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     811-06265

Nuveen Pennsylvania Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:      February 28

Date of reporting period:     February 28, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

February

28,

2023

Annual

Report

NAZ

Nuveen

Arizona

Quality

Municipal

Income

Fund

NXJ

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

NUO

Nuveen

Ohio

Quality

Municipal

Income

Fund

NQP

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

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NOT

FDIC

INSURED

MAY

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VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Portfolio

Managers’

Comments

6

Fund

Leverage

10

Common

Share

Information

11

Performance

Overview

and

Holding

Summaries

13

Shareholder

Meeting

Report

21

Report

of

Independent

Registered

Public

Accounting

Firm

23

Portfolios

of

Investments

45

Statement

of

Assets

and

Liabilities

66

Statement

of

Operations

67

Statement

of

Changes

in

Net

Assets

68

Statement

of

Cash

Flows

70

Financial

Highlights

72

Notes

to

Financial

Statements

77

Shareholder

Update

90

Important

Tax

Information

114

Additional

Fund

Information

115

Glossary

of

Terms

Used

in

this

Report

116

Board

Members

&

Officers

118

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

over

the

past

year

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

March

2023,

the

Fed

raised

the

target

fed

funds

rate

by

4.75%

to

a

range

of

4.75%

to

5.00%,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Across

most

of

the

world,

inflation

rates

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

surprisingly

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021.

More

recent

data

have

shown

a

relatively

strong

jobs

market,

which

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

which

could

prompt

central

banks

to

continue

raising

interest

rates

at

the

risk

of

slowing

economies

too

much.

Additionally,

the

recent

collapse

of

two

regional

U.S.

banks,

Silicon

Valley

Bank

and

Signature

Bank,

and

major

European

bank

Credit

Suisse,

is

likely

to

add

further

downward

pressure

to

the

economy

as

the

banking

system

slows

lending

in

response.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

noise.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

April

20,

2023

Important

Notices

5

For

Shareholders

of

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

Subsequent

Events

-

Fund

Merger

for

NUO

Effective

prior

to

the

opening

of

business

on

April

17,

2023,

NUO

merged

into

Nuveen

Municipal

Credit

Income

Fund

(NZF).

Refer

to

the

Notes

to

Financial

Statements

within

this

report

for

further

details

on

the

merger.

6

Portfolio

Managers’

Comments

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Portfolio

managers

include

Michael

S.

Hamilton

for

the

Nuveen

Arizona

Quality

Municipal

Income

Fund,

Daniel

J.

Close,

CFA,

for

the

Nuveen

Ohio

Quality

Municipal

Income

Fund

and

Paul

L.

Brennan,

CFA,

for

the

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

and

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

Here,

the

Funds’

portfolio

managers

review

U.S.

economic

and

municipal

market

conditions,

key

investment

strategies

and

each

Fund’s

performance

for

the

twelve-month

reporting

period

ended

February

28,

2023.

What

factors

affected

the

U.S.

economy

and

municipal

markets

during

the

twelve-month

reporting

period

ended

February

28,

2023?

Despite

high

inflation

and

tightening

financial

conditions,

the

U.S.

economy

remained

on

a

moderate

growth

path

during

the

twelve-month

period

ended

February

28,

2023.

The

U.S.

economy

grew

at

a

pace

of

2.1%

in

2022,

normalizing

from

its

rapid

post-pandemic

recovery

in

2021

when

it

expanded

5.9%,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

Inflation

remained

persistently

high

as

China’s

Zero-COVID

restrictions

(later

lifted

in

December

2022)

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions

and

drove

food

and

energy

prices

higher.

While

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

took

aggressive

measures

that

helped

inflation

rates

ease

off

their

peaks,

the

levels

remained

much

higher

than

central

banks’

target

levels.

Beginning

in

March

2022,

the

Fed

raised

its

target

fed

funds

rate

eight

times

during

the

reporting

period,

bringing

it

from

near

zero

at

the

start

of

2022

to

a

range

of

4.50%

to

4.75%.

After

the

close

of

the

reporting

period,

in

March

2023,

the

Fed

raised

its

rate

by

0.25%

to

a

range

of

4.75%

to

5.00%.

This

was

a

closely

watched

decision

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

in

March

2023,

after

the

end

of

the

reporting

period,

and

uncertainty

around

the

economic

impact

of

these

failures.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

had

been

troubled

for

some

time

and

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

Inflation

and

higher

borrowing

costs

weighed

on

consumer

confidence

and

spending

and

notably

cooled

the

housing

market

in

this

reporting

period.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

remained

stronger

than

expected.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

As

of

February

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.6%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

in

2022

and

early

2023,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

broad

municipal

bond

market

declined

over

the

twelve-month

reporting

period,

primarily

driven

by

interest

rate

and

economic

uncertainty.

Municipal

yields

rose

across

the

maturity

spectrum,

with

a

greater

increase

at

the

shorter

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening

to

combat

persistently

high

inflation.

Although

the

yield

curve

flattened

overall,

shorter

maturities

still

outperformed

longer

maturities.

In

response

to

the

rising

interest

rate

environment

and

heightened

market

volatility,

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

mutual

funds.

For

much

of

the

reporting

period,

credit

spreads

were

generally

stable

given

relatively

strong

municipal

fundamentals,

although

there

was

some

widening

as

the

market

sell-off

continued.

7

What

were

the

economic

and

market

environments

in

Arizona,

New

Jersey,

Ohio

and

Pennsylvania

during

the

twelve-month

reporting

period

ended

February

28,

2023?

Arizona’s

economy

has

recouped

pandemic-related

job

losses,

with

nonfarm

payrolls

increasing

since

April

2020.

As

of

February

2023,

Arizona’s

unemployment

rate

was

3.7%,

compared

with

3.6%

for

the

nation.

On

June

28,

2022,

Governor

Doug

Ducey

signed

the

state’s

$15.8

billion

general

fund

budget

for

fiscal

year

2023

(July

1,

2022,

to

June

30,

2023),

which

represented

a

23%

increase

over

fiscal

year

2022.

The

budget

makes

a

$425

million

deposit

into

the

rainy

day

fund.

Newly

elected

Governor

Katie

Hobbs

released

a

general

fund

budget

proposal

for

fiscal

year

2024

in

January

2023.

The

fiscal

year

2024

budget

totals

$17.1

billion,

which

is

10.4%

higher

than

revised

budget

for

fiscal

year

2023,

and

focuses

on

investments

in

education,

water,

and

affordable

housing.

The

state

projects

to

end

fiscal

year

2024

with

$1.6

billion

in

the

rainy

day

fund,

or

10.7%

of

ongoing

general

fund

spending

of

$15

billion.

Arizona

does

not

issue

general

obligation

bonds

per

its

constitution

but

does

issue

Certificates

of

Participation

and

Lease

Revenue

Bonds.

As

of

February

2023,

S&P

and

Moody’s

rated

Arizona’s

Issuer

Credit

Rating

at

AA

and

Aa1,

respectively,

with

a

stable

outlook.

Arizona

municipal

bond

new

issuance

totaled

$5.9

billion

for

the

twelve-month

period

ended

February

28,

2023,

an

18.5%

decrease

from

the

same

period

a

year

earlier.

New

Jersey

continued

its

post-pandemic

recovery

in

2022,

with

nominal

GDP

growing

approximately

9.1%

to

$745

billion,

ranking

the

state’s

economy

the

ninth

largest

in

the

United

States.

The

state’s

unemployment

rate

as

of

February

2023

was

3.5%,

which

was

just

below

the

national

unemployment

rate

of

3.6%.

The

state

concluded

fiscal

year

2022

(July

1,

2021

to

June

30,

2022)

with

a

large

surplus

for

the

second

consecutive

year,

primarily

based

on

better-than-budgeted

tax

receipts

as

revenues

surged

roughly

19.0%

above

the

year

prior.

As

a

result,

the

state

projects

its

undesignated

fund

balance

increased

to

approximately

$8.3

billion

at

the

end

of

fiscal

year

2022,

or

roughly

15.8%

of

appropriations.

The

proposed

budget

for

fiscal

year

2023

(July

1,

2022

to

June

30,

2023)

was

passed

assuming

a

3.0%

reduction

in

revenues,

but

stronger-than-anticipated

collections

early

in

the

fiscal

year

boosted

revenue

estimates

by

$3.7

billion,

or

7.3%

higher

than

the

amount

originally

certified.

However,

tax

collections

showed

signs

of

moderating

in

the

second

half

of

the

year.

In

August

2022,

S&P

affirmed

the

state’s

A-

rating

and

revised

its

outlook

to

positive

from

stable.

Moody’s

followed

suit

in

September

2022,

affirming

the

state’s

A

rating

and

revising

its

outlook

to

positive

from

stable.

Fitch

upgraded

the

state’s

rating

to

A

from

A-

in

September

2022

and

maintained

its

positive

outlook.

New

Jersey

municipal

bond

supply

totaled

$7.2

billion

for

the

twelve-month

period

ended

February

28,

2023,

an

18%

decrease

from

the

same

period

a

year

earlier.

Ohio

has

a

large

and

diverse

economy,

although

the

manufacturing

sector

accounts

for

an

outsized

12.2%

of

the

workforce

in

Ohio,

compared

to

8.5%

for

the

nation.

As

a

result,

Ohio’s

economy

tends

to

fluctuate

with

business

cycle

swings.

Overall,

job

growth

in

the

state

has

been

slow

and

has

not

kept

pace

with

the

U.S.

over

the

past

year.

As

of

February

2023,

the

Ohio

unemployment

rate

was

3.9%,

compared

to

a

national

rate

of

3.6%.

Financially,

the

state

has

robust

reserves

that

reflect

a

rise

in

income

tax

and

sales

tax

revenues

in

the

past

two

years

and

conservative

budgeting.

The

state

ended

fiscal

year

2022

(July

1,

2021,

to

June

30,

2022)

with

a

29.6%

increase

in

the

total

general

fund

balance.

Following

a

$727

million

deposit

in

January

2023,

the

state’s

budget

stabilization

fund

totals

a

record-high

$3.5

billion,

equal

to

the

statutory

target

of

8.5%

of

prior-year

general

revenue

fund

revenues.

The

governor

has

proposed

a

biennial

budget

that

is

based

on

a

conservative

forecast

and

is

structurally

balanced.

Spending

from

the

general

revenue

fund

totals

$42.3

billion

in

fiscal

2024,

a

3.7%

increase

over

fiscal

2023,

and

$44.6

billion

in

fiscal

2025,

a

5.4%

increase

over

fiscal

2024.

The

budget

assumes

a

general

revenue

ending

balance

of

$884

million

in

fiscal

year

2024

and

$549

million

in

fiscal

year

2025.

As

of

February

2023,

Moody’s

and

S&P

rated

Ohio

general

obligation

(GO)

debt

Aa1

and

AA+,

respectively,

while

Fitch

upgraded

Ohio’s

rating

to

AAA

in

September

2022.

Ohio

municipal

bond

new

issuance

totaled

$5.4

billion

for

the

twelve-month

period

ended

February

28,

2023,

a

53%

decrease

from

the

same

period

a

year

earlier.

Pennsylvania

has

the

sixth

largest

economy

among

U.S.

states,

based

on

a

2022

real

GDP

of

$923.1

billion.

The

state

benefits

from

a

highly

diversified

economy,

although

it

has

lagged

the

U.S.

for

the

better

part

of

a

decade

in

terms

of

employment,

GDP

and

income

growth.

The

unemployment

rate

as

of

February

2023

was

4.4%

for

the

commonwealth,

compared

to

3.6%

for

the

nation.

Despite

slower

jobs

recovery

compared

to

other

states,

Pennsylvania’s

financial

position

has

improved

significantly

because

of

strong

revenues

and

substantial

federal

stimulus

aid.

This

has

enabled

the

commonwealth

to

set

aside

solid

budget

reserves

over

the

past

two

fiscal

years.

General

fund

tax

revenues

exceeded

the

budget

by

$5.3

billion,

or

14.3%,

in

fiscal

year

2022

(July

1,

2021,

to

June

30,

2022).

Fiscal

year

2023

year-to-date

(through

February

2023)

general

fund

collections

total

$26.1

billion,

which

is

$649.3

million,

or

2.6%

above

estimate.

Governor

Shapiro

has

proposed

his

first

budget

for

the

commonwealth,

which

calls

for

total

operating

spending

from

all

funds

of

$117.6

billion,

including

$44.4

billion

in

general

fund

spending,

an

8.0%

increase,

and

$45.8

billion

in

federal

fund

spending,

a

2.3%

decrease.

The

governor’s

recommended

budget

estimates

a

general

fund

ending

balance

of

$5.6

billion

for

fiscal

2024.

As

a

result,

the

state

deposited

$2.1

billion

into

the

budget

stabilization

reserve

fund

in

September

2022,

bringing

the

total

to

$5

billion

or

42.6

days

of

general

fund

expenditures,

which

is

near

the

national

median.

As

of

February

2023,

Pennsylvania’s

general

obligation

(GO)

debt

was

rated

Aa3

by

Moody’s

and

A+

by

S&P.

Pennsylvania

municipal

bond

new

issuance

totaled

$10.9

billion

for

the

twelve-month

period

ended

February

28,

2023,

a

38%

decrease

from

the

same

period

a

year

earlier.

Portfolio

Managers’

Comments

(continued)

8

What

key

strategies

were

used

to

manage

the

Funds

during

the

twelve-month

reporting

period

ended

February

28,

2023?

Each

Fund’s

primary

investment

objective

is

current

income

exempt

from

both

regular

federal

income

taxes

and

its

respective

state’s

individual

income

taxes;

its

secondary

investment

objective

is

the

enhancement

of

portfolio

value.

Each

Fund

uses

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

Funds’

trading

activity

remained

focused

on

pursuing

their

investment

objectives.

The

rising

yield

environment

during

this

reporting

period

was

favorable

for

the

Funds

to

reset

embedded

yields

higher

in

their

portfolios,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Funds’

income

earnings

and

capture

tax

efficiencies.

Additionally,

in

NAZ,

elevated

call

activity

drove

buying

activity.

The

Arizona

Fund

reinvested

the

proceeds

from

called

bonds

into

bonds

offering

higher

yields,

supporting

the

Fund’s

income

distribution

capability.

NXJ

and

NQP

took

steps

to

manage

leverage

risks

more

defensively

by

holding

a

higher-than-normal

level

of

cash

and

cash

equivalents,

generated

from

the

proceeds

of

called

and

maturing

bonds

and

selective

light

selling.

However,

no

meaningful

deleveraging

trades

were

necessary

in

the

reporting

period.

NUO

also

took

steps

to

manage

its

leverage

strategy

by

collapsing

certain

tender

option

bond

structures

that

were

no

longer

cost-efficient

because

of

rising

borrowing

costs.

NUO

bought

bonds

more

actively

in

the

second

half

of

the

reporting

period

when

inflows

from

coupon

income

were

more

elevated.

Overall,

NUO

primarily

added

bonds

with

the

following

characteristics:

5%

to

5.25%

coupon

structures;

longer

maturities,

primarily

20

to

40

years

and

longer;

and

higher

credit

quality,

primarily

AA

rated

because

of

availability

within

the

state.

The

new

positions

represented

a

diverse

range

of

sectors

and

were

a

mix

of

new

issue

and

secondary

market

purchases.

How

did

the

Funds

perform

during

the

twelve-month

reporting

period

ended

February

28,

2023?

For

the

twelve

months

ended

February

28,

2023,

the

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

significantly

underperformed

the

S&P

Municipal

Bond

Arizona

Index,

the

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

significantly

underperformed

the

S&P

Municipal

Bond

New

Jersey

Index,

the

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

underperformed

the

S&P

Municipal

Bond

Ohio

Index

and

the

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

underperformed

the

S&P

Municipal

Bond

Pennsylvania

Index.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

each

Fund’s

respective

state

S&P

Municipal

Bond

Index.

Each

Fund’s

use

of

leverage

through

inverse

floating

rate

securities

and

the

issuance

of

preferred

shares

detracted

significantly

from

relative

performance

during

the

reporting

period.

However,

NAZ,

NXJ

and

NQP's

use

of

leverage

was

accretive

to

overall

common

share

income.

The

Funds’

longer-duration

positioning

relative

to

their

respective

benchmark

indexes

was

another

primary

detractor

from

relative

performance.

The

negative

impact

came

from

the

Funds’

overweight

allocations

to

longer-duration

bonds,

which

underperformed

in

the

rising

rate

environment,

and

their

corresponding

underweights

to

shorter-duration

bonds,

which

outperformed.

For

NXJ,

another

material

detractor

from

relative

performance

was

its

overweight

allocations

to

A

and

BBB

rated

credits.

While

these

credits

underperformed,

the

portfolio

management

team

believed

they

offered

an

attractive

relative

value

opportunity.

NAZ’s

relative

underperformance

was

partially

offset

by

beneficial

sector

allocations.

In

particular,

NAZ’s

underweight

to

the

industrial

development

revenue/pollution

control

revenue

(IDR/PCR)

sector

contributed

positively

because

the

sector

lagged

the

broad

market.

Partially

offsetting

the

detractors

for

NUO

and

NQP

were

these

Funds’

holdings

in

Energy

Harbor

common

stock.

The

equity

position

came

into

the

portfolios

in

2020

as

part

of

the

bankruptcy

restructuring

of

FirstEnergy

Solutions,

the

predecessor

of

Energy

Harbor

and

a

former

holding

in

the

Funds.

The

stock

price

rose

in

the

reporting

period

on

the

back

of

rising

energy

prices

and

greater

interest

in

low

carbon

energy

sources.

The

two

Funds

also

own

Energy

Harbor

tax-exempt

bonds,

but

the

stock

position

was

the

main

contributor.

9

For

NXJ,

during

the

reporting

period,

there

were

no

material

contributors

that

offset

the

Fund’s

underperformance.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

manager

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Fund

disclaims

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

10

Fund

Leverage

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

preferred

shares

and/or

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Funds’

use

of

leverage

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Funds’

use

of

leverage

was

accretive

to

overall

common

share

income.

As

of

February

28,

2023,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

THE

FUNDS’

REGULATORY

LEVERAGE

As

of

February

28,

2023,

the

following

Funds

have

issued

and

outstanding

preferred

shares

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

preferred

shares

and

each

Fund’s

respective

transactions.

NAZ

NXJ

NUO

NQP

Effective

Leverage

*

39.99%

41.48%

36.20%

40.33%

Regulatory

Leverage

*

38.17%

36.16%

36.20%

30.79%

*

Effective

Leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

Variable

Rate

Preferred*

Variable

Rate

Remarketed

Preferred**

Fund

Shares

Issued

at

Liquidation

Preference

Shares

Issued

at

Liquidation

Preference

Total

NAZ

$88,300,000

$  

-

$88,300,000

NXJ

$313,900,000

$  

-

$313,900,000

NUO

$148,000,000

$  

-

$148,000,000

NQP

$217,500,000

$  

-

$217,500,000

*

Preferred

shares

of

the

Fund

featuring

a

floating

rate

dividend

based

on

a

predetermined

formula

or

spread

to

an

index

rate.

Includes

the  

following

preferred

shares

AMTP,

iMTP

,

MFP-VRM

and

VRDP

in

Special

Rate

Mode,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

**

Preferred

shares

of

the

Fund

featuring

floating

rate

dividends

set

by

a

remarketing

agent

via

a

regular

remarketing.

Includes

the

following  

preferred

shares

VRDP

not

in

Special

Rate

Mode,

MFP-VRRM

and

MFP-VRDM,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

Common

Share

Information

11

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

February

28,

2023.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to

Note

6

–

Income

Tax

Information

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in

Note

6

–

Income

Tax

Information

within

the

Notes

to

Financial

Statements

of

this

report.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closedend

funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NAZ

NXJ

NUO

NQP

March

$0.0500

$0.0585

$0.0490

$0.0520

April

0.0500

0.0535

0.0435

0.0485

May

0.0500

0.0535

0.0435

0.0485

June

0.0500

0.0535

0.0435

0.0485

July

0.0460

0.0495

0.0380

0.0440

August

0.0460

0.0495

0.0380

0.0440

September

0.0460

0.0495

0.0380

0.0440

October

0.0405

0.0415

0.0325

0.0370

November

0.0405

0.0415

0.0325

0.0370

December

0.0405

0.0415

0.0325

0.0370

January

0.0325

0.0325

0.0275

0.0290

February

0.0325

0.0325

0.0275

0.0290

Total

Distributions

from

Net

Investment

Income

$0.5245

$0.5570

$0.4460

$0.4985

Total

Distributions

from

Long

Term

Capital

Gains

1

$–

$–

$0.0059

$–

Total

Distributions

$0.5245

$0.5570

$0.4519

$0.4985

1

Distributions

paid

in

December

2022.

Yields

NAZ

NXJ

NUO

NQP

Market

Yield

1

3.45%

3.43%

2.66%

3.11%

Taxable-Equivalent

Yield

1

6.06%

7.08%

4.80%

5.53%

1

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

distribution

divided

by

the

Fund’s

current

market

price

as

of

the

end

of

the

reporting

period.

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis.

It

is

based

on

a

combined

federal

and

state

income

tax

rate

of

43.3%,

51.6%,

44.8%

and

43.9%

for

NAZ,

NXJ,

NUO

and

NQP,

respectively.

Your

actual

combined

federal

and

state

income

tax

rate

may

differ

from

the

assumed

rate.

The

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-

Equivalent

Yield

would

be

lower.

Common

Share

Information

(continued)

12

COMMON

SHARE

REPURCHASES

During

August

2022,

the

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

As

of

February

28,

2023

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

the

following

Fund

repurchased

and

retired

its

common

shares

at

a

weighted

average

price

per

share

and

a

weighted

average

discount

per

share

as

shown

in

the

following

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

February

28,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAV,

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

NAZ

NXJ

NUO

NQP

Common

shares

repurchased

and

retired

127,500

1,710,343

267,700

734,900

Common

shares

authorized

for

repurchase

1,155,000

4,145,000

1,825,000

3,735,000

NUO

Common

shares

repurchased

and

retired

62,700

Weighted

average

price

per

common

share

repurchased

and

retired

$

12.14

Weighted

average

discount

per

common

share

repurchased

and

retired

(16.03)%

NAZ

NXJ

NUO

NQP

Common

share

NAV

$12.33

$13.36

$14.29

$13.08

Common

share

price

$11.30

$11.37

$12.40

$11.19

Premium/(Discount)

to

NAV

(8.35)%

(14.90)%

(13.23)%

(14.45)%

Average

premium/(discount)

to

NAV

(1.07)%

(11.47)%

(13.44)%

(12.39)%

Nuveen

Arizona

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

February

28,

2023

13

NAZ

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Arizona

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NAZ

at

Common

Share

NAV

11/19/92

(11.40)%

1.12%

2.23%

NAZ

at

Common

Share

Price

11/19/92

(14.48)%

0.21%

1.40%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

Arizona

Index

—

(4.89)%

1.56%

2.07%

14

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

165

.3‌

%

Other

Assets

&

Liabilities,

Net

1.3%

Floating

Rate

Obligations

(4.9)%

AMTP

Shares,

Net

(

61

.7‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.3%

AAA

7.1%

AA

54.5%

A

19.3%

BBB

3.1%

BB

or

Lower

4.8%

N/R

(not

rated)

9.9%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

25.7%

Education

and

Civic

Organizations

19.6%

Utilities

18.1%

Health

Care

13.4%

Tax

Obligation/General

11.3%

Transportation

5.9%

U.S.

Guaranteed

2.8%

Other

3.2%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Arizona

94.5%

Puerto

Rico

3.1%

Guam

2.1%

Virgin

Islands

0.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Arizona

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

February

28,

2023

15

NXJ

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

Jersey

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NXJ

at

Common

Share

NAV

3/27/01

(10.16)%

1.47%

2.68%

NXJ

at

Common

Share

Price

3/27/01

(11.96)%

2.05%

2.26%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

New

Jersey

Index

—

(3.70)%

2.35%

2.70%

16

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

159.8‌%

Other

Assets

&

Liabilities,

Net

2.6%

Floating

Rate

Obligations

(6.0)%

VRDP

Shares,

Net

(56.4‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

8.4%

AAA

8.8%

AA

40.9%

A

28.8%

BBB

8.6%

BB

or

Lower

2.7%

N/R

(not

rated)

1.8%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

22.9%

Transportation

18.0%

Health

Care

13.1%

Education

and

Civic

Organizations

12.5%

Tax

Obligation/General

8.9%

U.S.

Guaranteed

7.2%

Housing/Single

Family

6.2%

Other

11.2%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

New

Jersey

88.9%

New

York

4.9%

Pennsylvania

2.9%

Delaware

1.9%

Puerto

Rico

1.4%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

New

Jersey

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Ohio

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

February

28,

2023

17

NUO

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Ohio

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Class

A

Shares 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NUO

at

Common

Share

NAV

10/17/91

(11.19)%

0.99%

2.15%

NUO

at

Common

Share

Price

10/17/91

(12.73)%

1.24%

1.09%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

Ohio

Index

—

(5.50)%

2.03%

2.70%

18

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

153

.9‌

%

Common

Stocks

1

.9‌

%

Other

Assets

&

Liabilities,

Net

0.9%

VRDP

Shares,

Net

(

56

.7‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

9.9%

AAA

17.4%

AA

50.2%

A

10.2%

BBB

2.5%

BB

or

Lower

1.9%

N/R

(not

rated)

6.7%

N/A

(not

applicable)

1.2%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

20.5%

Tax

Obligation/General

15.7%

Utilities

14.2%

U.S.

Guaranteed

13.2%

Transportation

12.5%

Education

and

Civic

Organizations

9.7%

Health

Care

8.0%

Other

5.0%

Common

Stocks

1.2%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Ohio

89.6%

Puerto

Rico

3.1%

Texas

1.7%

Michigan

1.4%

Colorado

1.1%

North

Carolina

1.0%

Florida

0.8%

Missouri

0.6%

Kentucky

0.3%

Oregon

0.3%

Washington

0.1%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Ohio

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

February

28,

2023

19

NQP

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Pennsylvania

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NQP

at

Common

Share

NAV

2/21/91

(11.31)%

1.69%

2.50%

NQP

at

Common

Share

Price

2/21/91

(17.61)%

2.33%

1.88%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

Pennsylvania

Index

—

(5.35)%

1.78%

2.36%

20

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

154.6‌%

Common

Stocks

9.4‌%

Other

Assets

&

Liabilities,

Net

2.2%

Floating

Rate

Obligations

(21.9)%

VRDP

Shares,

Net

(44.3‌)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Health

Care

18.9%

Tax

Obligation/General

13.0%

Housing/Single

Family

12.8%

Utilities

11.8%

Education

and

Civic

Organizations

9.9%

U.S.

Guaranteed

8.5%

Transportation

6.7%

Other

12.7%

Common

Stocks

5.7%

Total

100%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

9.1%

AAA

0.4%

AA

42.0%

A

26.0%

BBB

7.2%

BB

or

Lower

3.8%

N/R

(not

rated)

5.8%

N/A

(not

applicable)

5.7%

Total

100‌%

States

and

Territories

2

(%

of

total

municipal

bonds)

Pennsylvania

98.5%

Puerto

Rico

1.2%

New

Jersey

0.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Pennsylvania

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Shareholder

Meeting

Report

21

The

annual

meeting

of

shareholders

was

held

on

November

18,

2022

for

NAZ,

NXJ,

NUO

and

NQP;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members. 

A

special

meeting

of

shareholders

was

held

on

February

8,

2023

for

NUO;

at

this

meeting

the

only

proposal

presented

to

shareholders

was

to

approve

an

Agreement

and

Plan

of

Merger.

NAZ

NXJ

NUO

NQP

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

To

approve

an

Agreement

and

Plan

of

Merger

For

—

—

—

—

9,705,260

1,480

—

—

Against

—

—

—

—

1,085,171

—

—

—

Abstain

—

—

—

—

344,137

—

—

—

BNV

—

—

—

—

—

—

—

—

Total

—

—

—

—

11,134,568

1,480

—

—

Approval

of

the

Board

Members

was

reached

as

follows:

Judith

M.

Stockdale

For

8,561,026

—

32,651,504

—

13,463,547

—

27,409,434

—

Withhold

306,826

—

941,490

—

1,756,677

—

1,315,822

—

Total

8,867,852

—

33,592,994

—

15,220,224

—

28,725,256

—

Carole

E.

Stone

For

8,561,109

—

32,672,121

—

13,479,459

—

27,452,132

—

Withhold

306,743

—

920,873

—

1,740,765

—

1,273,124

—

Total

8,867,852

—

33,592,994

—

15,220,224

—

28,725,256

—

Margaret

L.

Wolff

For

8,575,359

—

32,724,685

—

13,486,111

—

27,567,039

—

Withhold

292,493

—

868,309

—

1,734,113

—

1,158,217

—

Total

8,867,852

—

33,592,994

—

15,220,224

—

28,725,256

—

William

C.

Hunter

For

—

883

—

3,139

—

1,480

—

2,175

Withhold

—

—

—

—

—

—

—

—

Total

—

883

—

3,139

—

1,480

—

2,175

Albin

F.

Moschner

For

—

883

—

3,139

—

1,480

—

2,175

Withhold

—

—

—

—

—

—

—

—

Total

—

883

—

3,139

—

1,480

—

2,175

Report

of

Independent

Registered

Public

Accounting

Firm

23

To

the

Shareholders

and

Board

of

Trustees

Nuveen

Arizona

Quality

Municipal

Income

Fund,

Nuveen

New

Jersey

Quality

Municipal

Income

Fund,

Nuveen

Ohio

Quality

Municipal

Income

Fund,

and

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Nuveen

Arizona

Quality

Municipal

Income

Fund,

Nuveen

New

Jersey

Quality

Municipal

Income

Fund,

Nuveen

Ohio

Quality

Municipal

Income

Fund,

and

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(the

Funds),

including

the

portfolios

of

investments,

as

of

February 28, 2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

February 28, 2023,

the

results

of

their

operations

and

their

cash

flows

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

years

in

the

two-year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five-year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

February 28, 2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

April

26,

2023

24

Nuveen

Arizona

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NAZ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

165.3% (100.0%

of

Total

Investments)  

X

236,336,640

MUNICIPAL

BONDS

-

165.3%  (100.0%

of

Total

Investments)

X

236,336,640

Education

and

Civic

Organizations

-

32.4%

(19.6%

of

Total

Investments)

$

2,175

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Green

Series

2016B,

5.000%,

7/01/47

7/26

at

100.00

AA

$

2,238,314

1,500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Refunding

Green

Series

2015A,

5.000%,

7/01/41

7/25

at

100.00

AA

1,537,680

1,500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2015D,

5.000%,

7/01/41

7/25

at

100.00

AA

1,537,680

2,030

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2020B,

4.000%,

7/01/47

7/30

at

100.00

AA

1,927,830

2,515

Arizona

Board

of

Regents,

Univeristy

of

Arizona,

SPEED

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Series

2014,

5.000%,

8/01/44

8/24

at

100.00

Aa3

2,544,300

515

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017A,

5.125%,

7/01/37,

144A

7/26

at

100.00

BB

509,041

525

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017C,

5.000%,

7/01/47

7/27

at

100.00

AA-

535,243

250

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/47,

144A

7/27

at

100.00

BB

227,405

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F:

1,700

5.000%,

7/01/37

7/27

at

100.00

AA-

1,762,781

1,645

5.000%,

7/01/47

7/27

at

100.00

AA-

1,677,094

380

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/47,

144A

7/27

at

100.00

BB

345,656

240

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Montessori

Academy

Projects,

Refunding

Series

2017A,

6.250%,

11/01/50,

144A

11/27

at

100.00

N/R

197,554

420

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Somerset

Academy

of

Las

Vegas

Aliante

and

Skye

Canyon

Campus

Projects,

Series

2021A,

4.000%,

12/15/41,

144A

12/29

at

100.00

BB

336,210

375

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017B,

5.000%,

3/01/48,

144A

9/27

at

100.00

BB+

332,059

230

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017B,

4.250%,

7/01/27,

144A

No

Opt.

Call

BB+

225,356

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2018A:

615

5.000%,

7/01/38

1/28

at

100.00

AA-

628,696

1,000

5.000%,

7/01/48

1/28

at

100.00

AA-

1,005,160

455

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.750%,

7/15/38,

144A

7/26

at

100.00

BB+

468,127

1,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Sloan

Canyon

Campus

Project,

Series

2020A-2,

6.000%,

9/15/38,

144A

9/23

at

105.00

BB+

1,054,940

160

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Social

Bonds

Pensar

Academy

Project,

Series

2020,

4.000%,

7/01/30,

144A

7/28

at

100.00

BB-

146,576

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

University

of

Indianapolis

-

Health

Pavilion

Project,

Series

2019A:

$

1,645

4.000%,

10/01/39

10/29

at

100.00

BBB

$

1,496,736

1,080

4.000%,

10/01/49

10/29

at

100.00

BBB

923,271

1,500

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Caurus

Academy

Project,

Series

2018A,

6.375%,

6/01/39,

144A

6/28

at

100.00

N/R

1,529,550

Industrial

Development

Authority,

Pima

County,

Arizona,

Education

Revenue

Bonds,

Center

for

Academic

Success

Project,

Refunding

Series

2019:

360

4.000%,

7/01/31

7/29

at

100.00

BBB

352,887

340

4.000%,

7/01/33

7/29

at

100.00

BBB

330,364

195

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Social

Series

2021A,

4.000%,

7/01/51,

144A

7/29

at

100.00

BB

143,641

355

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00

AA-

367,397

490

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017C,

5.000%,

7/01/48

7/27

at

100.00

AA-

498,212

1,715

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Highland

Prep

Project,

Series

2019,

5.000%,

1/01/50

1/30

at

100.00

AA-

1,753,039

665

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00

AA-

682,669

700

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2021A,

4.000%,

7/01/41,

144A

7/31

at

100.00

BB+

576,128

870

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Paradise

Schools

Projects,

Series

2016,

5.000%,

7/01/47,

144A

7/26

at

100.00

BB+

814,181

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Reid

Traditional

School

Projects,

Series

2016:

520

5.000%,

7/01/36

7/26

at

100.00

Baa3

527,888

300

5.000%,

7/01/47

7/26

at

100.00

Baa3

300,822

2,500

Maricopa

County

Industrial

Development

Authority,

Arizona,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2020,

5.000%,

7/01/47

1/30

at

100.00

A2

2,616,425

2,095

McAllister

Academic

Village

LLC,

Arizona,

Revenue

Bonds,

Arizona

State

University

Hassayampa

Academic

Village

Project,

Refunding

Series

2016,

5.000%,

7/01/37

7/26

at

100.00

AA-

2,199,603

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

1,155

5.000%,

6/01/40

6/24

at

100.00

A+

1,166,504

70

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

BB

64,051

800

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2016A,

5.000%,

7/01/41

7/25

at

100.00

BBB

806,464

500

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Project,

Series

2014A,

6.750%,

7/01/44,

144A

7/24

at

100.00

BB+

509,920

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2015:

315

5.000%,

7/01/35,

144A

7/25

at

100.00

BB+

313,831

300

5.000%,

7/01/45,

144A

7/25

at

100.00

BB+

276,480

650

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2016A,

5.000%,

7/01/41,

144A

7/26

at

100.00

BB+

616,310

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

26

NAZ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

1,110

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Northwest

Christian

School

Project,

Series

2020A,

5.000%,

9/01/45,

144A

9/30

at

100.00

Ba2

$

935,819

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Villa

Montessori,

Inc.

Projects,

Series

2015:

160

3.250%,

7/01/25

No

Opt.

Call

BBB-

156,029

400

5.000%,

7/01/35

7/25

at

100.00

BBB-

408,352

900

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Vista

College

Preparatory

Project,

Series

2018A,

4.125%,

7/01/38

7/28

at

100.00

AA-

875,439

1,995

Phoenix

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Eastern

Kentucky

University

Project,

Series

2016,

5.000%,

10/01/36

10/26

at

100.00

A3

2,069,114

500

Pima

County

Community

College

District,

Arizona,

Revenue

Bonds,

Series

2019,

5.000%,

7/01/36

7/28

at

100.00

Aa3

539,630

200

Pima

County

Industrial

Development

Authority,

Arizona,

Charter

School

Revenue

Bonds,

Desert

Heights

Charter

School,

Series

2014,

7.250%,

5/01/44

5/24

at

100.00

N/R

203,872

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Champion

Schools

Project,

Series

2017:

120

6.000%,

6/15/37,

144A

6/26

at

100.00

N/R

111,816

680

6.125%,

6/15/47,

144A

6/26

at

100.00

N/R

596,598

200

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Edkey

Charter

Schools

Project,

Series

2016,

5.250%,

7/01/36

7/26

at

100.00

BB-

199,426

35

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2016,

6.500%,

2/01/48,

144A

2/24

at

100.00

N/R

35,191

115

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017,

6.750%,

2/01/50,

144A

2/28

at

100.00

N/R

117,782

500

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Noah

Webster

Schools

Mesa

Project,

Series

2015A,

5.000%,

12/15/34,

144A

6/25

at

100.00

BB

485,230

730

Pinal

County

Community

College

District,

Arizona,

Revenue

Bonds,

Central

Arizona

College,

Series

2017,

5.000%,

7/01/35

-

BAM

Insured

7/26

at

100.00

AA

764,456

780

Student

and

Academic

Services

LLC,

Arizona,

Lease

Revenue

Bonds,

Northern

Arizona

University

Project,

Series

2014,

5.000%,

6/01/39

-

BAM

Insured

6/24

at

100.00

AA

791,279

Total

Education

and

Civic

Organizations

46,394,108

Health

Care

-

22.2%

(13.4%

of

Total

Investments)

Arizona

Health

Facilities

Authority,

Revenue

Bonds,

Scottsdale

Lincoln

Hospitals

Project,

Refunding

Series

2014A:

3,005

5.000%,

12/01/39

12/24

at

100.00

A+

3,054,823

2,860

5.000%,

12/01/42

12/24

at

100.00

A+

2,893,204

430

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Children's

National

Prince

County

Regional

Medical

Center,

Series

2020A,

4.000%,

9/01/40

9/30

at

100.00

A1

415,513

4,975

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2020A,

4.000%,

2/01/50

2/30

at

100.00

AA-

4,466,854

1,250

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2019A,

5.000%,

9/01/42

9/28

at

100.00

A+

1,280,200

3,275

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2021A,

4.000%,

9/01/51

3/31

at

100.00

A+

2,920,972

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A:

1,250

5.000%,

1/01/32

1/27

at

100.00

AA-

1,340,563

1,000

5.000%,

1/01/35

1/27

at

100.00

AA-

1,062,500

2,000

5.000%,

1/01/38

1/27

at

100.00

AA-

2,100,660

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Series

2017A:

$

2,700

4.000%,

1/01/41

1/28

at

100.00

AA-

$

2,571,480

2,000

5.000%,

1/01/41

1/28

at

100.00

AA-

2,083,620

1,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Variable

Rate

Demand

Series

2019F,

4.000%,

1/01/45

7/30

at

100.00

AA-

931,190

2,250

Pima

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Tucson

Medical

Center,

Series

2021A,

3.000%,

4/01/51

4/31

at

100.00

A

1,563,413

1,025

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Refunding

Series

2016,

5.000%,

8/01/36

8/26

at

100.00

A+

1,058,999

1,000

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2013A,

5.250%,

8/01/33

8/23

at

100.00

A+

1,004,670

2,100

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2019,

4.000%,

8/01/43

8/29

at

100.00

A+

1,897,665

1,000

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2014A,

5.250%,

8/01/32

8/24

at

100.00

A

1,022,190

Total

Health

Care

31,668,516

Housing/Multifamily

-

1.3%

(0.8%

of

Total

Investments)

1,250

Arizona

Industrial

Development

Authority,

Student

Housing

Revenue

Bonds,

Provident

Group

-

NCCU

Properties

LLC-

North

Carolina

Central

University,

Series

2019A,

4.000%,

6/01/44

-

BAM

Insured

6/29

at

100.00

AA

1,204,675

250

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

5.375%,

10/01/56

10/29

at

103.00

N/R

173,765

500

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A,

7.000%,

10/01/56

10/29

at

103.00

N/R

426,055

Total

Housing/Multifamily

1,804,495

Long-Term

Care

-

3.9%

(2.4%

of

Total

Investments)

585

Arizona

Industrial

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Bridgewater

Avondale

Project,

Series

2017,

5.375%,

1/01/38

7/25

at

101.00

N/R

438,048

Glendale

Industrial

Development

Authority,

Arizona,

Senior

Living

Revenue

Bonds,

Royal

Oaks

Royal

Oaks

-

Inspirata

Pointe

Project,

Series

2020A:

1,000

5.000%,

5/15/41

5/26

at

103.00

BBB-

912,790

1,000

5.000%,

5/15/56

5/26

at

103.00

BBB-

845,340

1,825

Phoenix

Industrial

Development

Authority,

Arizona,

Multi-Family

Housing

Revenue

Bonds,

3rd

and

Indian

Road

Assisted

Living

Project,

Series

2016,

5.400%,

10/01/36

10/25

at

101.00

N/R

1,429,778

1,435

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Friendship

Village

of

Tempe

Project,

Refunding

Series

2021A,

4.000%,

12/01/38

12/29

at

102.00

N/R

1,166,684

1,080

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A,

6.125%,

10/01/47,

144A

10/27

at

100.00

N/R

837,075

Total

Long-Term

Care

5,629,715

Tax

Obligation/General

-

18.7%

(11.3%

of

Total

Investments)

575

Buckeye

Union

High

School

District

201,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project,

Refunding

Series

2017,

5.000%,

7/01/35

-

BAM

Insured

7/27

at

100.00

AA

611,288

2,105

Golder

Ranch

Fire

District,

Pima

and

Pinal

Counties,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/01/45

7/30

at

100.00

AA

1,996,950

1,045

Maricopa

County

School

District

14

Creighton

Elementary,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2021C,

4.000%,

7/01/34

7/31

at

100.00

Aa3

1,119,320

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

28

NAZ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

2,315

Maricopa

County

School

District

214

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

1990,

Series

1990A,

5.000%,

7/01/38

7/28

at

100.00

Aaa

$

2,505,756

630

Maricopa

County

School

District

214

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2017,

Series

2018A,

5.000%,

7/01/37

7/27

at

100.00

Aaa

670,805

1,500

Maricopa

County

Special

Health

Care

District,

Arizona,

General

Obligation

Bonds,

Series

2018C,

5.000%,

7/01/36

7/28

at

100.00

Aa3

1,611,315

1,350

Maricopa

County

Unified

School

District

95

Queen

Creek,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2018,

5.000%,

7/01/36

7/25

at

102.00

Aa1

1,417,284

1,275

Maricopa

County

Union

High

School

District

210

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

&

Project

of

2011

Series

2017E,

5.000%,

7/01/33

7/27

at

100.00

AAA

1,372,487

Mohave

County

Union

High

School

District

2

Colorado

River,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2017:

1,000

5.000%,

7/01/34

7/27

at

100.00

A1

1,068,090

1,000

5.000%,

7/01/36

7/27

at

100.00

A1

1,065,600

690

Northwest

Fire

District

of

Pima

County,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/01/36

7/27

at

100.00

AA-

735,264

2,000

Paradise

Valley

Unified

School

District

No.

69,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2019,

Series

2022D,

4.000%,

7/01/41

7/32

at

100.00

AAA

1,990,320

2,895

Pima

County

Unified

School

District

12

Sunnyside,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2011,

Series

2014D,

5.000%,

7/01/34

-

AGM

Insured

7/24

at

100.00

AA

2,946,357

1,330

Pima

County

Unified

School

District

6

Marana,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2010

Series

2011A,

5.000%,

7/01/25

7/23

at

100.00

A+

1,338,180

1,500

Pima

County

Unified

School

District

6

Marana,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2014,

Series

2017C,

5.000%,

7/01/36

-

BAM

Insured

7/27

at

100.00

AA

1,599,015

Pinal

County

School

District

4

Casa

Grande

Elementary,

Arizona,

General

Obligation

Bonds,

School

improvement

Project

2016,

Series

2017A:

620

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00

AA

660,158

1,000

5.000%,

7/01/35

-

BAM

Insured

7/27

at

100.00

AA

1,063,110

2,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

N/R

1,592,600

Western

Maricopa

Education

Center

District

402,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2012,

Series2014B:

715

4.500%,

7/01/33

7/24

at

100.00

AA-

720,563

665

4.500%,

7/01/34

7/24

at

100.00

AA-

668,544

Total

Tax

Obligation/General

26,753,006

Tax

Obligation/Limited

-

42.5%

(25.7%

of

Total

Investments)

100

Arizona

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Linder

Village

Project

in

Meridian,

Ada

County,

Idaho,

Series

2020,

5.000%,

6/01/31,

144A

No

Opt.

Call

N/R

99,357

1,250

Arizona

State

Transportation

Board,

Highway

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

7/01/35

7/26

at

100.00

AA+

1,315,837

275

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Refunding

Series

2016,

4.000%,

7/01/36

7/26

at

100.00

AA

279,040

1,000

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Series

2015,

5.000%,

7/01/37

7/25

at

100.00

AA

1,030,750

1,215

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

3,

Series

2020,

4.000%,

7/01/45

7/30

at

100.00

N/R

1,032,215

123

Cahava

Springs

Revitalization

District,

Cave

Creek,

Arizona,

Special

Assessment

Bonds,

Series

2017A,

7.000%,

7/01/41,

144A

2021

960240

(4)

7/27

at

100.00

N/R

94,597

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

1,210

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2015,

5.000%,

7/15/39,

144A

7/25

at

100.00

N/R

$

1,210,629

1,810

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

AGM

Insured

7/27

at

100.00

AA

1,915,360

2,445

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2018,

4.375%,

7/15/43

-

BAM

Insured

7/27

at

100.00

AA

2,463,827

650

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/41

-

BAM

Insured

7/31

at

100.00

AA

642,050

484

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2013,

5.250%,

7/01/38

7/23

at

100.00

N/R

464,766

697

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

5.200%,

7/01/43

7/27

at

100.00

N/R

635,866

2,280

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

12,

Series

2021,

3.750%,

7/01/45

7/30

at

100.00

N/R

1,713,716

1,035

Eastmark

Community

Facilities

District

2,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2020,

3.500%,

7/15/44

7/30

at

100.00

N/R

741,774

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

105

5.000%,

7/15/32

-

AGM

Insured

7/27

at

100.00

AA

112,183

1,145

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Lucero

Assessment

District

2,

Series

2023,

5.750%,

7/01/46

7/32

at

100.00

N/R

1,123,279

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2012:

345

5.000%,

7/15/27

-

BAM

Insured

3/23

at

100.00

AA

345,431

1,085

5.000%,

7/15/31

3/23

at

100.00

AA

1,086,259

500

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2016,

4.000%,

7/15/36

-

BAM

Insured

7/26

at

100.00

AA

496,580

1,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/37

-

BAM

Insured

7/27

at

100.00

AA

1,056,820

590

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00

AA

618,214

1,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2020,

4.000%,

7/15/40

-

BAM

Insured

7/30

at

100.00

AA

976,030

2,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2022,

5.000%,

7/15/42

-

AGM

Insured

7/32

at

100.00

AA

2,146,980

340

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

Special

Assessment

Revenue

Bonds,  Assessment

District

11,

Series

2017,

5.200%,

7/01/37

7/27

at

100.00

N/R

321,249

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

545

4.000%,

7/15/32

7/26

at

100.00

Aa2

558,876

415

Goodyear,

Arizona,

Community

Facilities

General

District

1,

Arizona,

General

Obligation

Refunding

Bonds,

Series

2013,

5.000%,

7/15/23

No

Opt.

Call

Aa3

416,328

1,500

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/39

11/25

at

100.00

BB

1,506,885

1,250

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/46

12/26

at

100.00

BB

1,197,325

1,425

Marana,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

7/01/33

7/23

at

100.00

AA

1,430,928

615

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

N/R

605,634

200

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2016,

5.000%,

7/15/31

7/26

at

100.00

BBB

210,328

385

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

BAM

Insured

7/27

at

100.00

AA

405,182

400

Parkway

Community

Facilities

District

1,

Prescott

Valley,

Arizona,

General

Obligation

Bonds,

Series

2006,

5.350%,

7/15/31

3/23

at

100.00

N/R

319,428

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

30

NAZ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

1,625

Phoenix

Civic

Improvement

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Subordinate

Lien

Series

2020A,

4.000%,

7/01/45

7/30

at

100.00

AAA

$

1,567,215

580

Phoenix

Mesa

Gateway

Airport

Authority,

Arizona,

Special

Facility

Revenue

Bonds,

Mesa

Project,

Series

2012,

5.000%,

7/01/38,

(AMT)

3/23

at

100.00

AA+

580,284

1,000

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2014,

5.000%,

8/01/33

8/24

at

100.00

AA

1,018,400

1,500

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2019,

4.000%,

8/01/38

8/28

at

100.00

AA

1,509,270

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,550

4.550%,

7/01/40

7/28

at

100.00

N/R

1,447,498

2,440

5.000%,

7/01/58

7/28

at

100.00

N/R

2,263,832

1,085

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

N/R

985,940

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Refunding

Series

2016:

540

4.000%,

8/01/34

8/26

at

100.00

AA+

555,406

545

4.000%,

8/01/36

8/26

at

100.00

AA+

555,077

1,740

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2018A,

5.000%,

8/01/42

8/28

at

100.00

AA+

1,860,652

2,500

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

8/01/45

8/30

at

100.00

AA+

2,387,675

San

Luis,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series2014A:

1,400

5.000%,

7/01/34

-

BAM

Insured

7/24

at

100.00

AA

1,424,654

2,100

5.000%,

7/01/38

-

BAM

Insured

7/24

at

100.00

AA

2,133,684

3,000

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2006,

5.000%,

7/01/24

No

Opt.

Call

AAA

3,074,850

1,650

Sundance

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2018,

5.000%,

7/15/39

-

BAM

Insured

7/28

at

100.00

AA

1,787,445

3,000

Town

of

Queen

Creek,

Arizona,

Excise

Tax

and

State

Shared

Revenue

Obligation

Bonds,

Series

2022,

5.000%,

8/01/47

8/32

at

100.00

AA+

3,278,250

475

Vistancia

West

Community

Facilities

District,

Peoria,

Arizona,

General

Obligation

Bonds,

Series

2016,

3.250%,

7/15/25,

144A

3/23

at

100.00

N/R

474,995

4,240

Yavapai

County

Jail

District,

Arizona,

Pleged

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

7/01/40

-

BAM

Insured

7/29

at

100.00

AA

4,180,810

1,160

Yuma

County,

Arizona,

Pledge

Revenue

Obligations,

Series

2022,

4.250%,

7/15/42

-

BAM

Insured

7/32

at

100.00

AA

1,149,456

Total

Tax

Obligation/Limited

60,809,116

Transportation

-

9.7%

(5.9%

of

Total

Investments)

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

910

5.000%,

7/01/40

7/25

at

100.00

A+

929,493

2,185

5.000%,

7/01/45

7/25

at

100.00

A+

2,220,965

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

A+

2,037,700

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2013:

1,785

5.000%,

7/01/30,

(AMT)

7/23

at

100.00

AA-

1,790,783

2,215

5.000%,

7/01/32,

(AMT)

7/23

at

100.00

AA-

2,221,313

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A:

1,000

5.000%,

7/01/37,

(AMT)

7/27

at

100.00

AA-

1,034,920

1,000

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

AA-

1,021,420

1,500

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

7/01/43,

(AMT)

7/28

at

100.00

AA-

1,536,975

1,045

Phoenix

Civic

Improvement

Corporation,

Arizona,

Rental

Car

Facility

Charge

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/35

7/29

at

100.00

A

1,125,308

Total

Transportation

13,918,877

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

-

4.7%

(2.8%

of

Total

Investments)

(5)

$

1,200

Arizona

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Banner

Health

Systems,

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00

AA-

$

1,218,528

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

550

5.000%,

7/15/32,

(Pre-refunded

7/15/27)

-

AGM

Insured

7/27

at

100.00

AA

597,800

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

55

4.000%,

7/15/32,

(Pre-refunded

7/15/26)

7/26

at

100.00

N/R

56,811

545

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2013,

5.250%,

7/01/33,

(Pre-refunded

7/01/23)

7/23

at

100.00

A-

548,526

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

720

5.000%,

6/01/40,

(Pre-refunded

6/01/24)

6/24

at

100.00

N/R

736,783

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2014A,

5.000%,

7/01/39,

(Pre-refunded

7/01/24)

7/24

at

100.00

AAA

2,049,900

1,320

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36,

(Pre-refunded

7/01/27)

7/27

at

100.00

AAA

1,439,381

Total

U.S.

Guaranteed

6,647,729

Utilities

-

29.9%

(18.1%

of

Total

Investments)

Carefree

Utilities

Community

Facilities

District,

Arizona,

Water

System

Revenue

Bonds,

Series

2021:

255

4.000%,

7/01/41

7/31

at

100.00

A+

247,302

650

4.000%,

7/01/46

7/31

at

100.00

A+

603,863

655

Central

Arizona

Water

Conservation

District,

Arizona,

Water

Delivery

O&M

Revenue

Bonds,

Series

2016,

5.000%,

1/01/36

1/26

at

100.00

AA+

680,807

2,615

City

of

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/36

No

Opt.

Call

Aa3

3,041,323

1,250

Gilbert

Water

Resource

Municipal

Property

Corporation,

Arizona,

Utility

System

Revenue

Bonds,

Senior

Lien

Green

Series

2022,

4.000%,

7/15/47

7/32

at

100.00

AAA

1,185,075

785

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Refunding

Subordinate

Lien

Series

2016,

5.000%,

7/01/45

-

AGM

Insured

7/26

at

100.00

AA

812,302

875

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Subordinate

Lien

Series

2020,

4.000%,

7/01/49

-

AGM

Insured

7/29

at

100.00

AA

806,479

665

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36

7/27

at

100.00

A-

678,898

1,100

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

AA

1,127,445

1,125

Lake

Havasu

City,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2015A,

5.000%,

7/01/36

-

AGM

Insured

7/25

at

100.00

AA

1,158,581

8,750

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2018,

5.000%,

7/01/42,

(UB)

(6)

7/28

at

100.00

Aa2

9,274,037

1,135

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014,

5.000%,

7/01/29

7/24

at

100.00

AA+

1,162,717

1,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2021A,

4.000%,

7/01/42

7/31

at

100.00

AAA

973,790

695

Pinal

County

Electrical

District

3,

Arizona,

Electric

System

Revenue

Bonds,

Refunding  Series

2016,

5.000%,

7/01/35

7/26

at

100.00

A+

723,141

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

N/R

982,860

1,500

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

12/01/36

6/25

at

100.00

AA+

1,548,375

2,500

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A,

5.000%,

1/01/50

1/33

at

100.00

AA+

2,729,775

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007:

4,500

5.500%,

12/01/29

No

Opt.

Call

A3

4,794,705

5,665

5.000%,

12/01/37

No

Opt.

Call

A3

5,785,948

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

32

NAZ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

Surprise,

Arizona,

Utility  System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2018:

$

500

5.000%,

7/01/35

7/28

at

100.00

AA+

$

550,730

805

5.000%,

7/01/36

7/28

at

100.00

AA+

881,145

3,000

Yuma,

Arizona,

Utilities

System

Revenue

Bonds,

Series

2021,

4.000%,

7/01/40

-

BAM

Insured

7/31

at

100.00

AA

2,961,780

Total

Utilities

42,711,078

Total

Long-Term

Investments

(cost

$245,141,126)

236,336,640

Floating

Rate

Obligations

-

(4.9)%  

(7,000,000)

AMTP

Shares,

Net

-

(61.7)%

(7)

(88,249,966)

Other

Assets

&

Liabilities,

Net

-

1.3%

1,926,757

Net

Assets

Applicable

to

Common

Shares

-

100%

$

143,013,431

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(6)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(7)

AMTP

Shares,

Net

as

a

percentage

of

Total

Investments

is

37.3%

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

Notes

to

Financial

Statements

33

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

159.8% (100.0%

of

Total

Investments)  

X

885,830,546

MUNICIPAL

BONDS

-

159.8%  (100.0%

of

Total

Investments)

X

885,830,546

Consumer

Discretionary

-

0.5%

(0.3%

of

Total

Investments)

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A:

$

2,460

5.000%,

1/01/32

(4)

3/23

at

100.00

Caa3

$

1,625,470

1,485

5.125%,

1/01/37

(4)

3/23

at

100.00

Caa3

977,189

Total

Consumer

Discretionary

2,602,659

Consumer

Staples

-

5.6%

(3.5%

of

Total

Investments)

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A:

8,850

4.000%,

6/01/37

6/28

at

100.00

A-

8,792,475

13,045

5.000%,

6/01/46

6/28

at

100.00

BBB+

13,305,509

8,850

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

BBB-

8,761,677

Total

Consumer

Staples

30,859,661

Education

and

Civic

Organizations

-

19.9%

(12.5%

of

Total

Investments)

1,000

Atlantic

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Stockton

University

Atlantic

City

Campus

Phase

II,

Series

2021A,

4.000%,

7/01/47

-

AGM

Insured

7/31

at

100.00

AA

915,420

1,760

Camden

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Rowan

University

School

of

Osteopathic

Medicine

Project,

Refunding

Series

2013A,

5.000%,

12/01/32

12/23

at

100.00

A

1,781,578

715

Camden

County

Improvement

Authority,

New

Jersey,

School

Revenue

Bonds,

KIPP:

Cooper

Norcross

Academy

2022

Project,

Social

Series

2022,

6.000%,

6/15/62

12/30

at

100.00

BBB

744,723

Essex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Institute

of

Technology

CHF-Newark,

LLC-NJIT

Student

Housing

Project,

Series

2021A:

1,000

4.000%,

8/01/51

-

BAM

Insured

8/31

at

100.00

AA

917,950

2,600

4.000%,

8/01/56

-

BAM

Insured

8/31

at

100.00

AA

2,362,126

1,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Fossil

Park

&

Student

Center

Projects,

Series

2021,

4.000%,

7/01/51

-

BAM

Insured

7/30

at

100.00

AA

918,020

1,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A,

5.000%,

7/01/50

1/28

at

100.00

BBB-

961,540

175

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52,

144A

9/27

at

100.00

BB

158,632

2,025

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

A

2,089,759

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017:

820

3.000%,

6/01/32

12/27

at

100.00

A

781,329

500

5.000%,

6/01/32

12/27

at

100.00

A

529,370

1,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

AA

984,180

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2015D:

2,395

5.000%,

7/01/31

7/25

at

100.00

A+

2,482,561

1,600

5.000%,

7/01/33

7/25

at

100.00

A+

1,655,264

1,000

5.000%,

7/01/34

7/25

at

100.00

A+

1,032,730

5,950

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

A+

6,014,379

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

34

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

5,280

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2021C,

5.000%,

3/01/30

No

Opt.

Call

AAA

$

6,091,906

4,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Tender

Option

Bond

Trust

2015-XF0149,

7.080%,

7/01/44,

144A,

(IF)

(5)

7/24

at

100.00

AAA

4,216,040

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series   2017F:

330

3.750%,

7/01/37

7/27

at

100.00

BB

259,809

3,830

4.000%,

7/01/42

7/27

at

100.00

BB

2,938,376

3,885

5.000%,

7/01/47

7/27

at

100.00

BB

3,394,713

1,200

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2015C,

5.000%,

7/01/35

7/25

at

100.00

BBB+

1,232,052

775

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2017D,

3.500%,

7/01/44

7/27

at

100.00

BBB+

634,996

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D:

685

5.000%,

7/01/38

7/23

at

100.00

BBB+

686,747

1,935

5.000%,

7/01/43

7/23

at

100.00

BBB+

1,939,083

1,980

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C,

3.000%,

7/01/46

7/26

at

100.00

BBB+

1,439,500

860

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology

Issue,

Green

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

BBB+

747,968

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

1,060

5.000%,

7/01/37

7/27

at

100.00

BBB+

1,092,351

2,500

5.000%,

7/01/42

7/27

at

100.00

BBB+

2,541,750

1,050

4.000%,

7/01/47

7/27

at

100.00

BBB+

927,727

3,160

5.000%,

7/01/47

7/27

at

100.00

BBB+

3,194,381

975

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

The

College

of

Saint

Elizabeth,

Series

2016D,

5.000%,

7/01/46

7/26

at

100.00

BB

866,746

4,560

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson

University,

Series

2015C,

5.000%,

7/01/40

7/25

at

100.00

A3

4,631,273

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson

University,

Series

2017B:

2,000

5.000%,

7/01/42

-

AGM

Insured

7/27

at

100.00

AA

2,080,380

2,420

5.000%,

7/01/47

-

AGM

Insured

7/27

at

100.00

AA

2,505,716

New

Jersey

Higher

Education

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Tender

Option

Bond

Trust

2015-XF0151:

251

1.904%,

12/01/23,

(AMT),

144A,

(IF)

12/22

at

100.00

Aaa

248,621

225

1.891%,

12/01/24,

(AMT),

144A,

(IF)

12/22

at

100.00

Aaa

215,059

155

2.383%,

12/01/25,

(AMT),

144A,

(IF)

12/22

at

100.00

Aaa

146,404

40

2.900%,

12/01/26,

(AMT),

144A,

(IF)

12/22

at

100.00

Aaa

36,492

585

3.938%,

12/01/27,

(AMT),

144A,

(IF)

12/23

at

100.00

Aaa

537,609

1,165

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2021B,

2.500%,

12/01/40,

(AMT)

12/29

at

100.00

AA

962,779

11,925

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2022B,

4.000%,

12/01/41,

(AMT)

12/30

at

100.00

Aa1

11,743,740

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A:

1,200

3.750%,

12/01/30,

(AMT)

6/28

at

100.00

Aaa

1,161,288

1,225

4.000%,

12/01/32,

(AMT)

6/28

at

100.00

Aaa

1,217,320

955

4.000%,

12/01/33,

(AMT)

6/28

at

100.00

Aaa

949,012

1,025

4.000%,

12/01/35,

(AMT)

6/28

at

100.00

Aaa

1,018,983

1,230

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2021C,

3.250%,

12/01/51,

(AMT)

12/29

at

100.00

BBB

869,708

2,500

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2022C,

5.000%,

12/01/52,

(AMT)

12/30

at

100.00

A2

2,540,100

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2016-1A:

$

1,935

3.500%,

12/01/32,

(AMT)

12/25

at

100.00

Aaa

$

1,848,641

445

4.000%,

12/01/39,

(AMT)

12/25

at

100.00

Aaa

439,099

1,615

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2019B,

3.250%,

12/01/39,

(AMT)

6/28

at

100.00

Aa1

1,520,684

610

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2020B,

3.500%,

12/01/39,

(AMT)

12/28

at

100.00

Aa1

582,776

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2012-1A:

935

4.250%,

12/01/25,

(AMT)

3/23

at

100.00

Aaa

935,177

305

4.375%,

12/01/26,

(AMT)

3/23

at

100.00

Aaa

305,046

500

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2012-1B,

5.750%,

12/01/39,

(AMT)

3/23

at

100.00

Aaa

500,385

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2013-1A:

79

3.500%,

12/01/23,

(AMT)

3/23

at

100.00

AAA

78,808

265

3.750%,

12/01/26,

(AMT)

3/23

at

100.00

Aaa

259,687

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2015-1A:

1,930

4.000%,

12/01/28,

(AMT)

12/24

at

100.00

Aaa

1,924,596

1,065

4.000%,

12/01/30,

(AMT)

12/24

at

100.00

Aaa

1,061,943

6,855

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2017-C,

4.250%,

12/01/47,

(AMT)

12/26

at

100.00

Aaa

6,578,058

4,795

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2019C,

3.625%,

12/01/49,

(AMT)

6/28

at

100.00

A2

3,779,371

2,315

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

A1

2,361,763

1,000

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Arts

&

Science

Charter

School,

Series

2023,

5.500%,

7/01/58

,(WI/DD,

Settling

3/14/23)

7/31

at

100.00

BBB-

1,007,930

Total

Education

and

Civic

Organizations

110,582,154

Financials

-

0.2%

(0.1%

of

Total

Investments)

1,316

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002,

6.500%,

4/01/28

No

Opt.

Call

Baa2

1,308,956

Total

Financials

1,308,956

Health

Care

-

20.9%

(13.1%

of

Total

Investments)

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A:

175

5.000%,

2/15/25

2/24

at

100.00

A-

176,265

220

5.000%,

2/15/26

2/24

at

100.00

A-

221,573

1,320

5.000%,

2/15/27

2/24

at

100.00

A-

1,330,428

1,385

5.000%,

2/15/28

2/24

at

100.00

A-

1,396,869

1,385

5.000%,

2/15/29

2/24

at

100.00

A-

1,397,507

2,500

5.000%,

2/15/32

2/24

at

100.00

A-

2,520,625

3,040

5.000%,

2/15/33

2/24

at

100.00

A-

3,063,195

1,000

5.000%,

2/15/34

2/24

at

100.00

A-

1,006,610

1,950

5.000%,

2/15/35

2/24

at

100.00

A-

1,959,926

6,100

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Series

2013A,

5.750%,

2/15/42

3/23

at

100.00

A-

6,107,991

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021:

2,880

2.375%,

7/01/46

7/31

at

100.00

AA-

1,894,003

1,215

3.000%,

7/01/51

7/31

at

100.00

AA-

875,626

225

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A,

5.000%,

7/01/27

3/23

at

100.00

AA-

225,155

2,570

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

AA-

2,467,328

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

36

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

$

11,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Barnabas

Health,

Refunding

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

AA-

$

11,119,020

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A:

700

5.000%,

7/01/28

7/27

at

100.00

AA-

755,405

4,140

5.000%,

7/01/57

7/27

at

100.00

AA-

4,227,064

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A:

1,310

4.000%,

7/01/45

7/24

at

100.00

A+

1,225,662

12,010

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A,

5.000%,

7/01/42,

(UB)

(5)

7/27

at

100.00

AA-

12,219,935

1,450

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Meridian

Health

System

Obligated

Group,

Refunding

Series

2013A,

5.000%,

7/01/32

7/23

at

100.00

AA-

1,452,306

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A:

830

5.000%,

7/01/32

7/26

at

100.00

AA

880,812

1,055

5.000%,

7/01/33

7/26

at

100.00

AA

1,118,511

1,370

5.000%,

7/01/34

7/26

at

100.00

AA

1,448,926

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital

Issue,

Series

2014A:

4,235

5.000%,

7/01/39

7/24

at

100.00

AA-

4,298,229

5,955

5.000%,

7/01/43

7/24

at

100.00

AA-

6,020,743

3,945

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital,

Series

2013A,

5.500%,

7/01/43

7/23

at

100.00

AA-

3,960,780

4,155

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

AA-

4,263,072

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A:

1,690

4.000%,

7/01/45

7/31

at

100.00

AA-

1,588,042

1,000

3.000%,

7/01/51

7/31

at

100.00

AA-

723,380

1,000

4.000%,

7/01/51

7/31

at

100.00

AA-

911,420

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016:

1,600

3.000%,

7/01/32

7/26

at

100.00

BBB-

1,410,576

1,135

4.000%,

7/01/34

7/26

at

100.00

BBB-

1,072,530

1,600

5.000%,

7/01/35

7/26

at

100.00

BBB-

1,622,928

2,700

5.000%,

7/01/36

7/26

at

100.00

BBB-

2,723,490

3,095

5.000%,

7/01/41

7/26

at

100.00

BBB-

2,991,225

6,655

4.000%,

7/01/48

7/26

at

100.00

BBB-

5,251,327

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A:

5,115

4.125%,

7/01/38

-

AGM

Insured

7/25

at

100.00

AA

4,975,412

5,410

5.000%,

7/01/46

-

AGM

Insured

7/25

at

100.00

AA

5,454,091

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

3,605

4.000%,

7/01/44

7/29

at

100.00

A+

3,347,243

8,350

3.000%,

7/01/49

7/29

at

100.00

A+

5,931,840

Total

Health

Care

115,637,070

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

-

5.3%

(3.3%

of

Total

Investments)

$

1,845

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

B

$

1,691,865

1,900

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Rowan

Properties

LLC

-

Rowan

University

Student

Housing

Project,

Series

2015A,

5.000%,

1/01/48

1/25

at

100.00

B1

1,717,315

6,575

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

B

5,481,972

3,444

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B,

2.375%,

1/01/39

No

Opt.

Call

Aaa

2,683,802

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Series

2013-2:

2,165

4.350%,

11/01/33,

(AMT)

3/23

at

100.00

AA

2,165,087

1,235

4.600%,

11/01/38,

(AMT)

3/23

at

100.00

AA

1,217,216

1,235

4.750%,

11/01/46,

(AMT)

3/23

at

100.00

AA

1,178,548

4,320

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

AA-

3,981,485

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2017D:

1,125

3.900%,

11/01/32,

(AMT)

5/26

at

100.00

AA-

1,111,849

1,750

4.250%,

11/01/37,

(AMT)

5/26

at

100.00

AA-

1,694,070

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A:

1,150

2.300%,

11/01/40

11/29

at

100.00

AA-

819,501

500

2.450%,

11/01/45

11/29

at

100.00

AA-

338,855

1,000

2.550%,

11/01/50

11/29

at

100.00

AA-

652,090

1,000

2.625%,

11/01/56

11/29

at

100.00

AA-

627,990

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A:

1,500

2.250%,

11/01/36

11/30

at

100.00

AA-

1,185,240

1,270

2.650%,

11/01/46

11/30

at

100.00

AA-

885,711

1,445

2.700%,

11/01/51

11/30

at

100.00

AA-

961,358

1,310

2.750%,

11/01/56

11/30

at

100.00

AA-

849,574

Total

Housing/Multifamily

29,243,528

Housing/Single

Family

-

9.9%

(6.2%

of

Total

Investments)

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A:

5,280

3.600%,

4/01/33

10/27

at

100.00

AA

5,094,883

3,275

3.750%,

10/01/35

10/27

at

100.00

AA

3,098,314

2,840

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

3.800%,

10/01/32,

(AMT)

10/27

at

100.00

AA

2,711,632

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C:

4,835

3.500%,

10/01/34,

(UB)

(5)

4/28

at

100.00

AA

4,616,361

4,835

3.850%,

10/01/39,

(UB)

(5)

4/28

at

100.00

AA

4,522,127

3,295

3.950%,

10/01/44,

(UB)

(5)

4/28

at

100.00

AA

3,063,263

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E:

4,920

2.050%,

10/01/35

4/29

at

100.00

AA

3,971,571

6,385

2.250%,

10/01/40

4/29

at

100.00

AA

4,719,537

3,290

2.400%,

10/01/45

4/29

at

100.00

AA

2,401,075

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021H:

5,995

1.900%,

10/01/36

4/30

at

100.00

AA

4,569,989

4,625

2.150%,

10/01/41

4/30

at

100.00

AA

3,377,036

8,070

2.400%,

4/01/52

4/30

at

100.00

AA

5,458,467

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

38

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Single

Family

(continued)

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I:

$

4,090

4.500%,

10/01/42

4/31

at

100.00

AA

$

3,996,666

3,135

4.600%,

10/01/46

4/31

at

100.00

AA

3,045,308

Total

Housing/Single

Family

54,646,229

Long-Term

Care

-

0.7%

(0.5%

of

Total

Investments)

1,110

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

1/24

at

100.00

N/R

973,381

2,755

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40,

144A

1/28

at

102.00

N/R

2,046,883

1,440

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38,

144A

10/26

at

102.00

N/R

1,107,547

Total

Long-Term

Care

4,127,811

Tax

Obligation/General

-

14.2%

(8.9%

of

Total

Investments)

440

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2018,

3.125%,

1/15/32

-

BAM

Insured

1/28

at

100.00

AA

437,153

2,920

Cumberland

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Correctional

Facility

Project,

Series

2018,

4.000%,

10/01/43

-

BAM

Insured

10/28

at

100.00

AA

2,763,926

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021:

1,470

2.000%,

5/15/30

5/28

at

100.00

AA-

1,308,800

1,475

2.000%,

5/15/31

5/28

at

100.00

AA-

1,282,822

680

Hamilton

Township,

Mercer

County

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

Series

2017,

3.250%,

12/15/38

12/27

at

100.00

AA

605,656

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018:

1,340

3.125%,

3/01/31

-

BAM

Insured

3/28

at

100.00

AA

1,323,813

1,110

3.250%,

3/01/32

-

BAM

Insured

3/28

at

100.00

AA

1,105,860

1,255

3.500%,

3/01/36

-

BAM

Insured

3/28

at

100.00

AA

1,218,680

1,040

Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Loan

Revenue

Bonds,

Guttenberg

General

Obligation

Bond

Project,

Series

2018,

5.000%,

8/01/42

8/25

at

100.00

AA

1,070,940

2,000

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Courthouse

Project,

Series

2020,

4.000%,

10/01/46

10/30

at

100.00

AA

1,844,860

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016:

4,235

5.000%,

5/01/46

5/26

at

100.00

AA

4,381,870

9,775

5.250%,

5/01/51

5/26

at

100.00

AA

10,166,391

5,000

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A,

3.000%,

2/15/37

2/29

at

100.00

Aa3

4,374,500

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

Refunding

General

Improvement

Series

2017A:

1,000

5.000%,

11/01/29

11/27

at

100.00

AA-

1,093,290

515

5.000%,

11/01/31

11/27

at

100.00

AA-

563,013

440

5.000%,

11/01/33

11/27

at

100.00

AA-

479,754

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2021A:

2,140

3.000%,

3/01/32

3/31

at

100.00

AAA

2,145,115

2,125

3.000%,

3/01/33

3/31

at

100.00

AAA

2,115,437

1,000

3.000%,

3/01/36

3/31

at

100.00

AAA

923,350

760

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Parking

Utility

Series

2014A,

5.000%,

1/01/37

1/24

at

100.00

AAA

767,547

39

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2012:

$

465

5.000%,

9/01/28

3/23

at

100.00

A+

$

465,674

610

5.000%,

9/01/29

3/23

at

100.00

A+

610,854

300

5.000%,

9/01/31

3/23

at

100.00

A+

300,423

250

3.625%,

9/01/34

3/23

at

100.00

A+

250,005

2,190

New

Brunswick,

New

Jersey,

General

Obligation

Bonds,

Cultural

Center

Project,

Series

2017,

4.000%,

9/15/44

-

AGM

Insured

9/27

at

100.00

AA

2,094,407

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A:

5,940

4.000%,

6/01/31

No

Opt.

Call

A2

6,416,566

4,275

3.000%,

6/01/32

No

Opt.

Call

A2

4,012,900

3,115

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

2.250%,

6/01/35

12/27

at

100.00

A2

2,561,309

Newark

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Series

2021:

750

3.000%,

7/15/38

-

BAM

Insured

7/31

at

100.00

AA

624,195

755

3.000%,

7/15/39

-

BAM

Insured

7/31

at

100.00

AA

612,260

1,000

3.000%,

7/15/40

-

BAM

Insured

7/31

at

100.00

AA

790,260

2,400

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022,

6.000%,

11/15/62

-

AGM

Insured

11/32

at

100.00

AA

2,696,616

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,879

4.000%,

7/01/33

7/31

at

103.00

N/R

2,579,757

1,923

4.000%,

7/01/35

7/31

at

103.00

N/R

1,684,355

1,000

Sayreville

School

District,

Middlesex

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2022,

4.000%,

1/15/41

-

BAM

Insured

1/32

at

100.00

AA

970,930

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2020:

400

4.000%,

1/15/25

No

Opt.

Call

AA

405,668

500

4.000%,

1/15/26

No

Opt.

Call

AA

512,315

5,015

Union

County

Utilities

Authority,

New

Jersey,

Resource

Recovery

Facility

Lease

Revenue

Bonds,

Covantan

Union

Inc.

Lessee,

Refunding

Series

2011B,

5.250%,

12/01/31,

(AMT)

3/23

at

100.00

AA+

5,021,419

2,515

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

3/23

at

100.00

Aaa

2,516,760

2,170

Union

County,

New

Jersey,

General

Obligation

Bonds,

Series

2018,

3.000%,

3/01/27

9/25

at

100.00

Aaa

2,166,007

1,515

Washington

Township

Board

of

Education,

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Series

2005,

5.250%,

1/01/27

-

AGM

Insured

No

Opt.

Call

Aa3

1,631,973

Total

Tax

Obligation/General

78,897,430

Tax

Obligation/Limited

-

36.6%

(22.9%

of

Total

Investments)

2,630

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Revenue

Bonds,

Bergen

New

Bridge

Medical

Center

Project,

Series

2022,

5.000%,

8/01/47

8/32

at

100.00

Aaa

2,904,572

3,775

Bergen

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Administration

Complex

Project,

Series

2005,

5.000%,

11/15/26

No

Opt.

Call

Aaa

4,066,694

1,000

Bergen

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Boro

Ridgefield

Project,

County

Guaranteed

Series

2020,

4.000%,

10/15/42

10/30

at

100.00

Aaa

1,004,600

3,000

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2003B,

0.000%,

11/01/25

-

AGM

Insured

No

Opt.

Call

AA

2,741,670

2,230

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

AA

2,439,018

5,445

New

Jersey

Economic

Development

Authority,

Lease

Revenue

Bonds,

State

House

Project,

Series

2017B,

4.500%,

6/15/40

12/28

at

100.00

A3

5,456,925

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

40

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A:

$

2,400

5.250%,

11/01/47

11/32

at

100.00

A3

$

2,540,136

1,685

5.000%,

11/01/52

11/32

at

100.00

A3

1,743,116

5,575

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

Baa3

5,385,729

6,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

New

Jersey

Transit

Corporation

Projects

Sublease,

Refunding

Series

2017B,

5.000%,

11/01/25

No

Opt.

Call

A3

6,222,240

6,385

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2014UU,

5.000%,

6/15/27

6/24

at

100.00

A3

6,486,138

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ:

1,300

5.000%,

6/15/31

12/30

at

100.00

A3

1,446,523

1,000

5.000%,

6/15/32

12/30

at

100.00

A3

1,109,250

5,020

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Financing

Program

Bonds,

Refunding

Series

2014PP,

5.000%,

6/15/26

6/24

at

100.00

A3

5,093,392

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1:

1,140

5.000%,

6/15/29

6/26

at

100.00

A+

1,200,010

655

5.000%,

6/15/30

6/26

at

100.00

A+

689,125

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB:

1,250

3.000%,

6/15/50

12/31

at

100.00

A3

882,825

1,500

4.000%,

6/15/50

12/31

at

100.00

A3

1,360,290

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC:

3,750

5.000%,

6/15/42

12/32

at

100.00

A3

3,927,412

6,000

5.000%,

6/15/44

12/32

at

100.00

A3

6,249,060

1,250

5.000%,

6/15/48

12/32

at

100.00

A3

1,294,213

1,610

5.500%,

6/15/50

12/32

at

100.00

A3

1,730,042

32,965

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/30

No

Opt.

Call

A3

24,312,347

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C:

37,600

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

AA

25,718,400

39,090

0.000%,

12/15/33

-

AGM

Insured

No

Opt.

Call

AA

25,579,323

5,160

0.000%,

12/15/34

-

AGM

Insured

No

Opt.

Call

AA

3,207,405

7,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2010D,

5.000%,

12/15/24

No

Opt.

Call

A3

7,164,920

45

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2013AA,

5.000%,

6/15/36

6/23

at

100.00

A3

45,105

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2018A:

1,150

5.000%,

12/15/35

12/28

at

100.00

A3

1,218,701

440

5.000%,

12/15/36

12/28

at

100.00

A3

463,465

4,950

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A,

4.000%,

12/15/39

12/29

at

100.00

A3

4,782,789

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

750

4.000%,

6/15/44

12/28

at

100.00

A3

698,670

6,845

3.500%,

6/15/46

12/28

at

100.00

A3

5,557,524

2,900

4.000%,

6/15/50

12/28

at

100.00

A3

2,628,183

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA:

5,875

5.000%,

6/15/45

12/30

at

100.00

A3

6,078,275

3,435

3.000%,

6/15/50

12/30

at

100.00

A3

2,438,781

1,175

4.000%,

6/15/50

12/30

at

100.00

A3

1,064,867

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

3,860

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Refunding

Series

2015,

3.750%,

5/01/36

5/25

at

100.00

AA

$

3,864,285

4,005

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012,

3.500%,

5/01/35

3/23

at

100.00

Aa1

4,003,078

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

209

4.750%,

7/01/53

7/28

at

100.00

N/R

187,343

2,696

5.000%,

7/01/58

7/28

at

100.00

N/R

2,501,349

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

2,852

4.329%,

7/01/40

7/28

at

100.00

N/R

2,591,612

744

4.784%,

7/01/58

7/28

at

100.00

N/R

665,032

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Bonds,

Juvenile

Detention

Center

Facility

Project,

Refunding

Series

2015A:

1,420

5.500%,

5/01/28

No

Opt.

Call

Aaa

1,604,841

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Bonds,

Juvenile

Detention

Center

Facility

Project,

Tender

Option

Bond

Trust

2015-XF1019:

285

11.996%,

5/01/29,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

508,634

200

11.996%,

5/01/30,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

381,054

370

11.908%,

5/01/31,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

742,997

385

11.954%,

5/01/32,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

814,371

400

11.955%,

5/01/33,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

883,764

415

11.996%,

5/01/34,

144A,

(IF)

(5)

No

Opt.

Call

Aaa

945,914

3,975

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Series

2019-XG0221,

8.458%,

3/01/34,

144A,

(IF)

(5)

No

Opt.

Call

AA+

6,101,148

Total

Tax

Obligation/Limited

202,727,157

Transportation

-

28.8%

(18.0%

of

Total

Investments)

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2014A:

1,285

5.000%,

1/01/34

1/24

at

100.00

A1

1,299,032

5,890

4.125%,

1/01/39

1/24

at

100.00

A1

5,884,405

7,800

5.000%,

1/01/44

1/24

at

100.00

A1

7,819,734

2,140

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019,

4.000%,

1/01/44

1/29

at

100.00

A1

2,050,527

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015:

1,000

4.000%,

7/01/34

-

BAM

Insured

7/25

at

100.00

AA

1,020,710

2,820

4.000%,

7/01/35

-

BAM

Insured

7/25

at

100.00

AA

2,870,788

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2019B:

2,005

5.000%,

7/01/28

No

Opt.

Call

A1

2,224,608

1,520

5.000%,

7/01/29

No

Opt.

Call

A1

1,719,834

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017:

2,820

5.000%,

7/01/42

7/27

at

100.00

A1

2,931,080

10,210

5.000%,

7/01/47

7/27

at

100.00

A1

10,534,882

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A:

1,050

5.000%,

7/01/28

No

Opt.

Call

A1

1,165,006

1,350

5.000%,

7/01/29

No

Opt.

Call

A1

1,527,485

1,015

5.000%,

7/01/30

7/29

at

100.00

A1

1,144,210

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

42

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

7,035

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013,

5.000%,

1/01/40

1/24

at

100.00

A+

$

7,118,224

2,325

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/37

1/29

at

100.00

A+

2,519,765

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013:

6,255

5.375%,

1/01/43,

(AMT)

1/24

at

100.00

A-

6,288,026

5,555

5.625%,

1/01/52,

(AMT)

1/24

at

100.00

A-

5,587,886

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999:

1,040

5.125%,

9/15/23,

(AMT)

3/23

at

101.00

Ba3

1,039,605

2,800

5.250%,

9/15/29,

(AMT)

3/23

at

101.00

Ba3

2,786,420

2,250

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

5.625%,

11/15/30,

(AMT)

3/24

at

101.00

Ba3

2,265,030

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

5,660

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

Baa2

5,701,148

7,440

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

Baa2

7,315,603

6,570

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2015E,

5.000%,

1/01/45

1/25

at

100.00

AA-

6,678,931

3,065

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A,

5.250%,

1/01/29

-

AGM

Insured

No

Opt.

Call

AA

3,466,147

2,050

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2021A,

4.000%,

1/01/42

1/31

at

100.00

AA-

1,993,871

2,500

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A,

4.000%,

1/01/43

7/32

at

100.00

AA-

2,421,400

7,500

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B,

5.250%,

1/01/52,

(UB)

(5)

1/33

at

100.00

AA-

8,157,450

3,520

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022C,

5.000%,

1/01/29

No

Opt.

Call

AA-

3,937,683

2,750

Passaic

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Paterson

Parking

Deck

Facility,

Series

2005,

5.000%,

4/15/35

-

AGM

Insured

3/23

at

100.00

A1

2,753,850

7,235

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Ninth

Series

2013,

5.000%,

12/01/43

12/23

at

100.00

AA-

7,292,735

5,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Seventh

Series

2013,

4.000%,

1/15/43,

(AMT)

3/23

at

100.00

AA-

4,630,250

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019:

8,000

4.000%,

11/01/41,

(AMT)

11/29

at

100.00

AA-

7,578,240

4,000

4.000%,

11/01/47,

(AMT)

11/29

at

100.00

AA-

3,634,960

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fouteen

Series

2019:

4,500

4.000%,

9/01/38,

(AMT)

9/29

at

100.00

AA-

4,377,915

2,500

4.000%,

9/01/39,

(AMT)

9/29

at

100.00

AA-

2,405,225

2,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Four

Series

2022,

5.500%,

8/01/52,

(AMT)

8/32

at

100.00

AA-

2,157,740

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022:

6,000

5.000%,

1/15/47,

(AMT),

(UB)

(5)

1/33

at

100.00

AA-

6,276,840

4,660

5.000%,

1/15/52,

(AMT),

(UB)

(5)

1/33

at

100.00

AA-

4,857,351

1,040

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/45

11/30

at

100.00

BBB+

1,063,327

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A:

2,240

4.625%,

11/01/47

11/32

at

100.00

BBB+

2,162,362

1,000

5.250%,

11/01/52

-

BAM

Insured

11/32

at

100.00

AA

1,051,460

Total

Transportation

159,711,745

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

-

11.6%

(7.2%

of

Total

Investments)

(6)

$

2,225

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2014,

5.000%,

9/01/39,

(Pre-refunded

9/01/24)

-

AGM

Insured

9/24

at

100.00

AA

$

2,287,968

5,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2013,

5.000%,

7/01/34,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

5,026,600

1,410

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

N/R

1,442,402

2,455

New

Jersey

Economic

Development

Authority,

Rutgers

University

General

Obligation

Lease

Revenue

Bonds,

18.143%,

6/15/46,

(Pre-refunded

6/15/23),

144A,

(IF)

(5)

6/23

at

100.00

Aa3

2,507,267

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2015WW:

660

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

N/R

688,631

11,455

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

A3

11,977,691

New

Jersey

Education

Facilities

Authority

Revenue

Bonds,

The

College

of

New

Jersey

Issue,

Series

2013A:

2,475

5.000%,

7/01/38,

(Pre-refunded

7/01/23)

7/23

at

100.00

A2

2,489,825

3,250

5.000%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00

A2

3,269,468

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A:

2,055

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00

A-

2,102,224

4,165

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Kennedy

Health

System

Obligated

Group

Issue,

Refunding

Series

2012,

3.750%,

7/01/27,

(ETM)

No

Opt.

Call

N/R

4,208,982

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Palisades

Medical

Center

Obligated

Group

Issue,

Refunding

Series

2013:

2,570

5.250%,

7/01/31,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

2,587,476

555

5.250%,

7/01/31,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

558,408

1,285

5.500%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

1,294,779

275

5.500%,

7/01/43,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

276,911

2,345

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Luke's

Warren

Hospital

Obligated

Group,

Series

2013,

4.000%,

8/15/37,

(Pre-refunded

8/15/23)

8/23

at

100.00

A-

2,353,372

15,840

North

Hudson

Sewerage

Authority,

New

Jersey,

Sewerage

Revenue

Refunding

Bonds,

Series

2001A,

0.000%,

8/01/23

-

NPFG

Insured,

(ETM)

No

Opt.

Call

Baa2

15,623,150

2,170

Rutgers

State

University,

New

Jersey,

Revenue

Bonds,

Tender

Option

Bond

2016-XF2356,

18.183%,

5/01/43,

(Pre-refunded

5/01/23),

144A,

(IF)

(5)

5/23

at

100.00

Aa3

2,196,322

815

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Pollution

Control

Revenue

Bonds,

Chambers

Project,

Refunding

Series

2014A,

5.000%,

12/01/23,

(AMT),

(ETM)

No

Opt.

Call

N/R

821,756

Sparta

Township

Board

of

Education,

Sussex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2015:

1,000

5.000%,

2/15/34,

(Pre-refunded

2/15/25)

2/25

at

100.00

AA

1,036,480

1,395

5.000%,

2/15/35,

(Pre-refunded

2/15/25)

2/25

at

100.00

AA

1,445,890

Total

U.S.

Guaranteed

64,195,602

Utilities

-

5.6%

(3.5%

of

Total

Investments)

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A:

1,000

4.750%,

6/15/32,

(AMT)

3/23

at

100.00

Baa2

1,000,310

1,225

5.125%,

6/15/43,

(AMT)

3/23

at

100.00

Baa2

1,225,086

1,950

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

A1

1,558,771

2,355

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

Middlesex

Water

Company,

Series

2019,

4.000%,

8/01/59,

(AMT)

8/29

at

100.00

A+

1,886,473

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

44

NXJ

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

3,505

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

New

Jersey-American

Water

Company

Inc.

Project,

Refunding

Series

2020B,

1.200%,

11/01/34,

(AMT),

(Mandatory

Put

6/01/23)

No

Opt.

Call

A+

$

3,480,395

5,220

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2021A-1,

3.000%,

9/01/34

9/30

at

100.00

AAA

4,978,992

2,700

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

3/01/37

No

Opt.

Call

AA

3,072,492

1,500

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

N/R

1,522,875

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00

N/R

858,000

13,000

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

A

11,707,150

Total

Utilities

31,290,544

Total

Long-Term

Investments

(cost

$917,691,623)

885,830,546

Floating

Rate

Obligations

-

(6.0)%  

(33,235,000)

VRDP

Shares,

Net

-

(56.4)%

(7)

(312,681,362)

Other

Assets

&

Liabilities,

Net

-

2.6%

14,277,746

Net

Assets

Applicable

to

Common

Shares

-

100%

$

554,191,930

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(6)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(7)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

35.3%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

45

Nuveen

Ohio

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NUO

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

155.8% (100.0%

of

Total

Investments)  

X

401,497,767

MUNICIPAL

BONDS

-

153.9%  (98.8%

of

Total

Investments)

X

401,497,767

Consumer

Discretionary

-

2.3%

(1.5%

of

Total

Investments)

Franklin

County

Convention

Facilities

Authority,

Ohio,

Hotel

Project

Revenue

Bonds,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

Series

2019:

$

1,010

5.000%,

12/01/34

12/29

at

100.00

BBB-

$

980,195

1,000

5.000%,

12/01/44

12/29

at

100.00

BBB-

936,860

4,470

5.000%,

12/01/51

12/29

at

100.00

BBB-

4,123,977

Total

Consumer

Discretionary

6,041,032

Consumer

Staples

-

4.5%

(2.9%

of

Total

Investments)

20,605

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Capital

Appreciation

Series

2020B-3

Class

2,

0.000%,

6/01/57

6/30

at

22.36

N/R

2,398,010

1,025

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00

BBB+

897,510

9,385

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

N/R

8,535,001

Total

Consumer

Staples

11,830,521

Education

and

Civic

Organizations

-

15.1%

(9.7%

of

Total

Investments)

725

Allen

County

Port

Authority

Economic

Development,

Ohio,

Revenue

Bonds,  University

of

Northwestern,

Refunding

Series

2021A,

4.000%,

12/01/40

6/31

at

100.00

BBB-

633,679

Lorain

County

Community

College

District,

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2017:

1,305

5.000%,

12/01/32

6/27

at

100.00

Aa2

1,389,721

1,200

5.000%,

12/01/33

6/27

at

100.00

Aa2

1,273,992

505

5.000%,

12/01/34

6/27

at

100.00

Aa2

535,522

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2014:

4,375

5.000%,

9/01/33

9/24

at

100.00

AA

4,462,106

2,500

4.000%,

9/01/39

9/24

at

100.00

AA

2,472,975

2,585

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/41

9/26

at

100.00

AA

2,702,178

4,000

Miami

University

of

Ohio,

General

Receipts

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

9/01/45

9/30

at

100.00

AA

3,714,880

Ohio

Higher

Educational

Facility

Commission,

Higher

Educational

Facility

Revenue

Bonds,

John

Carroll

University

2022

Project,

Series

2022:

1,250

4.000%,

10/01/42

10/31

at

100.00

Baa1

1,089,500

1,250

4.000%,

10/01/47

10/31

at

100.00

Baa1

1,048,137

3,410

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Case

Western

Reserve

University

Project,

Refunding

Series

2021A,

4.000%,

12/01/44

12/31

at

100.00

AA-

3,148,555

725

Ohio

Higher

Educational

Facility

Commission,

Revenue

Bonds,

Otterbein

University

2022

Project,

Series

2022A,

4.000%,

12/01/46

12/31

at

100.00

Baa1

616,417

1,000

Tuscarawas

County

Economic

Development

and

Finance

Alliance,

Ohio,

Higher

Education

Facilities

Revenue

Bonds,

Ashland

University,

Refunding

&

Improvement

Series

2015,

6.000%,

3/01/45

3/25

at

100.00

N/R

997,570

University

of

Akron,

Ohio,

General

Receipts

Bonds,

Series

2021A:

1,535

5.000%,

1/01/30

-

BAM

Insured

No

Opt.

Call

AA

1,711,602

1,695

5.000%,

1/01/32

-

BAM

Insured

No

Opt.

Call

AA

1,937,385

1,000

University

of

Cincinnati,

Ohio,

General

Receipts

Bonds,

Green

Bond

Series

2014C,

5.000%,

6/01/41

12/24

at

100.00

AA-

1,015,020

Nuveen

Ohio

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

46

NUO

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

3,175

University

of

Cincinnati,

Ohio,

General

Receipts

Bonds,

Series

2016C,

5.000%,

6/01/46

6/26

at

100.00

AA-

$

3,275,139

1,375

University

of

Kentucky,

General

Receipts

Bonds,

University

of

Kentucky

Mixed-Use

Parking

Project,

Series

2019A,

4.000%,

5/01/44

5/29

at

100.00

AA

1,310,774

Youngstown

State

University,

Ohio,

General

Receipts

Bonds,

Series

2017:

1,555

5.000%,

12/15/29

12/26

at

100.00

A+

1,671,408

1,670

5.000%,

12/15/30

12/26

at

100.00

A+

1,794,899

Youngstown

State

University,

Ohio,

General

Receipts

Bonds,

Series

2021:

1,335

4.000%,

12/15/28

-

AGM

Insured

No

Opt.

Call

AA

1,407,424

1,000

4.000%,

12/15/32

-

AGM

Insured

6/31

at

100.00

AA

1,062,230

Total

Education

and

Civic

Organizations

39,271,113

Health

Care

-

12.4%

(8.0%

of

Total

Investments)

3,250

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017,

5.000%,

12/01/37

12/27

at

100.00

A-

3,338,692

6,500

Cleveland

Clinic

Health

System

Obligated

Group,

Ohio,

Martin

County

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Series

2019B,

4.000%,

1/01/46

1/29

at

100.00

AA

6,178,055

2,945

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

AdventHealth

Obligated

Group,

Series

2019A,

4.000%,

11/15/43

11/29

at

100.00

AA

2,792,096

1,660

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

4.000%,

8/01/49

8/29

at

100.00

A-

1,439,569

2,400

Fairfield

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Fairfield

Medical

Center

Project,

Series

2013,

5.000%,

6/15/43

6/23

at

100.00

Ba3

2,255,952

1,730

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017OH,

5.000%,

12/01/46

6/27

at

100.00

AA-

1,761,382

200

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

AA-

179,314

6,105

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013,

5.000%,

2/15/44

3/23

at

100.00

BB+

5,492,119

4,500

North

Carolina

Medical

Care

Commission,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Obligated

Group,

Series

2019A,

4.000%,

11/01/52

11/29

at

100.00

AA-

4,228,695

2,090

Ohio

State,

Hospital

Revenue

Bonds,

Cleveland

Clinic

Health

System

Obligated

Group,

Refunding

Series

2017A,

5.000%,

1/01/33

1/28

at

100.00

AA

2,288,446

1,900

Ross

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2019,

5.000%,

12/01/49

12/29

at

100.00

A-

1,907,220

555

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

A-

499,372

Total

Health

Care

32,360,912

Housing/Multifamily

-

0.9%

(0.6%

of

Total

Investments)

2,500

Columbus

Metropolitan

Housing

Authority,

Ohio,

General

Revenue

Bonds,

Series

2021,

4.000%,

8/01/36

8/31

at

100.00

A+

2,443,825

Total

Housing/Multifamily

2,443,825

Tax

Obligation/General

-

24.5%

(15.7%

of

Total

Investments)

2,420

Ashland

County-West

Holmes

Joint

Vocational

School

District,

Ohio,

General

Obligation

Bonds,

Limited

Tax

School

Facilities

Construction

&

Improvement

Series

2022,

4.000%,

12/01/46

12/29

at

100.00

Aa2

2,300,960

2,500

Clark-Shawnee

Local

School

District,

Clark

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2017,

5.000%,

11/01/54

11/27

at

100.00

AA

2,612,000

1,050

Cleveland,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

12/01/43

6/28

at

100.00

AA+

1,108,149

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

Cleveland,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2022A:

$

1,000

5.000%,

12/01/44

12/32

at

100.00

AA+

$

1,091,760

1,000

5.000%,

12/01/47

12/32

at

100.00

AA+

1,088,640

1,000

5.000%,

12/01/51

12/32

at

100.00

AA+

1,081,610

1,000

Colerain

Township,

Hamilton

County,

Ohio,

General

Obligation

Bonds,

Fire

Station

Series

2022,

5.250%,

12/01/47

12/29

at

100.00

Aa2

1,069,710

Columbus

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2006:

4,310

0.000%,

12/01/27

-

AGM

Insured

No

Opt.

Call

AA

3,686,257

5,835

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

AA

4,835,464

2,250

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2018A,

5.000%,

4/01/29

10/28

at

100.00

AAA

2,524,028

500

Cuyahoga

County,

Ohio,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2020A,

4.000%,

12/01/34

6/30

at

100.00

AA

525,360

2,425

Cuyahoga

Falls

City

School

District,

Summit

County,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2021,

4.000%,

12/01/51

-

BAM

Insured

6/28

at

100.00

AA

2,166,349

Dublin,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Various

Purpose

Series

2015:

900

5.000%,

12/01/32

12/25

at

100.00

Aaa

940,644

1,000

5.000%,

12/01/34

12/25

at

100.00

Aaa

1,043,020

1,005

Grandview

Heights

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement

Series

2019,

5.000%,

12/01/53

6/29

at

100.00

AA+

1,069,209

Lorain

County,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Various

Purpose

Series

2020B:

345

4.000%,

12/01/29

12/25

at

100.00

Aa2

355,743

145

4.000%,

12/01/30

12/25

at

100.00

Aa2

149,472

240

4.000%,

12/01/40

12/25

at

100.00

Aa2

238,495

460

4.000%,

12/01/45

12/25

at

100.00

Aa2

441,619

4,500

Middletown

City

School

District,

Butler

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007,

5.250%,

12/01/31

-

AGM

Insured

No

Opt.

Call

A1

5,189,265

1,305

Monroe

Local

School

District,

Butler

County,

Ohio,

General

Obligation

Bonds,

Series

2006,

5.500%,

12/01/24

-

AMBAC

Insured

No

Opt.

Call

Aa3

1,356,065

2,535

Oakwood

City

School

District,

Montgomery

County,

Ohio,

General

Obligation

Bonds,

Series

2019,

4.000%,

12/01/48

12/28

at

100.00

Aa2

2,346,142

Ohio

State,

General

Obligation

Bonds,

Highway

Capital

Improvement,

Series

2018V:

2,500

5.000%,

5/01/33

5/28

at

100.00

AAA

2,773,700

1,250

5.000%,

5/01/34

5/28

at

100.00

AAA

1,379,225

Ohio

State,

General

Obligation

Bonds,

Infrastructure

Improvement

Series

2022A:

1,000

5.000%,

3/01/39

3/33

at

100.00

AAA

1,138,850

1,465

5.000%,

3/01/40

3/33

at

100.00

AAA

1,658,878

4,250

Pickerington

Local

School

District,

Fairfield

and

Franklin

Counties,

Ohio,

General

Obligation

Bonds,

School

Facilities

Construction

&

Improvement,

Series

2023,

5.250%,

12/01/59

,(WI/DD,

Settling

3/15/23)

12/32

at

100.00

Aa2

4,502,068

4,000

Southwest

Local

School

District,

Hamilton

and

Butler

Counties,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2018A,

4.000%,

1/15/55

1/28

at

100.00

Aa2

3,625,880

1,500

Springboro

Community

City

School

District,

Warren

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2007,

5.250%,

12/01/32

No

Opt.

Call

AA

1,757,925

750

Springboro,

Ohio,

General

Obligation

Bonds,

Golf

Course

Limited

Tax

Refunding

Series

2022,

5.000%,

12/01/41

12/30

at

100.00

Aa1

818,423

1,000

Summit

County,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Improvement

Series

2022,

5.000%,

12/01/43

6/32

at

100.00

AA+

1,099,020

1,200

Toledo,

Ohio,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Series

2020,

4.000%,

12/01/35

12/30

at

100.00

A2

1,240,056

1,100

Wadsworth

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

School

Improvement

Series

2021,

4.000%,

12/01/51

12/26

at

100.00

Aa2

1,007,787

Nuveen

Ohio

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

48

NUO

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

5,000

Worthington

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

Facilities

Series

2023,

5.500%,

12/01/54

,(WI/DD,

Settling

3/30/23)

12/32

at

100.00

AA+

$

5,596,750

Total

Tax

Obligation/General

63,818,523

Tax

Obligation/Limited

-

32.0%

(20.5%

of

Total

Investments)

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2017B-2:

1,250

5.000%,

10/01/31

4/28

at

100.00

AA

1,377,587

1,000

5.000%,

10/01/32

4/28

at

100.00

AA

1,101,220

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Public

Facilities

Improvements,

Refunding

Subordinate

Lien

Series

2021A-1:

360

4.000%,

10/01/29

No

Opt.

Call

AA

384,577

355

4.000%,

10/01/30

No

Opt.

Call

AA

380,013

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Subordinate

Lien

Improvement

and

Refunding

Series

2017A-2:

435

5.000%,

10/01/30

10/27

at

100.00

AA

469,922

700

5.000%,

10/01/33

10/27

at

100.00

AA

751,863

500

Columbus-Franklin

County

Finance

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Bridge

Park

D

Block

Project,

Series

2019A-1,

5.000%,

12/01/51

6/29

at

100.00

N/R

482,210

860

Columbus-Franklin

County

Finance

Authority,

Ohio,

Tax

Increment

Financing

Revenue

Bonds,

Easton

Project,

Series

2020,

5.000%,

6/01/28,

144A

No

Opt.

Call

N/R

856,311

4,185

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Ballpark

Improvement

Project,

Series

2022A,

4.000%,

1/01/37

1/31

at

100.00

AAA

4,277,279

1,920

Dublin,

Ohio,

Special

Obligation

Non-Tax

Revenue

Bonds,

Series

2015A,

5.000%,

12/01/44

12/25

at

100.00

Aa1

1,970,573

2,500

Franklin

County

Convention

Facilities

Authority,

Ohio,

Lease

Appropriation

Bonds,

Greater

Columbus

Convention

Center

Hotel

Expansion

Project,

Series

2019,

5.000%,

12/01/46

12/29

at

100.00

AA

2,676,325

Franklin

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Various

Purpose

Series

2018:

2,120

5.000%,

6/01/36

6/28

at

100.00

AAA

2,307,790

1,155

5.000%,

6/01/37

6/28

at

100.00

AAA

1,249,132

12,000

5.000%,

6/01/43

6/28

at

100.00

AAA

12,782,040

2,535

5.000%,

6/01/48

6/28

at

100.00

AAA

2,688,570

1,320

Great

Oaks

Career

Campuses

Board

of

Education,

Brown,

Butler,

Clermont,

Clinton,

Fayette,

Greene,

Hamilton,

Highland,

Madison,

Pickaway,

Ross

and

Warren,

Ohio,

Certificates

of

Participation,

School

Improvement

Project,

Series

2021,

4.000%,

12/01/39

12/29

at

100.00

Aa1

1,321,967

5,565

Hamilton

County,

Ohio,

Sales

Tax

Bonds,

Subordinate

Series

2000B,

0.000%,

12/01/28

-

AGM

Insured

No

Opt.

Call

AA

4,580,551

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2019-I:

1,000

4.000%,

10/15/49

10/29

at

100.00

Aa2

947,110

5,000

4.000%,

4/15/54

10/29

at

100.00

Aa2

4,695,850

2,000

Ohio

State,

Capital

Facilities

Lease

Appropriation

Bonds,

Juvenile

Correctional

Building

Fund

Projects,

Series

2019A,

5.000%,

4/01/37

4/29

at

100.00

AA+

2,177,320

1,080

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Parks

&

Recreation

Improvement

Fund

Projects,

Series

2020A,

5.000%,

12/01/31

No

Opt.

Call

AA+

1,269,432

1,635

Ohio

State,

Capital

Facilities

Lease-Appropriation

Bonds,

Parks

&

Recreation

Improvement

Fund

Projects,

Series

2022A,

5.000%,

12/01/29

No

Opt.

Call

AA+

1,862,494

955

Ohio

State,

Major

New

State

Infrastructure

Project

Revenue

Bonds,

Series

2021-1A,

5.000%,

12/15/32

No

Opt.

Call

AA

1,133,824

1,250

Pickaway

County,

Ohio,

Sales

Tax

Specia

Obligation

Bonds,

Series

2019,

5.000%,

12/01/48

12/28

at

100.00

AA

1,327,562

1,845

Pinnacle

Community

Infrastructure

Financing

Authority,

Grove

City,

Ohio,

Community

Facilities

Bonds,

Series

2015A,

4.250%,

12/01/36

-

AGM

Insured

12/25

at

100.00

AA

1,878,339

49

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

520

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Public

Improvement

TOT

Revenue

Bonds,

Series

2021,

4.250%,

12/01/50,

144A

12/28

at

100.00

N/R

$

396,552

395

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Special

Obligation

Development

TIF

Revenue

Bonds,

RBM

Development

-

Phase

2B

Project,

Series

2018A,

6.000%,

12/01/50

12/28

at

100.00

N/R

357,680

1,000

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Special

Obligation

Tax

Increment

Financing

Revenue

Bonds,

Cooperative

Township

Public

Parking

Project,

Gallery

at

Kenwood,

Senior

Lien

Series

2019A,

5.000%,

11/01/51

11/30

at

100.00

N/R

773,570

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

8,700

4.500%,

7/01/34

7/25

at

100.00

N/R

8,626,398

2,330

4.550%,

7/01/40

7/28

at

100.00

N/R

2,175,917

1,780

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

N/R

1,662,289

Riversouth

Authority,

Ohio,

Riversouth

Area

Redevelopment

Bonds,

Payable

from

City

of

Columbus,

Ohio

Annual

Rental

Appropriations,

Refunding

Series

2012A:

1,645

5.000%,

12/01/23

3/23

at

100.00

AA+

1,647,435

1,200

5.000%,

12/01/24

3/23

at

100.00

AA+

1,201,824

1,000

United

Local

School

District,

Ohio,

Certificates

of

Participation,

School

Facilities

Project,

Series

2021,

4.000%,

12/01/38

-

BAM

Insured

12/30

at

100.00

AA

998,100

Upper

Arlington,

Ohio,

Special

Obligation

Nontax

Revenue

Bonds,

Kingsdale

Mixed-Use

Development

Series

2022A:

1,165

5.000%,

12/01/40

12/29

at

100.00

AAA

1,253,529

3,590

5.000%,

12/01/46

12/29

at

100.00

AAA

3,762,607

1,695

Wayne

County

Public

Library,

Ohio,

Special

Obligation,

-

Library

Facilities

Notes,

Series

2022,

5.000%,

12/01/47

12/29

at

100.00

Aa2

1,810,023

Westerville

City

School

District,

Franklin

and

Delaware

Counties,

Ohio,

Certificates

of

Participation,

School

Facilities

Project,

Series

2018:

2,450

5.000%,

12/01/39

12/27

at

100.00

Aa2

2,588,425

1,245

5.000%,

12/01/41

12/27

at

100.00

Aa2

1,305,395

Total

Tax

Obligation/Limited

83,509,605

Transportation

-

19.5%

(12.5%

of

Total

Investments)

Dayton,

Ohio,

Airport

Revenue

Bonds,

James

M.

Cox

International

Airport,

Series

2015B:

860

5.000%,

12/01/33

-

AGM

Insured

12/23

at

100.00

AA

871,309

500

5.000%,

12/01/34

-

AGM

Insured

12/23

at

100.00

AA

506,195

5,345

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2017A,

5.000%,

1/01/43

1/28

at

100.00

AA-

5,583,654

1,085

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2019A,

4.000%,

1/01/39

1/29

at

100.00

AA-

1,066,891

750

Ohio

Higher

Educational

Facility

Commission,

Senior

Hospital

Parking

Revenue

Bonds,

University

Circle

Incorporated

2020

Project,

Series

2020,

5.000%,

1/15/50

1/30

at

100.00

A3

743,378

Ohio

State,

Private

Activity

Bonds,

Portsmouth

Gateway

Group,

LLC

-

Borrower,

Portsmouth

Bypass

Project,

Series

2015:

2,500

5.000%,

12/31/35

-

AGM

Insured,

(AMT)

6/25

at

100.00

AA

2,524,425

3,000

5.000%,

12/31/39

-

AGM

Insured,

(AMT)

6/25

at

100.00

AA

2,985,000

4,250

5.000%,

6/30/53,

(AMT)

6/25

at

100.00

A3

4,077,620

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission

Infrastructure

Projects,

Junior

Lien,

Capital

Appreciation

Series

2013A-2:

5,000

0.000%,

2/15/37

No

Opt.

Call

Aa3

2,778,450

11,260

0.000%,

2/15/38

No

Opt.

Call

Aa3

5,898,889

5,000

0.000%,

2/15/40

No

Opt.

Call

Aa3

2,333,800

15,000

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission,

Infrastructure

Projects,

Junior

Lien

Series

2018A,

5.000%,

2/15/46

2/28

at

100.00

Aa3

15,719,850

Nuveen

Ohio

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

50

NUO

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

5,460

Ohio

State,

Turnpike

Revenue

Bonds,

Ohio

Turnpike

and

Infrastructutre

Commission,

Series

2021A,

5.000%,

2/15/51

2/31

at

100.00

Aa2

$

5,843,729

Total

Transportation

50,933,190

U.S.

Guaranteed

-

20.6%

(13.2%

of

Total

Investments)

(4)

3,000

Akron,

Bath

and

Copley

Joint

Township

Hospital

District,

Ohio,

Hospital

Revenue

Bonds,

Children's

Hospital

Medical

Center,

Improvement

Series

2013,

5.000%,

11/15/38,

(Pre-refunded

5/15/23)

5/23

at

100.00

AA-

3,010,320

8,000

Cincinnati,

Ohio,

Water

System

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/46,

(Pre-refunded

12/01/26)

12/26

at

100.00

AAA

8,614,560

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2013A-2:

1,520

5.000%,

10/01/30,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA

1,536,492

1,600

5.000%,

10/01/31,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA

1,617,360

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Bridges

&

Roadways

Improvements,

Subordinate

Lien

Series

2015A-2:

2,705

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R

2,732,023

8,045

5.000%,

10/01/37,

(Pre-refunded

10/01/23)

10/23

at

100.00

AA+

8,132,288

3,000

Cleveland,

Ohio,

Income

Tax

Revenue

Bonds,

Public

Facilities

Improvements,

Series

2014A-1,

5.000%,

11/15/38,

(Pre-refunded

11/15/23)

11/23

at

100.00

AA

3,039,270

945

Cuyahoga

County,

Ohio,

Sales

Tax

Revenue

Bonds,

Refunding

Various

Purpose

Series

2014,

5.000%,

12/01/35,

(Pre-refunded

12/01/24)

12/24

at

100.00

AAA

976,459

10,350

Franklin

County

Convention

Facilities

Authority,

Ohio,

Excise

Tax

and

Lease

Revenue

Bonds,

Columbus

City

&

Franklin

County

Lessees,

Refunding

Anticipation

Series

2014,

5.000%,

12/01/35,

(Pre-refunded

12/01/24)

12/24

at

100.00

Aa1

10,694,552

1,730

Franklin

County,

Ohio,

General

Obligation

Bonds,

Refunding

Series

2014,

5.000%,

6/01/31,

(Pre-refunded

12/01/23)

12/23

at

100.00

AAA

1,754,047

Gallia

County

Local

School

District,

Gallia

and

Jackson

Counties,

Ohio,

General

Obligation

Bonds,

Refunding

School

Improvement

Series

2014:

1,260

5.000%,

11/01/30,

(Pre-refunded

11/01/24)

11/24

at

100.00

Aa2

1,296,716

1,540

5.000%,

11/01/31,

(Pre-refunded

11/01/24)

11/24

at

100.00

Aa2

1,584,876

1,000

Greater

Cleveland

Regional

Transit

Authority,

Ohio,

Sales

Tax

Supported

Capital

Improvement

Bonds,

Refunding

Series

2015,

5.000%,

12/01/34,

(Pre-refunded

12/01/25)

12/25

at

100.00

AAA

1,051,340

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Refunding

&

Improvement

Series

2014:

2,950

5.000%,

11/15/39,

(Pre-refunded

11/15/24)

11/24

at

100.00

AA+

3,040,388

1,400

5.000%,

11/15/44,

(Pre-refunded

11/15/24)

11/24

at

100.00

AA+

1,442,896

2,000

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Series

2013,

5.000%,

11/15/38,

(Pre-refunded

5/15/23)

5/23

at

100.00

AA+

2,007,080

1,000

Upper

Arlington

City

School

District,

Franklin

County,

Ohio,

General

Obligation

Bonds,

School

Facilities

&

Improvement

Series

2018A,

5.000%,

12/01/48,

(Pre-refunded

12/01/27)

12/27

at

100.00

AAA

1,101,320

Total

U.S.

Guaranteed

53,631,987

Utilities

-

22.1%

(14.2%

of

Total

Investments)

1,430

American

Municipal

Power

Inc.,

Ohio,

Combined

Hydroelectric

Projects

Revenue

Bonds,

Green

Series

2016A,

5.000%,

2/15/46

2/26

at

100.00

A1

1,450,964

1,500

American

Municipal

Power

Inc.,

Ohio,

Fremont

Energy

Center

Revenue

Bonds,

Refunding

Series

2021A,

4.000%,

2/15/36

2/31

at

100.00

A1

1,508,070

1,500

American

Municipal

Power

Ohio

Inc.,

Prairie

State

Energy

Campus

Project

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

2/15/42

2/24

at

100.00

A1

1,507,155

1,660

American

Municipal

Power,

Inc.,

Ohio,

Solar

Electricity

Prepayment

Project

Revenue

Bonds,

Green

Bonds

Series

2019A,

5.000%,

2/15/44

2/29

at

100.00

A

1,723,893

1,175

Cincinnati,

Ohio,

Water

System

Revenue

Bonds,

Refunding

Series

2016C,

4.000%,

12/01/32

12/26

at

100.00

AAA

1,222,740

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

1,815

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-1,

0.000%,

11/15/33

-

NPFG

Insured

No

Opt.

Call

A-

$

1,211,131

Cleveland,

Ohio,

Public

Power

System

Revenue

Bonds,

Series

2008B-2:

2,000

0.000%,

11/15/28

-

NPFG

Insured

No

Opt.

Call

A-

1,644,720

6,895

0.000%,

11/15/32

-

NPFG

Insured

No

Opt.

Call

A-

4,813,882

2,155

0.000%,

11/15/34

-

NPFG

Insured

No

Opt.

Call

A-

1,364,158

3,380

Fort

Myers,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

10/01/49

10/28

at

100.00

Aa3

3,112,169

1,000

Hamilton

County,

Ohio,

Sewer

System

Revenue

Bonds,

Metropolitan

Sewer

District

of

Greater

Cincinnati,

Refunding

Series

2020A,

5.000%,

12/01/34

12/30

at

100.00

AA+

1,140,970

1,000

Mahoning

County,

Ohio,

Sewer

System

Revenue

Bonds,

Refunding

and

Improvement

Series

2022,

5.000%,

12/01/42

12/31

at

100.00

Aa3

1,072,450

1,600

Northeast

Ohio

Regional

Sewer

District,

Wastewater

Improvement

Revenue

Bonds,

Refunding

&

Improvement

Series

2017,

4.000%,

11/15/43

5/28

at

100.00

AA+

1,565,984

2,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23

(5)

No

Opt.

Call

N/R

2,500

950

Ohio

Municipal

Electric

Generation

Agency,

Beneficial

Interest

Certificates,

Belleville

Hydroelectric

Project

-

Joint

Venture

5,

Series

2001,

0.000%,

2/15/29

-

NPFG

Insured

No

Opt.

Call

A1

772,179

3,200

Ohio

Water

Development

Authority,

Revenue

Bonds,

Fresh

Water

Development,

Series

2019,

5.000%,

12/01/38

12/29

at

100.00

AAA

3,528,384

3,945

Ohio

Water

Development

Authority,

Revenue

Bonds,

Fresh

Water

Development,

Series

2021,

5.000%,

6/01/46

12/31

at

100.00

AAA

4,286,992

1,500

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Kestrel

Verifiers,

Green

Series

2021A,

5.000%,

12/01/46

12/31

at

100.00

AAA

1,630,035

6,500

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2020A,

5.000%,

12/01/50

6/30

at

100.00

AAA

6,948,695

2,290

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project

Series

2019,

4.000%,

12/01/41

12/25

at

100.00

AA+

2,222,972

Toledo,

Ohio,

Sewerage

System

Revenue

Bonds,

Refunding

Series

2013:

820

5.000%,

11/15/25

11/23

at

100.00

Aa3

830,324

605

5.000%,

11/15/26

11/23

at

100.00

Aa3

612,575

1,075

5.000%,

11/15/27

11/23

at

100.00

Aa3

1,088,319

695

5.000%,

11/15/28

11/23

at

100.00

Aa3

703,270

10,000

Toledo,

Ohio,

Water

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2016,

5.000%,

11/15/41

11/26

at

100.00

AA-

10,446,100

1,150

Warm

Springs

Reservation

Confederated

Tribes,

Oregon,

Hydroelectric

Revenue

Bonds,

Tribal

Economic

Development

Bond

Pelton

Round

Butte

Project,

Taxable

Refunding

Green

Series

2019B,

5.000%,

11/01/36,

144A

5/29

at

100.00

A3

1,246,428

Total

Utilities

57,657,059

Total

Municipal

Bonds

(cost

$408,107,216)

401,497,767

Shares

Description

(1)

Value

X

4,953,159

COMMON

STOCKS

-

1.9%  (1.2%

of

Total

Investments)

X

4,953,159

Independent

Power

And

Renewable

Electricity

Producers

-

1.9%

(1.2%

of

Total

Investments)

$

64,677

Energy

Harbor

Corp

(6),(7)

$

4,953,159

Total

Independent

Power

And

Renewable

Electricity

Producers

4,953,159

Total

Common

Stocks

(cost

$1,843,715)

4,953,159

Total

Long-Term

Investments

(cost

$409,950,931)

406,450,926

VRDP

Shares,

Net

-

(56.7)%

(8)

(

147,798,786

)

Other

Assets

&

Liabilities,

Net

-

0.9%

2,241,841

Net

Assets

Applicable

to

Common

Shares

-

100%

$

260,893,981

Nuveen

Ohio

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

52

NUO

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlement

during

February

2020

for

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

3.750%,

12/01/23.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not

currently

satisfied)

and

are

effectively

illiquid.

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

second

half

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(7)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(8)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

36.4%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

53

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

164.0% (100.0%

of

Total

Investments)  

X

755,793,314

MUNICIPAL

BONDS

-

154.6%  (94.3%

of

Total

Investments)

X

755,793,314

Consumer

Staples

-

0.5%

(0.3%

of

Total

Investments)

$

2,000

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Paper

Project,

Series

2001,

5.375%,

3/01/31,

(AMT)

No

Opt.

Call

AA-

$

2,279,420

Total

Consumer

Staples

2,279,420

Education

and

Civic

Organizations

-

16.3%

(9.9%

of

Total

Investments)

840

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

College

Revenue

Refunding

Bonds,

Robert

Morris

College,

Series

1998A,

6.000%,

5/01/28

No

Opt.

Call

Baa3

880,026

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2016:

735

3.000%,

10/15/30

10/26

at

100.00

Baa3

653,121

1,000

5.000%,

10/15/38

10/26

at

100.00

Baa3

987,080

1,625

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017,

5.000%,

10/15/47

10/27

at

100.00

Baa3

1,524,867

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,  Alvernia

University

Project,

Series

2020:

590

5.000%,

10/01/39

10/29

at

100.00

BB+

557,538

20

5.000%,

10/01/49

10/29

at

100.00

BB+

17,696

3,215

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00

BBB-

3,308,331

835

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00

BBB-

831,710

1,000

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Collegium

Charter

School

Project,

Series

2022,

6.000%,

10/15/52,

144A

10/32

at

100.00

BB

976,910

2,200

Crawford

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

Allegheny

College,

Series

2016,

3.000%,

5/01/34

5/26

at

100.00

A-

2,027,740

1,000

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Dickinson

College

Project,

Second

Series

2017A,

5.000%,

11/01/39

11/27

at

100.00

A+

1,057,640

1,230

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University

Project,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

Baa3

1,131,379

1,020

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00

Baa3

996,693

4,595

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00

BBB+

3,670,578

2,395

General

Authority

of

Southcentral

Pennsylvania,

Revenue

Bonds,

AICUP

Financing

Program-York

College

of

Pennsylvania,

Series

2017

PP4,

3.375%,

11/01/37

10/27

at

100.00

A-

2,105,684

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2:

590

3.250%,

5/01/36

5/26

at

100.00

BBB

504,845

1,555

3.500%,

5/01/41

5/26

at

100.00

BBB

1,262,956

2,000

Indiana

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Foundation

for

Indiana

University

of

Pennsylvania

Project,

Refunding

Series

2022,

4.000%,

5/01/54

-

BAM

Insured

5/32

at

100.00

AA

1,836,700

Lackawanna

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2017:

350

3.375%,

11/01/33

11/27

at

100.00

A-

330,103

2,925

4.000%,

11/01/40

11/27

at

100.00

A-

2,653,589

2,000

McCandless

IDA,

University

Revenue

Bonds,

Pennsylvania,

Series

A

and

B

of

2022,

La

Roche

University,

6.750%,

12/01/46

12/32

at

100.00

N/R

1,976,400

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

54

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

$

1,570

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2021A,

2.625%,

6/01/42,

(AMT)

6/30

at

100.00

Aa2

$

1,319,287

2,895

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2022A,

4.500%,

6/01/43,

(AMT)

6/31

at

100.00

Aa2

2,887,618

1,465

Pennsylvania

Higher

Educational

Facilites

Authority,  Revenue

Bonds,

Holy

Family

University,

Series

2013A,

6.500%,

9/01/38

9/23

at

100.00

A-

1,487,825

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Refunding

Series

2014:

2,545

5.000%,

12/01/38

12/24

at

100.00

AA+

2,587,094

2,080

5.000%,

12/01/44

12/24

at

100.00

AA+

2,109,474

360

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LaSalle

University,

Series

2012,

4.000%,

5/01/32

3/23

at

100.00

BB+

316,051

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012:

1,030

4.000%,

11/01/39

3/23

at

100.00

N/R

944,613

4,300

5.000%,

11/01/42

3/23

at

100.00

N/R

4,300,731

1,310

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2015A,

5.000%,

11/01/36

11/25

at

100.00

N/R

1,342,514

1,440

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2021A,

4.000%,

7/15/46

7/31

at

100.00

A-

1,222,661

8,335

Pennsylvania

State

University,

Revenue

Bonds,

Series

2022A,

5.000%,

9/01/47

9/32

at

100.00

Aa1

9,003,634

1,255

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

3.625%,

5/01/35

11/27

at

100.00

BB+

1,000,172

500

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Richard

Allen

Preparatory

Charter

School,

Series

2006,

6.250%,

5/01/33

3/23

at

100.00

N/R

460,365

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Refunding

Series

2020C.

Forward

Delivery:

1,500

4.000%,

11/01/36

11/29

at

100.00

A-

1,460,445

1,400

4.000%,

11/01/37

11/29

at

100.00

A-

1,338,624

3,000

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Josephs

University

Project,

Series

2022,

5.500%,

11/01/60

11/32

at

100.00

A-

3,211,230

2,420

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017,

5.000%,

3/15/45,

144A

3/28

at

100.00

BB-

1,919,133

2,320

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2016,

5.000%,

11/01/37

5/26

at

100.00

A-

2,386,746

5,250

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00

BB+

4,674,127

3,555

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00

BBB+

3,101,524

Wilkes-Barre

Finance

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2015A:

1,890

5.000%,

11/01/32

11/25

at

100.00

A-

1,967,925

740

5.000%,

11/01/33

11/25

at

100.00

A-

769,622

675

4.000%,

11/01/35

11/25

at

100.00

A-

656,046

Total

Education

and

Civic

Organizations

79,759,047

Health

Care

-

30.9%

(18.9%

of

Total

Investments)

17,075

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00

A

15,613,380

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2019A:

210

4.000%,

7/15/35

7/29

at

100.00

A

210,750

2,300

4.000%,

7/15/36

7/29

at

100.00

A

2,263,292

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

$

1,260

3.750%,

11/01/42

11/27

at

100.00

B

$

706,306

7,335

5.000%,

11/01/50

(4)

11/27

at

100.00

B

4,850,635

4,100

5.000%,

11/01/50,

(UB)

(4)

11/27

at

100.00

B

2,711,330

10,170

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00

A-

6,866,784

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A:

2,470

4.000%,

10/01/36

10/27

at

100.00

AA-

2,450,092

1,830

4.000%,

10/01/37

10/27

at

100.00

AA-

1,795,157

6,995

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00

AA-

6,220,234

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A:

1,375

5.000%,

6/01/34

6/26

at

100.00

A

1,428,171

375

5.000%,

6/01/35

6/26

at

100.00

A

388,058

2,275

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/41

7/26

at

100.00

B3

1,888,887

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A:

1,225

4.000%,

7/01/45

7/29

at

100.00

B3

848,925

1,500

5.000%,

7/01/49

7/29

at

100.00

B3

1,184,835

5,000

Dubois

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Penn

Highlands

Healthcare,

Series

2018,

5.000%,

7/15/48

1/28

at

100.00

A-

5,091,050

4,555

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2014A,

5.000%,

6/01/41

6/24

at

100.00

AA-

4,596,451

10,000

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A,

4.000%,

4/01/50

4/30

at

100.00

AA-

8,805,800

1,650

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

5.000%,

11/01/51

11/29

at

100.00

A+

1,691,134

2,200

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46,

(UB)

(4)

8/26

at

100.00

AA

2,245,760

3,000

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42,

(UB)

(4)

8/26

at

100.00

AA

3,083,220

3,450

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Refunding

Series

2016A,

4.000%,

7/01/35

7/26

at

100.00

A+

3,367,925

1,625

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2012B,

4.000%,

7/01/43

3/23

at

100.00

A2

1,494,106

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016:

1,265

3.000%,

11/01/36

5/26

at

100.00

A-

1,056,591

2,850

4.000%,

11/01/41,

(UB)

(4)

5/26

at

100.00

A-

2,569,931

4,955

4.000%,

11/01/46,

(UB)

(4)

5/26

at

100.00

A-

4,253,669

Monroe

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Pocono

Medical

Center,

Series

2016:

1,020

3.375%,

7/01/32

7/26

at

100.00

A+

1,002,670

2,650

5.000%,

7/01/41

7/26

at

100.00

A+

2,671,041

1,855

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00

A

1,880,135

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

56

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019:

$

3,410

4.000%,

9/01/44

9/29

at

100.00

A

$

3,132,221

395

4.000%,

9/01/49

9/29

at

100.00

A

353,257

3,820

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B,

4.000%,

5/01/52

5/32

at

100.00

A

3,389,868

4,000

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2013A,

5.000%,

7/01/43

7/23

at

100.00

A

3,873,840

715

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2022A,

5.000%,

2/15/47

2/32

at

100.00

A

733,268

7,125

Pennsylvania

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Refunding

Series

2015A,

5.250%,

9/01/50,

(UB)

(4)

3/25

at

100.00

A

7,202,021

15,795

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016C,

4.000%,

8/15/41

8/26

at

100.00

AA

15,200,634

13,525

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019,

4.000%,

8/15/49

8/29

at

100.00

AA

12,462,206

1,800

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00

BBB

1,862,028

Pocono

Mountains

Industrial

Park

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

Hospital

-Monroe

Project,

Series

2015A:

3,000

5.000%,

8/15/40

2/25

at

100.00

A-

3,028,470

1,170

4.000%,

8/15/45

2/25

at

100.00

A-

1,048,460

3,000

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00

A+

3,047,010

Saint

Mary

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019PA:

665

5.000%,

12/01/48

12/28

at

100.00

AA-

675,660

1,305

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

Aa3

1,339,269

705

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00

Baa1

643,587

Total

Health

Care

151,228,118

Housing/Multifamily

-

0.7%

(0.4%

of

Total

Investments)

160

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Student

Housing

Revenue

Bonds,

University

Student

Housing,

LLC

Project

at

West

Chester

University

Series

2013A,

5.000%,

8/01/45

8/23

at

100.00

Ba2

149,949

1,650

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00

A1

1,663,018

270

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/31

7/26

at

100.00

Baa3

270,143

1,385

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Multifamily

Housing

Revenue

Bonds,

Presbyterian

Homes

Germantown

-

Morrisville

Project,

Series

2005A,

5.625%,

7/01/35

3/23

at

100.00

Baa3

1,412,991

Total

Housing/Multifamily

3,496,101

57

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Single

Family

-

21.0%

(12.8%

of

Total

Investments)

$

3,060

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2015-117B,

3.900%,

10/01/35,

(UB)

(4)

10/24

at

100.00

AA+

$

2,954,399

2,105

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00

AA+

2,012,843

4,890

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00

AA+

4,230,388

2,220

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41

(4)

10/25

at

100.00

AA+

1,815,760

18,115

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41,

(UB)

(4)

10/25

at

100.00

AA+

14,816,440

1,080

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-122,

3.650%,

10/01/32,

(UB)

4/26

at

100.00

AA+

1,063,184

3,895

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00

AA+

3,783,369

5,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-124B,

3.500%,

10/01/37,

(UB)

(4)

10/26

at

100.00

AA+

4,646,700

1,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-130A,

3.000%,

10/01/46

10/28

at

100.00

AA+

729,960

3,880

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-131A,

3.000%,

10/01/39

4/29

at

100.00

AA+

3,187,498

2,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-132A,

2.550%,

10/01/41

(4)

10/29

at

100.00

AA+

1,479,720

10,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-132A,

2.550%,

10/01/41,

(UB)

(4)

10/29

at

100.00

AA+

7,398,600

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133:

1,500

2.350%,

10/01/40

10/29

at

100.00

AA+

1,079,130

1,350

2.500%,

10/01/45

10/29

at

100.00

AA+

939,735

1,565

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021-136,

2.550%,

10/01/51

10/30

at

100.00

AA+

1,000,630

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2023-141A:

4,105

4.600%,

10/01/43,

(UB)

(4)

10/32

at

100.00

AA+

4,075,855

5,000

4.700%,

10/01/46,

(UB)

(4)

10/32

at

100.00

AA+

5,009,800

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-134A:

5,000

1.850%,

4/01/36

10/29

at

100.00

AA+

3,768,450

3,650

2.050%,

4/01/41

10/29

at

100.00

AA+

2,467,473

2,505

2.100%,

10/01/43

10/29

at

100.00

AA+

1,671,361

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-135A:

5,295

2.250%,

10/01/41

10/30

at

100.00

AA+

3,695,222

6,855

2.375%,

10/01/46

10/30

at

100.00

AA+

4,594,838

7,705

2.500%,

10/01/50

10/30

at

100.00

AA+

5,049,163

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-137:

5,240

2.450%,

10/01/41

4/31

at

100.00

AA+

3,759,438

6,545

2.600%,

4/01/46

4/31

at

100.00

AA+

4,440,128

3,335

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-138A,

3.000%,

4/01/42

10/31

at

100.00

AA+

2,597,632

8,500

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-1394A,

4.150%,

10/01/42

4/32

at

100.00

AA+

8,063,270

2,480

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-140A,

4.450%,

10/01/47

4/32

at

100.00

AA+

2,339,210

Total

Housing/Single

Family

102,670,196

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

58

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Industrials

-

1.5%

(0.9%

of

Total

Investments)

$

500

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-1,

10.000%,

12/01/40,

144A

6/30

at

100.00

N/R

$

448,735

500

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-2,

10.000%,

12/01/40,

(AMT),

144A

6/30

at

100.00

N/R

448,735

6,455

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

National

Gypsum

Company,

Refunding

Series

2014,

5.500%,

11/01/44,

(AMT)

11/24

at

100.00

N/R

6,482,886

Total

Industrials

7,380,356

Long-Term

Care

-

7.7%

(4.7%

of

Total

Investments)

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A:

940

5.000%,

5/15/37

5/27

at

100.00

BBB

908,388

1,160

5.000%,

5/15/47

5/27

at

100.00

BBB

1,049,765

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

The

Highlands

at

Wyomissing,

Series

2018:

1,000

5.000%,

5/15/43

5/25

at

102.00

BBB

937,060

400

5.000%,

5/15/48

5/25

at

102.00

BBB

365,748

230

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2015A,

5.000%,

12/01/35

12/25

at

100.00

N/R

210,455

1,760

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00

N/R

1,449,677

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2021A:

3,910

4.000%,

12/01/40

12/28

at

103.00

N/R

2,939,812

2,000

4.000%,

12/01/51

12/28

at

103.00

N/R

1,354,840

3,005

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group,  Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00

N/R

2,605,545

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

1,585

4.000%,

1/01/33

1/25

at

100.00

BBB+

1,492,404

2,850

5.000%,

1/01/38

1/25

at

100.00

BBB+

2,862,654

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

985

5.000%,

1/01/28

1/26

at

100.00

BBB+

1,003,134

1,815

5.000%,

1/01/29

1/26

at

100.00

BBB+

1,842,116

735

5.000%,

1/01/30

1/26

at

100.00

BBB+

744,614

300

3.250%,

1/01/36

1/26

at

100.00

BBB+

253,503

1,405

3.250%,

1/01/39

1/26

at

100.00

BBB+

1,135,521

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

690

4.125%,

1/01/38

1/29

at

100.00

BBB+

634,738

200

5.000%,

1/01/39

1/29

at

100.00

N/R

200,286

650

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00

A

659,542

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020:

975

5.000%,

3/01/40

3/27

at

102.00

BB+

841,162

715

5.000%,

3/01/50

3/27

at

102.00

BB+

574,731

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Long-Term

Care

(continued)

$

1,250

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

BBB-

$

1,149,012

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2021:

875

4.000%,

7/01/51

7/26

at

103.00

BBB-

654,202

1,400

4.000%,

7/01/56

7/26

at

103.00

BBB-

1,017,156

5,000

Maxatawny

Township

Municipal

Authority

Revenue

Bonds,

Pennsylvania,

Diakon

Lutheran

Social

Ministries

Project,  Series

2022A,

4.500%,

1/01/45

1/32

at

100.00

BBB+

4,415,000

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019:

1,845

5.000%,

11/01/44

11/26

at

103.00

BB

1,610,648

1,000

5.000%,

11/01/49

11/26

at

103.00

BB

848,950

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Retirement

Community

Revenue

Bonds,

Redstone

Presbyterian

SeniorCare

Obligated

Group,

Refunding

Bonds,

Series

2021:

2,215

4.000%,

5/15/41

5/28

at

103.00

N/R

1,730,270

2,785

4.000%,

5/15/47

5/28

at

103.00

N/R

2,019,236

Total

Long-Term

Care

37,510,169

Tax

Obligation/General

-

21.4%

(13.0%

of

Total

Investments)

840

Adams

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2017B,

2.500%,

11/15/29

11/25

at

100.00

Aa2

827,299

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014C-74:

1,750

5.000%,

12/01/32

12/24

at

100.00

AA-

1,792,613

1,285

5.000%,

12/01/34

12/24

at

100.00

AA-

1,310,610

2,440

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018C-

77,

5.000%,

11/01/43

11/28

at

100.00

AA-

2,603,992

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016:

1,500

4.000%,

8/01/31

8/26

at

100.00

Aa2

1,544,910

1,255

4.000%,

8/01/33

8/26

at

100.00

Aa2

1,289,136

1,950

Boyertown

Area

School

District,

Berks

and

Montgomery

Counties,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/38

4/24

at

100.00

AA-

1,981,863

1,000

Bristol

Township

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023,

4.125%,

6/01/40

-

BAM

Insured

,(WI/DD,

Settling

3/29/23)

6/31

at

100.00

AA

975,840

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D:

3,000

5.000%,

12/15/37

12/24

at

100.00

AA

3,054,000

1,075

5.000%,

12/15/38

-

BAM

Insured

12/24

at

100.00

AA

1,092,866

1,100

5.000%,

12/15/39

12/24

at

100.00

AA

1,118,095

2,900

Colonial

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

5.000%,

2/15/44

2/27

at

100.00

Aaa

3,066,837

7,465

Erie

City

School

District,

Erie

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2000,

0.000%,

9/01/30

-

AMBAC

Insured

No

Opt.

Call

N/R

5,654,066

Gateway

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021:

1,010

3.000%,

10/15/33

-

BAM

Insured

10/31

at

100.00

AA

949,289

425

3.000%,

10/15/35

-

BAM

Insured

10/31

at

100.00

AA

381,301

5,750

Hempfield

Area

School

District,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/15/48

-

AGM

Insured

3/32

at

100.00

AA

6,197,178

6,225

Lehighton

Area

School

District,

Carbon

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2015A,

5.000%,

11/15/43

-

BAM

Insured

11/23

at

100.00

AA

6,297,334

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

60

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

North

Allegheny

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2015:

$

5,000

5.000%,

5/01/31

5/25

at

100.00

AA

$

5,180,600

4,000

5.000%,

5/01/32

5/25

at

100.00

AA

4,141,080

2,875

5.000%,

5/01/33

5/25

at

100.00

AA

2,975,798

Penn

Manor

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019A:

1,000

4.000%,

3/01/35

9/27

at

100.00

AA

1,031,850

1,000

4.000%,

3/01/36

9/27

at

100.00

AA

1,020,470

2,620

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Junior

Insured

Series

2013C,

5.500%,

1/01/30

-

AGM

Insured

1/24

at

100.00

AA

2,661,370

3,925

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2007A,

5.000%,

6/01/34

-

NPFG

Insured

No

Opt.

Call

A1

4,546,406

5,085

Philadelphia,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

5/01/42

5/31

at

100.00

A

4,744,152

2,875

Pittsburgh,

Pennsylvania,

General

Obligation

Bonds,

Series

2022,

5.000%,

9/01/39

9/30

at

100.00

AA-

3,097,496

11,440

Reading

School

District,

Berks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2003B,

0.000%,

1/15/32

-

NPFG

Insured

No

Opt.

Call

Baa2

8,069,662

Scranton,

Lackawanna

County,

Pennsylvania,

General

Obligation

Notes,

Series

2016:

230

5.000%,

11/15/26

5/24

at

100.00

BB+

229,768

2,925

5.000%,

11/15/32

5/24

at

100.00

BB+

2,925,526

21,000

State

Public

School

Building

Authority,

Pennsylvania,

Lease

Revenue

Bonds,

Philadelphia

School

District,

Series

2003,

5.500%,

6/01/28

-

AGM

Insured,

(UB)

(4)

No

Opt.

Call

AA

23,551,711

150

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00

BB+

147,653

Total

Tax

Obligation/General

104,460,771

Tax

Obligation/Limited

-

10.5%

(6.4%

of

Total

Investments)

749

Allegheny

County

Redevelopment

Authority,

Pennsylvania,

TIF

Revenue

Bonds,

Pittsburg

Mills

Project,

Series

2004,

5.600%,

7/01/23

2005

1

(5)

3/23

at

100.00

N/R

674,376

195

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

615

Waterfront

Project,

Senior

Series

2021,

6.000%,

5/01/42,

144A

5/31

at

100.00

N/R

197,488

155

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018,

5.000%,

5/01/33,

144A

5/28

at

100.00

Ba3

157,096

1,115

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42,

144A

5/27

at

100.00

Ba3

1,083,055

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018:

1,500

5.000%,

6/01/31

6/28

at

100.00

A1

1,613,445

3,655

4.000%,

6/01/39

-

AGM

Insured

(4)

6/28

at

100.00

AA

3,559,349

7,215

4.000%,

6/01/39

-

AGM

Insured,

(UB)

(4)

6/28

at

100.00

AA

7,026,183

1,436

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33,

144A

7/24

at

100.00

N/R

1,408,429

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-

Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A:

2,650

0.000%,

12/01/37

(6)

12/26

at

100.00

AA-

2,729,924

4,000

4.900%,

12/01/44

12/26

at

100.00

AA-

4,094,400

2,160

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00

A2

2,218,709

5,530

Philadelphia

Authority

For

Industrial

Development,

Pennsylvania,

City

Agreement

Revenue

Bonds,

Cultural

and

Commercial

Corridors

Program,

Refunding

Series

2016A,

5.000%,

12/01/30

12/25

at

100.00

A

5,744,288

61

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

$

1,137

4.750%,

7/01/53

7/28

at

100.00

N/R

$

1,019,184

1,332

5.000%,

7/01/58

7/28

at

100.00

N/R

1,235,830

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

3,017

4.329%,

7/01/40

7/28

at

100.00

N/R

2,741,548

901

4.329%,

7/01/40

7/28

at

100.00

N/R

818,738

3,302

4.784%,

7/01/58

7/28

at

100.00

N/R

2,951,526

10,000

Southeastern

Pennsylvania

Transportation

Authority,

Revenue

Bonds,

Asset

Improvement

Series

2022,

5.250%,

6/01/52,

(UB)

(4)

6/32

at

100.00

AA

11,027,500

825

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00

BB

802,741

Total

Tax

Obligation/Limited

51,103,809

Transportation

-

10.9%

(6.7%

of

Total

Investments)

2,250

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/39

1/29

at

100.00

A+

2,417,445

4,000

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

1/24

at

100.00

AA

4,037,360

12,170

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E,

6.375%,

12/01/38

12/27

at

100.00

A+

13,715,347

820

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Second

Series

2016B-2,

5.000%,

6/01/39

6/26

at

100.00

A

846,101

3,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2014C,

5.000%,

12/01/44

12/24

at

100.00

AA-

3,051,420

10,470

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B,

5.000%,

12/01/45,

(UB)

(4)

12/25

at

100.00

AA-

10,674,165

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B:

1,215

5.250%,

12/01/47,

(UB)

(4)

12/32

at

100.00

AA-

1,326,525

2,365

5.250%,

12/01/52,

(UB)

(4)

12/32

at

100.00

AA-

2,566,900

2,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C,

6.250%,

6/01/33

-

AGM

Insured

6/26

at

100.00

AA

2,210,160

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2017B-1:

1,435

5.000%,

6/01/31

6/27

at

100.00

A

1,532,494

1,430

5.000%,

6/01/33

6/27

at

100.00

A

1,524,494

1,250

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

A

1,139,425

1,100

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00

A+

998,690

585

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

3.000%,

7/01/34

-

AGM

Insured

7/27

at

100.00

AA

548,420

1,490

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

A2

1,507,373

1,725

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

7/01/35

7/30

at

100.00

A2

1,749,081

Pittsburgh

and

Allegheny

County

Sports

and

Exhibition

Authority,

Pennsylvania,

Parking

Revenue

Bonds,

Series

2017:

1,000

5.000%,

12/15/30

12/27

at

100.00

A

1,077,920

500

5.000%,

12/15/33

12/27

at

100.00

A

537,080

550

5.000%,

12/15/34

12/27

at

100.00

A

590,673

1,000

5.000%,

12/15/36

12/27

at

100.00

A

1,065,130

250

5.000%,

12/15/37

12/27

at

100.00

A

265,832

Total

Transportation

53,382,035

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

62

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

-

13.9%

(8.5%

of

Total

Investments)

(7)

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2013C-72:

$

2,780

5.250%,

12/01/32,

(Pre-refunded

12/01/23)

12/23

at

100.00

AA-

$

2,823,729

2,000

5.250%,

12/01/33,

(Pre-refunded

12/01/23)

12/23

at

100.00

AA-

2,031,460

3,000

Bristol

Township

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2013,

5.250%,

6/01/43,

(Pre-refunded

6/01/23)

6/23

at

100.00

A1

3,014,820

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A:

805

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

A+

845,419

2,985

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

A+

3,134,877

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

2,170

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R

2,201,769

625

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R

634,150

2,330

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R

2,405,212

560

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R

578,077

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

610

3.250%,

1/01/39,

(Pre-refunded

1/01/26)

1/26

at

100.00

N/R

612,391

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

1,075

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

N/R

1,197,668

135

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

N/R

150,405

1,235

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00

N/R

1,262,565

1,900

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2015,

5.000%,

7/01/47,

(Pre-refunded

7/01/25)

7/25

at

100.00

N/R

1,978,299

1,370

Indiana

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Indiana

Regional

Medical

Center,

Series

2014A,

6.000%,

6/01/39,

(Pre-

refunded

6/01/23)

6/23

at

100.00

N/R

1,378,686

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Garden

Spot

Village

Project,

Series

2013:

1,000

5.375%,

5/01/28,

(Pre-refunded

5/01/23)

5/23

at

100.00

N/R

1,003,540

1,665

5.750%,

5/01/35,

(Pre-refunded

5/01/23)

5/23

at

100.00

N/R

1,671,910

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

6,685

5.125%,

12/01/47,

(Pre-refunded

12/01/23)

12/23

at

100.00

N/R

6,784,072

9,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00

N/R

9,320,490

Pennsbury

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016A:

1,000

5.000%,

10/01/33,

(Pre-refunded

4/01/25)

4/25

at

100.00

Aa3

1,039,230

1,860

5.000%,

10/01/34,

(Pre-refunded

4/01/25)

4/25

at

100.00

Aa3

1,932,968

2,045

5.000%,

10/01/35,

(Pre-refunded

4/01/25)

4/25

at

100.00

Aa3

2,125,225

1,195

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Philadelphia

University,

Refunding

Series

2013,

5.000%,

6/01/32,

(Pre-

refunded

6/01/23)

6/23

at

100.00

N/R

1,199,876

1,590

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2013A,

5.500%,

7/15/38,

(Pre-refunded

7/15/23)

7/23

at

100.00

N/R

1,603,261

7,000

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2013B-1,

5.250%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

AA-

7,107,520

63

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(7)

(continued)

Saint

Mary

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019PA:

$

1,335

5.000%,

12/01/48,

(Pre-refunded

12/01/28)

12/28

at

100.00

N/R

$

1,500,700

3,000

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

WellSpan

Health

Obligated

Group,

Series

2014A,

5.000%,

6/01/44,

(Pre-refunded

6/01/24)

6/24

at

100.00

Aa3

3,064,350

3,470

Washington

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

The

Washington

Hospital

Project,

Series

2013A,

5.000%,

7/01/28,

(Pre-refunded

7/01/23)

7/23

at

100.00

N/R

3,489,605

1,930

Westmoreland

County

Municipal

Authority,

Pennsylvania,

Municipal

Service

Revenue

Bonds,

Tender

Option

Bond

Trust

2016-XF1058,

7.959%,

8/15/37,

(Pre-refunded

8/15/23),

144A,

(IF)

(4)

8/23

at

100.00

A+

1,995,292

Total

U.S.

Guaranteed

68,087,566

Utilities

-

19.3%

(11.8%

of

Total

Investments)

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2015:

3,325

5.000%,

12/01/40

12/25

at

100.00

AA-

3,430,070

3,320

5.000%,

12/01/45

12/25

at

100.00

AA-

3,421,393

4,165

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2022,

5.000%,

6/01/53,

(UB)

(4)

6/32

at

100.00

AA-

4,401,905

6,500

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.375%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

BBB-

6,494,605

2,540

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35

(5)

No

Opt.

Call

N/R

3,175

9,855

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2008A,

2.700%,

4/01/35

(5)

No

Opt.

Call

N/R

12,319

6,210

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35

(5)

No

Opt.

Call

N/R

7,762

2,000

Bethel

Park

Municipal

Authority,

Pennsylvania,

Guaranteed

Sewer

Revenue

Bonds,

Series

2020B,

3.000%,

9/01/47

9/30

at

100.00

AA

1,471,980

7,000

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Sewer

System

Revenue

Bonds,

Series

2022A,

4.250%,

12/01/47

-

AGM

Insured,

(UB)

(4)

12/32

at

100.00

AA

6,775,160

Delaware

County

Regional

Water

Quality

Control

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2015:

1,110

5.000%,

5/01/40

5/25

at

100.00

Aa3

1,137,461

1,555

4.000%,

5/01/45

5/25

at

100.00

Aa3

1,493,889

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B:

7,295

0.000%,

12/01/34

No

Opt.

Call

A

4,554,560

4,420

0.000%,

12/01/35

No

Opt.

Call

A

2,594,982

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

5,815

5.125%,

12/01/47

12/23

at

100.00

A

5,607,230

295

Luzerne

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania-American

Water

Company

Project,

Refunding

Series

2019,

2.450%,

12/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00

A+

265,736

3,475

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019A,

3.000%,

10/01/36,

(AMT)

10/29

at

100.00

A-

3,018,107

3,400

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019B,

3.100%,

11/01/38,

(AMT)

11/29

at

100.00

A-

2,899,112

2,025

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Refunding

Bonds,

PPL

Energy

Supply,

LLC

Project,

Series

2009A,

6.400%,

12/01/38

(5)

9/25

at

100.00

N/R

850,500

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

64

NQP

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

10,500

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00

A+

$

8,733,270

5,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/47

8/27

at

100.00

A

5,121,500

3,165

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Sixteenth

Series

2020A,

5.000%,

8/01/50

-

AGM

Insured

8/30

at

100.00

AA

3,333,695

2,735

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/29

8/25

at

100.00

A

2,833,104

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2018A:

5,000

5.000%,

10/01/48,

(UB)

(4)

10/28

at

100.00

A+

5,205,250

7,000

5.000%,

10/01/53,

(UB)

(4)

10/28

at

100.00

A+

7,262,080

1,155

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2019B,

5.000%,

11/01/54

11/29

at

100.00

A+

1,202,101

5,000

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2022C,

5.500%,

6/01/52

6/32

at

100.00

A+

5,475,800

5,000

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

First

Lien

Series

2013B,

5.250%,

9/01/40

9/23

at

100.00

A+

5,029,350

Westmoreland

County

Municipal

Authority,

Pennsylvania,

Municipal

Service

Revenue

Bonds,

Refunding

Series

2020:

1,000

4.000%,

8/15/24

-

AGM

Insured

No

Opt.

Call

AA

1,009,390

1,000

2.450%,

8/15/37

-

AGM

Insured

8/28

at

100.00

AA

790,240

Total

Utilities

94,435,726

Total

Municipal

Bonds

(cost

$813,947,255)

755,793,314

Shares

Description

(1)

Value

X

46,072,792

COMMON

STOCKS

-

9.4%  (5.7%

of

Total

Investments)

X

46,072,792

Independent

Power

And

Renewable

Electricity

Producers

-

9.4%

(5.7%

of

Total

Investments)

$

601,606

Energy

Harbor

Corp

(8),(9)

$

46,072,792

Total

Independent

Power

And

Renewable

Electricity

Producers

46,072,792

Total

Common

Stocks

(cost

$16,839,773)

46,072,792

Total

Long-Term

Investments

(cost

$830,787,028)

801,866,106

Floating

Rate

Obligations

-

(21.9)%  

(

107,270,000

)

VRDP

Shares,

Net

-

(44.3)%

(10)

(

216,819,938

)

Other

Assets

&

Liabilities,

Net

-

2.2%

11,203,789

Net

Assets

Applicable

to

Common

Shares

-

100%

$

488,979,957

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(7)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

65

(8)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35;

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006A,

4.375%,

1/01/35;

and

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not

currently

satisfied)

and

are

effectively

illiquid.

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

second

half

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(9)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(10)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

27.0%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2023

See

Notes

to

Financial

Statements.

66

NAZ

NXJ

NUO

NQP

Assets

Long-term

investments,

at

value

†

$

236,336,640‌

$

885,830,546‌

$

406,450,926‌

$

801,866,106‌

Cash

–‌

8,156,156‌

9,609,924‌

3,989,223‌

Receivable

for

interest

2,149,578‌

9,258,332‌

4,251,001‌

10,004,552‌

Receivable

for

investments

sold

1,876,297‌

–‌

–‌

940,000‌

Other

assets

11,324‌

219,009‌

62,649‌

203,546‌

Total

assets

240,373,839‌

903,464,043‌

420,374,500‌

817,003,427‌

Liabilities

Cash

overdraft

1,495,653‌

–‌

–‌

–‌

Floating

rate

obligations

7,000,000‌

33,235,000‌

–‌

107,270,000‌

Payable

for

dividends

363,549‌

1,215,786‌

477,586‌

971,350‌

Payable

for

interest

61,759‌

399,374‌

94,697‌

1,299,686‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

–‌

984,590‌

10,095,300‌

976,470‌

AMTP

Shares,

Net

*

88,249,966‌

–‌

–‌

–‌

VRDP

Shares,

Net

***

–‌

312,681,362‌

147,798,786‌

216,819,938‌

Accrued

expenses:

Custodian

fees

24,955‌

77,475‌

38,337‌

62,987‌

Investor

relations

4,118‌

14,479‌

6,050‌

12,289‌

Management

fees

111,705‌

412,696‌

189,478‌

373,075‌

Trustees

fees

3,112‌

191,022‌

38,247‌

178,685‌

Professional

fees

31,954‌

31,200‌

33,102‌

30,183‌

Shareholder

reporting

expenses

6,048‌

20,499‌

11,729‌

19,324‌

Shareholder

servicing

agent

fees

2,433‌

2,644‌

1,062‌

3,342‌

Other

5,156‌

5,986‌

696,145‌

6,141‌

Total

liabilities

97,360,408‌

349,272,113‌

159,480,519‌

328,023,470‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

143,013,431‌

$

554,191,930‌

$

260,893,981‌

$

488,979,957‌

Common

shares

outstanding

11,595,866‌

41,482,936‌

18,254,255‌

37,383,341‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12.33‌

$

13.36‌

$

14.29‌

$

13.08‌

Net

assets

applicable

to

common

shares

consist

of:

Common

shares,

$0.01

par

value

per

share

$

115,959‌

$

414,829‌

$

182,543‌

$

373,833‌

Paid-in

surplus

156,642,895‌

591,792,639‌

276,733,720‌

528,723,571‌

Total

distributable

earnings

(loss)

(13,745,423‌)

(38,015,538‌)

(16,022,282‌)

(40,117,447‌)

Net

assets

applicable

to

common

shares

$

143,013,431‌

$

554,191,930‌

$

260,893,981‌

$

488,979,957‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

245,141,126‌

$

917,691,623‌

$

409,950,931‌

$

830,787,028‌

*

AMTP

Shares,

liquidation

preference

88,300,000‌

—‌

—‌

—‌

***

VRDP

Shares,

liquidation

preference

—‌

313,900,000‌

148,000,000‌

217,500,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

Year

Ended

February

28,

2023

See

Notes

to

Financial

Statements.

67

NAZ

NXJ

NUO

NQP

Investment

Income

Interest

$

9,411,725‌

$

36,116,115‌

$

14,846,994‌

$

30,723,046‌

Total

Investment

Income

9,411,725‌

36,116,115‌

14,846,994‌

30,723,046‌

Expenses

–

–

–

–

Management

fees

1,480,480‌

5,374,465‌

2,565,748‌

4,894,041‌

Shareholder

servicing

agent

fees

15,099‌

16,299‌

1,823‌

20,291‌

Interest

expense

and

amortization

of

offering

costs

2,335,799‌

8,571,376‌

4,084,202‌

7,788,393‌

Trustees

fees

6,493‌

24,034‌

11,490‌

20,314‌

Custodian

expenses,

net

36,649‌

91,587‌

49,409‌

75,190‌

Investor

relations

expenses

8,867‌

32,670‌

16,037‌

28,272‌

Merger

expenses

—‌

—‌

930,000‌

—‌

Professional

fees

49,434‌

133,304‌

78,633‌

83,353‌

Shareholder

reporting

expenses

19,530‌

53,486‌

32,838‌

54,408‌

Stock

exchange

listing

fees

7,240‌

12,311‌

7,240‌

11,097‌

Other

26,662‌

73,180‌

54,766‌

65,626‌

Total

expenses

3,986,253‌

14,382,712‌

7,832,186‌

13,040,985‌

Net

investment

income

(loss)

5,425,472‌

21,733,403‌

7,014,808‌

17,682,061‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(3,063,982‌)

(5,591,822‌)

(12,269,591‌)

(6,002,823‌)

Net

realized

gain

(loss)

(3,063,982‌)

(5,591,822‌)

(12,269,591‌)

(6,002,823‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(21,339,972‌)

(81,281,533‌)

(28,656,469‌)

(75,961,063‌)

Change

in

net

unrealized

appreciation

(depreciation)

(21,339,972‌)

(81,281,533‌)

(28,656,469‌)

(75,961,063‌)

Net

realized

and

unrealized

gain

(loss)

(24,403,954‌)

(86,873,355‌)

(40,926,060‌)

(81,963,886‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(18,978,482‌)

$

(65,139,952‌)

$

(33,911,252‌)

$

(64,281,825‌)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements.

68

NAZ

NXJ

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Operations

Net

investment

income

(loss)

$

5,425,472‌

$

7,028,851‌

$

21,733,403‌

$

28,125,701‌

Net

realized

gain

(loss)

(3,063,982‌)

(122,483‌)

(5,591,822‌)

236,291‌

Change

in

net

unrealized

appreciation

(depreciation)

(21,339,972‌)

(6,591,904‌)

(81,281,533‌)

(38,649,363‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(18,978,482‌)

314,464‌

(65,139,952‌)

(10,287,371‌)

Distributions

to

Common

Shareholders

Dividends

(6,080,179‌)

(6,949,107‌)

(23,105,996‌)

(29,121,021‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(6,080,179‌)

(6,949,107‌)

(23,105,996‌)

(29,121,021‌)

Capital

Share

Transactions

Common

shares:

Net

proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

99,790‌

206,319‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

99,790‌

206,319‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(24,958,871‌)

(6,428,324‌)

(88,245,948‌)

(39,408,392‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

167,972,302‌

174,400,626‌

642,437,878‌

681,846,270‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

143,013,431‌

$

167,972,302‌

$

554,191,930‌

$

642,437,878‌

See

Notes

to

Financial

Statements.

69

NUO

NQP

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Operations

Net

investment

income

(loss)

$

7,014,808‌

$

10,751,962‌

$

17,682,061‌

$

23,818,987‌

Net

realized

gain

(loss)

(12,269,591‌)

606,456‌

(6,002,823‌)

262,392‌

Change

in

net

unrealized

appreciation

(depreciation)

(28,656,469‌)

(14,434,274‌)

(75,961,063‌)

(13,389,099‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(33,911,252‌)

(3,075,856‌)

(64,281,825‌)

10,692,280‌

Distributions

to

Common

Shareholders

Dividends

(8,263,663‌)

(11,228,292‌)

(18,635,597‌)

(24,822,538‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(8,263,663‌)

(11,228,292‌)

(18,635,597‌)

(24,822,538‌)

Capital

Share

Transactions

Common

shares:

Cost

of

shares

repurchased

and

retired

(762,375‌)

–‌

–‌

–‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

(762,375‌)

—‌

—‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(42,937,290‌)

(14,304,148‌)

(82,917,422‌)

(14,130,258‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

303,831,271‌

318,135,419‌

571,897,379‌

586,027,637‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

260,893,981‌

$

303,831,271‌

$

488,979,957‌

$

571,897,379‌

Statement

of

Cash

Flows

Year

Ended

February

28,

2023

See

Notes

to

Financial

Statements.

70

NAZ

NXJ

NUO

NQP

Cash

Flows

from

Operating

Activities

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

(18,978,482‌)

$

(65,139,952‌)

$

(33,911,252‌)

$

(64,281,825‌)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(60,772,419‌)

(152,832,387‌)

(137,686,920‌)

(124,516,891‌)

Proceeds

from

sale

and

maturities

of

investments

61,690,769‌

157,962,563‌

154,967,124‌

125,965,929‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

—‌

1,000,000‌

—‌

5,000,000‌

Taxes

paid

(13‌)

(1,492‌)

(23,941‌)

(793‌)

Amortization

(Accretion)

of

premiums

and

discounts,

net

1,979,049‌

776,186‌

2,845,190‌

3,696,883‌

Amortization

of

deferred

offering

costs

8,691‌

60,284‌

9,804‌

34,398‌

(Increase)

Decrease

in:

Receivable

for

interest

175,854‌

272,575‌

116,700‌

(435,008‌)

Receivable

for

investments

sold

2,448,401‌

—‌

—‌

(286,400‌)

Other

assets

(11,076‌)

(2,598‌)

(20,424‌)

(3,011‌)

Increase

(Decrease)

in:

Payable

for

interest

49,845‌

334,956‌

77,116‌

1,063,103‌

Payable

for

investments

purchased

-

regular

settlement

(2,356,646‌)

—‌

—‌

—‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

(1,724,565‌)

984,590‌

10,095,300‌

(2,358,530‌)

Accrued

custodian

fees

(19,496‌)

(52,579‌)

(27,257‌)

(46,456‌)

Accrued

investor

relations

fees

(881‌)

(3,780‌)

(2,271‌)

(1,923‌)

Accrued

management

fees

(13,411‌)

(31,312‌)

(24,249‌)

(29,602‌)

Accrued

Trustees

fees

2,137‌

(20,635‌)

(2,589‌)

(19,836‌)

Accrued

professional

fees

334‌

(1,764‌)

119‌

(1,598‌)

Accrued

shareholder

reporting

expenses

414‌

284‌

524‌

70‌

Accrued

shareholder

servicing

agent

fees

523‌

(7,732‌)

(4,604‌)

(439‌)

Accrued

other

expenses

9,398‌

20,053‌

712,365‌

4,989‌

Net

realized

(gain)

loss

from

investments

3,063,982‌

5,591,822‌

12,269,591‌

6,002,823‌

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

21,339,972‌

81,281,533‌

28,656,469‌

75,961,063‌

Net

cash

provided

by

operating

activities

6,892,380‌

30,190,615‌

38,046,795‌

25,746,946‌

Cash

Flows

from

Financing

Activities

Proceeds

from

borrowings

3,527,345‌

12,384,855‌

3,275,222‌

—‌

(Repayments)

of

borrowings

(3,527,345‌)

(12,384,855‌)

(3,275,222‌)

—‌

(Repayments

of)

floating

rate

obligations

(2,755,000‌)

(675,000‌)

(20,000,000‌)

(7,505,000‌)

Increase

(Decrease)

in

cash

overdraft

1,495,653‌

—‌

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(6,177,378‌)

(24,060,455‌)

(8,629,134‌)

(19,414,136‌)

Cost

of

common

shares

repurchased

and

retired

—‌

—‌

(762,375‌)

—‌

Net

cash

provided

by

(used

in)

financing

activities

(7,436,725‌)

(24,735,455‌)

(29,391,509‌)

(26,919,136‌)

Net

Increase

(Decrease)

in

Cash

and

Cash

Collateral

at

Brokers

(544,345‌)

5,455,160‌

8,655,286‌

(1,172,190‌)

Cash

and

Cash

Collateral

at

Brokers

at

the

beginning

of

period

544,345‌

2,700,996‌

954,638‌

5,161,413‌

Cash

and

Cash

Collateral

at

Brokers

at

the

end

of

period

$

—‌

$

8,156,156‌

$

9,609,924‌

$

3,989,223‌

Supplemental

Disclosure

of

Cash

Flow

Information

NAZ

NXJ

NUO

NQP

Cash

paid

for

interest

$

2,276,445‌

$

8,175,544‌

$

3,996,723‌

$

6,688,141‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

99,790‌

—‌

—‌

—‌

Financial

Highlights

72

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Shelf

Offering

Costs

Ending

NAV

Ending

Share

Price

NAZ

2/28/23

$

14.50

$

0.47

$

(

2.12

)

$

(

1.65

)

$

(

0.52

)

$

—

$

(

0.52

)

$

—

$

—

$

12.33

$

11.30

2/28/22

15.07

0.61

(

0.58

)

0.03

(

0.60

)

—

(

0.60

)

—

—

14.50

13.78

2/28/21

15.56

0.61

(

0.53

)

0.08

(

0.57

)

—

(

0.57

)

—

—

15.07

15.17

2/29/20

14.18

0.56

1.34

1.90

(

0.52

)

—

(

0.52

)

—

—

15.56

13.89

2/28/19

14.11

0.52

0.04

0.56

(

0.52

)

—

(

0.52

)

0.02

0.01

14.18

12.46

NXJ

2/28/23

15.49

0.52

(

2.09

)

(

1.57

)

(

0.56

)

—

(

0.56

)

—

—

13.36

11.37

2/28/22

16.44

0.68

(

0.93

)

(

0.25

)

(

0.70

)

—

(

0.70

)

—

—

15.49

13.52

2/28/21

17.12

0.71

(

0.72

)

(

0.01

)

(

0.67

)

—

(

0.67

)

—

—

16.44

14.09

2/29/20

15.49

0.64

1.65

2.29

(

0.65

)

(

0.01

)

(

0.66

)

—

—

17.12

14.73

2/28/19

15.37

0.66

0.14

0.80

(

0.66

)

(

0.08

)

(

0.74

)

0.06

—

15.49

13.47

(a)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

73

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NAZ

2/28/23

1

.57

%

2/28/22

0

.48

2/28/21

0

.68

2/29/20

1

.25

2/28/19

1

.39

NXJ

2/28/23

1

.50

2/28/22

0

.45

2/28/21

0

.60

2/29/20

1

.11

2/28/19

1

.13

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(a)

Based

on

Share

Price(a)

Ending

Net

Assets

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate(c)

(

11

.40‌

)

%

(

14

.48‌

)

%

$

143,013

2

.68‌

%

3

.65‌

%

25‌

%

0

.09‌

(

5

.49‌

)

167,972

1

.52‌

3

.98‌

7‌

0

.62‌

13

.67‌

174,401

1

.75‌

4

.06‌

13‌

13

.60‌

15

.89‌

180,024

2

.32‌

3

.76‌

6‌

4

.29‌

(

5

.09‌

)

164,080

2

.61‌

3

.73‌

11‌

(

10

.16‌

)

(

11

.96‌

)

554,192

2

.53‌

3

.82‌

17‌

(

1

.68‌

)

0

.53‌

642,438

1

.39‌

4

.10‌

9‌

0

.08‌

0

.42‌

681,846

1

.55‌

4

.36‌

12‌

15

.02‌

14

.43‌

710,437

2

.07‌

3

.94‌

8‌

5

.77‌

8

.86‌

642,961

2

.13‌

4

.30‌

16‌

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Notes

to

Financial

Statements)

divided

by

the

average

long-term

market

value

during

the

period.

Financial

Highlights

(continuted)

74

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Ending

NAV

Ending

Share

Price

NUO

2/28/23

$

16.59

$

0.38

$

(

2.21

)

$

(

1.83

)

$

(

0.45

)

$

(

0.01

)

$

(

0.46

)

$

(

0.01

)

$

14.29

$

12.40

2/28/22

17.37

0.59

(

0.75

)

(

0.16

)

(

0.59

)

(

0.03

)

(

0.62

)

—

16.59

14.72

2/28/21

17.81

0.60

(

0.46

)

0.14

(

0.55

)

(

0.03

)

(

0.58

)

—

17.37

15.14

2/29/20

16.26

0.46

1.67

2.13

(

0.52

)

(

0.06

)

(

0.58

)

—

17.81

15.41

2/28/19

16.12

0.55

0.15

0.70

(

0.56

)

(

0.03

)

(

0.59

)

0.03

16.26

14.24

NQP

2/28/23

15.30

0.47

(

2.19

)

(

1.72

)

(

0.50

)

—

(

0.50

)

—

13.08

11.19

2/28/22

15.68

0.64

(

0.36

)

0.28

(

0.66

)

—

(

0.66

)

—

15.30

14.16

2/28/21

16.37

0.67

(

0.71

)

(

0.04

)

(

0.65

)

—

(

0.65

)

—

15.68

14.15

2/29/20

14.99

0.62

1.37

1.99

(

0.61

)

—

(

0.61

)

—

16.37

14.46

2/28/19

14.71

0.62

0.27

0.89

(

0.59

)

(

0.04

)

(

0.63

)

0.02

14.99

13.02

(a)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements.

75

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NUO

2/28/23

1

.51

%

2/28/22

0

.52

2/28/21

0

.71

2/29/20

1

.20

2/28/19

1

.28

NQP

2/28/23

1

.53

2/28/22

0

.43

2/28/21

0

.64

2/29/20

1

.26

2/28/19

1

.43

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(a)

Based

on

Share

Price(a)

Ending

Net

Assets

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate(c)

(

11

.19‌

)

%

(

12

.73‌

)

%

$

260,894

2

.89‌

%

2

.59‌

%

32‌

%

(

1

.08‌

)

1

.03‌

303,831

1

.50‌

3

.36‌

14‌

0

.78‌

2

.07‌

318,135

1

.73‌

3

.43‌

6‌

13

.39‌

12

.40‌

326,286

2

.34‌

2

.70‌

15‌

4

.65‌

5

.14‌

297,774

2

.35‌

3

.44‌

12‌

(

11

.31‌

)

(

17

.61‌

)

488,980

2

.57‌

3

.48‌

15‌

1

.72‌

4

.65‌

571,897

1

.39‌

3

.99‌

12‌

(

0

.29‌

)

2

.56‌

586,028

1

.62‌

4

.28‌

10‌

13

.62‌

15

.97‌

612,020

2

.24‌

3

.95‌

11‌

6

.40‌

9

.41‌

560,395

2

.44‌

4

.19‌

8‌

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Notes

to

Financial

Statements)

divided

by

the

average

long-term

market

value

during

the

period.

76

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

AMTP

Shares

VRDP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

NAZ

2/28/23

$

88,300

$

261,963

$

—

$

—

2/28/22

88,300

290,229

—

—

2/28/21

88,300

297,509

—

—

2/29/20

88,300

303,878

—

—

2/28/19

88,300

285,822

—

—

NXJ

2/28/23

—

—

313,900

276,550

2/28/22

—

—

313,900

304,663

2/28/21

—

—

313,900

317,218

2/29/20

—

—

313,900

326,326

2/28/19

—

—

313,900

304,830

NUO

2/28/23

—

—

148,000

276,280

2/28/22

—

—

148,000

305,291

2/28/21

—

—

148,000

314,956

2/29/20

—

—

148,000

320,463

2/28/19

—

—

148,000

301,199

NQP

2/28/23

—

—

217,500

324,818

2/28/22

—

—

217,500

362,941

2/28/21

—

—

217,500

369,438

2/29/20

—

—

217,500

381,388

2/28/19

—

—

217,500

357,653

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

Notes

to

Financial

Statements

77

1.

General

Information 

Fund

Information

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

NAZ,

NXJ,

NUO

and

NQP

were

organized

as

Massachusetts

business

trusts

on

April

8,

2013,

June

1,

1999,

April

8,

2013,

and

December

20,

1990,

respectively

(NAZ

and

NUO

previously

organized

as

Minnesota

trusts

on

January

23,

1991

and

October

17,

1991,

respectively).

Current

Fiscal

Period

The

end

of

the

reporting

period

for

the

Funds

is

February

28,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

February

28,

2023

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Fund

Mergers

On

October

31,

2022,

each

Fund’s

Board

of

Trustees

(the

“Board”)

approved

the

merger

of

NUO

and

Nuveen

Georgia

Quality

Municipal

Income

Fund

(NKG)

(each

a

“Target

Fund”)

into

Nuveen

Municipal

Credit

Income

Fund

(NZF)

(the

“Mergers”).

The

Mergers

are

intended

to

create

a

larger

fund

with

lower

operating

expenses,

enhanced

earnings

potential,

and

increased

trading

volume

on

the

exchange

for

common

shares.

The

Mergers

were

approved

by

shareholders

on

March

10,

2023

(subsequent

to

the

close

of

the

reporting

period)

and

became

effective

prior

to

the

opening

of

business

on

April

17,

2023.

Upon

the

closing

of

the

Mergers,

each

Target

Fund

transferred

its

assets

to

NZF

in

exchange

for

common

shares

of

NZF

and

the

assumption

by

NZF

of

the

liabilities

of

each

Target

Fund.

Each

Target

Fund

was

then

liquidated,

dissolved

and

terminated

in

accordance

with

its

Declaration

of

Trust.

Shareholders

of

each

Target

Fund

became

shareholders

of

NZF.

Holders

of

common

shares

of

each

Target

Fund

received

newly

issued

common

shares

of

NZF,

the

aggregate

net

asset

value

(“NAV”)

of

which

was

equal

to

the

aggregate

NAV

of

the

common

shares

of

each

Target

Fund

held

immediately

prior

to

the

Mergers

(including

for

this

purpose

fractional

NZF

shares

to

which

shareholders

were

entitled).

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

78

Notes

to

Financial

Statements

(continued)

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

net

asset

value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The

Funds pay

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Fund

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

Distributions

to

Common

Shareholders

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Investment

income

also

reflects

dividend

income,

which

is

recorded

on

the

ex-dividend

date.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statements

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

Fund

Gross

Custodian

Fee

Credits

NAZ

$

1,262

NXJ

5,430

NUO

1,730

NQP

6,109

79

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

80

Notes

to

Financial

Statements

(continued)

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations

and

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

Note

5

-

Fund

Shares.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

NAZ

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

236,336,640

$

–

$

236,336,640

Total

$

–

$

236,336,640

$

–

$

236,336,640

1

NXJ

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

885,830,546

$

–

$

885,830,546

Total

$

–

$

885,830,546

$

–

$

885,830,546

1

NUO

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

401,497,767

$

–

$

401,497,767

Common

Stocks

–

4,953,159

–

4,953,159

Total

$

–

$

406,450,926

$

–

$

406,450,926

1

NQP

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

755,793,314

$

–

$

755,793,314

Common

Stocks

–

46,072,792

–

46,072,792

Total

$

–

$

801,866,106

$

–

$

801,866,106

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

81

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NAZ

$

7,000,000

$

—

$

7,000,000

NXJ

33,235,000

45,720,000

78,955,000

NUO

—

—

—

NQP

107,270,000

5,770,000

113,040,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NAZ

$

7,701,959

2.05

%

NXJ

33,963,014

2.10

NUO

14,071,233

1.61

NQP

110,451,479

2.18

82

Notes

to

Financial

Statements

(continued)

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NAZ

$

7,000,000

$

—

$

7,000,000

NXJ

33,235,000

45,720,000

78,955,000

NUO

—

—

—

NQP

107,270,000

5,770,000

113,040,000

Fund

Purchases

Sales

and

Maturities

NAZ

$

60,772,419

$

61,690,769

NXJ

152,832,387

157,962,563

NUO

137,686,920

154,967,124

NQP

124,516,891

125,965,929

83

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments

such

as

futures,

options

and

swap

contracts. 

Each

Fund

limits

its

investments

in

futures,

options

on

futures

and

swap

contracts

to

the

extent

necessary

for

the

Adviser

to

claim

the

exclusion

from

registration

by

the

Commodity Futures

Trading

Commission

as

a

commodity

pool

operator

with

respect

to

the

Fund. 

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable. 

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments

and

may

do

so

in

the

future, they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Common Share

Transactions

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Preferred

Shares

Adjustable

Rate

MuniFund

Term

Preferred

Shares

The

following

Fund

has

issued

and

has

outstanding

Adjustable

Rate

MuniFund

Term

Preferred

(“AMTP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

AMTP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

The

details

of

the

Fund’s

AMTP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

NAZ

NXJ

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

7,827

13,526

—

—

Total

7,827

13,526

—

—

NUO

NQP

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Common

Shares:

Repurchased

and

retired

(62,700)

—

—

—

Total

(62,700)

—

—

—

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

12.14

–

–

–

Discount

per

share

repurchased

and

retired

(16.03)%

–%

–%

–%

84

Notes

to

Financial

Statements

(continued)

The

Fund

is

obligated

to

redeem

its

AMTP

Shares

by

the

date

as

specified

in

its

offering

document

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

AMTP

Shares

are

subject

to

optional

and

mandatory

redemption

in

certain

circumstances.

The

AMTP

Shares

may

be

redeemed

at

the

option

of

the

Fund,

subject

to

payment

of

premium

for

approximately

six

months

following

the

date

of

issuance

(“Premium

Expiration

Date”),

and

at

the

redemption

price

per

share

thereafter.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

AMTP

Shares

are

short-term

or

short/intermediate-term

instruments

that

pay

a

variable

dividend

rate

tied

to

a

short-term

index,

plus

an

additional

fixed

“spread”

amount

which

is

initially

established

at

the

time

of

issuance

and

may

be

adjusted

in

the

future

based

upon

a

mutual

agreement

between

the

majority

owner

and

the

Fund.

From

time-to-time

the

majority

owner

may

propose

to

the

Fund

an

adjustment

to

the

dividend

rate.

Should

the

majority

owner

and

the

Fund

fails

to

agree

upon

an

adjusted

dividend

rate,

and

such

proposed

dividend

rate

adjustment

is

not

withdrawn,

the

Fund

will

be

required

to

redeem

all

outstanding

shares

upon

the

end

of

a

notice

period.

In

addition,

the

Fund

may

be

obligated

to

redeem

a

certain

amount

of

the

AMTP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

and

leverage

ratio

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

Term

Redemption

Date

and

Premium

Expiration

Date

for

the

Fund’s

AMTP

Shares

are

as

follows:

The

average

liquidation

preference

of

AMTP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

AMTP

Shares

are

subject

to

restrictions

on

transfer,

generally

do

not

trade,

and

market

quotations

are

generally

not

available.

The

fair

value

of

AMTP

Shares

is

expected

to

be

approximately

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

AMTP

Shares

remains

roughly

in

line

with

the

“spread”

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market

environment.

In

present

market

conditions,

the

Funds’

Adviser

has

determined

that

the

fair

value

of

AMTP

Shares

is

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

For

financial

reporting

purposes,

the

liquidation

preference

of

AMTP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“AMTP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

AMTP

Share

dividends

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

AMTP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

AMTP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

in

connection

with

the

Fund’s

offering

of

AMTP

Shares

were

recorded

as

deferred

charges,

which

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

components

of

“AMTP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Variable

Rate

Demand

Preferred

Shares

The

following

Funds

have

issued

and

have

outstanding

Variable

Rate

Demand

Preferred

(“VRDP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

VRDP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

As

of

the

end

of

the

reporting

period,

NXJ,

NUO

and

NQP

had

$312,681,362,

$147,798,786

and

$216,819,938

VRDP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

the

Funds’

VRDP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

NAZ

2028

883

$88,300,000

$88,249,966

Fund

Notice

Period

Series

Term

Redemption

Date

Premium

Expiration

Date

NAZ

540-day

2028

December

1,

2028*

February

13,

2019

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

AMTP

Shares

Outstanding

Annualized

Dividend

Rate

NAZ

$

88,300,000

2.45

%

85

VRDP

Shares

include

a

liquidity

feature

that

allows

VRDP

shareholders

to

have

their

shares

purchased

by

a

liquidity

provider

with

whom

each

Fund

has

contracted

in

the

event

that

the

VRDP

Shares

are

not

able

to

be

successfully

remarketed.

Each

Fund

is

required

to

redeem

any

VRDP

Shares

that

are

still

owned

by

the

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

Each

Fund

pays

an

annual

remarketing

fee

on

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding.

Each

Fund’s

VRDP

Shares

have

successfully

remarketed

since

issuance.

All

series

of

NXJ’s,

NUO’s,

and

NQP’s

VRDP

Shares

are

considered

to

be

Special

Rate

Period

VRDP,

which

are

sold

to

institutional

investors.

During

the

special

rate

period,

the

VRDP

Shares

will

not

be

remarketed

by

a

remarketing

agent,

be

subject

to

optional

or

mandatory

tender

events,

or

be

supported

by

a

liquidity

provider

and

are

not

subject

to

remarking

fees

or

liquidity

fees.

During

the

special

rate

period,

VRDP

dividends

will

be

set

monthly

as

a

floating

rate

based

on

the

predetermined

formula.

Following

the

initial

special

rate

period,

Special

Rate

Period

VRDP

Shares

may

transition

to

traditional

VRDP

Shares

with

dividends

set

at

weekly

remarketings,

and

be

supported

by

a

designated

liquidity

provider,

or

the

Board

may

approve

a

subsequent

special

rate

period.

Dividends

on

the

VRDP

Shares

(which

are

treated

as

interest

payments

for

financial

reporting

purposes)

are

set

at

a

rate

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

VRDP

Shares

is

expected

to

approximate

its

liquidation

preference.

In

the

event

that

VRDP

Shares

are

unable

to

be

successfully

remarketed,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

VRDP

Shares.

Subject

to

certain

conditions,

VRDP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

each

Fund.

Each

Fund

may

also

redeem

certain

of

the

VRDP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

The

average

liquidation

preference

of

VRDP

Shares

outstanding

and

annualized

dividend

rate

for

each

Fund

during

the

current

fiscal

period

were

as

follows:

For

financial

reporting

purposes,

the

liquidation

preference

of

VRDP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“VRDP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

Unpaid

dividends

on

VRDP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Dividends

accrued

on

VRDP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

by

the

Funds

in

connection

with

their

offerings

of

VRDP

Shares

were

recorded

as

a

deferred

charge,

which

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

a

component

of

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

In

addition

to

interest

expense,

each

Fund

may

also

pay

a

per

annum

liquidity

fee

to

the

liquidity

provider,

as

well

as

a

remarketing

fee,

which

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees,”

respectively,

on

the

Statement

of

Operations.

Preferred

Share

Transactions

The

Funds

did

not

have

any

transactions

in

preferred

shares

during

the

current

or

prior

fiscal

period.

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Special

Rate

Period

Expiration

Maturity

NXJ

1

810

N/A**

$81,000,000

July

19,

2023

August

3,

2043

2

1,443

N/A**

$144,300,000

April

1,

2043***

April

1,

2043

3

886

N/A**

$88,600,000

April

1,

2043***

April

1,

2043

NUO

1

1,480

N/A**

$148,000,000

November

9,

2023

September

1,

2043

NQP

2

1,125

N/A**

$112,500,000

December

1,

2042***

December

1,

2042

3

1,050

N/A**

$105,000,000

December

1,

2042***

December

1,

2042

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

**

Not

applicable.

Series

is

considered

to

be

Special

Rate

VRDP

and

therefore

does

not

pay

a

remarketing

fee.

***

Subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NXJ

$

313,900,000

2.48

%

NUO

148,000,000

2.60

NQP

217,500,000

2.46

86

Notes

to

Financial

Statements

(continued)

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

distribution

reallocations,

nondeductible

offering

costs,

nondeductible

reorganization

expenses,

paydowns,

taxable

market

discount,

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NAZ

$

238,053,427

$

1,293,561

$

(10,010,348)

$

(8,716,787)

NXJ

882,822,399

18,574,978

(48,801,635)

(30,226,657)

NUO

409,918,768

8,814,000

(12,281,842)

(3,467,842)

NQP

723,354,523

39,537,522

(68,295,352)

(28,757,830)

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NAZ

$

406,335

$

7,179

$

—

$

(8,716,787)

$

(5,065,284)

$

—

$

(376,866)

$

(13,745,423)

NXJ

25,661

2,474

—

(30,226,657)

(6,468,821)

—

(1,348,195)

(38,015,538)

NUO

166,952

—

—

(3,467,842)

(12,219,400)

—

(501,992)

(16,022,282)

NQP

—

4,389

—

(28,757,830)

(10,279,889)

—

(1,084,117)

(40,117,447)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

February

1,

2023,

and

paid

on

March

1,

2023.

2/28/23

2/28/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

NAZ

$

6,012,110

$

68,069

$

—

$

6,932,126

$

16,981

$

—

NXJ

23,079,637

26,359

—

29,121,021

—

—

NUO

8,158,010

—

105,653

10,768,878

1,490

457,924

NQP

18,528,690

106,907

—

24,816,864

5,674

—

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

NAZ

$

2,930,140

$

2,135,144

$

5,065,284

NXJ

1,166,586

5,302,235

6,468,821

NUO

6,434,429

5,784,971

12,219,400

NQP

4,620,885

5,659,004

10,279,889

87

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

fund

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

February

28,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.4500

%

For

the

next

$125

million

0.4375

For

the

next

$250

million

0.4250

For

the

next

$500

million

0.4125

For

the

next

$1

billion

0.4000

For

the

next

$3

billion

0.3750

For

managed

assets

over

$5

billion

0.3675

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

NAZ

0.1588%

NXJ

0.1588%

NUO

0.1588%

NQP

0.1588%

88

Notes

to

Financial

Statements

(continued)

Other

Transactions

with

Affiliates 

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

8.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NAZ

$

24,566,569

$

13,988,648

$

(1,882,132)

NXJ

—

—

—

NUO

23,584,226

23,717,350

(2,498,426)

NQP

—

—

—

Fund

Maximum

Outstanding

Balance

NAZ

$

2,527,345

NXJ

10,884,855

NUO

3,275,222

NQP

—

89

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

Inter-Fund

Borrowing

and

Lending

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund

may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NAZ

9

$

1,678,820

4.84

%

NXJ

14

8,431,387

5.26

NUO

4

3,275,222

5.53

NQP

—

—

—

90

Shareholder

Update

(Unaudited)

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

NUVEEN

ARIZONA

QUALITY

MUNICIPAL

INCOME

FUND

(NAZ)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

current

income

exempt

from

both

regular

federal

income

taxes

and

Arizona

individual

income

taxes,

and

its

secondary

investment

objective

is

the

enhancement

of

portfolio

value

relative

to

the

Arizona

municipal

bond

market

through

investments

in

tax-

exempt

Arizona

Municipal

Obligations

(as

defined

below)

that,

in

the

opinion

of

the

Fund’s

investment

adviser,

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Arizona

income

taxes.

The

Fund

invests

in

Arizona

municipal

securities

with

intermediate

or

long-term

maturities

in

order

to

maintain

an

average

portfolio

maturity

of

15

to

30

years,

although

this

may

be

shortened

depending

on

market

conditions,

and

on

an

assessment

by

the

Fund’s

portfolio

manager

of

which

segments

of

the

municipal

securities

market

offer

the

most

favorable

relative

investment

values

and

opportunities

for

tax-exempt

income

and

total

return.

As

a

result,

the

Fund’s

portfolio

may

include

long-term

and

intermediate-term

municipal

securities.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

nationally

recognized

statistical

rating

organization

(“NRSRO”)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-traded

funds

(“ETFs”))

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives,

(ii)

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Arizona

income

taxes,

(iii)

policy

(as

described

below)

that

it

may

not

issue

debt

securities

that

rank

senior

to

Preferred

Shares

(as

defined

below)

other

than

for

temporary

or

emergency

purposes

and

(iv)

policy

(as

described

below)

that

it

may

not

borrow

money,

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

invests

in

various

municipal

securities,

including

municipal

bonds

and

notes,

other

securities

issued

to

finance

and

refinance

public

projects,

and

other

related

securities

and

derivative

instruments

creating

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

federal

and

Arizona

income

tax

(for

purposes

of

the

Fund’s

investment

objectives,

“Arizona

Municipal

Obligations”).

91

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts

(“TOB

trusts”),

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Arizona

income

taxes.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

noncorporate

taxpayers

(“AMT

Bonds”).

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

Arizona,

a

municipality

of

Arizona,

or

a

political

subdivision

of

either,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

sub-adviser

to

be

reliable),

is

exempt

from

regular

federal

and

Arizona

income

taxes,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

issued

by

U.S.

territories

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

Arizona

income

taxes.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

92

Shareholder

Update

(Unaudited)

(continued)

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

municipal

market

data

rate

locks

(“MMD

Rate

Locks”)),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest

(“Preferred

Shares”)

and

investments

in

inverse

floating

rate

securities.

However,

pursuant

to

its

fundamental

policies,

the

Fund

may

not

(i)

issue

debt

securities

that

rank

senior

to

Preferred

Shares

other

than

for

temporary

or

emergency

purposes

and

(ii)

borrow

money

(including

reverse

repurchase

agreements),

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions.

 In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

at

least

15

to

30

years

and

the

Fund

may

not

achieve

its

investment

objectives.

93

NUVEEN

NEW

JERSEY

QUALITY

MUNICIPAL

INCOME

FUND

(NXJ)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

and

New

Jersey

income

tax,

and

to

enhance

portfolio

value

relative

to

the

municipal

bond

market

by

investing

in

tax-exempt

municipal

bonds

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued. 

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

at

least

80%

of

its

Assets

(as

defined

below),

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

New

Jersey

state

income

taxes.

The

Fund

generally

invests

in

municipal

securities

with

long-term

maturities

in

order

to

maintain

an

average

effective

maturity

of

15-30

years,

including

the

effects

of

leverage,

but

the

average

effective

maturity

of

obligations

held

by

the

Fund

may

be

lengthened

or

shortened

as

a

result

of

portfolio

transactions

effected

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser,

depending

on

market

conditions

and

on

an

assessment

by

the

portfolio

manager

of

which

segments

of

the

municipal

securities

markets

offer

the

most

favorable

relative

investment

values

and

opportunities

for

tax-exempt

income

and

total

return.

As

a

result,

the

Fund’s

portfolio

at

any

given

time

may

include

both

long-term

and

intermediate-term

municipal

securities.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

(Ba

or

BB

or

lower)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-

adviser.

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below B3/B- or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

not

enter

into

a

futures

contract

or

related

options

or

forward

contracts

if

more

than

30%

of

its

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

its

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

or

related

options.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other open- or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives,

(ii)

policy

of

investing

at

least

80%

of

its

Assets,

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

New

Jersey

income

taxes

and

(iii)

policy

that

it

may

not

issue

debt

securities

that

rank

senior

to

Preferred

Shares

other

than

for

temporary

or

emergency

purposes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

U.S.

federal

and

New

Jersey

personal

income

taxes.

94

Shareholder

Update

(Unaudited)

(continued)

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

New

Jersey,

a

municipality

in

New

Jersey,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

State

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser

to

be

reliable),

is

exempt

from

regular

federal

income

tax

and

New

Jersey

personal

income

taxes,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

bonds

issued

by

United

States

territories

and

possessions

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

New

Jersey

income

taxes.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds,

formerly

referred

to

as

industrial

development

bonds,

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund’s

distributions

of

its

interest

income

from

private

activity

bonds

may

subject

certain

investors

to

the

federal

alternative

minimum

tax

applicable

to

individuals.

However,

the

Fund

will

only

invest

in

private

activity

bonds

that

are

not

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

95

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares

and

investments

in

inverse

floating

rate

securities

and

reverse

repurchase

agreements. However,

pursuant

to

its

fundamental

policies,

the

Fund

may

not

(i)

issue

senior

securities

other

than

Preferred

Shares

and

(ii)

borrow

money

(including

reverse

repurchase

agreements),

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

15

to

30

years

and

the

Fund

may

not

achieve

its

investment

objectives.

96

Shareholder

Update

(Unaudited)

(continued)

NUVEEN

OHIO

QUALITY

MUNICIPAL

INCOME

FUND

(NUO)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

current

income

exempt

from

both

regular

federal

income

taxes

and

Ohio

personal

income

taxes,

and

its

secondary

investment

objective

is

the

enhancement

of

portfolio

value

relative

to

the

Ohio

municipal

bond

market

through

investments

in

tax-exempt

Ohio

Municipal

Obligations

that,

in

the

opinion

of

the

Fund’s

investment

adviser

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued. 

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

at

least

80%

of

its

Assets

(as

defined

below),

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Ohio

income

taxes.

The

Fund

emphasizes

investments

in

municipal

securities

with

long-

or

intermediate-term

maturities.

The

Fund

generally

invests

in

municipal

securities

with

different

maturities

to

maintain

an

average

portfolio

maturity

of

15

to

30

years,

although

this

may

be

shortened

depending

on

market

conditions.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

(Ba

or

BB

or

lower)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser.

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below B3/B- or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser.

The

Fund

may

not

enter

into

a

futures

contract

or

related

options

or

forward

contracts

if

more

than

30%

of

its

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

its

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

or

related

options.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other open- or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

(ii)

policy

of

investing

at

least

80%

of

its

Assets,

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

regular

federal

and

Ohio

income

taxes

and

(iii)

policy

(as

described

below)

that

it

may

not

issue

debt

securities

that

rank

senior

to

Preferred

Shares

other

than

for

temporary

or

emergency

purposes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

U.S.

federal

and

Ohio

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

97

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

generally

are

issued

by

the

State

of

Ohio,

a

municipality

of

Ohio,

or

a

political

subdivision

of

either,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

investment

adviser

to

be

reliable),

is

exempt

from

regular

federal

and

Ohio

income

taxes,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax

and

the

Fund

may

invest

in

municipal

securities

issued

by

U.S.

territories

(such

as

Puerto

Rico

or

Guam)

that

are

exempt

from

regular

federal

and

Ohio

income

taxes.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds,

formerly

referred

to

as

industrial

development

bonds,

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund’s

distributions

of

its

interest

income

from

private

activity

bonds

may

subject

certain

investors

to

the

federal

alternative

minimum

tax

applicable

to

individuals.

However,

the

Fund

will

only

invest

in

private

activity

bonds

that

are

not

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both  short-term floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

98

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares

and

investments

in

inverse

floating

rate

securities

and

reverse

repurchase

agreements. However,

pursuant

to

its

fundamental

policies,

the

Fund

may

not

(i)

issue

senior

securities

other

than

Preferred

Shares

and

(ii)

borrow

money

(including

reverse

repurchase

agreements),

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

15

to

30

years

and

the

Fund

may

not

achieve

its

investment

objectives.

99

NUVEEN

PENNSYLVANIA

QUALITY

MUNICIPAL

FUND

(NQP)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

and

Pennsylvania

income

taxes

and

to

enhance

portfolio

value

relative

to

the

Pennsylvania

municipal

bond

market

by

investing

in

tax-exempt

Pennsylvania

municipal

bonds

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

that

pay

interest

exempt

from

regular

federal

and

Pennsylvania

income

taxes.

The

Fund

invests

primarily

in

municipal

securities

with

long-term

maturities

in

order

to

maintain

an

average

effective

maturity

of

15

to

30

years,

including

the

effects

of

leverage,

but

the

average

effective

maturity

of

obligations

held

by

the

Fund

may

be

lengthened

or

shortened

as

a

result

of

portfolio

transactions

effected

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser,

depending

on

market

conditions

and

on

an

assessment

by

the

portfolio

manager

of

which

segments

of

the

municipal

securities

markets

offer

the

most

favorable

relative

investment

values

and

opportunities

for

tax-exempt

income

and

total

return.

As

a

result,

the

Fund’s

portfolio

at

any

given

time

may

include

both

long-term

and

intermediate-term

municipal

securities.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-

adviser. 

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below B3/B- 

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

Fund

may

not

enter

into

a

futures

contract

or

related

options

or

forward

contracts

if

more

than

30%

of

the

Fund’s

Managed

Assets

would

be

represented

by

futures

contracts

or

more

than

5%

of

the

Fund’s

Managed

Assets

would

be

committed

to

initial

margin

deposits

and

premiums

on

futures

contracts

or

related

options.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives

(ii)

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

that

pay

interest

exempt

from

regular

federal

and

Pennsylvania

income

taxes

and

(iii)

policy

(as

described

below)

that

it

may

not

borrow

money,

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

Pennsylvania

personal

income

taxes.

100

Shareholder

Update

(Unaudited)

(continued)

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

Commonwealth

of

Pennsylvania

(the

“Commonwealth”),

a

municipality

in

Pennsylvania,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

investment

adviser

to

be

reliable),

is

exempt

from

both

regular

federal

income

taxes

and

Pennsylvania

personal

income

tax,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both  short-term floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

101

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares

and

investments

in

inverse

floating

rate

securities. However,

pursuant

to

its

fundamental

policy,

the

Fund

may

not

borrow

money

(including

reverse

repurchase

agreements),

except

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares,

subject

to

certain

restrictions.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

at

least

15

to

30

years

and

the

Fund

may

not

achieve

its

investment

objectives.

102

Shareholder

Update

(Unaudited)

(continued)

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

Portfolio

Level

Risks

Alternative

Minimum

Tax

Risk

X

X

X

X

Below

Investment

Grade

Risk

X

X

X

X

Call

Risk

X

X

X

X

Credit

Risk

X

X

X

X

Credit

Spread

Risk

X

X

X

X

Deflation

Risk

X

X

X

X

Derivatives

Risk

X

X

X

X

Distressed

Securities

Risk

X

X

X

X

Duration

Risk

X

X

X

X

Economic

Sector

Risk

X

X

X

X

Financial

Futures

and

Options

Risk

X

X

X

X

Hedging

Risk

X

X

X

X

Illiquid

Investments

Risk

X

X

X

X

Income

Risk

X

X

X

X

Inflation

Risk

X

X

X

X

Insurance

Risk

X

X

X

X

Interest

Rate

Risk

X

X

X

X

Inverse

Floating

Rate

Securities

Risk

X

X

X

X

Municipal

Securities

Market

Liquidity

Risk

X

X

X

X

Municipal

Securities

Market

Risk

X

X

X

X

Other

Investment

Companies

Risk

X

X

X

X

Puerto

Rico

Municipal

Securities

Market

Risk

X

X

X

X

Reinvestment

Risk

X

X

X

X

Special

Considerations

Related

to

Single

State

Concentration

Risk

X

X

X

X

Special

Risks

Related

to

Certain

Municipal

Obligations

X

X

X

X

Swap

Transactions

Risk

X

X

X

X

Tax

Risk

X

X

X

X

Taxability

Risk

X

X

X

X

Tobacco

Settlement

Bond

Risk

X

X

X

X

Unrated

Securities

Risk

X

X

X

X

Valuation

Risk

X

X

X

X

Zero

Coupon

Bonds

Risk

X

X

X

X

103

Risk

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

X

Counterparty

Risk

X

X

X

X

Cybersecurity

Risk

X

X

X

X

Economic

and

Political

Events

Risk

X

X

X

X

Global

Economic

Risk

X

X

X

X

Investment

and

Market

Risk

X

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

X

Leverage

Risk

X

X

X

X

Market

Discount

from

Net

Asset

Value

X

X

X

X

Recent

Market

Conditions

X

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

X

104

Shareholder

Update

(Unaudited)

(continued)

Portfolio

Level

Risks:

Alternative

Minimum

Tax

Risk.

The

Fund

may

invest

in

AMT

Bonds.

Therefore,

a

portion

of

the

Fund’s

otherwise

exempt-interest

dividends

may

be

taxable

to

those

shareholders

subject

to

the

federal

alternative

minimum

tax.

Below

Investment

Grade

Risk.

Municipal

securities

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

municipal

securities

of

comparable

terms

and

duration.

Issuers

of

lower

grade

municipal

securities

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

securities

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

municipal

securities

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

municipal

securities,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

municipal

security.

If

a

below

investment

grade

municipal

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Call

Risk.

The

Fund

may

invest

in

municipal

securities

that

are

subject

to

call

risk.

Such

municipal

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

municipal

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Credit

Risk.

Issuers

of

municipal

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

municipal

security

experiencing

non-payment

and

potentially

a

decrease

in

the

net

asset

value

(“NAV”)

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

municipal

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

municipal

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

municipal

security

or

other

asset

without

buying

or

selling

the

municipal

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation,

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Distressed

Securities

Risk.

The

Fund

may

invest

in

low-rated

securities

or

securities

unrated

but

judged

by

the

sub-adviser

to

be

of

comparable

quality.

Some

or

many

of

these

low-rated

securities,

although

not

in

default,

may

be

“distressed,”

meaning

that

the

issuer

is

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition.

Such

securities

would

present

a

substantial

risk

of

future

default

which

may

cause

the

Fund

to

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Distressed

securities

may

be

subject

to

restrictions

on

resale.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Economic

Sector

Risk.

The

Fund

may

invest

a

significant

amount

of

its

total

assets

in

municipal

securities

in

the

same

economic

sector.

This

may

make

the

Fund

more

susceptible

to

adverse

economic,

political

or

regulatory

occurrences

affecting

an

economic

sector,

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

value

of

the

Fund’s

assets.

In

addition,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

health

care

facilities,

private

educational

facilities,

special

taxing

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies,

whose

105

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

assets

in

one

or

more

particular

sectors,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

municipal

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

municipal

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144

A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

continue

to

increase.

Insurance

Risk.

The

Fund

may

purchase

municipal

securities

that

are

secured

by

insurance,

bank

credit

agreements

or

escrow

accounts.

The

credit

quality

of

the

companies

that

provide

such

credit

enhancements

will

affect

the

value

of

those

securities.

Certain

significant

providers

of

insurance

for

municipal

securities

have

incurred

significant

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower

credit

quality

investments.

As

a

result,

such

losses

reduced

the

insurers’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

insurance

if

they

are

called

upon

to

do

so

in

the

future.

While

an

insured

municipal

security

will

typically

be

deemed

to

have

the

rating

of

its

insurer,

if

the

insurer

of

a

municipal

security

suffers

a

downgrade

in

its

credit

rating

or

the

market

discounts

the

value

of

the

insurance

provided

by

the

insurer,

the

value

of

the

municipal

security

would

more

closely,

if

not

entirely,

reflect

such

rating.

In

such

a

case,

the

value

of

insurance

associated

with

a

municipal

security

may

not

add

any

value.

The

insurance

feature

of

a

municipal

security

does

not

guarantee

the

full

payment

of

principal

and

interest

through

the

life

of

an

insured

obligation,

the

market

value

of

the

insured

obligation

or

the

NAV

of

the

common

shares

represented

by

such

insured

obligation.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

106

Shareholder

Update

(Unaudited)

(continued)

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Municipal

Securities

Market

Liquidity

Risk.

Inventories

of

municipal

securities

held

by

brokers

and

dealers

have

decreased

in

recent

years,

lessening

their

ability

to

make

a

market

in

these

securities.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities

at

attractive

prices,

and

increase

municipal

security

price

volatility

and

trading

costs,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

municipal

securities,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities.

As

a

result,

the

Fund

may

be

forced

to

accept

a

lower

price

to

sell

a

security,

to

sell

other

securities

to

raise

cash,

or

to

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

municipal

securities

to

raise

cash

to

meet

its

obligations,

those

sales

could

further

reduce

the

municipal

securities’

prices

and

hurt

performance.

Municipal

Securities

Market

Risk.

The

amount

of

public

information

available

about

the

municipal

securities

in

the

Fund’s

portfolio

is

generally

less

than

that

for

corporate

equities

or

bonds,

and

the

investment

performance

of

the

Fund

may

therefore

be

more

dependent

on

the

analytical

abilities

of

the

sub-adviser

than

if

the

Fund

were

a

stock

fund

or

taxable

bond

fund.

The

secondary

market

for

municipal

securities,

particularly

below

investment

grade

municipal

securities,

also

tends

to

be

less

well-developed

or

liquid

than

many

other

securities

markets,

which

may

adversely

affect

the

Fund’s

ability

to

sell

its

municipal

securities

at

attractive

prices.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Puerto

Rico

Municipal

Securities

Market

Risk.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

issued

by

the

Commonwealth

of

Puerto

Rico

or

its

political

subdivisions,

agencies,

instrumentalities,

or

public

corporations

(collectively

referred

to

as

“Puerto

Rico”

or

the

“Commonwealth”),

it

will

be

disproportionally

affected

by

political,

social

and

economic

conditions

and

developments

in

the

Commonwealth.

In

addition,

economic,

political

or

regulatory

changes

in

that

territory

could

adversely

affect

the

value

of

the

Fund’s

investment

portfolio.

Puerto

Rico

currently

is

experiencing

significant

fiscal

and

economic

challenges,

including

substantial

debt

service

obligations,

high

levels

of

unemployment,

underfunded

public

retirement

systems,

and

persistent

government

budget

deficits.

These

challenges

may

negatively

affect

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Several

major

ratings

agencies

have

downgraded

the

general

obligation

debt

of

Puerto

Rico

to

below

investment

grade

and

continue

to

maintain

a

negative

outlook

for

this

debt,

which

increases

the

likelihood

that

the

rating

will

be

lowered

further.

Puerto

Rico

recently

defaulted

on

its

debt

by

failing

to

make

full

payment

due

on

its

outstanding

bonds,

and

there

can

be

no

assurance

that

Puerto

Rico

will

be

able

to

satisfy

its

future

debt

obligations.

Further

downgrades

or

defaults

may

place

additional

strain

on

the

Puerto

Rico

economy

and

may

negatively

affect

the

value,

liquidity,

and

volatility

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Additionally,

numerous

issuers

have

entered

Title

III

of

the

Puerto

Rico

Oversite,

Management

and

Economic

Stability

Act

(“PROMESA”),

which

is

similar

to

bankruptcy

protection,

through

which

the

Commonwealth

of

Puerto

Rico

can

restructure

its

debt.

However,

Puerto

Rico’s

case

is

the

first

ever

heard

under

PROMESA

and

there

is

no

existing

case

precedent

to

guide

the

proceedings.

Accordingly,

Puerto

Rico’s

debt

restructuring

process

could

take

significantly

longer

than

traditional

municipal

bankruptcy

proceedings.

Further,

it

is

not

clear

whether

a

debt

restructuring

process

will

ultimately

be

approved

or,

if

so,

the

extent

to

which

it

will

apply

to

Puerto

Rico

municipal

securities

sold

by

an

issuer

other

than

the

territory.

A

debt

restructuring

could

reduce

the

principal

amount

due,

the

interest

rate,

the

maturity,

and

other

terms

of

Puerto

Rico

municipal

securities,

which

could

adversely

affect

the

value

of

Puerto

Rican

municipal

securities.

Legislation

that

would

allow

Puerto

Rico

to

restructure

its

municipal

debt

obligations,

thus

increasing

the

risk

that

Puerto

Rico

may

never

pay

off

municipal

indebtedness,

or

may

pay

only

a

small

fraction

of

the

amount

owed,

could

also

impact

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

These

challenges

and

uncertainties

have

been

exacerbated

by

multiple

hurricanes

and

the

resulting

natural

disasters

that

have

stuck

Puerto

Rico

since

2017.

The

full

extent

of

the

natural

disasters’

impact

on

Puerto

Rico’s

economy

and

foreign

investment

in

Puerto

Rico

is

difficult

to

estimate.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

municipal

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Special

Considerations

Related

to

Single

State

Concentration

Risk.

Because

the

Fund

primarily

invests

in

municipal

securities

from

a

single

state,

the

Fund

is

more

susceptible

to

political,

economic

or

regulatory

factors

affecting

issuers

of

single

state

municipal

securities.

Information

regarding

the

financial

condition

of

the

state

is

ordinarily

included

in

various

public

documents

issued

thereby,

such

as

the

official

statements

prepared

in

connection

with

the

issuance

of

general

obligation

bonds

for

the

state.

107

Additionally,

the

states

are

party

to

numerous

legal

proceedings,

many

of

which

normally

occur

in

governmental

operations.

The

creditworthiness

of

obligations

issued

by

local

issuers

of

the

state

may

be

unrelated

to

the

creditworthiness

of

obligations

issued

by

the

state,

and

that

there

is

no

obligation

on

the

part

of

the

state

to

make

payment

on

such

local

obligations

in

the

event

of

default.

Special

Risks

Related

to

Certain

Municipal

Obligations.

Municipal

leases

and

certificates

of

participation

involve

special

risks

not

normally

associated

with

general

obligations

or

revenue

bonds.

Leases

and

installment

purchase

or

conditional

sale

contracts

(which

normally

provide

for

title

to

the

leased

asset

to

pass

eventually

to

the

governmental

issuer)

have

evolved

as

a

means

for

governmental

issuers

to

acquire

property

and

equipment

without

meeting

the

constitutional

and

statutory

requirements

for

the

issuance

of

debt.

The

debt

issuance

limitations

are

deemed

to

be

inapplicable

because

of

the

inclusion

in

many

leases

or

contracts

of

“non-appropriation”

clauses

that

relieve

the

governmental

issuer

of

any

obligation

to

make

future

payments

under

the

lease

or

contract

unless

money

is

appropriated

for

such

purpose

by

the

appropriate

legislative

body.

In

addition,

such

leases

or

contracts

may

be

subject

to

the

temporary

abatement

of

payments

in

the

event

that

the

governmental

issuer

is

prevented

from

maintaining

occupancy

of

the

leased

premises

or

utilizing

the

leased

equipment.

Although

the

obligations

may

be

secured

by

the

leased

equipment

or

facilities,

the

disposition

of

the

property

in

the

event

of

non-appropriation

or

foreclosure

might

prove

difficult,

time

consuming

and

costly,

and

may

result

in

a

delay

in

recovering

or

the

failure

to

fully

recover

the

Fund’s

original

investment.

In

the

event

of

non-appropriation,

the

issuer

would

be

in

default

and

taking

ownership

of

the

assets

may

be

a

remedy

available

to

the

Fund,

although

the

Fund

does

not

anticipate

that

such

a

remedy

would

normally

be

pursued.

Certificates

of

participation

involve

the

same

risks

as

the

underlying

municipal

leases.

In

addition,

the

Fund

may

be

dependent

upon

the

municipal

authority

issuing

the

certificates

of

participation

to

exercise

remedies

with

respect

to

the

underlying

securities.

Certificates

of

participation

also

entail

a

risk

of

default

or

bankruptcy,

both

of

the

issuer

of

the

municipal

lease

and

also

the

municipal

agency

issuing

the

certificate

of

participation.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

adviser

and/or

the

sub-

adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Tax

Risk.

The

value

of

the

Fund’s

investments

and

its

NAV

may

be

adversely

affected

by

changes

in

tax

rates,

rules

and

policies.

Because

interest

income

from

municipal

securities

is

normally

not

subject

to

regular

federal

income

taxation,

the

attractiveness

of

municipal

securities

in

relation

to

other

investment

alternatives

is

affected

by

changes

in

federal

income

tax

rates

or

changes

in

the

tax

exempt

status

of

interest

income

from

municipal

securities.

Additionally,

the

Fund

is

not

a

suitable

investment

for

individual

retirement

accounts,

for

other

tax

exempt

or

tax-deferred

accounts,

for

investors

who

are

not

sensitive

to

the

federal

income

tax

consequences

of

their

investments.

Taxability

Risk.

The

Fund

will

invest

in

municipal

securities

in

reliance

at

the

time

of

purchase

on

an

opinion

of

bond

counsel

to

the

issuer

that

the

interest

paid

on

those

securities

will

be

excludable

from

gross

income

for

regular

federal

income

tax

purposes,

and

the

sub-adviser

will

not

independently

verify

that

opinion.

Subsequent

to

the

Fund’s

acquisition

of

such

a

municipal

security,

however,

the

security

may

be

determined

to

pay,

or

to

have

paid,

taxable

income.

As

a

result,

the

treatment

of

dividends

previously

paid

or

to

be

paid

by

the

Fund

as

“exempt-interest

dividends”

could

be

adversely

affected,

subjecting

the

Fund’s

shareholders

to

increased

federal

income

tax

liabilities.

Certain

other

investments

made

by

the

Fund,

including

derivatives

transactions,

may

result

in

the

receipt

of

taxable

income

or

gains

by

the

Fund.

Tobacco

Settlement

Bond

Risk.

The

Fund

may

invest

in

tobacco

settlement

bonds.

Tobacco

settlement

bonds

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement,

an

agreement

between

46

states

and

nearly

all

of

the

U.S.

tobacco

manufacturers

(the

“MSA”).

Under

the

terms

of

the

MSA,

the

actual

amount

of

future

settlement

payments

by

tobacco-manufacturers

is

dependent

on

many

factors,

including,

among

other

things,

reduced

cigarette

consumption.

Payments

made

by

tobacco

manufacturers

could

be

negatively

impacted

if

the

decrease

in

tobacco

consumption

is

significantly

greater

than

the

forecasted

decline.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

Valuation

Risk.

The

municipal

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

municipal

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

108

Shareholder

Update

(Unaudited)

(continued)

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status,

which

are

commonly

known

as

“Control

Share

Acquisition”

provisions.

Although

the

application

of

the

"Control

Share

Acquisition"

provisions

has

currently

been

suspended,

these

provisions

could

have

the

effect

of

depriving

the

common

shareholders

of

opportunities

to

sell

their

common

shares

at

a

premium

over

the

then-current

market

price

of

the

common

shares.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Economic

and

Political

Events

Risk.

The

Fund

may

be

more

sensitive

to

adverse

economic,

business

or

political

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

municipal

securities

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

or

moral

obligation

bonds).

Such

developments

may

adversely

affect

a

specific

industry

or

local

political

and

economic

conditions,

and

thus

may

lead

to

declines

in

the

creditworthiness

and

value

of

such

municipal

securities.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

investments

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

and

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies

,

possible

terrorist

attacks

in

the

United

States

and

around

the

world,

continued

tensions

between

North

Korea

and

the

United

States

and

the

international

community

generally,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—further

downgrade

of

U.S.

government

securities,

the

change

in

the

U.S.

president

and

the

new

administration

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-range

ballistic

missile

programs.

In

addition,

Russia’s

recent

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events

and

the

effects

of

these

and

similar

events

in

the

future

on

the

U.S.

economy

and

securities

markets.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

109

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

110

Shareholder

Update

(Unaudited)

(continued)

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recently

the

U.S.

Federal

Reserve

(the

“Fed”)

has

sharply

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

 Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

("FDIC")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

111

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements

and

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

a

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

February

28,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Fund

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

February

28,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

other

instruments

or

transactions

not

considered

to

be

senior

securities

under

the

1940

Act,

such

as

certain

derivative

instruments

and

investments

in

inverse

floating

rate

securities.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Fund.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

a

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

a

Fund

is

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

a

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

a

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

a

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

a

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Ohio

Quality

Municipal

Income

Fund

(NUO)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

39.99%

41.48%

36.20%

40.33

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

2.43%

2.46%

2.52%

2.37%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

0.97%

1.02%

0.91%

0.96%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

-18.28%

-18.83%

-17.10%

-18.36%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

-9.95%

-10.29%

-9.27%

-9.98%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

-1.62%

-1.74%

-1.43%

-1.60%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

6.71%

6.80%

6.41%

6.77%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

15.04%

15.34%

14.25%

15.15%

112

Shareholder

Update

(Unaudited)

(continued)

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

month

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

113

CHANGES

OCCURRING

DURING

THE

PRIOR

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

to:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Principal

Risks

The

following

principal

risk

has

been

added

for

each

Fund:

Unrated

Securities

Risk

.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

The

following

principal

risks

were

consolidated

into

a

single

risk

factor

entitled,

“Economic

Sector

Risk,”

and

are

therefore

no

longer

included

as

stand-alone

principal

risks:

Sector

and

Industry

Risk.

Subject

to

the

concentration

limits

of

the

Fund’s

investment

policies

and

guidelines,

a

Fund

may

invest

a

significant

portion

of

its

net

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

hospitals

and

other

health

care

facilities,

charter

schools

and

other

private

educational

facilities,

special

taxing

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies

such

as

airline

companies,

whose

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

net

assets

in

the

sectors

noted

above,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Sector

Focus

Risk.

At

times,

the

Fund

may

focus

its

investments

(i.e.,

overweight

its

investments

relative

to

the

overall

municipal

securities

market)

in

one

or

more

particular

sectors,

which

may

subject

the

Fund

to

additional

risk

and

variability.

Securities

issued

in

the

same

sector

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

NAV

of

the

Fund’s

common

shares.

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

bylaws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

114

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NAZ

$

—

NXJ

—

NUO

105,653

NQP

—

115

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

The

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NAZ

NXJ

NUO

NQP

Common

shares

repurchased

0

0

62,700

0

116

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities,

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940

.

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Arizona

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Arizona

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

Jersey

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

Jersey

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Ohio

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Ohio

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Pennsylvania

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Pennsylvania

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

117

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back

.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

118

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

chair

of

its

investment

committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

139

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1999

Class

III

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

139

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2003

Class

I

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

139

119

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

139

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

139

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

139

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

139

120

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

139

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

139

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

II

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

139

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2020-2021)

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

of

Nuveen

(2006-2017).

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022);

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

121

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-

2017),

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and  Managing

Director

and

Assistant

Secretary

(2011-2016);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

122

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-B-0223D

2809333-INV-Y-04/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Pennsylvania Quality Municipal Income Fund

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
February 28, 2023	$	28,000		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
February 28, 2022	$	26,740		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

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

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

NON-AUDIT SERVICES

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

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

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective

amounts from the previous table.

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

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

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

Paul Brennan, CFA, manages a number of Nuveen tax-exempt fixed income portfolios and oversees several national and state-specific municipal closed-end funds. He also has responsibility for tax-exempt open-end funds that allocate to both investment grade and high yield municipals. Paul began his career in the investment industry in 1991, as a municipal credit analyst for Flagship Financial, before becoming a portfolio manager in 1994. He joined Nuveen Investments in 1997, when Nuveen acquired Flagship Financial that year. Previously, he audited mutual funds and investment advisors as a member of Deloitte & Touche’s audit group. He earned his B.S. in Accountancy and Finance from Wright State University. He is a registered CPA (inactive) and a member of the American Institute of Certified Public Accountants. He also holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute.

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

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

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Paul Brennan	Registered Investment Company		10	$	24.75 billion
	Other Pooled Investment Vehicles		1	$	41.4 million
	Other Accounts		3	$	48.4 million

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

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Name of Portfolio Manager	None	$1 - $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Paul Brennan	X

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

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

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Pennsylvania Quality Municipal Income Fund

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

Date: May 5, 2023

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

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: May 5, 2023

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

Date: May 5, 2023