 
 
 
2,315  
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation 
7/28 at 100.00 Aa1 2,858,006 
 
 Bonds, School Improvement Project 1990, Series 1990A, 5.000%, 7/01/38 
 
 
 
630  
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation 
7/27 at 100.00 Aa1 762,420 
 
 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 Aa1 787,261 
 
 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 Aa3 1,815,720 
 
 2018C, 5.000%, 7/01/36 
 
 
 
1,350  
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation 
7/25 at 102.00 Aa1 1,572,115 
 
 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 1,559,095 
 
 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 1,202,640 
1,000  5.000%, 7/01/36 7/27 at 100.00 Aa3 1,193,330 
690  
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 
7/27 at 100.00 AA– 830,270 
 
 5.000%, 7/01/36 
 
 
 
 
29
 

  
NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
$ 1,370  
Pima County Continental Elementary School District 39, Arizona, General Obligation 
7/21 at 100.00 AA $ 1,395,030 
 
 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 3,278,616 
 
 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 1,776,740 
 
 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 1,804,935 
 
 Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured 
 
 
 
 
 
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 743,572 
1,000  5.000%, 7/01/35 – BAM Insured 7/27 at 100.00 AA 1,196,640 
 
 
Western Maricopa Education Center District 402, Maricopa County, Arizona, General 
 
 
 
 
 
Obligation Bonds, School Improvement Project 2012, Series2014B: 
 
 
 
715  4.500%, 7/01/33 7/24 at 100.00 AA– 787,623 
665  4.500%, 7/01/34 7/24 at 100.00 AA– 731,414 
24,765  
Total Tax Obligation/General 
 
 
28,260,850 
 
 Tax Obligation/Limited – 39.7% (25.6% of Total Investments) 
 
 
 
100  
Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, 
No Opt. Call N/R 103,273 
 
 Linder Village Project in Meridian, Ada County, Idaho, Series 2020, 5.000%, 6/01/31, 144A 
 
 
 
2,310  
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 A1 2,398,473 
 
 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+ 1,496,987 
 
 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 304,004 
1,000  
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 
7/25 at 100.00 AA 1,166,400 
1,215  
Cadence Community Facilities District, Mesa, Arizona, Special Assessment Revenue Bonds, 
7/30 at 100.00 N/R 1,308,081 
 
 Assessment District 3, Series 2020, 4.000%, 7/01/45 
 
 
 
123  
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 N/R 94,597 
 
 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 1,282,721 
 
 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 2,132,850 
 
 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 2,754,121 
 
 Series 2018, 4.375%, 7/15/43 – BAM Insured 
 
 
 
484  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue 
7/23 at 100.00 N/R 495,684 
 
 Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38 
 
 
 
697  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue 
7/27 at 100.00 N/R 738,193 
 
 Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43 
 
 
 
2,280  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue 
7/30 at 100.00 N/R 2,312,239 
 
 Bonds, Assessment District 12, Series 2021, 3.750%, 7/01/45 
 
 
 
1,035  
Eastmark Community Facilities District 2, Mesa, Arizona, General Obligation Bonds, 
7/30 at 100.00 N/R 994,842 
 
 Series 2020, 3.500%, 7/15/44 
 
 
 
655  
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General 
7/27 at 100.00 AA 773,575 
 
 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 367,594 
1,085  5.000%, 7/15/31 7/22 at 100.00 AA 1,150,653 
500  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/26 at 100.00 AA 566,425 
 
 Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured 
 
 
 
 
30
 

Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,000  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/27 at 100.00 AA $ 1,213,340 
 
 Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured 
 
 
 
590  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/27 at 100.00 AA 717,871 
 
 Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured 
 
 
 
1,000  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation 
7/30 at 100.00 AA 1,173,180 
 
 Bonds, Series 2020, 4.000%, 7/15/40 – BAM Insured 
 
 
 
381  
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment 
7/27 at 100.00 N/R 395,737 
 
 Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 
 
 
 
600  
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, 
7/26 at 100.00 A1 666,864 
 
 Refunding Series 2016, 4.000%, 7/15/32 
 
 
 
1,170  
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation 
No Opt. Call A– 1,231,367 
 
 Refunding Bonds, Series 2013, 5.000%, 7/15/23 
 
 
 
1,500  
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 
11/25 at 100.00 BB 1,663,005 
 
 11/15/39 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
510  5.000%, 1/01/31 1/22 at 100.00 BB 523,138 
200  5.125%, 1/01/42 1/22 at 100.00 BB 204,560 
1,500  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
1/22 at 100.00 BB 1,534,530 
1,250  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 BB 1,390,388 
 
 5.000%, 12/01/46 
 
 
 
1,425  
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33 
7/23 at 100.00 AA 1,567,756 
200  
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation 
7/26 at 100.00 BBB 231,112 
 
 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 450,157 
 
 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– 304,563 
400  
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation 
3/21 at 100.00 N/R 336,164 
 
 Bonds, Series 2006, 5.350%, 7/15/31 
 
 
 
2,500  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
12/22 at 100.00 2,673,850 
 
 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+ 611,813 
 
 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 1,128,540 
1,600  
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019, 4.000%, 8/01/39 
8/28 at 100.00 AA 1,821,248 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
1,550  4.550%, 7/01/40 7/28 at 100.00 N/R 1,689,577 
2,040  5.000%, 7/01/58 7/28 at 100.00 N/R 2,259,382 
1,085  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
7/28 at 100.00 N/R 1,167,080 
 
 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 604,811 
545  4.000%, 8/01/36 8/26 at 100.00 AA 607,675 
1,740  
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 
8/28 at 100.00 AA 2,124,244 
 
 5.000%, 8/01/42 
 
 
 
2,400  
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2020, 
8/30 at 100.00 AA 2,784,360 
 
 4.000%, 8/01/50 
 
 
 
 
 
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A: 
 
 
 
1,400  5.000%, 7/01/34 – BAM Insured 7/24 at 100.00 AA 1,562,036 
2,100  5.000%, 7/01/38 – BAM Insured 7/24 at 100.00 AA 2,330,748 
3,000  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
No Opt. Call AAA 3,460,590 
 
 Series 2006, 5.000%, 7/01/24 
 
 
 
 
31
 

  
NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,650  
Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation 
7/28 at 100.00 AA $ 2,029,005 
 
 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 2,652,720 
 
 5.000%, 7/01/37 
 
 
 
150  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
No Opt. Call AA 154,833 
 
 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 753,300 
 
 Series 2016, 3.250%, 7/15/25, 144A 
 
 
 
4,240  
Yavapai County Jail District, Arizona, Pledged Revenue Obligation Bonds, Series 2020, 
7/29 at 100.00 AA 4,778,268 
 
 4.000%, 7/01/40 – BAM Insured 
 
 
 
62,605  
Total Tax Obligation/Limited 
 
 
69,238,524 
 
 Transportation – 8.3% (5.3% of Total Investments) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
 
 
 
 
 
Series 2015A: 
 
 
 
910  5.000%, 7/01/40 7/25 at 100.00 A1 1,045,590 
2,185  5.000%, 7/01/45 7/25 at 100.00 A1 2,496,734 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior 
 
 
 
 
 
Lien Series 2013: 
 
 
 
1,785  5.000%, 7/01/30 (AMT) 7/23 at 100.00 Aa3 1,955,521 
2,215  5.000%, 7/01/32 (AMT) 7/23 at 100.00 Aa3 2,420,131 
2,000  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/27 at 100.00 Aa3 2,325,180 
 
 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 Aa3 1,773,645 
 
 Series 2018, 5.000%, 7/01/43 (AMT) 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue 
 
 
 
 
 
Bonds, Series 2019A: 
 
 
 
975  5.000%, 7/01/33 7/29 at 100.00 A3 1,163,779 
1,045  5.000%, 7/01/35 7/29 at 100.00 A3 1,239,548 
12,615  
Total Transportation 
 
 
14,420,128 
 
 U.S. Guaranteed ��� 4.2% (2.7% of Total Investments) (6) 
 
 
 
1,980  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding 
7/22 at 100.00 AA 2,106,760 
 
 Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) 
 
 
 
545  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 
7/23 at 100.00 A– 607,195 
 
 2013, 5.250%, 7/01/33 (Pre-refunded 7/01/23) 
 
 
 
720  
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 
6/24 at 100.00 N/R 825,228 
 
 6/01/40 (Pre-refunded 6/01/24) 
 
 
 
585  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/21 at 100.00 N/R 596,407 
 
 Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21) 
 
 
 
1,320  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
7/27 at 100.00 AAA 1,655,056 
 
 Series 2017, 5.000%, 7/01/36 (Pre-refunded 7/01/27) 
 
 
 
1,495  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 N/R 1,589,678 
 
 5.000%, 7/01/37 (Pre-refunded 7/01/22) 
 
 
 
6,645  
Total U.S. Guaranteed 
 
 
7,380,324 
 
 Utilities – 25.0% (16.1% of Total Investments) 
 
 
 
1,495  
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 A– 1,537,398 
 
 Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
655  
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, 
1/26 at 100.00 AA+ 774,223 
 
 Series 2016, 5.000%, 1/01/36 
 
 
 
785  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien 
7/26 at 100.00 AA 919,706 
 
 Series 2016, 5.000%, 7/01/45 – AGM Insured 
 
 
 
1,500  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2020, 
7/29 at 100.00 AA 1,722,615 
 
 4.000%, 7/01/45 – AGM Insured 
 
 
 
 
32

 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
$ 665  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 A– $ 772,358 
 
 Refunding Series 2017, 5.000%, 7/01/36 
 
 
 
1,100  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 
10/24 at 100.00 AA 1,221,935 
1,125  
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 
7/25 at 100.00 AA 1,306,508 
 
 2015A, 5.000%, 7/01/36 – AGM Insured 
 
 
 
8,750  
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4) 
7/28 at 100.00 Aa2 10,697,225 
1,135  
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, 
7/24 at 100.00 AA+ 1,301,516 
 
 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 2,274,200 
 
 Series 2014A, 5.000%, 7/01/39 
 
 
 
1,040  
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding 
No Opt. Call AAA 1,113,497 
 
 Junior Lien Series 2001, 5.500%, 7/01/22 – FGIC Insured 
 
 
 
695  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/26 at 100.00 A+ 826,779 
 
 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+ 1,750,920 
 
 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 5,850,315 
5,665  5.000%, 12/01/37 No Opt. Call A3 7,825,744 
 
 
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018: 
 
 
 
500  5.000%, 7/01/35 7/28 at 100.00 AA+ 620,295 
805  5.000%, 7/01/36 7/28 at 100.00 AA+ 995,527 
2,180  
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West 
4/21 at 100.00 N/R 2,129,947 
 
 Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) 
 
 
 
36,095  
Total Utilities 
 
 
43,640,708 
$ 238,970  Total Long-Term Investments (cost $251,658,314) 
 
 
270,785,704 
 
 Floating Rate Obligations – (5.6)% 
 
 
(9,755,000) 
 
 Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (50.6)% (7) 
 
 
(88,232,585) 
 
 Other Assets Less Liabilities – 0.9% 
 
 
1,602,507 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 174,400,626 
 
(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 32.6%.
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 for more information.
See accompanying notes to financial statements.

33
 

NUO
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 152.1% (100.0% of Total Investments) 
 
 
 
 
 
 MUNICIPAL BONDS – 151.5% (99.6% of Total Investments) 
 
 
 
 
 
 Consumer Discretionary – 0.9% (0.6% of Total Investments) 
 
 
 
$ 2,680  
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, 
12/29 at 100.00 BBB– $ 2,763,107 
 
 Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51 
 
 
 
 
 Consumer Staples – 4.7% (3.1% of Total Investments) 
 
 
 
20,605  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 22.36 N/R 3,089,514 
 
 Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 
 
 
 
 
 0.000%, 6/01/57 
 
 
 
1,025  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 BBB+ 1,145,817 
 
 Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 
 
 
 
9,595  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
6/30 at 100.00 N/R 10,803,874 
 
 Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 
 
 
 
31,225  
Total Consumer Staples 
 
 
15,039,205 
 
 Education and Civic Organizations – 11.9% (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 1,564,747 
1,200  5.000%, 12/01/33 6/27 at 100.00 Aa2 1,434,276 
505  5.000%, 12/01/34 6/27 at 100.00 Aa2 602,258 
 
 
Miami University of Ohio, General Receipts Bonds, Refunding Series 2011: 
 
 
 
130  5.000%, 9/01/33 9/21 at 100.00 AA 132,941 
1,960  5.000%, 9/01/36 9/21 at 100.00 AA 2,003,355 
 
 
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014: 
 
 
 
4,375  5.000%, 9/01/33 9/24 at 100.00 AA 4,999,269 
2,500  4.000%, 9/01/39 9/24 at 100.00 AA 2,689,125 
2,585  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 
9/26 at 100.00 AA 3,016,617 
1,125  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2020A, 4.000%, 9/01/45 
9/30 at 100.00 AA 1,282,691 
 
 
Miami University of Ohio, General Receipts Bonds, Series 2012: 
 
 
 
480  4.000%, 9/01/32 9/22 at 100.00 AA 499,104 
1,000  4.000%, 9/01/33 9/22 at 100.00 AA 1,038,580 
 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University 
 
 
 
 
 
Project, Series 2012: 
 
 
 
120  5.000%, 11/01/27 5/22 at 100.00 AA 125,922 
590  5.000%, 11/01/32 5/22 at 100.00 AA 614,562 
5,000  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, 
12/22 at 100.00 A+ 5,265,350 
 
 Refunding Series 2013, 5.000%, 12/01/43 
 
 
 
1,000  
Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Series 
No Opt. Call Aa1 1,313,660 
 
 2020A, 5.000%, 12/01/29 
 
 
 
1,000  
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 N/R 1,083,190 
 
 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– 1,115,270 
 
 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– 3,656,171 
1,375  
University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking 
5/29 at 100.00 AA– 1,541,361 
 
 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+ 1,881,877 
1,670  5.000%, 12/15/30 12/26 at 100.00 A+ 2,012,818 
33,650  
Total Education and Civic Organizations 
 
 
37,873,144 
 
34
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Health Care – 14.5% (9.6% of Total Investments) 
 
 
 
$ 3,000  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/23 at 100.00 AA– $ 3,193,500 
 
 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– 2,693,948 
1,000  5.000%, 12/01/47 12/27 at 100.00 A– 1,177,200 
2,945  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated 
11/29 at 100.00 AA 3,364,015 
 
 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+ 1,834,018 
 
 Series 2019A-2, 4.000%, 8/01/49 
 
 
 
2,400  
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center 
6/23 at 100.00 Ba2 2,476,104 
 
 Project, Series 2013, 5.000%, 6/15/43 
 
 
 
1,730  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 AA– 2,058,077 
 
 5.000%, 12/01/47 
 
 
 
200  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2019A, 
12/29 at 100.00 AA– 224,784 
 
 4.000%, 12/01/49 
 
 
 
300  
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc, 
3/21 at 100.00 A– 300,807 
 
 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 837,400 
 
 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+ 6,342,729 
 
 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– 5,113,620 
 
 Health Obligated Group, Series 2019A, 4.000%, 11/01/49 
 
 
 
2,090  
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, 
1/28 at 100.00 AA 2,590,722 
 
 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 1,076,060 
2,000  5.000%, 1/15/29 1/23 at 100.00 2,147,460 
1,605  
Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated 
12/29 at 100.00 A– 1,958,357 
 
 Group Project, Refunding & Improvement Series 2019, 5.000%, 12/01/44 
 
 
 
555  
Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 
8/29 at 100.00 BBB+ 615,922 
 
 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 Ba3 2,703,081 
5,510  5.000%, 12/01/42 12/22 at 100.00 Ba3 5,551,325 
42,340  
Total Health Care 
 
 
46,259,129 
 
 Housing/Multifamily – 1.1% (0.7% of Total Investments) 
 
 
 
85  
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, 
3/21 at 100.00 Aaa 85,309 
 
 Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT) 
 
 
 
3,240  
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower 
3/21 at 100.00 Aa1 3,246,286 
 
 Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT) 
 
 
 
3,325  
Total Housing/Multifamily 
 
 
3,331,595 
 
 Industrials – 1.1% (0.7% of Total Investments) 
 
 
 
3,495  
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation 
No Opt. Call A3 3,645,984 
 
 Inc, Series 1992, 6.450%, 12/15/21 
 
 
 
 
 Tax Obligation/General – 18.7% (12.3% of Total Investments) 
 
 
 
2,500  
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, 
11/27 at 100.00 AA 2,947,875 
 
 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+ 1,273,639 
 
35
 

  
NUO
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
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 $ 3,941,064 
5,835  0.000%, 12/01/28 – AGM Insured No Opt. Call AA 5,195,659 
2,250  
Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29 
10/28 at 100.00 AAA 2,908,485 
500  
Cuyahoga County, Ohio, General Obligation Bonds, Refunding & Capital Improvement Series 
6/30 at 100.00 AA 596,430 
 
 2020A, 4.000%, 12/01/34 
 
 
 
 
 
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: 
 
 
 
900  5.000%, 12/01/32 12/25 at 100.00 Aaa 1,079,910 
1,000  5.000%, 12/01/34 12/25 at 100.00 Aaa 1,197,310 
1,730  
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 
12/23 at 100.00 AAA 1,945,817 
 
 
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 1,440,281 
1,540  5.000%, 11/01/31 11/24 at 100.00 Aa2 1,757,941 
1,005  
Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds, 
6/29 at 100.00 AA+ 1,220,794 
 
 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 2,154,211 
 
 2011, 0.000%, 12/01/21 
 
 
 
 
 
Lorain County, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2020B: 
 
 
 
345  4.000%, 12/01/29 12/25 at 100.00 Aa2 390,806 
145  4.000%, 12/01/30 12/25 at 100.00 Aa2 163,808 
240  4.000%, 12/01/40 12/25 at 100.00 Aa2 265,279 
415  4.000%, 12/01/45 12/25 at 100.00 Aa2 455,384 
4,500  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, 
No Opt. Call A2 5,974,785 
 
 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 1,540,905 
 
 2006, 5.500%, 12/01/24 – AMBAC Insured 
 
 
 
 
 
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V: 
 
 
 
2,500  5.000%, 5/01/33 5/28 at 100.00 AAA 3,138,575 
1,250  5.000%, 5/01/34 5/28 at 100.00 AAA 1,564,112 
 
 
Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2020C: 
 
 
 
1,365  5.000%, 3/01/37 3/31 at 100.00 AA+ 1,796,217 
2,200  5.000%, 3/01/38 3/31 at 100.00 AA+ 2,885,432 
4,000  
Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation 
1/28 at 100.00 Aa2 4,374,840 
 
 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 2,036,820 
 
 Bonds, Refunding Series 2007, 5.250%, 12/01/32 
 
 
 
4,000  
Sycamore Community School District, Hamilton County, Ohio, General Obligation Bonds, 
6/29 at 100.00 AAA 4,586,080 
 
 School Improvement Series 2020, 4.000%, 12/01/45 
 
 
 
1,200  
Toledo, Ohio, General Obligation Bonds, Limited Tax Capital Improvement Series 2020, 
12/30 at 100.00 A2 1,357,056 
 
 4.000%, 12/01/35 
 
 
 
1,000  
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, 
12/27 at 100.00 AAA 1,195,800 
 
 School Facilities & Improvement Series 2018A, 5.000%, 12/01/48 
 
 
 
52,005  
Total Tax Obligation/General 
 
 
59,385,315 
 
 Tax Obligation/Limited – 23.9% (15.7% 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 1,541,875 
1,000  5.000%, 10/01/32 4/28 at 100.00 AA 1,228,620 
 
 
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 533,401 
700  5.000%, 10/01/33 10/27 at 100.00 AA 848,883 
 
36
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 1,000  
Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, 
No Opt. Call N/R $ 1,055,640 
 
 Easton Project, Series 2020, 5.000%, 6/01/28, 144A 
 
 
 
1,920  
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44 
12/25 at 100.00 Aa1 2,240,198 
2,500  
Franklin County Convention Facilities Authority, Ohio, Lease Appropriation Bonds, 
12/29 at 100.00 AA 2,929,125 
 
 
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 2,626,892 
1,155  5.000%, 6/01/37 6/28 at 100.00 AAA 1,426,875 
6,500  5.000%, 6/01/43 6/28 at 100.00 AAA 7,916,935 
5,535  5.000%, 6/01/48 6/28 at 100.00 AAA 6,696,631 
1,220  
Great Oaks Career Campuses Board of Education, Brown, Butler, Clermont, Clinton, 
12/29 at 100.00 Aa1 1,428,022 
 
 Fayette, Greene, Hamilton, Highland, Madison, Pickaway, Ross and Warren, Ohio, Certificates 
 
 
 
 
 of Participation, School, 4.000%, 12/01/37, (WI/DD, Settling 3/09/21) 
 
 
 
1,000  
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
12/25 at 100.00 AAA 1,189,590 
 
 Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34 
 
 
 
5,565  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – 
No Opt. Call AA 4,849,786 
 
 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 5,151,100 
6,000  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/29 at 100.00 Aa2 6,865,260 
 
 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 1,072,510 
 
 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 2,496,980 
 
 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 1,548,775 
1,845  
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community 
12/25 at 100.00 AA 2,029,408 
 
 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 428,312 
 
 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 986,720 
 
 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: 
 
 
 
6,450  4.500%, 7/01/34 7/25 at 100.00 N/R 7,039,595 
3,580  4.550%, 7/01/40 7/28 at 100.00 N/R 3,902,379 
1,780  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 
7/28 at 100.00 N/R 1,940,289 
 
 Cofina Project Series 2019A-2A, 4.550%, 7/01/40 
 
 
 
 
 
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+ 1,780,367 
1,200  5.000%, 12/01/24 12/22 at 100.00 AA+ 1,298,532 
2,450  
Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of 
12/27 at 100.00 Aa2 2,938,261 
 
 Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39 
 
 
 
67,500  
Total Tax Obligation/Limited 
 
 
75,990,961 
 
 Transportation – 17.1% (11.3% 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 949,337 
500  5.000%, 12/01/34 – AGM Insured 12/23 at 100.00 AA 551,515 
6,835  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A, 
1/29 at 100.00 A+ 7,705,574 
 
 4.000%, 1/01/44 
 
 
 
 
37
 

  
NUO
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
 
 
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 $ 2,849,700 
3,000  5.000%, 12/31/39 – AGM Insured (AMT) 6/25 at 100.00 AA 3,399,480 
4,250  5.000%, 6/30/53 (AMT) 6/25 at 100.00 A3 4,735,180 
 
 
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
 
 
 
 
 
Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2: 
 
 
 
5,000  0.000%, 2/15/37 No Opt. Call Aa3 3,471,150 
11,260  0.000%, 2/15/38 No Opt. Call Aa3 7,563,004 
5,000  0.000%, 2/15/40 No Opt. Call Aa3 3,139,350 
2,050  
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
2/23 at 100.00 Aa3 2,228,883 
 
 Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/39 
 
 
 
15,000  
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission, 
2/28 at 100.00 Aa3 17,947,950 
 
 Infrastructure Projects, Junior Lien Series 2018A, 5.000%, 2/15/46 (UB) (4) 
 
 
 
56,255  
Total Transportation 
 
 
54,541,123 
 
 U.S. Guaranteed – 41.7% (27.4% of Total Investments) (5) 
 
 
 
 
 
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 116,459 
245  5.000%, 12/01/28 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 259,386 
160  5.000%, 12/01/29 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 169,395 
1,605  5.000%, 12/01/29 (Pre-refunded 6/01/22) 6/22 at 100.00 Aaa 1,702,375 
8,150  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 
12/21 at 100.00 AAA 8,446,986 
 
 (Pre-refunded 12/01/21) 
 
 
 
8,000  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46 
12/26 at 100.00 AAA 9,959,920 
 
 (Pre-refunded 12/01/26) 
 
 
 
 
 
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 A2 2,236,150 
1,500  5.000%, 1/01/31 (Pre-refunded 1/01/22) – AGM Insured 1/22 at 100.00 AA 1,560,105 
 
 
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 1,475,930 
1,520  5.000%, 10/01/30 (Pre-refunded 10/01/23) 10/23 at 100.00 AA 1,706,018 
1,600  5.000%, 10/01/31 (Pre-refunded 10/01/23) 10/23 at 100.00 AA 1,795,808 
 
 
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 3,021,160 
8,045  5.000%, 10/01/37 (Pre-refunded 10/01/23) 10/23 at 100.00 AA+ 9,029,547 
3,000  
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 
11/23 at 100.00 AA 3,384,480 
 
 2014A-1, 5.000%, 11/15/38 (Pre-refunded 11/15/23) 
 
 
 
2,035  
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42 
1/22 at 100.00 AA+ 2,117,418 
 
 (Pre-refunded 1/01/22) 
 
 
 
1,140  
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School 
11/21 at 100.00 Aa3 1,176,902 
 
 Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured 
 
 
 
 
 
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014: 
 
 
 
1,815  5.000%, 12/01/32 (Pre-refunded 12/01/24) 12/24 at 100.00 AAA 2,126,690 
1,415  5.000%, 12/01/33 (Pre-refunded 12/01/24) 12/24 at 100.00 AAA 1,657,998 
1,000  5.000%, 12/01/34 (Pre-refunded 12/01/24) 12/24 at 100.00 AAA 1,171,730 
945  5.000%, 12/01/35 (Pre-refunded 12/01/24) 12/24 at 100.00 AAA 1,107,285 
10,350  
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/24 at 100.00 Aa1 12,127,405 
 
 Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 
 
 
 
 
 12/01/35 (Pre-refunded 12/01/24) 
 
 
 
250  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 AA+ 258,568 
 
 5.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
 
38
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
$ 4,480  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option 
11/21 at 100.00 AA+ $ 4,787,059 
 
 Bond Trust 2016-XL0004, 9.314%, 11/15/41 (Pre-refunded 11/15/21), 144A (IF) (4) 
 
 
 
 
 
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
 
 
 
 
 
Improvement Bonds, Refunding Series 2012: 
 
 
 
760  5.250%, 12/01/30 (Pre-refunded 12/01/21) 12/21 at 100.00 AAA 789,108 
600  5.000%, 12/01/31 (Pre-refunded 12/01/21) 12/21 at 100.00 AAA 621,864 
 
 
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 578,626 
1,355  5.250%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00 AA 1,412,682 
3,225  
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, 
6/21 at 100.00 A+ 3,272,859 
 
 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+ 22,514,562 
 
 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 4,126,693 
 
 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
725  
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities 
6/22 at 100.00 Aa3 768,986 
 
 Construction & Improvement Series 2012, 5.000%, 12/01/36 (Pre-refunded 6/01/22) 
 
 
 
 
 
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+ 3,450,615 
1,400  5.000%, 11/15/44 (Pre-refunded 11/15/24) 11/24 at 100.00 AA+ 1,637,580 
2,000  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 
5/23 at 100.00 AA+ 2,207,140 
 
 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 Aa2 1,144,550 
 
 Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (Pre-refunded 1/01/22) 
 
 
 
10,915  
Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission 
2/23 at 100.00 Aa3 11,924,310 
 
 Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48 
 
 
 
 
 (Pre-refunded 2/15/23) 
 
 
 
1,000  
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 
12/22 at 100.00 Aa3 1,084,410 
 
 (Pre-refunded 12/01/22) 
 
 
 
5,000  
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban 
6/22 at 100.00 Aa3 5,303,350 
 
 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 477,302 
 
 Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
 
 (Pre-refunded 6/01/22) 
 
 
 
120,235  
Total U.S. Guaranteed 
 
 
132,709,411 
 
 Utilities – 15.9% (10.4% of Total Investments) 
 
 
 
1,500  
American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds, 
2/24 at 100.00 A1 1,669,005 
 
 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 1,684,383 
 
 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 2,017,265 
 
 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 – 
No Opt. Call A– 1,371,015 
 
 NPFG Insured 
 
 
 
 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2: 
 
 
 
2,000  0.000%, 11/15/28 – NPFG Insured No Opt. Call A– 1,766,440 
6,895  0.000%, 11/15/32 – NPFG Insured No Opt. Call A– 5,385,478 
2,155  0.000%, 11/15/34 – NPFG Insured No Opt. Call A– 1,581,253 
 
39
 

  
NUO
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
$ 3,380  
Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%, 
10/28 at 100.00 Aa3 $ 3,863,576 
 
 10/01/44 
 
 
 
1,000  
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of 
12/30 at 100.00 AA+ 1,309,940 
 
 Greater Cincinnati, Refunding Series 2020A, 5.000%, 12/01/35 
 
 
 
2,000  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call N/R 2,500 
 
 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 826,519 
 
 Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured 
 
 
 
3,225  
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019, 
12/29 at 100.00 AAA 4,061,113 
 
 5.000%, 6/01/44 
 
 
 
4,500  
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, 
6/30 at 100.00 AAA 5,692,500 
 
 Series 2020A, 5.000%, 12/01/50 
 
 
 
2,290  
Saint Charles County Public Water Supply District 2, Missouri, Certificates of 
12/25 at 100.00 AA+ 2,507,367 
 
 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 918,876 
605  5.000%, 11/15/26 11/23 at 100.00 Aa3 678,991 
1,075  5.000%, 11/15/27 11/23 at 100.00 Aa3 1,203,075 
695  5.000%, 11/15/28 11/23 at 100.00 Aa3 775,808 
10,000  
Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 
11/26 at 100.00 AA– 11,989,900 
 
 11/15/41 (UB) (4) 
 
 
 
1,000  
Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds, 
5/29 at 100.00 A3 1,171,290 
 
 Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series 
 
 
 
 
 2019B, 5.000%, 11/01/39, 144A 
 
 
 
48,995  
Total Utilities 
 
 
50,476,294 
$ 461,705  
Total Municipal Bonds (cost $442,399,855) 
 
 
482,015,268 
 
40
 

    
Shares  Description (1) Value 
 
 COMMON STOCKS – 0.6% (0.4% of Total Investments) 
 
 
 Electric Utilities – 0.6% (0.4% of Total Investments) 
 
64,677  
Energy Harbor Corp (7), (8), (9) 
$ 1,819,040 
 
 
Total Common Stocks (cost $1,843,715) 
1,819,040 
 
 Total Long-Term Investments (cost $444,243,570) 483,834,308 
 
 Floating Rate Obligations – (6.3)% (20,000,000) 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (46.5)% (10) (147,779,178) 
 
 Other Assets Less Liabilities – 0.7% 2,080,289 
 
 Net Asset Applicable to Common Shares – 100% $ 318,135,419 
 

(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)  Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(10) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.5%.
144A  Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

AMT   Alternative Minimum Tax

IF       Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB     Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information.
WI/DD Purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements. 
41

 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 149.6% (100.0% of Total Investments) 
 
 
 
 
 
 MUNICIPAL BONDS – 149.6% (100.0% of Total Investments) 
 
 
 
 
 
 Consumer Discretionary – 0.4% (0.3% of Total Investments) 
 
 
 
 
 
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich 
 
 
 
 
 
Center Hotel/Conference Center Project, Series 2005A: 
 
 
 
$ 2,460  5.000%, 1/01/32 3/21 at 100.00 Caa3 $ 1,688,520 
1,485  5.125%, 1/01/37 3/21 at 100.00 Caa3 957,127 
3,945  
Total Consumer Discretionary 
 
 
2,645,647 
 
 Consumer Staples – 4.9% (3.3% of Total Investments) 
 
 
 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A: 
 
 
 
8,695  4.000%, 6/01/37 6/28 at 100.00 A– 9,793,787 
1,365  5.000%, 6/01/46 6/28 at 100.00 BBB+ 1,591,836 
11,680  5.250%, 6/01/46 6/28 at 100.00 BBB+ 13,898,849 
6,930  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 BB+ 8,007,061 
 
 Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
28,670  
Total Consumer Staples 
 
 
33,291,533 
 
 Education and Civic Organizations – 17.2% (11.5% of Total Investments) 
 
 
 
1,760  
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University 
12/23 at 100.00 1,928,379 
 
 School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 
 
 
 
1,000  
New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation 
1/28 at 100.00 BBB– 1,128,290 
 
 Academy Charter School, Series 2018A, 5.000%, 7/01/50 
 
 
 
175  
New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck 
9/27 at 100.00 BB 184,324 
 
 Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A 
 
 
 
2,025  
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding 
No Opt. Call 2,337,761 
 
 Series 2015, 5.000%, 3/01/25 
 
 
 
 
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
500  5.000%, 6/01/32 12/27 at 100.00 587,160 
820  3.000%, 6/01/32 12/27 at 100.00 834,817 
1,100  
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding 
7/25 at 100.00 AA 1,183,105 
 
 Series 2015H, 4.000%, 7/01/39 – AGM Insured 
 
 
 
5,950  
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
7/24 at 100.00 A+ 6,611,878 
 
 Series 2014A, 5.000%, 7/01/44 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
 
 
 
 
 
Series 2015D: 
 
 
 
2,395  5.000%, 7/01/31 7/25 at 100.00 A+ 2,762,297 
1,600  5.000%, 7/01/33 7/25 at 100.00 A+ 1,836,144 
1,000  5.000%, 7/01/34 7/25 at 100.00 A+ 1,145,350 
4,335  
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender 
7/21 at 100.00 AAA 4,523,919 
 
 Option Bond Trust 2015-XF0099, 13.459%, 7/01/39, 144A (IF) 
 
 
 
4,000  
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender 
7/24 at 100.00 AAA 5,384,640 
 
 Option Bond Trust 2015-XF0149, 13.707%, 7/01/44, 144A (IF) (4) 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding 
 
 
 
 
 
Series 2012B: 
 
 
 
550  5.000%, 7/01/37 7/22 at 100.00 577,154 
1,050  5.000%, 7/01/42 7/22 at 100.00 1,099,045 
 
42
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: 
 
 
 
$ 1,150  5.000%, 7/01/32 7/21 at 100.00 BB+ $ 1,154,082 
740  5.000%, 7/01/37 7/21 at 100.00 BB+ 741,968 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F: 
 
 
 
330  3.750%, 7/01/37 7/27 at 100.00 BB+ 306,643 
3,830  4.000%, 7/01/42 7/27 at 100.00 BB+ 3,578,943 
4,205  5.000%, 7/01/47 7/27 at 100.00 BB+ 4,328,795 
1,200  
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/25 at 100.00 BBB+ 1,330,740 
 
 Refunding Series 2015C, 5.000%, 7/01/35 
 
 
 
775  
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/27 at 100.00 BBB+ 796,778 
 
 Refunding Series 2017D, 3.500%, 7/01/44 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
 
 
 
 
 
Series 2013D: 
 
 
 
685  5.000%, 7/01/38 7/23 at 100.00 BBB+ 726,936 
1,935  5.000%, 7/01/43 7/23 at 100.00 BBB+ 2,049,088 
1,970  
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/26 at 100.00 BBB+ 1,949,729 
 
 Series 2016C, 3.000%, 7/01/46 
 
 
 
860  
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of 
7/30 at 100.00 BBB+ 938,888 
 
 Technology Issue, Green Series 2020A, 4.000%, 7/01/50 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of 
 
 
 
 
 
Technology, Series 2017A: 
 
 
 
1,060  5.000%, 7/01/37 7/27 at 100.00 BBB+ 1,229,568 
2,500  5.000%, 7/01/42 7/27 at 100.00 BBB+ 2,868,675 
3,160  5.000%, 7/01/47 7/27 at 100.00 BBB+ 3,582,429 
1,050  4.000%, 7/01/47 7/27 at 100.00 BBB+ 1,119,531 
975  
New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint 
7/26 at 100.00 BB 1,014,215 
 
 Elizabeth, Series 2016D, 5.000%, 7/01/46 
 
 
 
4,560  
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, 
7/25 at 100.00 A3 5,117,551 
 
 Series 2015C, 5.000%, 7/01/40 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, 
 
 
 
 
 
Series 2017B: 
 
 
 
2,000  5.000%, 7/01/42 – AGM Insured 7/27 at 100.00 AA 2,325,140 
2,420  5.000%, 7/01/47 – AGM Insured 7/27 at 100.00 AA 2,793,382 
 
 
New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, 
 
 
 
 
 
Refunding Series 2018A: 
 
 
 
2,500  3.750%, 12/01/30 (AMT) 6/28 at 100.00 Aaa 2,684,975 
2,560  4.000%, 12/01/32 (AMT) 6/28 at 100.00 Aaa 2,762,752 
2,000  4.000%, 12/01/33 (AMT) 6/28 at 100.00 Aaa 2,150,500 
2,135  4.000%, 12/01/35 (AMT) 6/28 at 100.00 Aaa 2,283,148 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior 
 
 
 
 
 
Lien Series 2016-1A: 
 
 
 
4,765  3.500%, 12/01/32 (AMT) 12/25 at 100.00 Aaa 4,936,874 
1,105  4.000%, 12/01/39 (AMT) 12/25 at 100.00 Aaa 1,146,835 
2,030  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior 
6/28 at 100.00 Aa1 2,060,450 
 
 Series 2019B, 3.250%, 12/01/39 (AMT) 
 
 
 
765  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior 
12/28 at 100.00 Aa1 786,871 
 
 Series 2020B, 3.500%, 12/01/39 (AMT) 
 
 
 
960  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
3/21 at 100.00 Aaa 960,662 
 
 2010-2, 5.000%, 12/01/30 
 
 
 
615  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
12/21 at 100.00 Aaa 637,337 
 
 2011-1, 5.750%, 12/01/27 (AMT) 
 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A: 
 
 
 
1,445  4.250%, 12/01/25 (AMT) 12/22 at 100.00 Aaa 1,523,276 
475  4.375%, 12/01/26 (AMT) 12/22 at 100.00 Aaa 500,769 
 
43

 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
     
Principal 
 
Optional Call 
 
 
Amount (000) Description (1) Provisions (2) Ratings (3) Value 
 
Education and Civic Organizations (continued) 
 
 
 
$ 500 New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 12/22 at 100.00 Aaa $ 530,645 
 
2012-1B, 5.750%, 12/01/39 (AMT) 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A: 
 
 
 
139 3.500%, 12/01/23 (AMT) 12/22 at 100.00 Aaa 144,689 
465 3.750%, 12/01/26 (AMT) 12/22 at 100.00 Aaa 483,163 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A: 
 
 
 
3,630 4.000%, 12/01/28 (AMT) 12/24 at 100.00 Aaa 3,892,993 
2,010 4.000%, 12/01/30 (AMT) 12/24 at 100.00 Aaa 2,140,007 
7,070 New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 12/26 at 100.00 Aaa 7,429,015 
 
Subordinate Series 2017-C, 4.250%, 12/01/47 (AMT) 
 
 
 
4,795 New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 6/28 at 100.00 A2 4,876,179 
 
Subordinate Series 2019C, 3.625%, 12/01/49 (AMT) 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender 
 
 
 
 
Option Bond Trust 2015-XF0151: 
 
 
 
436 11.901%, 12/01/23 (AMT), 144A (IF) 12/22 at 100.00 Aaa 506,641 
390 12.118%, 12/01/24 (AMT), 144A (IF) 12/22 at 100.00 Aaa 450,189 
265 12.461%, 12/01/25 (AMT), 144A (IF) 12/22 at 100.00 Aaa 306,104 
80 12.557%, 12/01/26 (AMT), 144A (IF) 12/22 at 100.00 Aaa 91,874 
1,165 13.875%, 12/01/27 (AMT), 144A (IF) 12/23 at 100.00 Aaa 1,461,737 
2,300 New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 7/25 at 100.00 A1 2,572,389 
 
5.000%, 7/01/45 
 
 
 
108,265 Total Education and Civic Organizations 
 
 
117,397,418 
 
Financials – 0.5% (0.4% of Total Investments) 
 
 
 
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road 
 
 
 
 
Landfill Project, Series 2002: 
 
 
 
2,000 5.750%, 10/01/21 No Opt. Call Ba2 2,017,840 
1,500 6.500%, 4/01/28 No Opt. Call Ba2 1,644,945 
3,500 Total Financials 
 
 
3,662,785 
 
Health Care – 21.0% (14.0% of Total Investments) 
 
 
 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
 
 
 
 
Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: 
 
 
 
175 5.000%, 2/15/25 2/24 at 100.00 BBB+ 195,806 
220 5.000%, 2/15/26 2/24 at 100.00 BBB+ 245,326 
1,320 5.000%, 2/15/27 2/24 at 100.00 BBB+ 1,467,035 
1,385 5.000%, 2/15/28 2/24 at 100.00 BBB+ 1,533,403 
1,385 5.000%, 2/15/29 2/24 at 100.00 BBB+ 1,526,242 
2,500 5.000%, 2/15/32 2/24 at 100.00 BBB+ 2,727,000 
3,040 5.000%, 2/15/33 2/24 at 100.00 BBB+ 3,295,846 
1,000 5.000%, 2/15/34 2/24 at 100.00 BBB+ 1,082,450 
1,950 5.000%, 2/15/35 2/24 at 100.00 BBB+ 2,108,672 
6,100 Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 2/23 at 100.00 BBB+ 6,489,973 
 
Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 
 
 
 
225 New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital 3/21 at 100.00 AA– 225,653 
 
Corporation, Series 2008A, 5.000%, 7/01/27 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
 
 
 
 
Peters University Hospital, Refunding Series 2011: 
 
 
 
2,000 6.000%, 7/01/26 7/21 at 100.00 BB+ 2,025,500 
3,425 6.250%, 7/01/35 7/21 at 100.00 BB+ 3,468,429 
3,550 New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 3/21 at 100.00 BB+ 3,560,189 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
1,145 New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, 7/22 at 100.00 AA– 1,216,105 
 
Barnabas Health, Series 2012A, 5.000%, 7/01/24 
 
 
 
2,525 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital 1/27 at 100.00 AA– 2,782,803 
 
Corporation, Refunding Series 2016, 4.000%, 7/01/41 
 
 
 
 
44
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
$ 11,000  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 
7/24 at 100.00 AA– $ 12,357,180 
 
 Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack 
 
 
 
 
 
Meridian Health Obligated Group, Refunding Series 2017A: 
 
 
 
700  5.000%, 7/01/28 7/27 at 100.00 AA– 866,278 
4,140  5.000%, 7/01/57 7/27 at 100.00 AA– 4,774,496 
1,310  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical 
7/24 at 100.00 A+ 1,361,627 
 
 Center, Refunding Series 2014A, 4.000%, 7/01/45 
 
 
 
12,010  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health 
7/27 at 100.00 AA– 14,133,008 
 
 Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 (UB) (4) 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health 
 
 
 
 
 
System Obligated Group, Refunding Series 2011: 
 
 
 
3,000  5.000%, 7/01/25 7/22 at 100.00 AA– 3,178,440 
3,000  5.000%, 7/01/26 7/22 at 100.00 AA– 3,173,160 
2,500  5.000%, 7/01/27 7/22 at 100.00 AA– 2,641,650 
1,450  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health 
7/23 at 100.00 AA– 1,566,827 
 
 System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton 
 
 
 
 
 
HealthCare System, Series 2016A: 
 
 
 
830  5.000%, 7/01/32 7/26 at 100.00 AA 1,000,001 
1,055  5.000%, 7/01/33 7/26 at 100.00 AA 1,268,690 
1,370  5.000%, 7/01/34 7/26 at 100.00 AA 1,642,808 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 
 
 
 
 
 
Johnson University Hospital Issue, Series 2014A: 
 
 
 
4,235  5.000%, 7/01/39 7/24 at 100.00 AA– 4,770,304 
5,955  5.000%, 7/01/43 7/24 at 100.00 AA– 6,690,978 
3,945  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 
7/23 at 100.00 AA– 4,344,905 
 
 Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 
 
 
 
4,320  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas 
7/26 at 100.00 AA– 5,112,936 
 
 Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s 
 
 
 
 
 
Healthcare System Obligated Group Issue, Refunding Series 2016: 
 
 
 
1,600  3.000%, 7/01/32 7/26 at 100.00 BBB– 1,683,824 
1,135  4.000%, 7/01/34 7/26 at 100.00 BBB– 1,263,255 
1,600  5.000%, 7/01/35 7/26 at 100.00 BBB– 1,871,600 
2,700  5.000%, 7/01/36 7/26 at 100.00 BBB– 3,150,792 
3,095  5.000%, 7/01/41 7/26 at 100.00 BBB– 3,586,238 
5,600  4.000%, 7/01/48 7/26 at 100.00 BBB– 6,116,488 
2,345  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s 
8/23 at 100.00 A– 2,450,314 
 
 Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 
 
 
 
 
 
Hospital Issue, Refunding Series 2015A: 
 
 
 
5,055  4.125%, 7/01/38 – AGM Insured 7/25 at 100.00 AA 5,442,718 
3,910  5.000%, 7/01/46 – AGM Insured 7/25 at 100.00 AA 4,383,540 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health 
 
 
 
 
 
System Obligated Group, Series 2019: 
 
 
 
2,055  4.000%, 7/01/44 7/29 at 100.00 A+ 2,328,623 
7,840  3.000%, 7/01/49 7/29 at 100.00 A+ 7,977,278 
129,700  
Total Health Care 
 
 
143,088,390 
 
 Housing/Multifamily – 3.9% (2.6% of Total Investments) 
 
 
 
1,845  
New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Kean 
1/27 at 100.00 1,865,313 
 
 Properties LLC – Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47 
 
 
 
1,900  
New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan 
1/25 at 100.00 Ba3 1,953,162 
 
 Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 
 
 
 
 
45
 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Housing/Multifamily (continued) 
 
 
 
$ 6,575  
New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New 
7/25 at 100.00 BB– $ 6,620,302 
 
 Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, 
 
 
 
 
 
Series 2013-2: 
 
 
 
2,165  4.350%, 11/01/33 (AMT) 11/22 at 100.00 AA 2,241,360 
1,235  4.600%, 11/01/38 (AMT) 11/22 at 100.00 AA 1,277,595 
1,235  4.750%, 11/01/46 (AMT) 11/22 at 100.00 AA 1,275,175 
4,320  
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 
11/24 at 100.00 AA– 4,525,675 
 
 4.000%, 11/01/45 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2017D: 
 
 
 
1,125  3.900%, 11/01/32 (AMT) 5/26 at 100.00 AA– 1,223,584 
1,750  4.250%, 11/01/37 (AMT) 5/26 at 100.00 AA– 1,902,792 
 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2020A: 
 
 
 
1,150  2.300%, 11/01/40 11/29 at 100.00 AA– 1,127,011 
500  2.450%, 11/01/45 11/29 at 100.00 AA– 485,725 
1,000  2.550%, 11/01/50 11/29 at 100.00 AA– 976,330 
1,000  2.625%, 11/01/56 11/29 at 100.00 AA– 978,980 
25,800  
Total Housing/Multifamily 
 
 
26,453,004 
 
 Housing/Single Family – 8.9% (5.9% of Total Investments) 
 
 
 
 
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
7,130  4.450%, 10/01/25 4/21 at 100.00 Aa2 7,154,884 
5,445  4.650%, 10/01/29 4/21 at 100.00 Aa2 5,464,874 
 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
 
 
 
 
 
Series 2018A: 
 
 
 
6,360  3.600%, 4/01/33 10/27 at 100.00 AA 6,908,741 
3,950  3.750%, 10/01/35 10/27 at 100.00 AA 4,322,761 
3,405  
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
10/27 at 100.00 AA 3,692,450 
 
 Series 2018B, 3.800%, 10/01/32 (AMT) 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
 
 
 
 
 
Series 2019C: 
 
 
 
5,260  3.500%, 10/01/34 (UB) (4) 4/28 at 100.00 AA 5,685,324 
5,255  3.850%, 10/01/39 (UB) (4) 4/28 at 100.00 AA 5,705,669 
3,590  3.950%, 10/01/44 (UB) (4) 4/28 at 100.00 AA 3,863,091 
 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
 
 
 
 
 
Series 2020E: 
 
 
 
6,000  2.050%, 10/01/35 4/29 at 100.00 AA 5,983,800 
7,790  2.250%, 10/01/40 4/29 at 100.00 AA 7,698,312 
4,000  2.400%, 10/01/45 4/29 at 100.00 AA 3,922,280 
58,185  
Total Housing/Single Family 
 
 
60,402,186 
 
 Long-Term Care – 1.8% (1.2% of Total Investments) 
 
 
 
1,110  
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, 
1/24 at 100.00 N/R 1,124,752 
 
 Series 2014, 5.250%, 1/01/44 
 
 
 
5,000  
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 
7/23 at 100.00 BBB– 5,217,550 
 
 Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34 
 
 
 
1,410  
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 
7/24 at 100.00 BBB– 1,522,871 
 
 Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 
 
 
 
2,755  
New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal 
1/28 at 102.00 N/R 2,727,009 
 
 LLC Project, Series 2020, 5.000%, 1/01/40, 144A 
 
 
 
1,450  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive 
10/26 at 102.00 N/R 1,370,279 
 
 Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A 
 
 
 
11,725  
Total Long-Term Care 
 
 
11,962,461 
 
46
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Tax Obligation/General – 11.8% (7.9% of Total Investments) 
 
 
 
$ 5,000  
Cherry Hill Township, Camden County, New Jersey, General Obligation Bonds, Bond 
No Opt. Call N/R $ 5,058,600 
 
 Anticipation Note Series 2020B, 2.000%, 10/27/21 
 
 
 
440  
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue 
1/28 at 100.00 AA 481,056 
 
 Bonds, Technical High School Project, Series 2018, 3.125%, 1/15/32 – BAM Insured 
 
 
 
2,920  
Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, 
10/28 at 100.00 AA 3,300,184 
 
 County Correctional Facility Project, Series 2018, 4.000%, 10/01/43 – BAM Insured 
 
 
 
4,150  
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, 
No Opt. Call Aaa 4,528,936 
 
 Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured 
 
 
 
680  
Hamilton Township, Mercer County Board of Education, New Jersey, General Obligation 
12/27 at 100.00 AA 721,922 
 
 Bonds, Series 2017, 3.250%, 12/15/38 
 
 
 
 
 
Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018: 
 
 
 
1,340  3.125%, 3/01/31 – BAM Insured 3/28 at 100.00 AA 1,449,009 
1,110  3.250%, 3/01/32 – BAM Insured 3/28 at 100.00 AA 1,202,474 
1,255  3.500%, 3/01/36 – BAM Insured 3/28 at 100.00 AA 1,360,081 
 
 
Hudson County Improvement Authority, New Jersey, County Guaranteed Governmental Loan 
 
 
 
 
 
Revenue Bonds, Guttenberg General Obligation Bond Project, Series 2018: 
 
 
 
375  3.250%, 8/01/34 8/25 at 100.00 AA 395,164 
1,040  5.000%, 8/01/42 8/25 at 100.00 AA 1,207,617 
2,000  
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, 
10/30 at 100.00 AA 2,286,520 
 
 Hudson County Courthouse Project, Refunding Series 2020, 4.000%, 10/01/51 
 
 
 
 
 
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, 
 
 
 
 
 
Hudson County Vocational Technical Schools Project, Series 2016: 
 
 
 
10,310  5.000%, 5/01/46 5/26 at 100.00 AA 12,200,235 
3,700  5.250%, 5/01/51 5/26 at 100.00 AA 4,420,316 
 
 
Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A: 
 
 
 
1,000  5.000%, 11/01/29 11/27 at 100.00 AA– 1,228,320 
515  5.000%, 11/01/31 11/27 at 100.00 AA– 626,848 
440  5.000%, 11/01/33 11/27 at 100.00 AA– 531,771 
1,100  
Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23 
5/21 at 100.00 AA– 1,106,435 
2,000  
Mercer County, New Jersey, General Obligation Bonds, General Capital Improvement Open 
No Opt. Call N/R 2,010,060 
 
 Space Farmland NotesSeries 2020A, 2.000%, 6/10/21 
 
 
 
3,825  
Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue 
No Opt. Call N/R 3,850,589 
 
 Bonds, Series 2020A, 2.000%, 7/12/21 
 
 
 
760  
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding 
1/24 at 100.00 AAA 853,108 
 
 Parking Utility Series 2014A, 5.000%, 1/01/37 
 
 
 
 
 
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking 
 
 
 
 
 
Revenue Bonds, Refunding Series 2012: 
 
 
 
465  5.000%, 9/01/28 9/22 at 100.00 A+ 492,235 
610  5.000%, 9/01/29 9/22 at 100.00 A+ 645,167 
300  5.000%, 9/01/31 9/22 at 100.00 A+ 316,878 
250  3.625%, 9/01/34 9/22 at 100.00 A+ 254,755 
2,190  
New Brunswick, New Jersey, General Obligation Bonds, Cultural Center Project, Series 
9/27 at 100.00 AA 2,423,432 
 
 2017, 4.000%, 9/15/44 – AGM Insured 
 
 
 
 
 
New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A: 
 
 
 
3,000  3.000%, 6/01/32 No Opt. Call A3 3,315,180 
3,045  4.000%, 6/01/32 No Opt. Call A3 3,688,104 
3,040  
New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 
12/27 at 100.00 A3 3,008,810 
2,000  
Somerset County, New Jersey, General Obligation Bonds, Bond Anticipation Notes Series 
No Opt. Call N/R 2,039,760 
 
 2020, 4.000%, 9/09/21 
 
 
 
 
 
South Orange Village Township, New Jersey, General Obligation Bonds, Refunding Series 2020: 
 
 
 
500  4.000%, 1/15/23 No Opt. Call AA– 534,755 
400  4.000%, 1/15/25 No Opt. Call AA– 451,468 
500  4.000%, 1/15/26 No Opt. Call AA– 576,715 
5,165  
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue 
12/21 at 100.00 AA+ 5,353,264 
 
 Bonds, Covantan Union Inc Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (AMT) 
 
 
 
 
47
 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
$ 2,515  
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency 
6/21 at 100.00 Aaa $ 2,546,186 
 
 Revenue Bonds, Series 2011A, 5.000%, 6/15/41 
 
 
 
2,000  
Union County, New Jersey, General Obligation Bonds, Bond Anticipation Notes Series 2020, 
No Opt. Call N/R 2,022,860 
 
 4.000%, 6/18/21 
 
 
 
2,170  
Union County, New Jersey, General Obligation Bonds, Refunding Series 2017, 3.000%, 3/01/27 
9/25 at 100.00 Aaa 2,376,758 
1,515  
Washington Township Board of Education, Mercer County, New Jersey, General Obligation 
No Opt. Call Aa3 1,879,130 
 
 Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured 
 
 
 
73,625  
Total Tax Obligation/General 
 
 
80,744,702 
 
 Tax Obligation/Limited – 37.0% (24.7% of Total Investments) 
 
 
 
3,775  
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County 
No Opt. Call Aaa 4,690,136 
 
 Administration Complex Project, Series 2005, 5.000%, 11/15/26 
 
 
 
1,000  
Bergen County Improvement Authority, New Jersey, Lease Revenue Bonds, Boro Ridgefield 
10/30 at 100.00 Aaa 1,187,630 
 
 Project, County Guaranteed Series 2020, 4.000%, 10/15/42 
 
 
 
3,000  
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, 
No Opt. Call AA 2,831,700 
 
 Series 2003B, 0.000%, 11/01/25 – AGM Insured 
 
 
 
2,230  
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, 
No Opt. Call AA 2,762,078 
 
 Series 2005A, 5.750%, 11/01/28 – AGM Insured 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
5,005  5.250%, 1/01/36 1/22 at 100.00 BB 5,136,732 
3,020  5.125%, 1/01/42 1/22 at 100.00 BB 3,088,856 
500  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29 
1/22 at 100.00 BB 513,735 
 
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
310  5.000%, 6/15/21 No Opt. Call BBB 314,182 
6,400  5.000%, 6/15/25 6/22 at 100.00 BBB 6,700,608 
3,480  5.000%, 6/15/26 6/22 at 100.00 BBB 3,634,477 
7,945  5.000%, 6/15/28 6/22 at 100.00 BBB 8,268,679 
415  5.000%, 6/15/29 6/22 at 100.00 BBB 431,251 
5,445  
New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, 
12/28 at 100.00 Baa1 6,172,234 
 
 Series 2017B, 4.500%, 6/15/40 
 
 
 
5,495  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 
7/27 at 100.00 BBB 5,694,578 
 
 Refunding Series 2017A, 3.375%, 7/01/30 
 
 
 
6,000  
New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation 
No Opt. Call Baa1 7,063,380 
 
 Projects Sublease, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
6,385  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/24 at 100.00 Baa1 7,163,523 
 
 2014UU, 5.000%, 6/15/27 
 
 
 
11,345  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/25 at 100.00 Baa1 12,813,610 
 
 2015WW, 5.250%, 6/15/40 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Social 
 
 
 
 
 
Series 2021QQQ: 
 
 
 
1,300  5.000%, 6/15/31 12/30 at 100.00 Baa1 1,641,263 
1,000  5.000%, 6/15/32 12/30 at 100.00 Baa1 1,254,290 
235  4.000%, 6/15/50 12/30 at 100.00 Baa1 254,714 
5,000  
New Jersey Economic Development Authority, School Facilities Construction Financing 
6/24 at 100.00 Baa1 5,629,350 
 
 Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue 
 
 
 
 
 
Notes, Series 2016A-1: 
 
 
 
1,130  5.000%, 6/15/29 6/26 at 100.00 A+ 1,326,428 
655  5.000%, 6/15/30 6/26 at 100.00 A+ 763,422 
32,965  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call Baa1 26,496,278 
 
 Appreciation Series 2010A, 0.000%, 12/15/30 
 
 
 
 
48
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 8,100  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call Baa1 $ 8,837,505 
 
 Series 2006A, 5.500%, 12/15/22 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
37,565  0.000%, 12/15/32 – AGM Insured No Opt. Call AA 29,684,990 
39,090  0.000%, 12/15/33 – AGM Insured No Opt. Call AA 29,982,030 
5,160  0.000%, 12/15/34 – AGM Insured No Opt. Call AA 3,845,129 
7,000  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call Baa1 8,072,190 
 
 2010D, 5.000%, 12/15/24 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: 
 
 
 
460  5.500%, 6/15/31 6/21 at 100.00 Baa1 465,833 
4,650  5.250%, 6/15/36 6/21 at 100.00 Baa1 4,703,522 
1,090  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/22 at 100.00 Baa1 1,133,360 
 
 2012A, 5.000%, 6/15/42 
 
 
 
45  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
6/23 at 100.00 Baa1 48,342 
 
 2013AA, 5.000%, 6/15/36 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A: 
 
 
 
1,150  5.000%, 12/15/35 12/28 at 100.00 Baa1 1,374,170 
440  5.000%, 12/15/36 12/28 at 100.00 Baa1 523,301 
4,950  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/29 at 100.00 Baa1 5,462,721 
 
 2019A, 4.000%, 12/15/39 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB: 
 
 
 
4,860  3.500%, 6/15/46 12/28 at 100.00 Baa1 5,031,023 
2,900  4.000%, 6/15/50 12/28 at 100.00 Baa1 3,132,174 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA: 
 
 
 
1,200  4.000%, 6/15/45 12/30 at 100.00 Baa1 1,307,328 
955  5.000%, 6/15/45 12/30 at 100.00 Baa1 1,139,764 
2,200  5.000%, 6/15/50 12/30 at 100.00 Baa1 2,610,828 
5,075  3.000%, 6/15/50 12/30 at 100.00 Baa1 4,954,418 
3,860  
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness 
5/25 at 100.00 AA 4,096,618 
 
 Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36 
 
 
 
4,005  
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness 
5/22 at 100.00 Aa1 4,078,292 
 
 Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35 
 
 
 
 
 
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile 
 
 
 
 
 
Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019: 
 
 
 
285  25.049%, 5/01/28, 144A (IF) (4) No Opt. Call Aaa 734,325 
285  25.135%, 5/01/29, 144A (IF) (4) No Opt. Call Aaa 780,561 
200  25.135%, 5/01/30, 144A (IF) (4) No Opt. Call Aaa 575,978 
370  24.869%, 5/01/31, 144A (IF) (4) No Opt. Call Aaa 1,114,266 
385  25.007%, 5/01/32, 144A (IF) (4) No Opt. Call Aaa 1,218,317 
400  25.012%, 5/01/33, 144A (IF) (4) No Opt. Call Aaa 1,320,796 
415  25.135%, 5/01/34, 144A (IF) (4) No Opt. Call Aaa 1,430,389 
3,975  
Union County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, 
No Opt. Call AA+ 8,630,043 
 
 Series 2019-XG0221, 18.040%, 3/01/34, 144A (IF) (4) 
 
 
 
255,105  
Total Tax Obligation/Limited 
 
 
252,121,347 
 
 Transportation – 22.7% (15.2% of Total Investments) 
 
 
 
2,400  
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 
1/23 at 100.00 A1 2,559,120 
 
 5.000%, 1/01/42 
 
 
 
 
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: 
 
 
 
1,285  5.000%, 1/01/34 1/24 at 100.00 A1 1,416,828 
5,890  4.125%, 1/01/39 1/24 at 100.00 A1 6,297,117 
7,800  5.000%, 1/01/44 1/24 at 100.00 A1 8,547,630 
2,580  
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 
1/29 at 100.00 A1 2,912,562 
 
 4.000%, 1/01/44 
 
 
 
 
49
 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Refunding Series 2015: 
 
 
 
$ 1,000  4.000%, 7/01/34 – BAM Insured 7/25 at 100.00 AA $ 1,110,700 
2,820  4.000%, 7/01/35 – BAM Insured 7/25 at 100.00 AA 3,122,107 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Refunding Series 2019B: 
 
 
 
2,005  5.000%, 7/01/28 No Opt. Call A1 2,563,252 
1,520  5.000%, 7/01/29 No Opt. Call A1 1,981,305 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Series 2017: 
 
 
 
2,820  5.000%, 7/01/42 7/27 at 100.00 A1 3,396,577 
10,210  5.000%, 7/01/47 7/27 at 100.00 A1 12,175,731 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Series 2019A: 
 
 
 
1,050  5.000%, 7/01/28 No Opt. Call A1 1,342,352 
1,350  5.000%, 7/01/29 No Opt. Call A1 1,759,712 
950  5.000%, 7/01/30 7/29 at 100.00 A1 1,229,794 
7,035  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 
1/24 at 100.00 A+ 7,827,422 
 
 5.000%, 1/01/40 
 
 
 
2,325  
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 
1/29 at 100.00 A+ 2,850,008 
 
 5.000%, 1/01/37 
 
 
 
 
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, 
 
 
 
 
 
Port District Project, Series 2012: 
 
 
 
1,800  5.000%, 1/01/24 1/23 at 100.00 1,920,852 
1,635  5.000%, 1/01/25 1/23 at 100.00 1,738,119 
1,875  5.000%, 1/01/26 1/23 at 100.00 1,988,175 
3,525  5.000%, 1/01/27 1/23 at 100.00 3,728,040 
5,555  
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 BBB+ 6,146,774 
 
 Replacement Project, Series 2013, 5.625%, 1/01/52 (AMT) 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
 
Airlines Inc, Series 1999: 
 
 
 
775  5.125%, 9/15/23 (AMT) 8/22 at 101.00 Ba3 823,182 
1,800  5.250%, 9/15/29 (AMT) 8/22 at 101.00 Ba3 1,913,130 
2,250  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/24 at 101.00 Ba3 2,515,027 
 
 Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark 
 
 
 
 
 
Container Terminal LLC Project, Refunding Series 2017: 
 
 
 
5,660  5.000%, 10/01/37 (AMT) 10/27 at 100.00 Baa3 6,410,742 
7,440  5.000%, 10/01/47 (AMT) 10/27 at 100.00 Baa3 8,280,125 
5,750  
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration 
No Opt. Call 5,884,262 
 
 Section 5307 Urbanized Area Formula Funds, Series 2014A, 5.000%, 9/15/21 
 
 
 
6,570  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 
1/25 at 100.00 A+ 7,556,880 
3,065  
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – 
No Opt. Call AA 3,989,159 
 
 AGM Insured 
 
 
 
2,050  
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2021A, 4.000%, 1/01/42 
1/31 at 100.00 A+ 2,379,825 
2,750  
Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck 
3/21 at 100.00 A2 2,759,570 
 
 Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured 
 
 
 
7,235  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 Aa3 7,978,324 
 
 Seventy Ninth Series 2013, 5.000%, 12/01/43 
 
 
 
5,000  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
1/23 at 100.00 Aa3 5,192,050 
 
 Seventy Seventh Series 2013, 4.000%, 1/15/43 (AMT) 
 
 
 
 
50
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Transportation (continued) 
 
 
 
 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
 
 
 
 
 
Eighteen Series 2019: 
 
 
 
$ 8,000  4.000%, 11/01/41 (AMT) (UB) (4) 11/29 at 100.00 Aa3 $ 9,039,200 
4,000  4.000%, 11/01/47 (AMT) (UB) (4) 11/29 at 100.00 Aa3 4,470,480 
 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
 
 
 
 
 
Fourteen Series 2019: 
 
 
 
4,500  4.000%, 9/01/38 (AMT) (UB) (4) 9/29 at 100.00 Aa3 5,119,830 
2,500  4.000%, 9/01/39 (AMT) (UB) (4) 9/29 at 100.00 Aa3 2,837,225 
1,040  
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, 
11/30 at 100.00 BBB+ 1,285,336 
 
 Series 2020A, 5.000%, 11/01/45 
 
 
 
137,815  
Total Transportation 
 
 
155,048,524 
 
 U.S. Guaranteed – 12.4% (8.3% of Total Investments) (5) 
 
 
 
2,225  
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue 
9/24 at 100.00 AA 2,582,624 
 
 Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 (Pre-refunded 9/01/24) – 
 
 
 
 
 AGM Insured 
 
 
 
 
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
2,150  5.000%, 7/01/24 (Pre-refunded 7/01/22) 7/22 at 100.00 A1 2,287,643 
650  4.000%, 7/01/26 (Pre-refunded 7/01/22) 7/22 at 100.00 A1 682,981 
625  4.000%, 7/01/27 (Pre-refunded 7/01/22) 7/22 at 100.00 A1 656,713 
25  
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, 
No Opt. Call Aaa 27,269 
 
 Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured (ETM) 
 
 
 
2,455  
New Jersey Economic Development Authority, Rutgers University General Obligation Lease 
6/23 at 100.00 Aa3 3,510,454 
 
 Revenue Bonds, Tender Option Bond 2016-XF2357, 18.143%, 6/15/46 (Pre-refunded 6/15/23), 
 
 
 
 
 144A (IF) (4) 
 
 
 
655  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/25 at 100.00 N/R 785,836 
 
 2015WW, 5.250%, 6/15/40 (Pre-refunded 6/15/25) 
 
 
 
 
 
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey 
 
 
 
 
 
Issue, Series 2013A: 
 
 
 
2,475  5.000%, 7/01/38 (Pre-refunded 7/01/23) 7/23 at 100.00 2,749,230 
3,250  5.000%, 7/01/43 (Pre-refunded 7/01/23) 7/23 at 100.00 3,610,100 
70  
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
No Opt. Call N/R 71,332 
 
 Refunding Series 2012A-R, 4.000%, 9/01/21 (ETM) 
 
 
 
30  
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
9/21 at 100.00 N/R 30,449 
 
 Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
2,055  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical 
7/24 at 100.00 A+ 2,366,682 
 
 Center, Refunding Series 2014A, 5.000%, 7/01/45 (Pre-refunded 7/01/24) 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health 
 
 
 
 
 
System Obligated Group Issue, Refunding Series 2012: 
 
 
 
4,165  3.750%, 7/01/27 (ETM) No Opt. Call N/R 4,663,134 
3,375  5.000%, 7/01/31 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R 3,591,067 
1,500  5.000%, 7/01/37 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R 1,596,030 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical 
 
 
 
 
 
Center Obligated Group Issue, Refunding Series 2013: 
 
 
 
555  5.250%, 7/01/31 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R 614,224 
2,570  5.250%, 7/01/31 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R 2,866,501 
275  5.500%, 7/01/43 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R 305,932 
1,285  5.500%, 7/01/43 (Pre-refunded 7/01/23) 7/23 at 100.00 N/R 1,440,703 
7,670  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas 
7/21 at 100.00 N/R 7,806,909 
 
 Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) 
 
 
 
 
 
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A: 
 
 
 
175  5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R 186,083 
400  
5.000%, 7/01/42 (Pre-refunded 7/01/22) 
7/22 at 100.00 A1 425,608 
1,555  
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 
No Opt. Call Baa2 1,636,575 
 
 
2004, 5.500%, 3/01/22 – NPFG Insured (ETM) 
 
 
 
 
51
 

  
NXJ
Nuveen New Jersey Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A: 
 
 
 
$ 80  6.000%, 6/15/35 (Pre-refunded 6/15/21) 6/21 at 100.00 Baa1 $ 81,317 
1,015  5.500%, 6/15/41 (Pre-refunded 6/15/21) 6/21 at 100.00 Baa1 1,030,316 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: 
 
 
 
335  5.000%, 6/15/37 (Pre-refunded 6/15/21) 6/21 at 100.00 Baa1 339,576 
130  5.000%, 6/15/42 (Pre-refunded 6/15/21) 6/21 at 100.00 Baa1 131,776 
7,620  
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 
1/23 at 100.00 A+ 8,287,969 
 
 (Pre-refunded 1/01/23) 
 
 
 
 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057: 
 
 
 
2,260  17.257%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (4) 7/22 at 100.00 N/R 2,843,758 
1,365  17.257%, 1/01/43 (Pre-refunded 7/01/22), 144A (IF) (4) 7/22 at 100.00 A+ 1,717,580 
 
 
North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior 
 
 
 
 
 
Lien Series 2012A: 
 
 
 
1,455  5.000%, 6/01/27 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 1,543,275 
2,365  5.000%, 6/01/27 (Pre-refunded 6/01/22) 6/22 at 100.00 A+ 2,506,947 
225  5.000%, 6/01/42 (Pre-refunded 6/01/22) 6/22 at 100.00 N/R 238,651 
15,840  
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 
No Opt. Call Baa2 15,650,237 
 
 2001A, 0.000%, 8/01/23 – NPFG Insured (ETM) 
 
 
 
2,170  
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 
5/23 at 100.00 Aa3 3,064,170 
 
 18.183%, 5/01/43 (Pre-refunded 5/01/23), 144A (IF) (4) 
 
 
 
 
 
Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2015: 
 
 
 
1,000  5.000%, 2/15/34 (Pre-refunded 2/15/25) 2/25 at 100.00 AA 1,176,340 
1,395  5.000%, 2/15/35 (Pre-refunded 2/15/25) 2/25 at 100.00 AA 1,640,994 
77,445  
Total U.S. Guaranteed 
 
 
84,746,985 
 
 Utilities – 7.1% (4.7% of Total Investments) 
 
 
 
1,510  
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), 
No Opt. Call 1,510,000 
 
 Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company 
 
 
 
 
 Project), 6.800%, 3/01/21 – NPFG Insured 
 
 
 
 
 
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy 
 
 
 
 
 
Partners, LLC Project, Series 2012A: 
 
 
 
1,000  4.750%, 6/15/32 (AMT) 6/22 at 100.00 Baa2 1,040,740 
1,225  5.125%, 6/15/43 (AMT) 6/22 at 100.00 Baa2 1,275,225 
1,925  
New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New 
8/24 at 100.00 A1 1,937,185 
 
 Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39 
 
 
 
15,670  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex 
10/22 at 100.00 A+ 16,042,476 
 
 Water Company, Series 2012C, 4.250%, 10/01/47 (AMT) 
 
 
 
2,355  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex 
8/29 at 100.00 A+ 2,562,287 
 
 Water Company, Series 2019, 4.000%, 8/01/59 (AMT) 
 
 
 
3,505  
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New 
No Opt. Call A+ 3,546,219 
 
 Jersey-American Water Company Inc Project, Refunding Series 2020B, 1.200%, 11/01/34 (AMT) 
 
 
 
 
 (Mandatory Put 6/01/23) 
 
 
 
 
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
 
 
 
 
 
Series 2012A: 
 
 
 
65  3.250%, 9/01/31 No Opt. Call N/R 65,972 
1,585  3.250%, 9/01/31 No Opt. Call N/R 1,609,488 
2,700  
Passaic County Utilities Authority, New Jersey, Solid Waste Disposal Revenue Bonds, 
No Opt. Call AA 3,675,240 
 
 Refunding Series 2018, 5.000%, 3/01/37 
 
 
 
1,825  
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control 
No Opt. Call BBB 1,914,370 
 
 Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (AMT) 
 
 
 
13,000  
Salem County Pollution Control Financing Authority, New Jersey, Revenue Bonds, Atlantic 
No Opt. Call 12,965,290 
 
 City Electric Company Project, Refunding Series 2020, 2.250%, 6/01/29 
 
 
 
46,365  
Total Utilities 
 
 
48,144,492 
$ 960,145  Total Long-Term Investments (cost $931,639,655) 
 
 
1,019,709,474 
 
52
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 SHORT-TERM INVESTMENTS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 Health Care – 0.0% (0.0% of Total Investments) 
 
 
 
$ 100  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Virtua Health, Variable 
 
 
 
 
 
Rate Demand Obligations, Series 2009D, 0.010%, 7/01/43 (6) 
3/21 at 100.00 A-1+ $ 100,000 
$ 100  
Total Short-Term Investments (cost $100,000) 
 
 
100,000 
 
 Total Investments (cost $931,739,655) – 149.6% 
 
 
1,019,809,474 
 
 Floating Rate Obligations – (5.1)% 
 
 
(34,780,000) 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (45.8)% (7) 
 
 
(312,560,795) 
 
 Other Assets Less Liabilities – 1.3% 
 
 
9,377,591 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 681,846,270 
 
  
(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) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(7) 
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 
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 for more information. 
 
See accompanying notes to financial statements. 
 
53

 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 LONG-TERM INVESTMENTS – 159.1% (99.9% of Total Investments) 
 
 
 
 
 
 MUNICIPAL BONDS – 156.2% (98.1% of Total Investments) 
 
 
 
 
 
 Consumer Staples – 0.5% (0.3% of Total Investments) 
 
 
 
$ 2,000  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue 
No Opt. Call AA– $ 2,623,960 
 
 Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (AMT) 
 
 
 
 
 Education and Civic Organizations – 16.2% (10.2% of Total Investments) 
 
 
 
1,060  
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue 
No Opt. Call Baa3 1,228,604 
 
 Refunding Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28 
 
 
 
940  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, 
3/23 at 100.00 965,286 
 
 Duquesne University, Series 2013A, 3.500%, 3/01/34 
 
 
 
 
 
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, 
 
 
 
 
 
Robert Morris University, Series 2016: 
 
 
 
735  3.000%, 10/15/30 10/26 at 100.00 Baa3 743,342 
1,000  5.000%, 10/15/38 10/26 at 100.00 Baa3 1,108,690 
1,625  
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, 
10/27 at 100.00 Baa3 1,799,184 
 
 Robert Morris University, Series 2017, 5.000%, 10/15/47 
 
 
 
 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University 
 
 
 
 
 
Project, Series 2020: 
 
 
 
590  5.000%, 10/01/39 10/29 at 100.00 BB+ 626,214 
20  5.000%, 10/01/49 10/29 at 100.00 BB+ 21,010 
3,215  
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
3/27 at 100.00 BBB– 3,636,165 
 
 Charter School Project, Series 2016, 5.125%, 3/15/36 
 
 
 
835  
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School 
12/27 at 100.00 BBB– 927,443 
 
 Revenue Bonds, Series 2017A, 5.000%, 12/15/47 
 
 
 
2,200  
Crawford County Industrial Development Authority, Pennsylvania, College Revenue Bonds, 
5/26 at 100.00 A– 2,273,128 
 
 Allegheny College, Series 2016, 3.000%, 5/01/34 
 
 
 
1,000  
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Dickinson College 
11/27 at 100.00 A+ 1,170,470 
 
 Project, Second Series 2017A, 5.000%, 11/01/39 
 
 
 
1,470  
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University 
5/29 at 100.00 Baa3 1,662,482 
 
 Project, Series 2019, 5.000%, 5/01/48 
 
 
 
1,020  
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, 
5/24 at 100.00 Baa3 1,091,614 
 
 Series 2014, 5.000%, 5/01/37 
 
 
 
750  
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, 
3/21 at 100.00 AA 750,652 
 
 Series 2006, 4.500%, 10/01/27 – RAAI Insured 
 
 
 
4,595  
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon 
11/26 at 100.00 BBB+ 4,757,341 
 
 University, Series 2016, 4.000%, 5/01/46 
 
 
 
2,395  
General Authority of Southcentral Pennsylvania, Revenue Bonds, AICUP Financing 
10/27 at 100.00 A– 2,511,062 
 
 Program-York College of Pennsylvania, Series 2017 PP4, 3.375%, 11/01/37 
 
 
 
 
 
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, 
 
 
 
 
 
Series 2016OO2: 
 
 
 
590  3.250%, 5/01/36 5/26 at 100.00 BBB 590,820 
1,555  3.500%, 5/01/41 5/26 at 100.00 BBB 1,560,785 
 
 
Lackawanna County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
 
 
 
 
 
University of Scranton, Series 2017: 
 
 
 
475  3.375%, 11/01/33 11/27 at 100.00 A– 505,818 
2,910  4.000%, 11/01/40 11/27 at 100.00 A– 3,167,302 
5,235  
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of 
5/22 at 100.00 5,509,733 
 
 Technology, Series 2012, 5.000%, 5/01/32 
 
 
 
1,855  
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 
9/28 at 100.00 2,185,375 
 
 Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 
 
 
 
 
54
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 
 
 
 
 
 
Thomas Jefferson University, Series 2019: 
 
 
 
$ 3,410  4.000%, 9/01/44 9/29 at 100.00 $ 3,806,037 
395  4.000%, 9/01/49 9/29 at 100.00 438,016 
1,465  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family 
9/23 at 100.00 BBB– 1,603,106 
 
 University, Series 2013A, 6.500%, 9/01/38 
 
 
 
2,415  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing 
11/21 at 100.00 BBB+ 2,463,445 
 
 Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35 
 
 
 
 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Bryn Mawr College, 
 
 
 
 
 
Refunding Series 2014: 
 
 
 
2,545  5.000%, 12/01/38 12/24 at 100.00 AA+ 2,842,409 
2,080  5.000%, 12/01/44 12/24 at 100.00 AA+ 2,305,181 
85  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, 
5/21 at 100.00 A– 85,707 
 
 Series 2011A, 5.250%, 5/01/41 
 
 
 
1,000  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy 
5/22 at 100.00 BBB 1,031,690 
 
 College, Series 2012-KK1, 5.375%, 5/01/42 
 
 
 
330  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, 
11/22 at 100.00 BB+ 332,366 
 
 Series 2012, 4.000%, 5/01/32 
 
 
 
7,125  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 
3/25 at 100.00 8,005,935 
 
 University, Refunding Series 2015A, 5.250%, 9/01/50 (UB) (4) 
 
 
 
760  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson 
9/22 at 100.00 795,522 
 
 University, Series 2012, 5.000%, 3/01/42 
 
 
 
 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the 
 
 
 
 
 
Sciences in Philadelphia, Series 2012: 
 
 
 
1,030  4.000%, 11/01/39 11/22 at 100.00 Baa1 1,057,717 
4,300  5.000%, 11/01/42 11/22 at 100.00 Baa1 4,514,871 
1,310  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the 
11/25 at 100.00 Baa1 1,476,042 
 
 Sciences in Philadelphia, Series 2015A, 5.000%, 11/01/36 
 
 
 
1,590  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, 
7/23 at 100.00 A– 1,690,981 
 
 Series 2013A, 5.500%, 7/15/38 
 
 
 
400  
Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue 
6/28 at 100.00 BB+ 454,564 
 
 Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, 
 
 
 
 
 6/15/50, 144A 
 
 
 
1,255  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle 
11/27 at 100.00 BB+ 1,237,832 
 
 University, Series 2017, 3.625%, 5/01/35 
 
 
 
500  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard 
3/21 at 100.00 N/R 459,595 
 
 Allen Preparatory Charter School, Series 2006, 6.250%, 5/01/33 
 
 
 
 
 
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Saint 
 
 
 
 
 
Joseph?s University Project, Refunding Series 2020C Forward Delivery: 
 
 
 
1,500  4.000%, 11/01/36 11/29 at 100.00 A– 1,714,950 
1,400  4.000%, 11/01/37 11/29 at 100.00 A– 1,595,440 
2,420  
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, 
3/28 at 100.00 BB+ 2,557,940 
 
 University of the Arts, Series 2017, 5.000%, 3/15/45, 144A 
 
 
 
2,320  
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, Revenue Bonds, 
5/26 at 100.00 A– 2,641,506 
 
 University of Scranton, Series 2016, 5.000%, 11/01/37 
 
 
 
5,250  
Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue 
6/26 at 100.00 BB+ 5,511,187 
 
 Bonds, Marywood University, Series 2016, 5.000%, 6/01/46 
 
 
 
3,555  
Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, 
11/27 at 100.00 A– 3,738,971 
 
 AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5, 
 
 
 
 
 3.375%, 11/01/36 
 
 
 
 
55

 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
 
 
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, 
 
 
 
 
 
Series 2015A: 
 
 
 
$ 1,890  5.000%, 11/01/32 11/25 at 100.00 A– $ 2,165,732 
740  5.000%, 11/01/33 11/25 at 100.00 A– 845,872 
740  4.000%, 11/01/35 11/25 at 100.00 A– 796,825 
87,880  
Total Education and Civic Organizations 
 
 
94,961,959 
 
 Health Care – 35.3% (22.2% of Total Investments) 
 
 
 
17,315  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny 
4/28 at 100.00 18,922,525 
 
 Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 
 
 
 
 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University 
 
 
 
 
 
of Pittsburgh Medical Center, Series 2019A: 
 
 
 
210  4.000%, 7/15/35 7/29 at 100.00 240,803 
1,000  4.000%, 7/15/37 7/29 at 100.00 1,138,710 
1,310  4.000%, 7/15/38 7/29 at 100.00 1,487,413 
 
 
Berks County Industrial Development Authority, Pennsylvania, Health System Revenue 
 
 
 
 
 
Bonds, Tower Health Project, Series 2017: 
 
 
 
10,110  5.000%, 11/01/50 11/27 at 100.00 BB– 11,000,287 
4,100  5.000%, 11/01/50 (UB) (4) 11/27 at 100.00 BB– 4,461,046 
3,300  
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & 
5/22 at 100.00 BB+ 3,339,996 
 
 Medical Center Project, Series 2012A, 4.500%, 11/01/41 
 
 
 
10,355  
Bucks County Industrial Development Authority, Pennsylvania, Hospital Revenue Bonds, 
8/30 at 100.00 A– 10,421,168 
 
 Saint Luke’s University Health Network Project, Series 2021, 3.000%, 8/15/53 
 
 
 
 
 
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany 
 
 
 
 
 
Medical Center Project, Series 2016A: 
 
 
 
805  5.000%, 11/15/41 11/25 at 100.00 AA– 923,496 
2,985  5.000%, 11/15/46 11/25 at 100.00 AA– 3,411,616 
 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Health System 
 
 
 
 
 
Revenue Bonds, Main Line Health System, Series 2017A: 
 
 
 
3,200  4.000%, 10/01/36 10/27 at 100.00 AA 3,636,768 
1,935  4.000%, 10/01/37 10/27 at 100.00 AA 2,193,381 
6,395  
Chester County Health and Education Facilities Authority, Pennsylvania, Health System 
9/30 at 100.00 AA 7,350,093 
 
 Revenue Bonds, Main Line Health System, Series 2020A, 4.000%, 9/01/50 
 
 
 
 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 
 
 
 
 
 
Health System Project, Refunding Series 2016A: 
 
 
 
1,375  5.000%, 6/01/34 6/26 at 100.00 1,615,735 
375  5.000%, 6/01/35 6/26 at 100.00 439,020 
3,460  
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle 
6/22 at 100.00 3,600,268 
 
 Health System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
1,500  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 
7/23 at 100.00 BBB– 1,596,120 
 
 5.000%, 7/01/28 
 
 
 
2,275  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, 
7/26 at 100.00 BBB– 2,488,327 
 
 5.000%, 7/01/41 
 
 
 
1,225  
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2019A, 
7/29 at 100.00 BBB– 1,267,765 
 
 4.000%, 7/01/45 
 
 
 
5,000  
Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands 
1/28 at 100.00 A– 5,699,950 
 
 Healthcare, Series 2018, 5.000%, 7/15/48 
 
 
 
4,555  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 
6/24 at 100.00 AA– 5,051,586 
 
 Geisinger Health System, Series 2014A, 5.000%, 6/01/41 
 
 
 
10,000  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, 
4/30 at 100.00 AA– 11,304,300 
 
 Geisinger Health System, Series 2020A, 4.000%, 4/01/50 
 
 
 
1,370  
Indiana County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Indiana 
6/23 at 100.00 Ba3 1,439,980 
 
 Regional Medical Center, Series 2014A, 6.000%, 6/01/39 
 
 
 
 
56
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Health Care (continued) 
 
 
 
$ 2,200  
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health 
8/26 at 100.00 AA $ 2,602,864 
 
 System, Refunding Series 2016B, 5.000%, 8/15/46 (UB) (4) 
 
 
 
3,000  
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health 
8/26 at 100.00 AA 3,571,080 
 
 System, Series 2016A, 5.000%, 8/15/42 (UB) (4) 
 
 
 
3,450  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh 
7/26 at 100.00 A+ 3,832,398 
 
 Valley Health Network, Refunding Series 2016A, 4.000%, 7/01/35 
 
 
 
2,565  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh 
7/22 at 100.00 A+ 2,629,817 
 
 Valley Health Network, Series 2012B, 4.000%, 7/01/43 
 
 
 
 
 
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd 
 
 
 
 
 
Group, Refunding Series 2016: 
 
 
 
1,265  3.000%, 11/01/36 5/26 at 100.00 1,304,367 
2,850  4.000%, 11/01/41 (UB) (4) 5/26 at 100.00 3,049,414 
4,955  4.000%, 11/01/46 (UB) (4) 5/26 at 100.00 5,245,165 
 
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical 
 
 
 
 
 
Center, Series 2016: 
 
 
 
1,020  3.375%, 7/01/32 7/26 at 100.00 A+ 1,094,848 
2,650  5.000%, 7/01/41 7/26 at 100.00 A+ 3,070,608 
7,500  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 Ba1 8,220,450 
 
 Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 
 
 
 
4,000  
Pennsylvania Economic Development Financing Authority, Revenue Bonds, University of 
7/23 at 100.00 4,346,040 
 
 Pittsburgh Medical Center, Series 2013A, 5.000%, 7/01/43 
 
 
 
16,385  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/26 at 100.00 AA 18,155,235 
 
 Pennsylvania Health System, Refunding Series 2016C, 4.000%, 8/15/41 (UB) (4) 
 
 
 
3,100  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/22 at 100.00 AA 3,272,577 
 
 Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42 
 
 
 
13,525  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of 
8/29 at 100.00 AA 15,221,305 
 
 Pennsylvania Health System, Series 2019, 4.000%, 8/15/49 (UB) (4) 
 
 
 
7,305  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/21 at 100.00 AA 7,391,053 
 
 Revenue Bonds, Children’s Hospital of Philadelphia, Series 2011C, 5.000%, 7/01/41 
 
 
 
4,885  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 BBB– 5,137,310 
 
 Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
 
 
 
1,800  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/27 at 100.00 BBB– 2,077,416 
 
 Revenue Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/30 
 
 
 
 
 
Pocono Mountains Industrial Park Authority, Pennsylvania, Hospital Revenue Bonds, Saint 
 
 
 
 
 
Luke’s Hospital -Monroe Project, Series 2015A: 
 
 
 
3,000  5.000%, 8/15/40 2/25 at 100.00 A– 3,331,920 
1,170  4.000%, 8/15/45 2/25 at 100.00 A– 1,238,164 
3,000  
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley 
1/27 at 100.00 A+ 3,483,510 
 
 Health Network, Series 2016B, 5.000%, 7/01/45 
 
 
 
2,000  
Saint Mary Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Trinity Health 
12/28 at 100.00 AA– 2,416,680 
 
 Credit Group, Refunding Series 2019PA, 5.000%, 12/01/48 
 
 
 
2,000  
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated 
6/29 at 100.00 Aa3 2,440,140 
 
 Group, Series 2019A, 5.000%, 6/01/49 
 
 
 
685  
Westmoreland County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
1/31 at 100.00 Baa1 773,653 
 
 Excela Health Project, Series 2020A, 4.000%, 7/01/37 
 
 
 
188,465  
Total Health Care 
 
 
206,936,367 
 
 Housing/Multifamily – 1.2% (0.7% of Total Investments) 
 
 
 
160  
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue 
8/23 at 100.00 Ba2 160,904 
 
 Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, 
 
 
 
 
 5.000%, 8/01/45 
 
 
 
1,650  
Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion 
7/24 at 100.00 A1 1,797,394 
 
 University Foundation Inc Student Housing Project at Clarion University, Series 2014A, 
 
 
 
 
 5.000%, 7/01/45 
 
 
 
 
57
 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Housing/Multifamily (continued) 
 
 
 
$ 1,235  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 
7/24 at 100.00 BB+ $ 1,257,267 
 
 Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46 
 
 
 
1,900  
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services 
7/25 at 100.00 BB+ 1,943,358 
 
 Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47 
 
 
 
270  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University 
7/26 at 100.00 Baa3 291,981 
 
 Properties Inc Student Housing Project at East Stroudsburg University of Pennsylvania, Series 
 
 
 
 
 2016A, 5.000%, 7/01/31 
 
 
 
1,517  
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing 
3/21 at 100.00 Baa3 1,517,728 
 
 Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 
 
 
 
 
 5.625%, 7/01/35 
 
 
 
6,732  
Total Housing/Multifamily 
 
 
6,968,632 
 
 Housing/Single Family – 17.3% (10.9% of Total Investments) 
 
 
 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114: 
 
 
 
4,750  3.300%, 10/01/32 (UB) (4) 10/21 at 100.00 AA+ 4,799,637 
4,425  3.650%, 10/01/37 10/21 at 100.00 AA+ 4,466,728 
2,275  3.650%, 10/01/37 (UB) (4) 10/21 at 100.00 AA+ 2,296,453 
1,830  3.700%, 10/01/42 (UB) (4) 10/21 at 100.00 AA+ 1,847,751 
3,290  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
10/24 at 100.00 AA+ 3,435,089 
 
 2015-117B, 3.900%, 10/01/35 (UB) (4) 
 
 
 
1,985  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
4/25 at 100.00 AA+ 2,048,123 
 
 2016-119, 3.500%, 10/01/36 
 
 
 
6,730  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
10/25 at 100.00 AA+ 6,951,686 
 
 2016-120, 3.200%, 4/01/40 (UB) (4) 
 
 
 
22,450  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
10/25 at 100.00 AA+ 23,125,072 
 
 2016-121, 3.200%, 10/01/41 (UB) (4) 
 
 
 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
 
 
 
 
 
2017-122: 
 
 
 
2,000  3.650%, 10/01/32 (UB) (4) 4/26 at 100.00 AA+ 2,113,480 
5,380  3.900%, 10/01/36 (UB) (4) 4/21 at 100.00 AA+ 5,396,086 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
 
 
 
 
 
2017-123B: 
 
 
 
4,160  3.450%, 10/01/32 (UB) (4) 10/26 at 100.00 AA+ 4,453,114 
2,245  3.900%, 10/01/37 (UB) (4) 4/21 at 100.00 AA+ 2,251,713 
5,000  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
10/26 at 100.00 AA+ 5,206,850 
 
 2017-124B, 3.500%, 10/01/37 (UB) (4) 
 
 
 
2,400  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
4/27 at 100.00 AA+ 2,559,600 
 
 2018-126A, 3.700%, 10/01/33 (UB) (4) 
 
 
 
1,000  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
10/28 at 100.00 AA+ 1,019,540 
 
 2019-130A, 3.000%, 10/01/46 
 
 
 
3,880  
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
4/29 at 100.00 AA+ 4,073,418 
 
 2019-131A, 3.000%, 10/01/39 
 
 
 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
 
 
 
 
 
2020-132A: 
 
 
 
2,000  2.550%, 10/01/41 10/29 at 100.00 AA+ 2,026,100 
10,000  2.550%, 10/01/41 (UB) (4) 10/29 at 100.00 AA+ 10,130,500 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 
 
 
 
 
 
2020-133: 
 
 
 
1,000  2.350%, 10/01/40 10/29 at 100.00 AA+ 1,012,830 
1,350  2.500%, 10/01/45 10/29 at 100.00 AA+ 1,363,932 
 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Social Series 
 
 
 
 
 
2020-134A: 
 
 
 
5,000  1.850%, 4/01/36, (WI/DD, Settling 3/31/21) 10/29 at 100.00 AA+ 4,861,000 
3,650  2.050%, 4/01/41, (WI/DD, Settling 3/31/21) 10/29 at 100.00 AA+ 3,512,432 
2,650  2.100%, 10/01/43, (WI/DD, Settling 3/31/21) 10/29 at 100.00 AA+ 2,538,886 
99,450  
Total Housing/Single Family 
 
 
101,490,020 
 
58
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 Industrials – 2.2% (1.4% of Total Investments) 
 
 
 
$ 500  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 N/R $ 533,715 
 
 KDC Agribusiness Fairless Hills LLC Project, Series 2020A-1, 10.000%, 12/01/40, 144A 
 
 
 
500  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
6/30 at 100.00 N/R 533,715 
 
 KDC Agribusiness Fairless Hills LLC Project, Series 2020A-2, 10.000%, 12/01/40 (AMT), 144A 
 
 
 
6,455  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 N/R 6,701,258 
 
 National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (AMT) 
 
 
 
 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
 
 
 
 
 
Refunding Bonds, Amtrak Project, Series 2012A: 
 
 
 
2,495  5.000%, 11/01/23 (AMT) 11/22 at 100.00 A1 2,674,341 
545  5.000%, 11/01/27 (AMT) 11/22 at 100.00 A1 582,856 
2,000  5.000%, 11/01/41 (AMT) 11/22 at 100.00 A1 2,126,200 
12,495  
Total Industrials 
 
 
13,152,085 
 
 Long-Term Care – 6.2% (3.8% of Total Investments) 
 
 
 
 
 
Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities 
 
 
 
 
 
Revenue Bonds, Highlands at Wyomissing, Series 2017A: 
 
 
 
940  5.000%, 5/15/37 5/27 at 100.00 BBB 1,063,826 
1,160  5.000%, 5/15/47 5/27 at 100.00 BBB 1,291,068 
 
 
Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities 
 
 
 
 
 
Revenue Bonds, The Highlands at Wyomissing, Series 2018: 
 
 
 
1,000  5.000%, 5/15/43 5/25 at 102.00 BBB 1,101,890 
400  5.000%, 5/15/48 5/25 at 102.00 BBB 439,244 
230  
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 
12/25 at 100.00 N/R 237,130 
 
 Simpson Senior Services Project, Series 2015A, 5.000%, 12/01/35 
 
 
 
1,760  
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 
12/25 at 103.00 N/R 1,792,683 
 
 Simpson Senior Services Project, Series 2019, 5.000%, 12/01/51 
 
 
 
3,005  
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania 
1/25 at 104.00 N/R 3,235,213 
 
 Obligated Group, Refunding Series 2019, 5.000%, 1/01/45 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2015: 
 
 
 
3,755  4.000%, 1/01/33 1/25 at 100.00 BBB+ 3,966,482 
5,180  5.000%, 1/01/38 1/25 at 100.00 BBB+ 5,699,865 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2016: 
 
 
 
985  5.000%, 1/01/28 1/26 at 100.00 BBB+ 1,135,607 
1,815  5.000%, 1/01/29 1/26 at 100.00 BBB+ 2,086,143 
735  5.000%, 1/01/30 1/26 at 100.00 BBB+ 840,767 
300  3.250%, 1/01/36 1/26 at 100.00 BBB+ 308,517 
1,405  3.250%, 1/01/39 1/26 at 100.00 N/R 1,437,174 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2019A: 
 
 
 
690  4.125%, 1/01/38 1/29 at 100.00 BBB+ 779,748 
1,410  5.000%, 1/01/39 1/29 at 100.00 BBB+ 1,660,331 
650  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic 
5/25 at 100.00 714,519 
 
 Villages Project, Series 2015, 5.000%, 11/01/35 
 
 
 
530  
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint 
4/22 at 100.00 BB+ 539,079 
 
 Anne’s Retirement Community, Inc, Series 2012, 5.000%, 4/01/33 
 
 
 
 
 
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint 
 
 
 
 
 
Anne’s Retirement Community, Inc, Series 2020: 
 
 
 
975  5.000%, 3/01/40 3/27 at 102.00 BB+ 1,056,617 
715  5.000%, 3/01/50 3/27 at 102.00 BB+ 766,051 
1,250  
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes 
7/25 at 100.00 BBB– 1,339,213 
 
 Retirement Community Project, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
1,500  
Langhorne Manor Boro Higher Education and Health Authority, Pennsylvania, Revenue Bonds, 
3/21 at 100.00 A– 1,502,295 
 
 Woods Services Project, Series 2013, 4.000%, 11/15/38 
 
 
 
 
59
 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Long-Term Care (continued) 
 
 
 
 
 
Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
 
 
 
 
 
Morningstar Senior Living, Inc, Series 2019: 
 
 
 
$ 1,845  5.000%, 11/01/44 11/26 at 103.00 BB+ $ 1,959,427 
1,000  5.000%, 11/01/49 11/26 at 103.00 BB+ 1,060,530 
33,235  
Total Long-Term Care 
 
 
36,013,419 
 
 Tax Obligation/General – 18.8% (11.8% of Total Investments) 
 
 
 
840  
Adams County, Pennsylvania, General Obligation Bonds, Series 2017B, 2.500%, 11/15/29 
11/25 at 100.00 Aa2 890,392 
 
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2014C-74: 
 
 
 
1,750  5.000%, 12/01/32 12/24 at 100.00 AA– 2,024,802 
1,285  5.000%, 12/01/34 12/24 at 100.00 AA– 1,484,727 
2,400  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2018C-77, 
11/28 at 100.00 AA– 2,952,576 
 
 5.000%, 11/01/43 
 
 
 
 
 
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2016: 
 
 
 
1,500  4.000%, 8/01/31 8/26 at 100.00 Aa2 1,729,005 
1,255  4.000%, 8/01/33 8/26 at 100.00 Aa2 1,440,502 
1,950  
Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General 
4/24 at 100.00 AA– 2,193,243 
 
 Obligation Bonds, Series 2015, 5.000%, 10/01/38 
 
 
 
 
 
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation 
 
 
 
 
 
Bonds, Series 2014D: 
 
 
 
3,000  5.000%, 12/15/37 12/24 at 100.00 AA 3,426,900 
1,075  5.000%, 12/15/38 – BAM Insured 12/24 at 100.00 AA 1,226,693 
1,100  5.000%, 12/15/39 12/24 at 100.00 AA 1,255,221 
2,900  
Colonial School District, Montgomery County, Pennsylvania, General Obligation Bonds, 
2/27 at 100.00 Aaa 3,480,899 
 
 Series 2020, 5.000%, 2/15/44 
 
 
 
7,465  
Erie City School District, Erie County, Pennsylvania, General Obligation Bonds, Series 
No Opt. Call N/R 5,993,574 
 
 2000, 0.000%, 9/01/30 – AMBAC Insured 
 
 
 
650  
Lancaster School District, Lancaster County, Pennsylvania, General Obligation Bonds, 
12/28 at 100.00 AA 762,976 
 
 Series 2020, 4.000%, 6/01/36 – AGM Insured 
 
 
 
6,225  
Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, 
11/23 at 100.00 AA 6,879,745 
 
 Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured 
 
 
 
 
 
North Allegheny School District, Allegheny County, Pennsylvania, General Obligation 
 
 
 
 
 
Bonds, Series 2015: 
 
 
 
5,000  5.000%, 5/01/31 5/25 at 100.00 AA 5,873,650 
4,000  5.000%, 5/01/32 5/25 at 100.00 AA 4,695,320 
2,875  5.000%, 5/01/33 5/25 at 100.00 AA 3,370,909 
 
 
Penn Manor School District, Lancaster County, Pennsylvania, General Obligation Bonds, 
 
 
 
 
 
Series 2019A: 
 
 
 
1,000  4.000%, 3/01/35 9/27 at 100.00 AA 1,142,070 
1,000  4.000%, 3/01/36 9/27 at 100.00 AA 1,138,130 
 
 
Pennsbury School District, Bucks County, Pennsylvania, General Obligation Bonds, Series 2016A: 
 
 
 
1,000  5.000%, 10/01/33 4/25 at 100.00 Aa3 1,169,020 
1,860  5.000%, 10/01/34 4/25 at 100.00 Aa3 2,171,104 
2,045  5.000%, 10/01/35 4/25 at 100.00 Aa3 2,382,568 
2,620  
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, 
1/24 at 100.00 AA 2,952,059 
 
 Capitol Region Parking System, Junior Insured Series 2013C, 5.500%, 1/01/30 – AGM Insured 
 
 
 
3,925  
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 
No Opt. Call A+ 5,418,423 
 
 5.000%, 6/01/34 – NPFG Insured 
 
 
 
745  
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, 
9/22 at 100.00 AA 797,418 
 
 Series 2014A, 5.000%, 9/01/25 – BAM Insured 
 
 
 
 
60
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/General (continued) 
 
 
 
$ 11,440  
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 
No Opt. Call Baa2 $ 8,703,781 
 
 2003B, 0.000%, 1/15/32 – NPFG Insured 
 
 
 
 
 
Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016: 
 
 
 
250  5.000%, 11/15/26 5/24 at 100.00 BB+ 270,950 
2,925  5.000%, 11/15/32 5/24 at 100.00 BB+ 3,118,606 
21,000  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia 
No Opt. Call AA 26,839,470 
 
 School District, Series 2003, 5.500%, 6/01/28 – AGM Insured (UB) (4) 
 
 
 
 
 
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, 
 
 
 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A: 
 
 
 
85  5.000%, 11/15/21 No Opt. Call BB+ 85,696 
170  5.000%, 11/15/28 5/24 at 100.00 BB+ 173,924 
 
 
Upper Dublin School District, Montgomery County, Pennsylvania, General Obligation Bonds, 
 
 
 
 
 
Series 2021A: 
 
 
 
400  4.000%, 9/15/28 No Opt. Call Aa3 483,704 
450  4.000%, 9/15/31 3/29 at 100.00 Aa3 532,728 
670  4.000%, 9/15/34 3/29 at 100.00 Aa3 783,304 
1,000  4.000%, 9/15/38 3/29 at 100.00 Aa3 1,149,820 
400  4.000%, 9/15/40 3/29 at 100.00 Aa3 457,728 
500  
Upper Dublin School District, Montgomery County, Pennsylvania, General Obligation Bonds, 
No Opt. Call Aa3 596,005 
 
 Series 2021AA, 4.000%, 9/15/27 
 
 
 
98,755  
Total Tax Obligation/General 
 
 
110,047,642 
 
 Tax Obligation/Limited – 9.8% (6.2% of Total Investments) 
 
 
 
1,070  
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg 
3/21 at 100.00 N/R 963,000 
 
 Mills Project, Series 2004, 5.600%, 7/01/23 (5) 
 
 
 
1,475  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax 
5/22 at 100.00 Baa3 1,534,295 
 
 Revenue Bonds, Series 2012A, 5.000%, 5/01/35 
 
 
 
205  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/31 at 100.00 N/R 248,577 
 
 Bonds, 615 Waterfront Project, Senior Series 2021, 6.000%, 5/01/42, 144A 
 
 
 
155  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/28 at 100.00 Baa3 180,598 
 
 Bonds, City Center Project, Series 2018, 5.000%, 5/01/33, 144A 
 
 
 
1,115  
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue 
5/27 at 100.00 Baa3 1,265,101 
 
 Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A 
 
 
 
1,400  
Chester, Delaware County, Pennsylvania, Tax and Revenue Anticipation Notes, Series 2021, 
7/21 at 100.00 N/R 1,397,444 
 
 4.500%, 11/30/21, 144A 
 
 
 
 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
 
 
 
 
 
Settlement, Series 2018: 
 
 
 
1,135  5.000%, 6/01/33 6/28 at 100.00 A1 1,389,819 
1,180  4.000%, 6/01/39 – AGM Insured 6/28 at 100.00 AA 1,335,052 
7,215  4.000%, 6/01/39 – AGM Insured (UB) (4) 6/28 at 100.00 AA 8,163,051 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
1,670  5.250%, 1/01/36 1/22 at 100.00 BB 1,713,954 
655  5.125%, 1/01/42 1/22 at 100.00 BB 669,934 
1,578  
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue 
7/24 at 100.00 N/R 1,623,257 
 
 Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33, 144A 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate 
 
 
 
 
 
Special Revenue Bonds, Series 2014A: 
 
 
 
2,650  0.000%, 12/01/37 (6) 12/26 at 100.00 AA– 2,909,037 
4,000  0.000%, 12/01/44 (6) 12/26 at 100.00 AA– 4,358,360 
2,500  
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Series 
12/28 at 100.00 A+ 2,975,525 
 
 2018B, 5.000%, 12/01/48 
 
 
 
5,530  
Philadelphia Authority For Industrial Development, Pennsylvania, City Agreement Revenue 
12/25 at 100.00 6,581,253 
 
 Bonds, Cultural and Commercial Corridors Program, Refunding Series 2016A, 5.000%, 12/01/30 
 
 
 
 
61
 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 3,820  Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel 8/22 at 100.00 AA $ 4,048,627 
 
 Room Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGM Insured 
 
 
 
4,225  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, No Opt. Call 4,759,082 
 
 5.500%, 7/01/29 – AMBAC Insured 
 
 
 
 
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: 
 
 
 
1,455  4.750%, 7/01/53 7/28 at 100.00 N/R 1,588,031 
3,285  5.000%, 7/01/58 7/28 at 100.00 N/R 3,638,269 
 
 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable 
 
 
 
 
 Restructured Cofina Project Series 2019A-2: 
 
 
 
1,030  4.329%, 7/01/40 7/28 at 100.00 N/R 1,107,920 
532  4.329%, 7/01/40 7/28 at 100.00 N/R 572,246 
3,344  4.784%, 7/01/58 7/28 at 100.00 N/R 3,656,898 
825  Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center 1/28 at 100.00 BB 889,688 
 
 Tax Increment Bonds, Series 2018, 5.000%, 7/01/35 
 
 
 
52,049  Total Tax Obligation/Limited 
 
 
57,569,018 
 
 Transportation – 10.6% (6.7% of Total Investments) 
 
 
 
2,250  Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 1/29 at 100.00 A+ 2,743,110 
 
 5.000%, 1/01/39 
 
 
 
 
 Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, 
 
 
 
 
 Port District Project, Series 2012: 
 
 
 
2,425  5.000%, 1/01/23 No Opt. Call 2,592,689 
2,310  5.000%, 1/01/24 1/23 at 100.00 2,465,093 
610  5.000%, 1/01/25 1/23 at 100.00 648,473 
4,000  Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, 1/24 at 100.00 AA 4,344,520 
 
 Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured 
 
 
 
12,100  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 12/27 at 100.00 15,923,479 
 
 2009E, 6.375%, 12/01/38 
 
 
 
820  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second 6/26 at 100.00 A3 962,475 
 
 Series 2016B-2, 5.000%, 6/01/39 
 
 
 
3,000  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2014C, 5.000%, 12/01/44 12/24 at 100.00 A+ 3,396,750 
10,470  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/25 at 100.00 A1 12,127,820 
 
 12/01/45 (UB) (4) 
 
 
 
2,000  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6/26 at 100.00 AA 2,512,740 
 
 6.250%, 6/01/33 – AGM Insured 
 
 
 
 
 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2017B-1: 
 
 
 
1,430  5.000%, 6/01/31 6/27 at 100.00 A3 1,723,922 
1,430  5.000%, 6/01/33 6/27 at 100.00 A3 1,711,867 
1,500  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2019A, 12/29 at 100.00 A3 1,699,800 
 
 4.000%, 12/01/49 
 
 
 
1,000  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, 12/30 at 100.00 1,122,000 
 
 4.000%, 12/01/50 
 
 
 
585  Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017A, 3.000%, 7/27 at 100.00 AA 605,528 
 
 7/01/34 – AGM Insured 
 
 
 
1,500  Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 7/27 at 100.00 A2 1,729,530 
 
 7/01/47 (AMT) 
 
 
 
1,725  Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding Series 2020A, 4.000%, 7/01/35 7/30 at 100.00 A2 1,992,030 
 
 Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking 
 
 
 
 
 Revenue Bonds, Series 2017: 
 
 
 
1,000  5.000%, 12/15/30 12/27 at 100.00 1,233,380 
500  5.000%, 12/15/33 12/27 at 100.00 611,945 
550  5.000%, 12/15/34 12/27 at 100.00 670,780 
1,000  5.000%, 12/15/36 12/27 at 100.00 1,214,050 
250  5.000%, 12/15/37 12/27 at 100.00 301,687 
52,455  Total Transportation 
 
 
62,333,668 
 
62
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 U.S. Guaranteed – 22.9% (14.4% of Total Investments) (7) 
 
 
 
$ 1,700  
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 
5/21 at 100.00 AA– $ 1,714,637 
 
 5/01/31 (Pre-refunded 5/01/21) 
 
 
 
 
 
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72: 
 
 
 
2,780  5.250%, 12/01/32 (Pre-refunded 12/01/23) 12/23 at 100.00 AA– 3,160,304 
2,000  5.250%, 12/01/33 (Pre-refunded 12/01/23) 12/23 at 100.00 AA– 2,273,600 
5,100  
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 
12/22 at 100.00 AA– 5,530,491 
 
 5.000%, 12/01/37 (Pre-refunded 12/01/22) 
 
 
 
 
 
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health 
 
 
 
 
 
System, Inc, Series 2012: 
 
 
 
4,010  5.000%, 5/15/26 (Pre-refunded 5/15/21) 5/21 at 100.00 A3 4,048,817 
1,910  5.000%, 5/15/27 (Pre-refunded 5/15/21) 5/21 at 100.00 A3 1,928,489 
2,000  5.000%, 5/15/28 (Pre-refunded 5/15/21) 5/21 at 100.00 A3 2,019,360 
3,000  
Bristol Township School District, Bucks County, Pennsylvania, General Obligation Bonds, 
6/23 at 100.00 A2 3,337,350 
 
 Series 2013, 5.250%, 6/01/43 (Pre-refunded 6/01/23) 
 
 
 
 
 
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond 
 
 
 
 
 
Trust 2015-XF0123: 
 
 
 
825  13.398%, 12/01/29 – AGM Insured, (Pre-refunded 12/01/21), 144A (IF) (4) 12/21 at 100.00 AA 915,181 
1,665  13.411%, 12/01/33 – AGM Insured, (Pre-refunded 12/01/21), 144A (IF) (4) 12/21 at 100.00 AA 1,847,184 
4,000  
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, 
12/21 at 100.00 AA– 4,155,400 
 
 Refunding Series 2011, 5.375%, 12/01/41 (Pre-refunded 12/01/21) 
 
 
 
4,100  
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany 
11/21 at 100.00 AA– 4,297,169 
 
 Medical Center Project, Series 2011, 7.000%, 11/15/46 (Pre-refunded 11/15/21) 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
 
 
 
 
 
Social Ministries Project, Series 2015: 
 
 
 
625  4.000%, 1/01/33 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R 704,588 
560  5.000%, 1/01/38 (Pre-refunded 1/01/25) 1/25 at 100.00 N/R 652,473 
610  
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran 
1/26 at 100.00 N/R 681,596 
 
 Social Ministries Project, Series 2016, 3.250%, 1/01/39 (Pre-refunded 1/01/26) 
 
 
 
6,680  
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, 
10/22 at 100.00 A1 7,091,354 
 
 Refunding Series 2012, 4.000%, 10/15/32 (Pre-refunded 10/15/22) 
 
 
 
3,385  
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, 
1/22 at 100.00 N/R 3,787,341 
 
 Lancaster General Hospital Project, Tender Option Bond Trust 2015-XF0065, 13.457%, 7/01/42 
 
 
 
 
 (Pre-refunded 1/01/22), 144A (IF) (4) 
 
 
 
 
 
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot 
 
 
 
 
 
Village Project, Series 2013: 
 
 
 
1,000  5.375%, 5/01/28 (Pre-refunded 5/01/23) 5/23 at 100.00 N/R 1,109,840 
1,665  5.750%, 5/01/35 (Pre-refunded 5/01/23) 5/23 at 100.00 N/R 1,861,337 
6,685  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
12/23 at 100.00 N/R 7,556,925 
 
 Concession, Series 2013A, 5.125%, 12/01/47 (Pre-refunded 12/01/23) 
 
 
 
4,600  
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd 
11/22 at 100.00 4,890,214 
 
 Group, Series 2012, 4.000%, 11/01/32 (Pre-refunded 11/01/22) 
 
 
 
 
 
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical 
 
 
 
 
 
Center, Series 2012A: 
 
 
 
365  4.000%, 1/01/25 (Pre-refunded 1/01/22) 1/22 at 100.00 N/R 376,133 
3,000  5.000%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00 N/R 3,116,340 
3,730  
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue 
6/22 at 100.00 N/R 3,951,450 
 
 Bonds, Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31 
 
 
 
 
 (Pre-refunded 6/01/22) 
 
 
 
925  
Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities 
4/22 at 100.00 Aa3 973,627 
 
 Revenue Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41 (Pre-refunded 4/01/22) 
 
 
 
2,150  
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS 
5/22 at 100.00 A– 2,275,796 
 
 Retirement-Life Communities, Inc Obligated Group, Refunding Series 2012, 5.000%, 11/15/26 
 
 
 
 
 (Pre-refunded 5/15/22) 
 
 
 
 
63

 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
U.S. Guaranteed (7) (continued) 
 
 
 
$ 3,500  
Norristown Area School District, Pennsylvania, Installment Purchase Certificates of 
4/22 at 100.00 N/R $ 3,672,235 
 
 Participation, Series 2012, 5.000%, 4/01/32 (Pre-refunded 4/01/22) 
 
 
 
1,415  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, 
5/21 at 100.00 N/R 1,426,773 
 
 Series 2011A, 5.250%, 5/01/41 (Pre-refunded 5/01/21) 
 
 
 
 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for 
 
 
 
 
 
Student Housing at Indiana University, Project Series 2012A: 
 
 
 
1,000  5.000%, 7/01/27 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R 1,061,250 
750  5.000%, 7/01/32 (Pre-refunded 7/01/22) 7/22 at 100.00 N/R 795,937 
1,195  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia 
6/23 at 100.00 N/R 1,321,264 
 
 University, Refunding Series 2013, 5.000%, 6/01/32 (Pre-refunded 6/01/23) 
 
 
 
420  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg 
10/22 at 100.00 N/R 451,865 
 
 University Student Services, Inc Student Housing Project at Shippensburg University of 
 
 
 
 
 
Pennsylvania, Series 2012, 5.000%, 10/01/44 (Pre-refunded 10/01/22) 
 
 
 
2,000  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, 
4/22 at 100.00 Aa3 2,105,140 
 
 First Series of 2012, 5.000%, 4/01/42 (Pre-refunded 4/01/22) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
 
 
 
 
 
Bonds, Subordinate Series 2011B: 
 
 
 
2,065  5.000%, 12/01/41 (Pre-refunded 12/01/21) 12/21 at 100.00 A2 2,140,249 
1,935  5.000%, 12/01/41 (Pre-refunded 12/01/21) 12/21 at 100.00 AA– 2,004,757 
3,180  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue 
12/21 at 100.00 AA– 3,295,879 
 
 Bonds, Subordinate Series 2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/21) 
 
 
 
7,000  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate 
12/23 at 100.00 AA– 7,916,300 
 
 Special Revenue Bonds, Series 2013B-1, 5.250%, 12/01/43 (Pre-refunded 12/01/23) 
 
 
 
2,500  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2013A, 5.125%, 
1/22 at 100.00 A+ 2,602,775 
 
 1/01/43 (Pre-refunded 1/01/22) 
 
 
 
 
 
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B: 
 
 
 
2,590  5.000%, 9/01/25 (Pre-refunded 9/01/22) 9/22 at 100.00 AA– 2,778,189 
6,800  5.000%, 9/01/26 (Pre-refunded 9/01/22) 9/22 at 100.00 AA– 7,294,088 
1,000  
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37 
11/22 at 100.00 Aa1 1,063,950 
 
 (Pre-refunded 11/01/22) 
 
 
 
3,000  
Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated 
6/24 at 100.00 Aa3 3,443,700 
 
 Group, Refunding Series 2014A, 5.000%, 6/01/44 (Pre-refunded 6/01/24) 
 
 
 
 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical 
 
 
 
 
 
Community Hospital Project, Refunding & Improvement Series 2011: 
 
 
 
3,130  6.875%, 8/01/31 (Pre-refunded 8/01/21) 8/21 at 100.00 A– 3,215,731 
2,500  7.000%, 8/01/41 (Pre-refunded 8/01/21) 8/21 at 100.00 A– 2,569,750 
3,470  
Washington County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, The 
7/23 at 100.00 N/R 3,841,602 
 
 Washington Hospital Project, Series 2013A, 5.000%, 7/01/28 (Pre-refunded 7/01/23) 
 
 
 
 
 
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy 
 
 
 
 
 
Spirit Hospital of the Sisters of Christian Charity, Series 2011B: 
 
 
 
1,885  5.625%, 1/01/32 (Pre-refunded 1/01/22) 1/22 at 100.00 A1 1,970,296 
1,970  5.750%, 1/01/41 (Pre-refunded 1/01/22) 1/22 at 100.00 A1 2,061,191 
1,930  
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, 
8/23 at 100.00 A+ 2,815,735 
 
 Tender Option Bond Trust 2016-XF1058, 18.397%, 8/15/37 (Pre-refunded 8/15/23), 144A (IF) (4) 
 
 
 
124,305  
Total U.S. Guaranteed 
 
 
134,105,652 
 
 Utilities – 15.2% (9.5% of Total Investments) 
 
 
 
 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2015: 
 
 
 
3,325  5.000%, 12/01/40 12/25 at 100.00 Aa3 3,911,330 
3,320  5.000%, 12/01/45 12/25 at 100.00 Aa3 3,876,996 
3,000  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, 
No Opt. Call N/R 3,090,000 
 
 FirstEnergy Generation Project, Refunding Series 2006A, 4.375%, 1/01/35 (Mandatory Put 7/01/22) 
 
 
 
2,540  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R 3,175 
 
 Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (5) 
 
 
 
 
64
 

      
Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 
Utilities (continued) 
 
 
 
$ 9,855  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R $ 12,319 
 
 Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (5) 
 
 
 
6,210  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call N/R 7,763 
 
 Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) 
 
 
 
2,000  
Bethel Park Municipal Authority, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 
9/30 at 100.00 AA 2,082,040 
 
 2020B, 3.000%, 9/01/47 
 
 
 
 
 
Bucks County Water and Sewer Authority, Pennsylvania, Water System Revenue Bonds, 
 
 
 
 
 
Series 2020: 
 
 
 
290  2.000%, 12/01/40 12/28 at 100.00 AA 263,883 
905  2.125%, 12/01/45 12/28 at 100.00 AA 813,106 
 
 
Delaware County Regional Water Quality Control Authority, Pennsylvania, Sewer Revenue 
 
 
 
 
 
Bonds, Series 2015: 
 
 
 
1,110  5.000%, 5/01/40 5/25 at 100.00 Aa3 1,284,647 
2,220  4.000%, 5/01/45 5/25 at 100.00 Aa3 2,359,904 
 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
 
 
 
 
 
Concession, Capital Appreciation Series 2013B: 
 
 
 
7,295  0.000%, 12/01/34 No Opt. Call 5,125,905 
4,420  0.000%, 12/01/35 No Opt. Call 2,993,622 
5,815  
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown 
12/23 at 100.00 6,445,346 
 
 Concession, Series 2013A, 5.125%, 12/01/47 
 
 
 
295  
Luzerne County Industrial Development Authority, Pennsylvania, Revenue Bonds, 
12/29 at 100.00 A+ 314,538 
 
 Pennsylvania-American Water Company Project, Refunding Series 2019, 2.450%, 12/01/39 (AMT) 
 
 
 
 
 (Mandatory Put 12/03/29) 
 
 
 
3,475  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
10/29 at 100.00 A– 3,627,031 
 
 York Water Company Project, Refunding Series 2019A, 3.000%, 10/01/36 (AMT) 
 
 
 
3,400  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/29 at 100.00 A– 3,552,694 
 
 York Water Company Project, Refunding Series 2019B, 3.100%, 11/01/38 (AMT) 
 
 
 
2,025  
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue 
9/25 at 100.00 1,785,969 
 
 Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
7,500  
Pennsylvania Economic Development Financing Authority, Revenue Bonds, 
10/29 at 100.00 A+ 7,981,875 
 
 Pennsylvania-American Water Company, Refunding Series 2019, 3.000%, 4/01/39 
 
 
 
3,165  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Sixteenth 
8/30 at 100.00 AA 3,904,249 
 
 Series 2020A, 5.000%, 8/01/50 – AGM Insured 
 
 
 
5,000  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series 
8/27 at 100.00 5,858,700 
 
 2017, 5.000%, 8/01/47 
 
 
 
2,735  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, 
8/25 at 100.00 3,193,742 
 
 5.000%, 8/01/29 
 
 
 
 
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2018A: 
 
 
 
5,000  5.000%, 10/01/48 (UB) (4) 10/28 at 100.00 A+ 6,018,100 
7,000  5.000%, 10/01/53 (UB) (4) 10/28 at 100.00 A+ 8,419,250 
1,000  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2019B, 
11/29 at 100.00 A+ 1,228,230 
 
 5.000%, 11/01/54 
 
 
 
5,000  
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 
9/23 at 100.00 5,559,650 
 
 Bonds, First Lien Series 2013B, 5.250%, 9/01/40 
 
 
 
350  
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue 
9/30 at 100.00 AA 403,564 
 
 Bonds, First Lien Series 2020B, 4.000%, 9/01/50 – AGM Insured 
 
 
 
 
 
Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, 
 
 
 
 
 
Refunding Series 2020: 
 
 
 
1,000  4.000%, 8/15/24 – AGM Insured No Opt. Call AA 1,112,940 
1,000  2.450%, 8/15/37 – AGM Insured 8/28 at 100.00 AA 1,001,270 
 
 
Williamsport Sanitary Authority, Lycoming County, Pennsylvania, Sewer Revenue Bonds, 
 
 
 
 
 
Series 2021: 
 
 
 
1,600  5.000%, 1/01/25 – BAM Insured No Opt. Call AA 1,871,264 
520  5.000%, 1/01/28 – BAM Insured No Opt. Call AA 660,052 
102,370  
Total Utilities 
 
 
88,763,154 
$ 860,191  
Total Municipal Bonds (cost $854,616,732) 
 
 
914,965,576 
 
65
 

  
NQP
Nuveen Pennsylvania Quality Municipal Income Fund
Portfolio of Investments (continued) February 28, 2021
 
      
Shares  Description (1) 
 
 
Value 
 
 COMMON STOCKS – 2.9% (1.8% of Total Investments) 
 
 
 
 
 Electric Utilities – 2.9% (1.8% of Total Investments) 
 
 
 
601,606  
Energy Harbor Corp (8), (9), (10) 
 
 
$ 16,920,169 
 
 
Total Common Stocks (cost $16,839,773) 
 
 
16,920,169 
 
 Total Long-Term Investments (cost $871,456,505) 
 
 
931,885,745 

Principal  
 
Optional Call 
 
 
Amount (000)  Description (1) Provisions (2) Ratings (3) Value 
 
 SHORT-TERM INVESTMENTS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 MUNICIPAL BONDS – 0.2% (0.1% of Total Investments) 
 
 
 
 
 Tax Obligation/General – 0.2 (0.1% of Total Investments) 
 
 
 
$ 1,450  
Mercer County, Pennsylvania, General Obligation Bonds, Variable Rate Demand Series 2011, 
2/21 at 100.00 A-1 $ 1,450,000 
  
0.040%, 10/01/31 – AGM Insured (11)
   
$ 1,450  
Total Short-Term Investments (cost $1,450,000) 
 
 
1,450,000 
 
 Total Investments (cost $872,906,505) – 159.3% 
 
 
933,335,745 
 
 Floating Rate Obligations – (22.3)% 
 
 
(130,595,000) 
 
 Variable Rate Demand Preferred Shares, net of deferred offering costs – (37.0)% (12) 
 
 
(216,751,142) 
 
 Other Assets Less Liabilities – 0.0% 
 
 
38,034 
 
 Net Asset Applicable to Common Shares – 100% 
 
 
$ 586,027,637 
 
  
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. 
(6) 
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(7) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(8) 
Common Stock received as part of the bankruptcy settlements for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35; Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35; and Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35.
(9) 
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.
(10) 
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(11) 
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(12) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 23.2%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
AMT 
Alternative Minimum Tax 
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 for more information.
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
66
 

Statement of Assets and Liabilities
February 28, 2021
             
 
 NAZ  NUO  NXJ  NQP 
Assets             
Long-term investments, at value (cost $251,658,314, $444,243,570, 
            
$931,639,655 and $871,456,505, respectively)  
$
270,785,704
  
$
483,834,308
  
$
1,019,709,474
  
$
931,885,745
 
Short-term investments, at value (cost approximates value) 
  
   
   
100,000
   
1,450,000
 
Cash 
  
99,711
   
23,803
   
2,784,211
   
1,923,703
 
Receivable for: 
                
Interest   
2,304,175
   
4,689,407
   
9,784,557
   
10,186,757
 
Investments sold   
   
   
224,111
   
5,000,000
 
Other assets 
  
26
   
36,702
   
192,545
   
178,022
 
Total assets   
273,189,616
   
488,584,220
   
1,032,794,898
   
950,624,227
 
Liabilities                 
Floating Rate Obligations 
  
9,755,000
   
20,000,000
   
34,780,000
   
130,595,000
 
Payable for: 
                
Dividends   
559,243
   
842,707
   
2,206,002
   
1,919,779
 
Interest   
11,181
   
17,102
   
64,947
   
243,303
 
Investments purchased - regular settlement   
   
   
495,017
   
3,026,190
 
Investments purchased - when-issued/delayed-delivery settlement   
   
1,439,088
   
   
11,300,000
 
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred 
                
offering costs (liquidation preference $88,300,000, $—, $— and                 
$—, respectively)   
88,232,585
   
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering 
                
costs (liquidation preference $—, $148,000,000, $313,900,000 and                 
$217,500,000, respectively)   
   
147,779,178
   
312,560,795
   
216,751,142
 
Accrued expenses: 
                
Management fees   
129,601
   
225,017
   
467,130
   
413,980
 
Trustees fees   
2,900
   
37,744
   
194,214
   
181,881
 
Other   
98,480
   
107,965
   
180,523
   
165,315
 
Total liabilities   
98,788,990
   
170,448,801
   
350,948,628
   
364,596,590
 
Net assets applicable to common shares 
 
$
174,400,626
  
$
318,135,419
  
$
681,846,270
  
$
586,027,637
 
Common shares outstanding 
  
11,574,513
   
18,316,955
   
41,482,936
   
37,383,341
 
Net asset value (“NAV”) per common share outstanding 
 
$
15.07
  
$
17.37
  
$
16.44
  
$
15.68
 
  
Net assets applicable to common shares consist of:                 
Common shares, $0.01 par value per share 
 
$
115,745
  
$
183,170
  
$
414,829
  
$
373,833
 
Paid-in-surplus 
  
156,351,399
   
278,300,757
   
591,916,150
   
528,814,663
 
Total distributable earnings 
  
17,933,482
   
39,651,492
   
89,515,291
   
56,839,141
 
Net assets applicable to common shares 
 
$
174,400,626
  
$
318,135,419
  
$
681,846,270
  
$
586,027,637
 
Authorized shares: 
                
Common  Unlimited  Unlimited  Unlimited  Unlimited 
Preferred  Unlimited  Unlimited  Unlimited  Unlimited 
 
See accompanying notes to financial statements.
67
 

Statement of Operations

Year Ended February 28, 2021
             
 
 NAZ  NUO  NXJ  NQP 
Investment Income  
$
10,065,785
  
$
16,470,695
  
$
39,757,836
  
$
34,403,971
 
Expenses                 
Management fees 
  
1,665,148
   
2,909,601
   
5,954,143
   
5,321,410
 
Interest expense and amortization of offering costs 
  
1,181,889
   
2,270,684
   
4,013,699
   
3,713,821
 
Custodian fees 
  
36,735
   
48,363
   
91,763
   
82,107
 
Trustees fees 
  
7,395
   
13,529
   
27,834
   
22,682
 
Professional fees 
  
44,239
   
81,662
   
123,429
   
86,353
 
Shareholder reporting expenses 
  
22,749
   
95,240
   
63,836
   
65,950
 
Shareholder servicing agent fees 
  
14,852
   
12,436
   
18,983
   
20,854
 
Stock exchange listing fees 
  
6,577
   
6,577
   
11,194
   
10,076
 
Investor relations expenses 
  
12,289
   
21,650
   
46,552
   
37,629
 
Other 
  
35,318
   
64,881
   
90,676
   
76,189
 
Total expenses 
  
3,027,191
   
5,524,623
   
10,442,109
   
9,437,071
 
Net investment income (loss) 
  
7,038,594
   
10,946,072
   
29,315,727
   
24,966,900
 
Realized and Unrealized Gain (Loss)                 
Net realized gain (loss) from: 
                
Investments   
331,564
   
245,489
   
(362,036
)
  
(993
)
Futures contracts   
   
   
(652,366
)
  
(2,566,296
)
Change in net unrealized appreciation (depreciation) of: 
                
Investments   
(6,433,033
)
  
(8,679,685
)
  
(28,995,471
)
  
(25,091,595
)
Futures contracts   
   
   
203,441
   
830,629
 
Net realized and unrealized gain (loss) 
  
(6,101,469
)
  
(8,434,196
)
  
(29,806,432
)
  
(26,828,255
)
Net increase (decrease) in net assets applicable to common shares 
                
from operations  
$
937,125
  
$
2,511,876
  
$
(490,705
)
 
$
(1,861,355
)
 
See accompanying notes to financial statements.
68

Statement of Changes in Net Assets
 
 
NAZ
  
NUO
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 2/28/21  2/29/20  2/28/21  2/29/20 
Operations             
Net investment income (loss) 
 
$
7,038,594
  
$
6,464,341
  
$
10,946,072
  
$
8,418,469
 
Net realized gain (loss) from: 
                
Investments   
331,564
   
524,499
   
245,489
   
2,511,885
 
Futures contracts   
   
   
   
 
Swaps   
   
   
   
 
Change in net unrealized appreciation 
                
(depreciation) of: 
                
Investments   
(6,433,033
)
  
14,956,580
   
(8,679,685
)
  
28,274,554
 
Futures contracts   
   
   
   
 
Swaps   
   
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares                 
from operations   
937,125
   
21,945,420
   
2,511,876
   
39,204,908
 
Distributions to Common Shareholders                 
Dividends 
  
(6,612,097
)
  
(6,001,960
)
  
(10,662,299
)
  
(10,693,438
)
Decrease in net assets applicable to 
                
common shares from distributions                 
to common shareholders   
(6,612,097
)
  
(6,001,960
)
  
(10,662,299
)
  
(10,693,438
)
Capital Share Transactions                 
Common shares: 
                
Net proceeds from shares issued to                 
shareholders due to reinvestment                 
of distributions   
51,671
   
   
   
 
Cost of shares repurchased                 
and retired   
   
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares from                 
capital share transactions   
51,671
   
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares   
(5,623,301
)
  
15,943,460
   
(8,150,423
)
  
28,511,470
 
Net assets applicable to common 
                
shares at the beginning of period   
180,023,927
   
164,080,467
   
326,285,842
   
297,774,372
 
Net assets applicable to common 
                
shares at the end of period  
$
174,400,626
  
$
180,023,927
  
$
318,135,419
  
$
326,285,842
 
 
See accompanying notes to financial statements.
69

Statement of Changes in Net Assets (continued)
 
 
NXJ
  
NQP
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 2/28/21  2/29/20  2/28/21  2/29/20 
Operations             
Net investment income (loss) 
 
$
29,315,727
  
$
26,706,428
  
$
24,966,900
  
$
23,186,876
 
Net realized gain (loss) from: 
                
Investments   
(362,036
)
  
1,066,098
   
(993
)
  
2,791,478
 
Futures contracts   
(652,366
)
  
(567,288
)
  
(2,566,296
)
  
(4,309,126
)
Swaps   
   
(820,253
)
  
   
 
Change in net unrealized appreciation 
                
(depreciation) of:                 
Investments   
(28,995,471
)
  
68,238,463
   
(25,091,595
)
  
53,710,447
 
Futures contracts   
203,441
   
(203,441
)
  
830,629
   
(1,100,046
)
Swaps   
   
259,758
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares                 
from operations   
(490,705
)
  
94,679,765
   
(1,861,355
)
  
74,279,629
 
Distributions to Common Shareholders                 
Dividends 
  
(27,757,563
)
  
(27,204,525
)
  
(24,130,948
)
  
(22,654,307
)
Decrease in net assets applicable to 
                
common shares from distributions                 
to common shareholders   
(27,757,563
)
  
(27,204,525
)
  
(24,130,948
)
  
(22,654,307
)
Capital Share Transactions                 
Common shares: 
                
Net proceeds from shares issued to                 
shareholders due to reinvestment                 
of distributions   
   
   
   
 
Cost of shares repurchased                 
and retired   
(342,032
)
  
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares from                 
capital share transactions   
(342,032
)
  
   
   
 
Net increase (decrease) in net assets 
                
applicable to common shares   
(28,590,300
)
  
67,475,240
   
(25,992,303
)
  
51,625,322
 
Net assets applicable to common 
                
shares at the beginning of period   
710,436,570
   
642,961,330
   
612,019,940
   
560,394,618
 
Net assets applicable to common 
                
shares at the end of period  
$
681,846,270
  
$
710,436,570
  
$
586,027,637
  
$
612,019,940
 
 
See accompanying notes to financial statements.
70

Statement of Cash Flows
Year Ended February 28, 2021
 
 NAZ  NUO  NXJ  NQP 
Cash Flows from Operating Activities:             
Net Increase (Decrease) in Net Assets Applicable to Common             
Shares from Operations  
$
937,125
  
$
2,511,876
  
$
(490,705
)
 
$
(1,861,355
)
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 
  
(36,950,525
)
  
(39,565,577
)
  
(117,749,954
)
  
(94,446,408
)
Proceeds from sales and maturities of investments 
  
34,771,394
   
27,865,720
   
118,894,112
   
91,077,330
 
Proceeds from (Purchase of) short-term investments, net 
  
   
   
(100,000
)
  
(1,450,000
)
Taxes paid 
  
(44
)
  
(26,528
)
  
(1,942
)
  
(7,660
)
Amortization (Accretion) of premiums and discounts, net 
  
2,015,930
   
2,664,153
   
1,153,183
   
3,590,717
 
Amortization of deferred offering costs 
  
8,691
   
9,804
   
60,284
   
34,397
 
(Increase) Decrease in: 
                
Receivable for interest   
100,741
   
(96,496
)
  
202,324
   
301,816
 
Receivable for investments sold   
   
13,361,252
   
(224,111
)
  
20,418
 
Other assets   
75
   
(5,569
)
  
(26,159
)
  
(23,905
)
Increase (Decrease) in: 
                
Payable for interest   
(19,196
)
  
(29,911
)
  
(126,646
)
  
(463,940
)
Investments purchased – regular settlement   
   
(7,101,791
)
  
495,017
   
3,026,190
 
Investments purchased – when-issued/delayed-delivery settlement   
(886,845
)
  
1,439,088
   
(2,655,000
)
  
9,362,649
 
Payable for variation margin on futures contracts   
   
   
(139,344
)
  
(542,828
)
Accrued management fees   
(3,714
)
  
(5,647
)
  
(14,831
)
  
(15,862
)
Accrued Trustees fees   
1,989
   
9,276
   
35,750
   
32,321
 
Accrued other expenses   
36,762
   
44,773
   
73,014
   
61,193
 
Net realized (gain) loss from Investments 
  
(331,564
)
  
(245,489
)
  
362,036
   
993
 
Change in net unrealized appreciation (depreciation) of Investments 
  
6,433,033
   
8,679,685
   
28,995,471
   
25,091,595
 
Net cash provided by (used in) operating activities 
  
6,113,852
   
9,508,619
   
28,742,499
   
33,787,661
 
Cash Flow from Financing Activities:                 
Proceeds from borrowings 
  
2,279,330
   
   
   
2,122,885
 
(Payments for) borrowings 
  
(2,279,330
)
  
   
   
(2,122,885
)
Increase (Decrease) in cash overdraft 
  
   
   
   
(3,778,443
)
Proceeds from floating rate obligations 
  
   
   
8,000,000
   
4,865,000
 
(Repayments of) floating rate obligations 
  
   
   
(8,000,000
)
  
(9,525,000
)
Cash distributions paid to common shareholders 
  
(6,492,026
)
  
(10,572,476
)
  
(27,494,239
)
  
(23,940,561
)
Cost of shares repurchased and retired 
  
   
   
(342,032
)
  
 
Net cash provided by (used in) financing activities 
  
(6,492,026
)
  
(10,572,476
)
  
(27,836,271
)
  
(32,379,004
)
Net Increase (Decrease) in Cash and Cash Collateral at Brokers   
(378,174
)
  
(1,063,857
)
  
906,228
   
1,408,657
 
Cash and cash collateral at brokers at the beginning of period 
  
477,885
   
1,087,660
   
1,877,983
   
515,046
 
Cash and cash collateral at brokers at the end of period 
  
99,711
   
23,803
   
2,784,211
   
1,923,703
 
  
Supplemental Disclosure of Cash Flow Information  NAZ  NUO  NXJ  NQP 
Cash paid for interest (excluding amortization of offering costs) 
 
$
1,192,394
  
$
2,290,791
  
$
4,080,061
  
$
4,143,363
 
Non-cash financing activities not included herein consists of reinvestments 
                
of common share distributions   
51,671
   
   
   
 
 
See accompanying notes to financial statements.
71

 
Financial Highlights
Selected data for a common share outstanding throughout each period:
 
 
 
 
 
 Less Distributions  
 
 
 
 
 
 
Investment Operations 
 to Common Shareholders  Common Share 
 
          Premium Discount   
 
          per per   
 
      From    Share Share   
 
Beginning Net Net   From Accum-    Sold Repur-   
 
Common Investment Realized/   Net ulated Net   Shelf through chased  Ending 
 
Share Income Unrealized   Investment Realized   Offering Shelf and Ending Share 
 
NAV (Loss) Gain (Loss) Total  Income Gains Total  Costs Offering Retired NAV Price 
NAZ 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
$15.56 $0.61 $(0.53) $ 0.08  $(0.57) $ — $(0.57)  $ — $ — $ — $15.07 $15.17 
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) —  (0.75) — (0.75)  — — — 14.26 14.22 
 
NUO 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021 
17.81 0.60 (0.46) 0.14  (0.55) (0.03) (0.58)  — — — 17.37 15.14 
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 
 
(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.
72
 

 
 
 
Common Share Supplemental Data/ 
 
 
 
 
Ratios Applicable to Common Shares 
 
Common Share 
 
 
 
 
Total Returns 
 
Ratios to Average Net Assets(b) 
 
 Based Ending  Net  
Based on Net  Investment Portfolio 
on Share Assets  Income Turnover 
NAV(a) Price(a) (000) Expenses(c) (Loss) Rate(d) 
 
0.62% 13.67% $174,401 1.75% 4.06% 13% 
13.60 15.89 180,024 2.32 3.76 
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 
 
0.78 2.07 318,135 1.73 3.43 
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 
 
(b)     
Net Investment Income (Loss) ratios reflect income earned and expenses incurred 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) and/or the interest expense deemed to have been paid by the Fund in 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), where applicable, as follows:

      
NAZ 
 
 NUO 
 
 
Year Ended 2/29-2/28: 
 
 
Year Ended 2/29-2/28: 
 
 
2021 
0.68% 
 
2021 
0.71% 
 
2020 
1.25 
 
2020 
1.20 
 
2019 
1.39 
 
2019 
1.28 
 
2018 
0.95 
 
2018 
0.90 
 
2017 
0.87 
 
2017 
0.77 
 
 
(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) 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.
73
 

Financial Highlights (continued)
Selected data for a common share outstanding throughout each period:
 
 
 
 
 
 Less Distributions  
 
 
 
 
 
 
Investment Operations  to Common Shareholders  
 
Common Share 
 
 
          Premium Discount   
 
          per per   
 
      From    Share Share   
 
Beginning Net Net   From Accum-    Sold Repur-   
 
Common Investment Realized/   Net ulated Net   Shelf through chased  Ending 
 
Share Income Unrealized   Investment Realized   Offering Shelf and Ending Share 
 
NAV (Loss) Gain (Loss) Total  Income Gains Total  Costs Offering Retired NAV Price 
NXJ               
Year Ended 2/29-2/28: 
             
2021 
$17.12 $0.71 $(0.72) $(0.01)  $(0.67) $ — $(0.67)  $ — $ — $ — $16.44 $14.09 
2020 
15.49 0.64 1.65 2.29  (0.65) (0.01) (0.66)  — — — 17.12 14.73 
2019 
15.37 0.66 0.14 0.80  (0.66) (0.08) (0.74)  — — 0.06 15.49 13.47 
2018 
15.21 0.71 0.15 0.86  (0.70) — (0.70)  — — —* 15.37 13.10 
2017(e) 
16.18 0.60 (0.94) (0.34)  (0.63) — (0.63)  — — — 15.21 13.42 
Year Ended 4/30: 
             
2016 
15.53 0.79 0.66 1.45  (0.82) (0.01) (0.83)  — — 0.03 16.18 14.66 
 
NQP               
Year Ended 2/29-2/28: 
             
2021 
16.37 0.67 (0.71) (0.04)  (0.65) — (0.65)  — — — 15.68 14.15 
2020 
14.99 0.62 1.37 1.99  (0.61) — (0.61)  — — — 16.37 14.46 
2019 
14.71 0.62 0.27 0.89  (0.59) (0.04) (0.63)  — — 0.02 14.99 13.02 
2018 
14.79 0.69 (0.08) 0.61  (0.69) —*** (0.69)  — — —* 14.71 12.52 
2017(e) 
16.08 0.60 (1.24) (0.64)  (0.62) (0.03) (0.65)  — — — 14.79 13.30 
Year Ended 4/30: 
             
2016 
15.64 0.80 0.46 1.26  (0.83) — (0.83)  — — 0.01 16.08 14.91 
 
(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.
74
 

 
 
 
Common Share Supplemental Data/ 
 
 
 
 
Ratios Applicable to Common Shares 
 
Common Share 
 
 
 
 
Total Returns 
 
Ratios to Average Net Assets(b) 
 
 
 
 
 Based Ending  Net  
Based on Net  Investment Portfolio 
on Share Assets  Income Turnover 
NAV(a) Price(a) (000) Expenses(c) (Loss) Rate(d) 
 
0.08% 0.42% $681,846 1.55% 4.36% 12% 
15.02 14.43 710,437 2.07 3.94 
5.77 8.86 642,961 2.13 4.30 16 
5.66 2.74 653,684 1.78 4.55 11 
(2.20) (4.35) 647,626 1.76** 4.54** 12 
 
9.85 14.79 688,971 1.56 5.12 14 
 
(0.29) 2.56 586,028 1.62 4.28 10 
13.62 15.97 612,020 2.24 3.95 11 
6.40 9.41 560,395 2.44 4.19 
4.12 (0.85) 555,094 2.05 4.56 12 
(4.19) (6.66) 558,373 1.87** 4.57** 16 
 
8.46 14.21 607,240 1.51 5.13 16 
 
(b)     
Net Investment Income (Loss) ratios reflect income earned and expenses incurred 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) and/or the interest expense deemed to have been paid by the Fund in 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), where applicable, as follows:

NXJ 
 
 NQP 
 
 
Year Ended 2/29-2/28: 
 
 
Year Ended 2/29-2/28: 
 
 
2021 
0.60% 
 
2021 
0.64% 
 
2020 
1.11 
 
2020 
1.26 
 
2019 
1.13 
 
2019 
1.43 
 
2018 
0.80 
 
2018 
1.06 
 
2017(e) 
0.79** 
 
2017(e) 
0.89** 
 
Year Ended 4/30: 
 
 
Year Ended 4/30: 
 
 
2016 
0.57 
 
2016 
0.56 
 
 
(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.
(e)     
For the ten months ended February 28, 2017.
*     
Rounds to less than $0.01 per share.
**     
Annualized.
***     
Rounds to more than $(0.01) per share.
See accompanying notes to financial statements.
75
 
Financial Highlights (continued)
 
AMTP Shares VMTP Shares VRDP Shares 
 
at the End of Period at the End of Period at the End of Period 
 
Aggregate Asset Aggregate Asset Aggregate Asset 
 
Amount Coverage Amount Coverage Amount Coverage 
 
Outstanding 
 Per $100,000 
Outstanding 
 Per $100,000 
Outstanding 
 Per $100,000 
 
(000) Share (000) Share (000) Share 
NAZ 
 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
 
2021 
$88,300 $297,509 $ — $ — $ — $ — 
2020 
88,300 303,878 — — — — 
2019 
88,300 285,822 — — — — 
2018 
— — 88,300 286,891 — — 
2017 
— — 88,300 287,022 — — 
 
NUO 
 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
 
2021 
— — — — 148,000 314,956 
2020 
— — — — 148,000 320,463 
2019 
— — — — 148,000 301,199 
2018 
— — — — 148,000 301,776 
2017 
— — — — 148,000 304,520 
 
76
 

 
 
 
 
 
VMTP and 
 
VMTP Shares VRDP Shares VRDP Shares at 
 
at the End of Period at the End of Period the End of Period 
 
 
 
 
 
Asset 
 
Aggregate Asset Aggregate Asset Coverage 
 
Amount Coverage Amount Coverage Per $1 
 
Outstanding Per $100,000 Outstanding Per $100,000 Liquidation 
 
(000) Share (000) Share Preference 
NXJ 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
2021 
$ — $ — $313,900 $317,218 $ — 
2020 
— — 313,900 326,326 — 
2019 
— — 313,900 304,830 — 
2018 
— — 313,900 308,246 — 
2017(a) 
— — 313,900 306,316 — 
Year Ended 4/30: 
 
 
 
 
 
2016 
— — 313,900 319,488 — 
 
NQP 
 
 
 
 
 
Year Ended 2/29-2/28: 
 
 
 
 
 
2021 
— — 217,500 369,438 — 
2020 
— — 217,500 381,388 — 
2019 
— — 217,500 357,653 — 
2018 
87,000 282,297 217,500 282,297 2.82 
2017(a) 
87,000 283,374 217,500 283,374 2.83 
Year Ended 4/30: 
 
 
 
 
 
2016 
48,000 328,716 217,500 328,716 3.29 
 
(a)     
For the ten months ended February 28, 2017.
See accompanying notes to financial statements.
77
 

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 Ohio Quality Municipal Income Fund (NUO)
• Nuveen New Jersey Quality Municipal Income Fund (NXJ)
• Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified, closed-end management investment companies. NAZ, NUO, NXJ and NQP were organized as Massachusetts business trusts on April 8, 2013, April 8, 2013, June 1, 1999, and December 20, 1990, respectively (NAZ and NUO previously organized as Minnesota trusts on January 23, 1991 and October 17, 1991, respectively).
The end of the reporting period for the Funds is February 28, 2021, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2021 (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.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
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 Fund’s 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.
78
 

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.
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
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates 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. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Fund’s financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices.  New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
79
 
Notes to Financial Statements (continued)
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and are generally classified as Level 2.
Prices of fixed-income securities are generally 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. 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.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:
NAZ  Level 1  Level 2  Level 3  Total 
Long-Term Investments*: 
            
Municipal Bonds  
$
  
$
270,785,704
  
$
  
$
270,785,704
 
Total 
 
$
  
$
270,785,704
  
$
  
$
270,785,704
 
  
NUO                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
482,015,268
  
$
  
$
482,015,268
 
Common Stocks   
   
1,819,040
**
  
   
1,819,040
 
Total 
 
$
  
$
483,834,308
  
$
  
$
483,834,308
 
  
NXJ                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
1,019,709,474
  
$
  
$
1,019,709,474
 
Short-Term Investments*: 
                
Municipal Bonds   
   
100,000
   
   
100,000
 
Total 
 
$
  
$
1,019,809,474
  
$
  
$
1,019,809,474
 
  
NQP                 
Long-Term Investments*: 
                
Municipal Bonds  
$
  
$
914,965,576
  
$
  
$
914,965,576
 
Common Stocks   
   
16,920,169
**
  
   
16,920,169
 
Short-Term Investments*: 
                
Municipal Bonds   
   
1,450,000
   
   
1,450,000
 
Total 
 
$
  
$
933,335,745
  
$
  
$
933,335,745
 
 
*     
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.
80
 
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.
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 Outstandings  NAZ  NUO  NXJ  NQP 
Floating rate obligations: self-deposited Inverse Floaters 
 
$
9,755,000
  
$
20,000,000
  
$
34,780,000
  
$
130,595,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
  
6,715,000
   
4,480,000
   
69,625,000
   
17,525,000
 
Total 
 
$
16,470,000
  
$
24,480,000
  
$
104,405,000
  
$
148,120,000
 
 
81
Notes to Financial Statements (continued)
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  NUO  NXJ  NQP 
Average floating rate obligations outstanding 
 
$
9,755,000
  
$
20,000,000
  
$
34,762,466
  
$
135,204,945
 
Average annual interest rate and fees 
  
0.95
%
  
0.93
%
  
0.89
%
  
0.93
%
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 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  NUO  NXJ  NQP 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
 
$
9,755,000
  
$
12,000,000
  
$
34,780,000
  
$
130,595,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
  
   
4,480,000
   
60,960,000
   
10,760,000
 
Total 
 
$
9,755,000
  
$
16,480,000
  
$
95,740,000
  
$
141,355,000
 
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 but excluding derivative transactions, where applicable) during the current fiscal period were as follows:
 
NAZ NUO NXJ NQP 
Purchases 
36,950,525 39,565,577 117,749,954 94,446,408 
Sales and maturities 
34,771,394 27,865,720 118,894,112 91,077,330 
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.
82
 
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 derivative investments 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 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.
Futures Contracts
Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the current fiscal period, NXJ and NQP used U.S. Treasury futures as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows: 
 
 

 
NXJ NQP 
Average notional amount of futures contracts outstanding* 
$5,234,201 $16,114,019 
 
*     
The average notional amount is calculated based on the absolute aggregate notional of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
 
 
 
 
Change in Net 
 
 
 
 
Unrealized 
 
 
 
Net Realized Appreciation 
 
Underlying Derivative Gain (Loss) from (Depreciation) of 
Fund Risk Exposure Instrument Futures Contracts Futures Contracts 
NXJ 
Interest rate 
Futures contracts 
$ (652,366) $203,441 
NQP 
Interest rate 
Futures contracts 
$(2,566,296) $830,629 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to
83
 

Notes to Financial Statements (continued)
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 Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
 
 
NAZ
  
NUO
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 2/28/21  2/29/20  2/28/21  2/29/20 
Common shares: 
            
Issued to shareholders due to reinvestments of distributions   
3,355
   
   
   
 
Repurchased and retired   
   
   
   
 
Weighted average common share: 
                
Price per share repurchased and retired  
$
  
$
  
$
  
$
 
Discount per share repurchased and retired   
%
  
%
  
%
  
%

 
 
NXJ
  
NQP
 
 
 Year  Year  Year  Year 
 
 Ended  Ended  Ended  Ended 
 
 2/28/21  2/29/20  2/28/21  2/29/20 
Common shares: 
                
Issued to shareholders due to reinvestments of distributions   
   
   
   
 
Repurchased and retired   
(25,343
)
  
   
   
 
Weighted average common share: 
                
Price per share repurchased and retired  
$
13.36
  
$
  
$
  
$
 
Discount per share repurchased and retired   
16.96
%
  
%
  
%
  
%
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Fund has issued and has outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
The details of the Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows: 
 
 
 

 
 
 
 
 
Liquidation 
 
 
 
 
Preference, 
 
 
Shares Liquidation Net of Deferred 
Fund Series Outstanding Preference Offering Costs 
NAZ 
2028 883 $88,300,000 $88,232,585 
The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate. Should the majority owner and the Fund fails to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Fund will be required to redeem all outstanding shares upon the end of a notice period.
84
 

In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for the Fund’s AMTP Shares are as follows:
     
 
 
 
Term 
 
 
Notice 
 
Redemption Premium 
Fund Period Series Date Expiration Date 
NAZ 
540-day 2028 December 1, 2028* February 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 the Fund during the current fiscal period were as follows:
 
NAZ 
Average liquidation preference of AMTP Shares outstanding 
$88,300,000 
Annualized dividend rate 
1.22% 
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 the Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as components of “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 Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, NUO, NXJ and NQP had $147,779,178, $312,560,795 and $216,751,142 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP Shares outstanding as of the end of the reporting period, were as follows:
 
 
Shares Remarketing Liquidation Special Rate 
 
Fund Series Outstanding Fees* Preference Period Expiration Maturity 
NUO 1,480 N/A $148,000,000 November 9, 2022 September 1, 2043 
NXJ 810 N/A $ 81,000,000 July 21, 2021 August 3, 2043 
 
1,443 N/A 144,300,000 April 1, 2043** April 1, 2043 
 
886 N/A 88,600,000 April 1, 2043** April 1, 2043 
NQP 1,125 N/A $112,500,000 December 1, 2042** December 1, 2042 
 
1,050 N/A 105,000,000 December 1, 2042** December 1, 2042 
*  Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.
** Subject to earlier termination by either the Fund or the holder.
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 each Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
85
 

Notes to Financial Statements (continued)
All series of NUO’s, NXJ’s, and NQP’s VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarking fees or liquidity fees. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, or the Board may approve a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
 
NUO NXJ NQP 
Average liquidation preference of VRDP Shares outstanding 
$148,000,000 $313,900,000 $217,500,000 
Annualized dividend rate 
1.40% 1.16% 1.11% 
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 Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) 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. In addition to interest expense, each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions
The Funds did not have any transactions in preferred shares during the current or prior fiscal period.
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and 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.
86
 
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 28, 2021.
 
 NAZ  NUO  NXJ  NQP 
Tax cost of investments 
 
$
241,760,144
  
$
424,238,964
  
$
895,701,039
  
$
742,123,625
 
Gross unrealized: 
                
Appreciation   
19,570,985
   
40,183,936
   
91,764,787
   
62,275,396
 
Depreciation   
(300,453
)
  
(588,512
)
  
(2,436,326
)
  
(1,658,292
)
Net unrealized appreciation (depreciation) of investments 
 
$
19,270,532
  
$
39,595,424
  
$
89,328,461
  
$
60,617,104
 
Permanent differences, primarily due to treatment of distribution reallocations, federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2021, 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 28, 2021, the Funds’ tax year end, were as follows:
 
NAZ NUO NXJ NQP 
Undistributed net tax-exempt income1 
$1,104,598 $953,599 $3,869,402 $2,851,108 
Undistributed net ordinary income2 
21,142 — — — 
Undistributed net long-term capital gains 
— — — — 
 
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2021, paid on March 1, 2021.
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 28, 2021 and February 29, 2020 was designated for purposes of the dividends paid deduction as follows:
     
2021 NAZ NUO NXJ NQP 
Distributions from net tax-exempt income3 
$6,607,032 $10,082,161 $27,753,806 $23,962,492 
Distributions from net ordinary income2 
5,065 47,767 3,757 168,456 
Distributions from net long-term capital gains4 
— 532,371 — — 
2020 NAZ NUO NXJ NQP 
Distributions from net tax-exempt income 
$8,083,529 $12,939,050 $33,822,993 $27,340,285 
Distributions from net ordinary income2 
8,995 29,235 96,471 38,513 
Distributions from net long-term capital gains 
— 1,100,898 433,490 — 
 
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 28, 2021, 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 28, 2021.
As of February 28, 2021, 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 NXJ NQP 
Not subject to expiration: 
 
 
 
Short-term $1,694,456 $1,088,334 $3,035,210 
Long-term 189,608 167,486 1,500,394 
Total 
$1,884,064 $1,255,820 $4,535,604 

During the Funds’ tax year ended February 28, 2021, NAZ utilized $365,557 of its capital loss carryforward. 
 
87
 
Notes to Financial Statements (continued)
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 schedules: 
 
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