0000891804-20-000180.txt : 20200507 0000891804-20-000180.hdr.sgml : 20200507 20200507105523 ACCESSION NUMBER: 0000891804-20-000180 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200229 FILED AS OF DATE: 20200507 DATE AS OF CHANGE: 20200507 EFFECTIVENESS DATE: 20200507 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0001087786 IRS NUMBER: 364119016 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09455 FILM NUMBER: 20855135 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: 333 W WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN NEW JERSEY DIVIDEND ADVANTAGE MUNICIPAL FUND DATE OF NAME CHANGE: 19990602 N-CSR 1 ncsr.htm NXJ

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 811-09455

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

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

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: Date: February 29

Date of reporting period: February 29, 2020

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.





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Table of Contents
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
 
3


Chair’s Letter
to Shareholders

Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. The extreme “social distancing” efforts needed to contain the coronavirus are causing a severe contraction in economic activity and amplifying market volatility, as global supply chains and consumer and business demand remain significantly disrupted. However, the full economic impact remains to be seen. The number of confirmed cases is still accelerating in the U.S. and other parts of the world, and previous epidemics offer few parallels to today’s situation. The spike in market volatility during March reflected great uncertainty, and while conditions have stabilized to some degree, we expect that large swings in both directions are likely to continue until there is more clarity.
While we do not want to understate the dampening effect on the global economy, differentiating short-term interruptions from the longer-lasting implications to the economy may provide opportunities. Some areas of the global economy were already on the mend prior to the coron-avirus epidemic. Momentum could pick up again as factories come back online and consumer demand resumes once the virus is under control and temporary bans on movement and travel are lifted. Central banks and governments around the world have announced economic stimulus measures. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments. Additional aid will likely be approved in the months ahead.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial advisor, who can review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
April 22, 2020
4

Portfolio Manager’s Comments


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


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 Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Manager’s Comments (continued)
tightened, average hourly earnings grew at an annualized rate of 3.0% in February 2020. However, inflation remained subdued. The Bureau of Labor Statistics said the Consumer Price Index (CPI) increased 2.3% over the twelve-month reporting period ended February 29, 2020 before seasonal adjustment.
Low mortgage rates and low inventory drove home prices moderately higher in this reporting period. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 3.9% year-over-year in January 2020 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 2.6% and 3.1%, respectively.
As data pointed to slower momentum in the overall economy, the U.S. Federal Reserve (Fed) left rates unchanged throughout the first half of 2019 then cut rates by 0.25% at each of the July 2019, September 2019 and October 2019 policy committee meetings. Markets registered disappointment with the Fed’s explanation that the rate cuts were a “mid-cycle adjustment,” rather than a prolonged easing period, and its signal that there would be no additional rate cuts in 2019. Also in the latter half of 2019, the Fed announced it would stop shrinking its bond portfolio sooner than scheduled, as well as began buying short-term Treasury bills to help money markets operate smoothly and maintain short-term borrowing rates at low levels. Fed Chairman Powell emphasized that the Treasury bill purchases were not a form of quantitative easing. The Fed continued its Treasury bill buying in January 2020, as well as left its benchmark interest rate unchanged, while noting the emerging coronavirus risks. (Subsequent to the end of this reporting period and in response to the COVID-19 outbreak, the Fed enacted an array of emergency measures to stabilize the financial system and support the markets, including cutting its main interest rate to near zero, offering lending programs to aid small and large companies and allowing unlimited bond purchases, known as quantitative easing. Meanwhile, the U.S. government approved three aid packages, totaling more than $100 billion in funding to health agencies and employers offering paid leave and $2 trillion in direct payments to Americans, an expansion of unemployment insurance and loans to large and small businesses.)
While trade and tariff policy drove market sentiment for most of the twelve-month reporting period, the outbreak of the novel coronavirus and its associated disease COVID-19 rapidly dwarfed all other market concerns as the reporting period was closing. Equity and commodity markets sold-off and safe-haven assets rallied as China and other countries initiated quarantines, restricted travel and shuttered factories and businesses. The potential economic shock was particularly difficult to assess, which amplified market volatility.
Prior to the virus outbreak, markets had become more bullish on the outlook for 2020 as trade policy and Brexit appeared to make progress at the end of 2019. The U.S. and China agreed on a partial trade deal, which included rolling back some tariffs, increasing China’s purchases of U.S. agriculture products and the consideration of intellectual property, technology and financial services rights. The “phase one” deal was signed on January 15, 2020. While much of the focus remained on the U.S.-China relationship, trade spats between the U.S. and Mexico, the European Union (EU), Brazil and Argentina also arose throughout the reporting period. In January 2020, the U.S. Congress fully approved the U.S., Mexico and Canada Agreement (USMCA), which replaces the North American Free Trade Agreement. With more clarity on trade deals, the trade-related deterioration in global manufacturing and export data was expected to improve. However, the COVID-19 outbreak has since upended those assumptions.
The U.K. officially left the EU on January 31, 2020. After former Prime Minister Theresa May was unable to secure a Brexit deal by the original March 29, 2019 deadline, she resigned as of June 7, 2019. When her successor, Boris Johnson, failed to meet the EU’s first deadline extension of October 31, 2019, the EU approved a “flextension” to January 31, 2020. The Conservative Party won a large
6

majority in the December 2019 general election and Parliament passed the Brexit Bill days later, facilitating the U.K.’s exit at the end of January 2020. Britain must now redefine its relationship with the EU during the 11-month transition period.
Investors also remained watchful of local political dynamics around the world. In Italy, the prime minister unexpectedly resigned in August 2019, and the newly formed coalition government appeared to take a less antagonistic stance. Europe’s traditional centrist parties lost seats in the May 2019 Parliamentary elections and populist parties saw marginal gains. Europe also contended with the “yellow vest” protests in France, immigration policy concerns, Russian sanctions and political risk in Turkey. Anti-government protests erupted across Latin America, Hong Kong and Lebanon during 2019. Venezuela’s economic and political crisis deepened. Argentina surprised the market with the return of a less market-friendly administration. Brazil’s Bolsonaro administration achieved a legislative win on pension reform and kept the economy on a path of modest growth. The ruling parties in India and South Africa maintained their majorities, where slower economic growth could complicate their respective reform mandates.
Municipal bonds delivered strong performance over the twelve-month reporting period. The significant decline in interest rates was the main driver of higher municipal bond prices, with positive technical and fundamental conditions also supporting credit spread tightening. Signs that the economy’s momentum was slowing, a more dovish central bank policy, geopolitical tensions (especially regarding trade) and bouts of equity market volatility drove interest rates considerably lower over the reporting period. The U.S. Treasury market began pricing coronavirus risk toward the very end of the reporting period, with a steep fall in yields, but the municipal market registered a relatively smaller move at the time. The U.S. Treasury yield curve flattened overall, with a portion of the curve temporarily inverting from late August 2019 to late September 2019. The municipal yield curve also flattened overall, as yields on longer maturities fell more than those of shorter maturities. Despite concerns about the broader economic outlook, credit conditions remained favorable for municipal credits. State tax revenues have increased across the 50 states and a healthy housing market added to local government tax revenues. Defaults in 2019 were mainly confined to idiosyncratic situations.
Municipal bond gross issuance nationwide remained robust in this reporting period. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 30% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been adequate, the net has not and this was an overall positive technical factor on municipal bond investment performance in recent years. Notably, taxable municipal bond issuance increased meaningfully in 2019. The Tax Cut and Jobs Act of 2017 prohibits municipal issuers from issuing new tax-exempt bonds to pre-refund existing tax-exempt bonds. However, municipalities have taken advantage of the low interest rate environment and the strong demand for yield to issue taxable municipal debt, enabling them to save on net interest costs.
Demand for municipal bonds was robust in this reporting period, with consistently positive cash flows into municipal bond funds in calendar year 2019 and the first two months of 2020. (Fund flows turned more volatile after the close of the reporting period as markets began to assess the coronavirus impact.) Low interest rates in the U.S. and globally have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. Additionally, as tax payers have begun to assess the impact of the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, there has been increased demand for tax-exempt municipal bonds in 2019 to date, especially in states with high income and/or property taxes.
7

Portfolio Manager’s Comments (continued)
How were the economic and market environments in New Jersey and Pennsylvania during the twelve-month reporting period ended February 29, 2020?
New Jersey’s economy is improving but continues to trail peers. Several characteristics position the state to do quite well, such as its proximity to New York City’s extensive job market, a shoreline along the Atlantic coast that benefits from a strong tourism industry and two large transportation hubs in the Port of New York and New Jersey and Newark airport. However, for years following the recession, the state’s recovery fell short of many of its peers. New Jersey had the slowest job growth rate in the Northeast until the middle of 2015. In 2019, most major industries reported job gains, led by education and health services, professional and business services, trade, transportation and utilities, and leisure and hospitality, while the information and financial sectors lost jobs. In June 2019, New Jersey’s unemployment rate fell below the national average for the first time in more than two years. However, it has risen in recent months and as of February 2020, the state’s unemployment rate registered 3.8%, slightly higher than the national rate of 3.5%. The sluggishness of the state’s recovery exacerbated fiscal pressures caused by growing pension, health care and debt service payments. In the proposed Fiscal Year 2021 budget, expenditures on these three line items constitute 25% of expenses, despite efforts to reduce health care costs in recent years. The $4.6 billion pension payment in the Fiscal Year 2021 budget proposed by Governor Murphy funds only 80% of the actuarially recommended contribution. New Jersey continues to be challenged by a structural budget gap and low reserves. For the third year in a row, the governor proposed implementing a millionaire’s tax to raise revenues. Positively, the budget proposes a $300 million deposit to the state’s rainy day fund, the second deposit in two years, after more than a decade without funding. For the state of New Jersey, its Fiscal Year end is June 30, 2020, although, subsequent to the close of this reporting period, the state is planning to extend the Fiscal Year to September 30, 2020, in order to give the state more time to pass a budget for Fiscal Year 2021. Due to the COVID-19 crisis, the state’s budget will be impacted to a varying degree as tax receipts are reduced and the expense to fight the virus increases. The state carries an A- rating by S&P, A3 by Moody’s and A by Fitch, all with stable outlooks.
Pennsylvania has the sixth-largest economy among U.S. states, measured by a 2018 gross domestic product of $783 billion. Year-over-year job growth slowed in 2019 to 0.7%, down from 1.1% for 2018. The unemployment rate for the Commonwealth was 4.7% as of February 2020, compared to a national rate of 3.5%. Pennsylvania’s economy is fairly stable, which tends to track the national economy but with less volatility. During periods of national economic contraction, Pennsylvania will outperform the U.S. in areas such as growth in real personal income and employment. However, during periods of economic expansion, Pennsylvania will often lag the rate of growth of the national economy. The education and health care sectors represent an outsized 21.2% of total employment in the Commonwealth, compared with 15.9% for the nation. Approximately two-fifths of the net new jobs in the state are related to the health care industry. An aging population is driving this demand. Pennsylvania’s population is the seventh oldest in the U.S., as measured by the share of residents aged 55 and older. The aging population, coupled with very slow population growth in the state, will likely have negative implications for long-term job growth, overall economic performance and state revenues. Pennsylvania’s financial profile is weaker than most states. The Commonwealth has a history of late budget passage and structural deficits. The state has relied heavily on one-time revenue sources and borrowing to fund its increased spending. In 2018, the state issued almost $1.7 billion of deficit financing to plug part of its Fiscal Year 2017 budgetary gap of $3.2 billion. The state closed Fiscal Year 2018 with a modest operating surplus, enabling it to deposit $22 million into its rainy day fund. This was the first deposit to the rainy day fund since the recession. Fiscal Year 2019 also closed with a small general fund surplus of $22 million. On a budgetary basis, Pennsylvania’s 2019 year-end general fund balance, including its rainy day fund, was a narrow 1.27% of that year’s revenues. Fiscal Year 2020 year-to-date general fund collections are 1.2% above estimate, through the month of February 2020. The Governor’s proposed Fiscal Year 2021 budget totals $36.1 billion, an increase of 4.2% over the prior year. The budget is balanced with no increases in taxes. For the state of Pennsylvania, its Fiscal Year end is June 30, 2020. Due to the COVID-19 crisis, the state’s budget
8

will be impacted to a varying degree as tax receipts are reduced and the expense to fight the virus increases. As of February 2020, Pennsylvania’s general obligation (GO) debt was rated Aa3 by Moody’s and A+ by S&P.
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 29, 2020?
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. The Funds may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the Sub-Adviser’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. To the extent that the Funds invest in bonds of municipal issuers located in other states, each Fund may have income that is not exempt from state personal income tax.
Municipal bonds performed well in this reporting period as valuations benefited from the falling interest rate environment and favorable technical supply-demand conditions. The municipal bond market experienced historically robust demand in the reporting period, particularly in high tax states such as California, New York and New Jersey, that exceeded the moderate pace of issuance. The new limits on state and local tax, or SALT, deductions resulted in larger than expected tax burdens for some high income taxpayers, driving demand for the tax benefits offered by municipal bonds. The New Jersey and Pennsylvania municipal markets outperformed the national market over this reporting period, as measured by their respective state S&P Municipal Bond Indexes.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. Trading activity was somewhat lighter during this reporting period as the Funds were well positioned for the environment and the opportunities offered by the marketplace in the low interest rate environment were less appealing. Sector and credit quality positioning remained stable across the Funds, while we allowed their durations to drift slightly lower over the reporting period. In New Jersey, the Funds added health care, higher education, transportation and local general obligation (GO) bonds. Both Pennsylvania Funds bought single-family housing, health care, higher education and utilities bonds. NPN also added a water and sewer credit. We continued to limit the Funds’ exposure to each state’s GO bonds due to concerns about their fiscal health. To fund these purchases, we reinvested the proceeds primarily from called and maturing bonds.
NJV and NPN held more exposure to bonds with 2019 call dates than NXJ and NQP. As we sought to diversify call risk in NJV and NPN, we sold some of these bonds. The Funds also experienced an elevated level of refundings in their portfolios during calendar years 2018 and 2019. The two Funds were launched in 2009 when interest rates were higher and redemptions of bonds callable in 2019 was elevated in the low interest rate environment. While the bulk of this call activity is now behind NVJ and NPN, we should note that these trades have had a short-term negative impact on the two Funds’ earnings, as the older bonds, which were issued when prevailing interest rates were higher, are being replaced with the lower yielding bonds available in the current market.
As of February 29, 2020, the four Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, the four Funds used U.S. Treasury futures and NXJ also used interest rate swaps as part of an overall portfolio construction strategy to manage portfolio duration and yield curve exposure. The hedging strategies performed as expected given the direction
9

Portfolio Manager’s Comments (continued)
of interest rates during the reporting period. Although the Treasury futures detracted modestly from performance due to falling interest rates during this reporting period, they enabled the Funds to invest in longer duration bonds that were key contributors to performance and that helped support the Funds’ dividends. The forward interest rate swap positions were eliminated from NXJ prior to the end of the reporting period. The forward interest rate swaps had a negligible impact on the Fund’s performance during the reporting period.
How did the Funds perform during the twelve-month reporting period ended February 29, 2020?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended February 29, 2020. Each Fund’s total returns at common share net asset value (NAV) are compared with the performance of corresponding market indexes.
For the twelve-month reporting period ended February 29, 2020, the total returns on common share NAV for all four Funds outperformed the national S&P Municipal Bond Index and their respective state’s S&P Municipal Bond Index.
Given the substantial decline in interest rates, duration and yield curve positioning drove much of the Funds’ relative outperformance in the reporting period. The Funds’ longer overall durations and emphasis on intermediate and longer maturity bonds were advantageous as yields on the long end of the yield curve fell by a larger magnitude than yields on the shorter end.
The Funds’ credit quality positioning also contributed positively to performance, although to a lesser extent than duration and yield curve positioning. All four Funds held heavy allocations to lower rated, higher yielding bonds, particularly single A and BBB rated credits, as well as modest exposure to below investment grade bonds. The lower rated segments outperformed in this reporting period as investor demand for yield remained strong and credit conditions remained favorable.
Sector performance largely followed along credit quality lines, with the best performing sectors being those that include a higher proportion of lower rated bonds. The New Jersey Funds benefited from their allocations to the health care, housing and toll roads sectors, as well as New Jersey tobacco settlement bonds. For the Pennsylvania Funds, allocations to the health care, higher education, housing and toll road sectors were the most advantageous to performance. Least helpful to performance across the four Funds were the exposures to higher credit quality sectors such as local GOs (including county, city and school district issues) and pre-refunded bonds. The short maturities of pre-refunded bonds also contributed to their performance lag in this reporting period. Additionally, the four Funds employed U.S. Treasury futures as part of their duration management strategies (as mentioned in the key strategies discussion), which had a slightly negative impact on the total return performance of the Funds.
In addition, the use of regulatory leverage was a factor affecting the performance of NXJ and NQP. NJV and NPN do not use regulatory leverage. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
The COVID-19 coronavirus pandemic has delivered a shock to the global economy. Containment efforts around the world have halted business and manufacturing operations and restricted people’s movement and travel. The disruptions to global supply chains, consumer demand, business investment and the global financial system are just beginning to be seen.
10

Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets began to sell off severely, reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered, below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note below 1% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand while Saudi Arabia and Russia engaged in a price war.
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, but volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
After the end of the reporting period, the performance of each of the Funds in this report was negatively impacted by these events. Prices of municipal securities fell, which caused the leverage ratios of NXJ and NQP to increase markedly. After the U.S. Government took several actions to support the economy and the securities markets, those markets have largely normalized since the worst of the market dislocation in late March 2020, and bond prices have mostly recovered. However, it is possible that similar market dislocations will recur as the COVID-19 pandemic and society’s response to it plays out.
Additionally, the economic disruption caused by the COVID-19 pandemic is also very likely to negatively impact the state and local budgetary matters described earlier in the report, with states and localities being more likely to run budget deficits (or larger deficits) during the period of economic contraction stemming from the COVID-19 pandemic.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
11

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their all-time lows after the 2007-2009 financial crisis, which has contributed to a reduction in common share net income and long-term total return potential, leverage nevertheless continues to provide the opportunity for incremental common share income. Management believes that the potential benefits from leverage continue to outweigh the associated increase in risk and volatility previously described.
Leverage from issuance of preferred shares had a positive impact on the performance of NXJ and NQP over the reporting period. The use of leverage through inverse floating rate securities had a positive impact on the performance of the Funds over the reporting period. Subsequent to the close of the reporting period, the outbreak of the COVID-19 pandemic led to a significant downturn in global economies and capital markets. As security prices fell, each Fund’s use of leverage impacted total returns negatively.
As of February 29, 2020, the Funds’ percentages of leverage are as shown in the accompanying table.
         
 
NXJ 
NJV 
NQP 
NPN 
Effective Leverage* 
37.22% 
6.47% 
38.07% 
4.27% 
Regulatory Leverage* 
30.64% 
0.00% 
26.22% 
0.00% 
 
*  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.
12

THE FUNDS’ REGULATORY LEVERAGE
As of February 29, 2020, the following Funds have issued and outstanding preferred shares as shown in the accompanying table. As mentioned previously, NJV and NPN do not use regulatory leverage.
                   
 
 
Variable Rate
   
Variable Rate
       
 
 
Preferred*
   
Remarketed Preferred**
       
 
 
Shares Issued at
   
Shares Issued at
       
 
 
Liquidation Preference
   
Liquidation Preference
   
Total
 
NXJ 
 
$
313,900,000
   
$
   
$
313,900,000
 
NQP 
 
$
217,500,000
   
$
   
$
217,500,000
 
 
*  Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details.
** Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP-VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details.
Refer to Notes to Financial Statements, Note – 5 Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
13

Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of February 29, 2020. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.
                         
 
 
Per Common Share Amounts
 
Monthly Distributions (Ex-Dividend Date) 
 
NXJ
   
NJV
   
NQP
   
NPN
 
March 2019 
 
$
0.0545
   
$
0.0450
   
$
0.0505
   
$
0.0405
 
April 
   
0.0545
     
0.0450
     
0.0505
     
0.0405
 
May 
   
0.0545
     
0.0450
     
0.0505
     
0.0405
 
June 
   
0.0545
     
0.0450
     
0.0505
     
0.0405
 
July 
   
0.0545
     
0.0450
     
0.0505
     
0.0405
 
August 
   
0.0545
     
0.0450
     
0.0505
     
0.0405
 
September 
   
0.0545
     
0.0410
     
0.0505
     
0.0380
 
October 
   
0.0545
     
0.0410
     
0.0505
     
0.0380
 
November 
   
0.0545
     
0.0410
     
0.0505
     
0.0380
 
December 
   
0.0515
     
0.0375
     
0.0505
     
0.0380
 
January 
   
0.0515
     
0.0375
     
0.0505
     
0.0380
 
February 2020 
   
0.0515
     
0.0375
     
0.0505
     
0.0380
 
Total Distributions from Net Investment Income 
 
$
0.6450
   
$
0.5055
   
$
0.6060
   
$
0.4710
 
Total Distributions from Long-Term Capital Gains* 
 
$
0.0104
   
$
0.0000
   
$
0.0000
   
$
0.0158
 
Total Distributions 
 
$
0.6554
   
$
0.5055
   
$
0.6060
   
$
0.4868
 
   
Yields 
                               
Market Yield** 
   
4.20
%
   
3.22
%
   
4.19
%
   
3.11
%
Taxable-Equivalent Yield** 
   
8.65
%
   
6.65
%
   
7.46
%
   
5.52
%
 
*  Distribution paid December 2019.
** Market Yield is based on the Fund’s current annualized monthly dividend 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 51.6% and 43.9% for the New Jersey and Pennsylvania Funds, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to common shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
14

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
During November 2019, the Nuveen Closed-End Funds discontinued the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates. Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).
COMMON SHARE REPURCHASES
During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of February 29, 2020, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.
         
 
NXJ 
NJV 
NQP 
NPN 
Common shares cumulatively repurchased and retired 
1,685,000 
35,501 
734,900 
3,500 
Common shares authorized for repurchase 
4,150,000 
155,000 
3,740,000 
120,000 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
OTHER COMMON SHARE INFORMATION
As of February 29, 2020, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.
                         
 
 
NXJ
   
NJV
   
NQP
   
NPN
 
Common share NAV 
 
$
17.12
   
$
15.92
   
$
16.37
   
$
15.64
 
Common share Price 
 
$
14.73
   
$
13.96
   
$
14.46
   
$
14.67
 
Premium/(Discount) to NAV 
   
(13.96
)%
   
(12.31
)%
   
(11.67
)%
   
(6.20
)%
12-month average premium/(discount) to NAV 
   
(12.11
)%
   
(11.17
)%
   
(11.49
)%
   
(6.05
)%
 
15

Risk Considerations and Investment Policy Updates
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NXJ.
Nuveen New Jersey Municipal Value Fund (NJV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NJV.
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NQP.
Nuveen Pennsylvania Municipal Value Fund (NPN)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NPN.
16

Investment Policy Updates
Change in Investment Policy
Each of the Funds has recently adopted the following policy regarding limits to investments in illiquid securities:
While there are no such limits imposed by applicable regulations, certain Nuveen Closed-End Funds formerly had investment policies that placed limits on a Fund’s ability to invest in illiquid securities. All exchange-listed Nuveen Closed-End Funds now have no formal limit on their ability to invest in such illiquid securities, but each Fund’s portfolio management team will monitor such investments in the regular, overall management of the Fund’s portfolio securities.
New Temporary Investment Policy
Each of the Funds has adopted the following policy regarding its temporary investments.
Each Fund may temporarily depart from its normal investment policies and strategies – for instance, by allocating up to 100% of its assets to cash equivalents, short-term investments, or municipal bonds that do not comply with a Fund’s Name Policy – in response to adverse or unusual market, economic, political or other conditions. Such conditions could include a temporary decline in the availability of municipal bonds that comply with a Fund’s Name Policy. During these periods, the weighted average maturity of a Fund’s investment portfolio may fall below the defined range described in the respective Fund Summary under “Principal Investment Strategies” and a Fund may not achieve its investment objective to distribute income that is exempt from regular federal and state personal income tax.
17

   
NXJ 
Nuveen New Jersey Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
       
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 29, 2020
 
 
 Average Annual 
 
1-Year 
5-Year 
10-Year 
NXJ at Common Share NAV 
15.02% 
6.54% 
6.90% 
NXJ at Common Share Price 
14.43% 
6.91% 
6.74% 
S&P Municipal Bond New Jersey Index 
10.29% 
4.87% 
5.05% 
S&P Municipal Bond Index 
8.94% 
3.93% 
4.56% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

18

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
148.0% 
Other Assets Less Liabilities 
0.9% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 
148.9% 
Floating Rate Obligations 
(4.9)% 
VRDP Shares, net of deferred offering costs 
(44.0)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total investments) 
 
New Jersey 
87.2% 
Pennsylvania 
5.1% 
New York 
4.7% 
Delaware 
2.1% 
Guam 
0.9% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
23.1% 
Transportation 
19.8% 
Health Care 
13.8% 
Education and Civic Organizations 
13.4% 
U.S. Guaranteed 
7.4% 
Tax Obligation/General 
5.6% 
Other 
16.9% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
7.5% 
AAA 
10.2% 
AA 
31.7% 
27.7% 
BBB 
15.4% 
BB or Lower 
7.0% 
N/R (not rated) 
0.5% 
Total 
100% 
 
19

   
NJV 
Nuveen New Jersey Municipal Value Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
       
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 29, 2020
 
 
 Average Annual 
 
1-Year 
5-Year 
10-Year 
NJV at Common Share NAV 
11.07% 
4.30% 
5.45% 
NJV at Common Share Price 
10.71% 
4.30% 
4.95% 
S&P Municipal Bond New Jersey Index 
10.29% 
4.87% 
5.05% 
S&P Municipal Bond Index 
8.94% 
3.93% 
4.56% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

20

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
103.1% 
Other Assets Less Liabilities 
0.2% 
Net Assets Plus Floating 
 
Rate Obligations 
103.3% 
Floating Rate Obligations 
(3.3)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total investments) 
 
New Jersey 
90.0% 
Pennsylvania 
6.4% 
Delaware 
2.2% 
New York 
1.4% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
16.5% 
Transportation 
16.2% 
Tax Obligation/Limited 
15.6% 
Health Care 
14.1% 
Tax Obligation/General 
8.3% 
Housing/Multifamily 
8.0% 
U.S. Guaranteed 
6.4% 
Other 
14.9% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
6.8% 
AAA 
9.9% 
AA 
31.6% 
29.7% 
BBB 
14.8% 
BB or Lower 
6.5% 
N/R (not rated) 
0.7% 
Total 
100% 
 
21

   
NQP 
Nuveen Pennsylvania Quality Municipal 
 
Income Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
       
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of February 29, 2020 
 
 
 Average Annual 
 
1-Year 
5-Year 
10-Year 
NQP at Common Share NAV 
13.62% 
5.42% 
6.48% 
NQP at Common Share Price 
15.97% 
5.60% 
6.75% 
S&P Municipal Bond Pennsylvania Index 
9.24% 
4.15% 
4.72% 
S&P Municipal Bond Index 
8.94% 
3.93% 
4.56% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

22

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
153.6% 
Common Stocks 
2.8% 
Other Assets Less Liabilities 
1.1% 
Net Assets Plus Floating Rate Obligations 
 
& VRDP Shares, net of deferred offering 
 
costs 
157.5% 
Floating Rate Obligations 
(22.1)% 
VRDP Shares, net of deferred offering costs 
(35.4)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Pennsylvania 
98.2% 
Puerto Rico 
1.5% 
Guam 
0.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
21.1% 
Tax Obligation/General 
13.9% 
Education and Civic Organizations 
11.5% 
U.S. Guaranteed 
12.4% 
Housing/Single Family 
9.5% 
Water and Sewer 
7.0% 
Transportation 
6.3% 
Tax Obligation/Limited 
5.9% 
Other 
12.4% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
13.9% 
AAA 
0.4% 
AA 
33.7% 
29.9% 
BBB 
11.4% 
BB or Lower 
5.4% 
N/R 
3.6% 
N/A 
1.7% 
Total 
100% 
 
23

   
NPN 
Nuveen Pennsylvania Municipal Value Fund 
 
Performance Overview and Holding Summaries as of 
 
February 29, 2020 
 
       
Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of February 29, 2020
 
 
 Average Annual 
 
1-Year 
5-Year 
10-Year 
NPN at Common Share NAV 
9.54% 
3.84% 
5.12% 
NPN at Common Share Price 
15.04% 
4.21% 
4.72% 
S&P Municipal Bond Pennsylvania Index 
9.24% 
4.15% 
4.72% 
S&P Municipal Bond Index 
8.94% 
3.93% 
4.56% 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

24

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
99.2% 
Common Stocks 
2.2% 
Other Assets Less Liabilities 
1.0% 
Net Assets Plus Floating 
 
Rate Obligations 
102.4% 
Floating Rate Obligations 
(2.4)% 
Net Assets 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Pennsylvania 
96.0% 
District of Columbia 
2.5% 
Puerto Rico 
0.8% 
Guam 
0.7% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
20.3% 
Housing/Single Family 
10.8% 
Tax Obligation/General 
9.0% 
Transportation 
8.5% 
Education and Civic Organizations 
8.4% 
Tax Obligation/Limited 
7.7% 
Housing/Multifamily 
7.0% 
U.S. Guaranteed 
6.6% 
Utilities 
6.5% 
Long-Term Care 
5.8% 
Other 
9.4% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.2% 
AAA 
0.6% 
AA 
34.3% 
29.0% 
BBB 
15.3% 
BB or Lower 
7.2% 
N/R 
3.3% 
N/A 
2.1% 
Total 
100% 
 
25

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on December 5, 2019 for NXJ, NJV, NQP and NPN; at this meeting the shareholders were asked to elect Board Members.
             
 
NXJ 
NJV 
NQP 
NPN 
 
Common and 
 
 
Common and 
 
 
 
Preferred 
 
 
Preferred 
 
 
 
shares voting 
 
 
shares voting 
 
 
 
together 
Preferred 
Common 
together 
Preferred 
Common 
 
as a class 
Shares 
Shares 
as a class 
Shares 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
 
 
 
Judith M. Stockdale 
 
 
 
 
 
 
For 
33,037,362 
— 
1,168,809 
27,325,058 
— 
1,029,090 
Withhold 
3,523,659 
— 
36,912 
4,252,693 
— 
63,891 
Total 
36,561,021 
— 
1,205,721 
31,577,751 
— 
1,092,981 
Carole E. Stone 
 
 
 
 
 
 
For 
33,027,905 
— 
1,169,938 
27,080,166 
— 
1,031,387 
Withhold 
3,533,116 
— 
35,783 
4,497,585 
— 
61,594 
Total 
36,561,021 
— 
1,205,721 
31,577,751 
— 
1,092,981 
Margaret L. Wolff 
 
 
 
 
 
 
For 
33,077,453 
— 
1,176,088 
27,258,091 
— 
1,033,514 
Withhold 
3,483,568 
— 
29,633 
4,319,660 
— 
59,467 
Total 
36,561,021 
— 
1,205,721 
31,577,751 
— 
1,092,981 
William C. Hunter 
 
 
 
 
 
 
For 
— 
3,139 
1,176,088 
— 
2,175 
1,031,387 
Withhold 
— 
— 
29,633 
— 
— 
61,594 
Total 
— 
3,139 
1,205,721 
— 
2,175 
1,092,981 
Albin F. Moschner 
 
 
 
 
 
 
For 
— 
3,139 
— 
— 
2,175 
— 
Withhold 
— 
— 
— 
— 
— 
— 
Total 
— 
3,139 
— 
— 
2,175 
— 
 
26

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

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen New Jersey Quality Municipal Income Fund, Nuveen New Jersey Municipal Value Fund, Nuveen Pennsylvania Quality Municipal Income Fund, and Nuveen Pennsylvania Municipal Value Fund (the Funds), including the portfolios of investments, as of February 29, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statements of cash flows (Nuveen New Jersey Quality Municipal Income Fund and Nuveen Pennsylvania Quality Municipal Income Fund) for the year then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the three-year period then ended, the ten-month period from May 1, 2016 through February 28, 2017, and each of the years in the two-year period ended April 30, 2016. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 29, 2020, the results of their operations and their cash flows (where applicable) 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 three-year period then ended, the ten-month period from May 1, 2016 through February 28, 2017, and each of the years in the two-year period ended April 30, 2016, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 29, 2020, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
April 27, 2020
27

   
NXJ 
Nuveen New Jersey Quality Municipal 
 
Income Fund 
 
Portfolio of Investments 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 148.0% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 148.0% (100.0% of Total Investments) 
 
 
 
 
 
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 
3/20 at 100.00 
Caa2 
$ 2,033,682 
1,485 
 
5.125%, 1/01/37 
3/20 at 100.00 
Caa2 
1,148,454 
3,945 
 
Total Consumer Discretionary 
 
 
3,182,136 
 
 
Consumer Staples – 4.7% (3.2% of Total Investments) 
 
 
 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A: 
 
 
 
8,505 
 
4.000%, 6/01/37 
6/28 at 100.00 
A– 
9,799,291 
965 
 
5.000%, 6/01/46 
6/28 at 100.00 
BBB+ 
1,175,804 
11,680 
 
5.250%, 6/01/46 
6/28 at 100.00 
BBB+ 
14,501,421 
6,930 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
8,168,044 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
28,080 
 
Total Consumer Staples 
 
 
33,644,560 
 
 
Education and Civic Organizations – 19.8% (13.4% of Total Investments) 
 
 
 
1,760 
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University 
12/23 at 100.00 
2,000,539 
 
 
School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 
 
 
 
1,000 
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation 
1/28 at 100.00 
BBB– 
1,165,280 
 
 
Academy Charter School, Series 2018A, 5.000%, 7/01/50 
 
 
 
175 
 
New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck 
9/27 at 100.00 
BB 
197,414 
 
 
Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A 
 
 
 
2,025 
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding 
No Opt. Call 
2,411,856 
 
 
Series 2015, 5.000%, 3/01/25 
 
 
 
 
 
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
500 
 
5.000%, 6/01/32 
12/27 at 100.00 
628,760 
820 
 
3.000%, 6/01/32 
12/27 at 100.00 
885,305 
2,455 
 
New Jersey Economic Development Authority, Rutgers University General Obligation Lease 
6/23 at 100.00 
Aa3 
3,588,424 
 
 
Revenue Bonds, Tender Option Bond 2016-XF2357, 14.783%, 6/15/46, 144A (IF) (4) 
 
 
 
 
 
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey 
 
 
 
 
 
Issue, Series 2013A: 
 
 
 
2,475 
 
5.000%, 7/01/38 
7/23 at 100.00 
A+ 
2,744,800 
3,250 
 
5.000%, 7/01/43 
7/23 at 100.00 
A+ 
3,595,377 
1,100 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding 
7/25 at 100.00 
AA 
1,222,793 
 
 
Series 2015H, 4.000%, 7/01/39 – AGM Insured 
 
 
 
5,950 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
7/24 at 100.00 
A+ 
6,780,917 
 
 
Series 2014A, 5.000%, 7/01/44 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, 
 
 
 
 
 
Series 2015D: 
 
 
 
2,395 
 
5.000%, 7/01/31 
7/25 at 100.00 
A+ 
2,852,996 
1,600 
 
5.000%, 7/01/33 
7/25 at 100.00 
A+ 
1,900,768 
1,000 
 
5.000%, 7/01/34 
7/25 at 100.00 
A+ 
1,186,490 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community 
 
 
 
 
 
College, Series 2010C: 
 
 
 
1,500 
 
5.250%, 7/01/32 
7/20 at 100.00 
Baa1 
1,519,785 
1,000 
 
5.375%, 7/01/41 
7/20 at 100.00 
Baa1 
1,013,330 
 
28

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 4,335 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender 
7/21 at 100.00 
AAA 
$ 5,019,106 
 
 
Option Bond Trust 2015-XF0099, 11.220%, 7/01/39, 144A (IF) 
 
 
 
4,000 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender 
7/24 at 100.00 
AAA 
5,899,000 
 
 
Option Bond Trust 2015-XF0149, 11.567%, 7/01/44, 144A (IF) (4) 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding 
 
 
 
 
 
Series 2012B: 
 
 
 
550 
 
5.000%, 7/01/37 
7/22 at 100.00 
593,615 
1,050 
 
5.000%, 7/01/42 
7/22 at 100.00 
1,131,512 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, 
 
 
 
 
 
Series 2012A: 
 
 
 
1,150 
 
5.000%, 7/01/32 
7/21 at 100.00 
Baa2 
1,201,727 
740 
 
5.000%, 7/01/37 
7/21 at 100.00 
Baa2 
771,598 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, 
 
 
 
 
 
Series 2017F: 
 
 
 
330 
 
3.750%, 7/01/37 
7/27 at 100.00 
Baa2 
353,760 
3,830 
 
4.000%, 7/01/42 
7/27 at 100.00 
Baa2 
4,151,337 
4,205 
 
5.000%, 7/01/47 
7/27 at 100.00 
Baa2 
4,912,786 
1,200 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/25 at 100.00 
A– 
1,405,860 
 
 
Refunding Series 2015C, 5.000%, 7/01/35 
 
 
 
775 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/27 at 100.00 
A– 
847,036 
 
 
Refunding Series 2017D, 3.500%, 7/01/44 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
 
 
 
 
 
Series 2013D: 
 
 
 
685 
 
5.000%, 7/01/38 
7/23 at 100.00 
A– 
762,268 
1,935 
 
5.000%, 7/01/43 
7/23 at 100.00 
A– 
2,144,619 
1,970 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, 
7/26 at 100.00 
A– 
2,055,577 
 
 
Series 2016C, 3.000%, 7/01/46 
 
 
 
860 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of 
7/30 at 100.00 
BBB+ 
1,017,879 
 
 
Technology Issue, Green Series 2020A, 4.000%, 7/01/50 (WI/DD, Settling 3/11/20) 
 
 
 
 
 
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+ 
1,321,385 
2,500 
 
5.000%, 7/01/42 
7/27 at 100.00 
BBB+ 
3,085,750 
3,160 
 
5.000%, 7/01/47 
7/27 at 100.00 
BBB+ 
3,877,036 
1,050 
 
4.000%, 7/01/47 
7/27 at 100.00 
BBB+ 
1,199,079 
975 
 
New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint 
7/26 at 100.00 
BB 
1,067,167 
 
 
Elizabeth, Series 2016D, 5.000%, 7/01/46 
 
 
 
4,560 
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, 
7/25 at 100.00 
A2 
5,289,007 
 
 
Series 2015C, 5.000%, 7/01/40 
 
 
 
 
 
New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, 
 
 
 
 
 
Series 2017B: 
 
 
 
2,000 
 
5.000%, 7/01/42 – AGM Insured 
7/27 at 100.00 
AA 
2,442,300 
2,420 
 
5.000%, 7/01/47 – AGM Insured 
7/27 at 100.00 
AA 
2,935,678 
 
 
New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, 
 
 
 
 
 
Refunding Series 2018A: 
 
 
 
2,500 
 
3.750%, 12/01/30 (AMT) 
6/28 at 100.00 
Aaa 
2,844,525 
2,560 
 
4.000%, 12/01/32 (AMT) 
6/28 at 100.00 
Aaa 
2,952,448 
2,000 
 
4.000%, 12/01/33 (AMT) 
6/28 at 100.00 
Aaa 
2,301,880 
2,135 
 
4.000%, 12/01/35 (AMT) 
6/28 at 100.00 
Aaa 
2,447,863 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior 
 
 
 
 
 
Lien Series 2016-1A: 
 
 
 
6,180 
 
3.500%, 12/01/32 (AMT) 
12/25 at 100.00 
Aaa 
6,682,125 
1,430 
 
4.000%, 12/01/39 (AMT) 
12/25 at 100.00 
Aaa 
1,574,158 
1,880 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior 
6/28 at 100.00 
Aa1 
2,000,865 
 
 
Series 2019B, 3.250%, 12/01/39 (AMT) 
 
 
 
 
29

   
NXJ 
Nuveen New Jersey Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Education and Civic Organizations (continued) 
 
 
 
$ 600 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
3/20 at 100.00 
Aaa 
$ 600,480 
 
 
2010-1A, 5.000%, 12/01/25 
 
 
 
960 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
12/20 at 100.00 
Aaa 
989,539 
 
 
2010-2, 5.000%, 12/01/30 
 
 
 
660 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
12/21 at 100.00 
Aaa 
703,837 
 
 
2011-1, 5.750%, 12/01/27 (AMT) 
 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 
 
 
 
 
 
Series 2012-1A: 
 
 
 
2,115 
 
4.250%, 12/01/25 (AMT) 
12/22 at 100.00 
Aaa 
2,272,546 
695 
 
4.375%, 12/01/26 (AMT) 
12/22 at 100.00 
Aaa 
748,376 
500 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
12/22 at 100.00 
Aaa 
556,825 
 
 
2012-1B, 5.750%, 12/01/39 (AMT) 
 
 
 
710 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
12/22 at 100.00 
Aaa 
752,643 
 
 
2013-1A, 3.750%, 12/01/26 (AMT) 
 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 
 
 
 
 
 
2015-1A: 
 
 
 
4,655 
 
4.000%, 12/01/28 (AMT) 
12/24 at 100.00 
Aaa 
5,168,912 
2,400 
 
4.000%, 12/01/30 (AMT) 
12/24 at 100.00 
Aaa 
2,650,152 
6,855 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 
12/26 at 100.00 
Aaa 
7,667,523 
 
 
Subordinate Series 2017-C, 4.250%, 12/01/47 (AMT) 
 
 
 
3,560 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, 
6/28 at 100.00 
A2 
3,805,070 
 
 
Subordinate Series 2019C, 3.625%, 12/01/49 (AMT) 
 
 
 
 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2015-XF0151: 
 
 
 
666 
 
8.658%, 12/01/23 (AMT), 144A (IF) (4) 
12/22 at 100.00 
Aaa 
814,618 
595 
 
8.825%, 12/01/24 (AMT), 144A (IF) (4) 
12/22 at 100.00 
Aaa 
727,031 
405 
 
9.147%, 12/01/25 (AMT), 144A (IF) (4) 
12/22 at 100.00 
Aaa 
498,567 
125 
 
9.246%, 12/01/26 (AMT), 144A (IF) (4) 
12/22 at 100.00 
Aaa 
153,528 
1,535 
 
10.618%, 12/01/27 (AMT), 144A (IF) 
12/23 at 100.00 
Aaa 
2,048,688 
2,300 
 
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 
7/25 at 100.00 
A1 
2,712,804 
 
 
5.000%, 7/01/45 
 
 
 
122,366 
 
Total Education and Civic Organizations 
 
 
140,854,919 
 
 
Financials – 0.8% (0.5% of Total Investments) 
 
 
 
 
 
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road 
 
 
 
 
 
Landfill Project, Series 2002: 
 
 
 
3,780 
 
5.750%, 10/01/21 
No Opt. Call 
Ba2 
3,878,809 
1,500 
 
6.500%, 4/01/28 
No Opt. Call 
Ba2 
1,795,560 
5,280 
 
Total Financials 
 
 
5,674,369 
 
 
Health Care – 20.5% (13.8% of Total Investments) 
 
 
 
 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
 
 
 
 
 
Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: 
 
 
 
175 
 
5.000%, 2/15/25 
2/24 at 100.00 
BBB+ 
200,634 
220 
 
5.000%, 2/15/26 
2/24 at 100.00 
BBB+ 
252,135 
1,320 
 
5.000%, 2/15/27 
2/24 at 100.00 
BBB+ 
1,514,212 
1,385 
 
5.000%, 2/15/28 
2/24 at 100.00 
BBB+ 
1,589,011 
1,385 
 
5.000%, 2/15/29 
2/24 at 100.00 
BBB+ 
1,587,196 
2,500 
 
5.000%, 2/15/32 
2/24 at 100.00 
BBB+ 
2,851,850 
3,040 
 
5.000%, 2/15/33 
2/24 at 100.00 
BBB+ 
3,462,590 
1,000 
 
5.000%, 2/15/34 
2/24 at 100.00 
BBB+ 
1,137,440 
1,950 
 
5.000%, 2/15/35 
2/24 at 100.00 
BBB+ 
2,214,498 
6,100 
 
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue 
2/23 at 100.00 
BBB+ 
6,828,706 
 
 
Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 
 
 
 
 
30

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
$ 225 
 
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital 
3/20 at 100.00 
AA– 
$ 225,758 
 
 
Corporation, Series 2008A, 5.000%, 7/01/27 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
 
 
 
 
 
Peters University Hospital, Refunding Series 2011: 
 
 
 
2,000 
 
6.000%, 7/01/26 
7/21 at 100.00 
BB+ 
2,108,080 
3,425 
 
6.250%, 7/01/35 
7/21 at 100.00 
BB+ 
3,617,690 
3,550 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint 
3/20 at 100.00 
BB+ 
3,562,816 
 
 
Peters University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
1,145 
 
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, 
7/22 at 100.00 
AA– 
1,252,355 
 
 
Barnabas Health, Series 2012A, 5.000%, 7/01/24 
 
 
 
2,525 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital 
1/27 at 100.00 
AA– 
2,880,874 
 
 
Corporation, Refunding Series 2016, 4.000%, 7/01/41 
 
 
 
11,000 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 
7/24 at 100.00 
AA– 
12,771,000 
 
 
Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack 
 
 
 
 
 
Meridian Health Obligated Group, Refunding Series 2017A: 
 
 
 
700 
 
5.000%, 7/01/28 
7/27 at 100.00 
AA– 
894,033 
4,140 
 
5.000%, 7/01/57 
7/27 at 100.00 
AA– 
5,009,400 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical 
 
 
 
 
 
Center, Refunding Series 2014A: 
 
 
 
2,055 
 
5.000%, 7/01/45 
7/24 at 100.00 
A+ 
2,330,000 
1,310 
 
4.000%, 7/01/45 
7/24 at 100.00 
A+ 
1,399,342 
12,010 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health 
7/27 at 100.00 
AA– 
14,656,764 
 
 
Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 (UB) (4) 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health 
 
 
 
 
 
System Obligated Group, Refunding Series 2011: 
 
 
 
3,000 
 
5.000%, 7/01/25 
7/22 at 100.00 
AA– 
3,278,370 
3,000 
 
5.000%, 7/01/26 
7/22 at 100.00 
AA– 
3,275,460 
2,500 
 
5.000%, 7/01/27 
7/22 at 100.00 
AA– 
2,725,925 
1,450 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health 
7/23 at 100.00 
AA– 
1,623,594 
 
 
System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton 
 
 
 
 
 
HealthCare System, Series 2016A: 
 
 
 
830 
 
5.000%, 7/01/32 
7/26 at 100.00 
AA 
1,031,217 
1,055 
 
5.000%, 7/01/33 
7/26 at 100.00 
AA 
1,309,994 
1,370 
 
5.000%, 7/01/34 
7/26 at 100.00 
AA 
1,699,581 
 
 
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– 
4,946,099 
5,955 
 
5.000%, 7/01/43 
7/24 at 100.00 
AA– 
6,934,895 
3,945 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood 
7/23 at 100.00 
AA– 
4,468,896 
 
 
Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 
 
 
 
780 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas 
7/26 at 100.00 
AA– 
958,152 
 
 
Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s 
 
 
 
 
 
Healthcare System Obligated Group Issue, Refunding Series 2016: 
 
 
 
1,600 
 
3.000%, 7/01/32 
7/26 at 100.00 
BBB– 
1,655,808 
1,135 
 
4.000%, 7/01/34 
7/26 at 100.00 
BBB– 
1,272,199 
1,600 
 
5.000%, 7/01/35 
7/26 at 100.00 
BBB– 
1,891,728 
2,700 
 
5.000%, 7/01/36 
7/26 at 100.00 
BBB– 
3,186,945 
3,095 
 
5.000%, 7/01/41 
7/26 at 100.00 
BBB– 
3,612,763 
5,600 
 
4.000%, 7/01/48 
7/26 at 100.00 
BBB– 
6,140,848 
2,345 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s 
8/23 at 100.00 
A– 
2,527,605 
 
 
Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 
 
 
 
 
31

   
NXJ 
Nuveen New Jersey Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Health Care (continued) 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University 
 
 
 
 
 
Hospital Issue, Refunding Series 2015A: 
 
 
 
$ 5,055 
 
4.125%, 7/01/38 – AGM Insured 
7/25 at 100.00 
AA 
$ 5,594,166 
3,910 
 
5.000%, 7/01/46 – AGM Insured 
7/25 at 100.00 
AA 
4,504,359 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health 
 
 
 
 
 
System Obligated Group, Series 2019: 
 
 
 
2,055 
 
4.000%, 7/01/44 
7/29 at 100.00 
A+ 
2,419,701 
7,675 
 
3.000%, 7/01/49 
7/29 at 100.00 
A+ 
8,165,125 
128,050 
 
Total Health Care 
 
 
145,569,814 
 
 
Housing/Multifamily – 3.3% (2.3% of Total Investments) 
 
 
 
1,845 
 
New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Kean 
1/27 at 100.00 
BBB– 
2,092,673 
 
 
Properties LLC – Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47 
 
 
 
1,900 
 
New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan 
1/25 at 100.00 
BBB– 
2,082,001 
 
 
Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 
 
 
 
6,075 
 
New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New 
7/25 at 100.00 
BB+ 
6,687,725 
 
 
Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, 
 
 
 
 
 
Series 2013-2: 
 
 
 
2,165 
 
4.350%, 11/01/33 (AMT) 
11/22 at 100.00 
AA 
2,297,779 
1,235 
 
4.600%, 11/01/38 (AMT) 
11/22 at 100.00 
AA 
1,311,051 
1,235 
 
4.750%, 11/01/46 (AMT) 
11/22 at 100.00 
AA 
1,308,878 
4,320 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 
11/24 at 100.00 
AA– 
4,660,848 
 
 
4.000%, 11/01/45 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2017D: 
 
 
 
1,125 
 
3.900%, 11/01/32 (AMT) 
5/26 at 100.00 
AA– 
1,241,921 
1,750 
 
4.250%, 11/01/37 (AMT) 
5/26 at 100.00 
AA– 
1,941,993 
21,650 
 
Total Housing/Multifamily 
 
 
23,624,869 
 
 
Housing/Single Family – 6.7% (4.5% of Total Investments) 
 
 
 
 
 
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
7,590 
 
4.450%, 10/01/25 
4/21 at 100.00 
Aa2 
7,856,788 
7,590 
 
4.650%, 10/01/29 
4/21 at 100.00 
Aa2 
7,853,449 
 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
 
 
 
 
 
Series 2018A: 
 
 
 
6,615 
 
3.600%, 4/01/33 
10/27 at 100.00 
AA 
7,387,367 
4,070 
 
3.750%, 10/01/35 
10/27 at 100.00 
AA 
4,567,558 
3,535 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
10/27 at 100.00 
AA 
3,935,551 
 
 
Series 2018B, 3.800%, 10/01/32 (AMT) 
 
 
 
 
 
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, 
 
 
 
 
 
Series 2019C: 
 
 
 
5,260 
 
3.500%, 10/01/34 (UB) (4) 
4/28 at 100.00 
AA 
5,876,945 
5,255 
 
3.850%, 10/01/39 (UB) (4) 
4/28 at 100.00 
AA 
5,851,863 
3,590 
 
3.950%, 10/01/44 (UB) (4) 
4/28 at 100.00 
AA 
3,982,746 
43,505 
 
Total Housing/Single Family 
 
 
47,312,267 
 
 
Long-Term Care – 1.5% (1.0% of Total Investments) 
 
 
 
510 
 
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, 
1/24 at 100.00 
N/R 
537,387 
 
 
Series 2014, 5.250%, 1/01/44 
 
 
 
5,000 
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 
7/23 at 100.00 
BBB– 
5,337,150 
 
 
Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34 
 
 
 
1,410 
 
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New 
7/24 at 100.00 
BBB– 
1,550,041 
 
 
Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29 
 
 
 
 
32

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Long-Term Care (continued) 
 
 
 
$ 1,635 
 
New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal 
1/28 at 102.00 
N/R 
$ 1,675,711 
 
 
LLC Project, Series 2020, 5.000%, 1/01/40, 144A (WI/DD, Settling 3/05/20) 
 
 
 
1,450 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive 
10/26 at 102.00 
N/R 
1,553,226 
 
 
Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A 
 
 
 
10,005 
 
Total Long-Term Care 
 
 
10,653,515 
 
 
Tax Obligation/General – 8.3% (5.6% of Total Investments) 
 
 
 
2,225 
 
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue 
9/24 at 100.00 
AA 
2,591,902 
 
 
Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured 
 
 
 
440 
 
Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue 
1/28 at 100.00 
AA 
486,037 
 
 
Bonds, Technical High School Project, Series 2018, 3.125%, 1/15/32 – BAM Insured 
 
 
 
2,920 
 
Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, 
10/28 at 100.00 
AA 
3,399,814 
 
 
County Correctional Facility Project, Series 2018, 4.000%, 10/01/43 – BAM Insured 
 
 
 
4,150 
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, 
No Opt. Call 
Aaa 
4,663,396 
 
 
Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured 
 
 
 
1,000 
 
Gloucester Township, New Jersey, General Obligation Bonds, Series 2019, 2.000%, 
No Opt. Call 
AA 
1,033,100 
 
 
2/01/24 – BAM Insured 
 
 
 
680 
 
Hamilton Township, Mercer County Board of Education, New Jersey, General Obligation 
12/27 at 100.00 
AA 
741,118 
 
 
Bonds, Series 2017, 3.250%, 12/15/38 
 
 
 
 
 
Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018: 
 
 
 
1,340 
 
3.125%, 3/01/31 – BAM Insured 
3/28 at 100.00 
AA 
1,472,955 
1,110 
 
3.250%, 3/01/32 – BAM Insured 
3/28 at 100.00 
AA 
1,226,606 
1,255 
 
3.500%, 3/01/36 – BAM Insured 
3/28 at 100.00 
AA 
1,395,824 
 
 
Hudson County Improvement Authority, New Jersey, County Guaranteed Governmental Loan 
 
 
 
 
 
Revenue Bonds, Guttenberg General Obligation Bond Project, Series 2018: 
 
 
 
375 
 
3.250%, 8/01/34 
8/25 at 100.00 
AA 
403,493 
1,040 
 
5.000%, 8/01/42 
8/25 at 100.00 
AA 
1,230,819 
 
 
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– 
1,269,890 
515 
 
5.000%, 11/01/31 
11/27 at 100.00 
AA– 
648,231 
440 
 
5.000%, 11/01/33 
11/27 at 100.00 
AA– 
551,342 
1,100 
 
Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23 
5/21 at 100.00 
AA– 
1,140,194 
1,975 
 
Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 
8/20 at 100.00 
AA– 
2,008,140 
 
 
2010, 5.000%, 8/01/27 
 
 
 
760 
 
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding 
1/24 at 100.00 
AAA 
876,660 
 
 
Parking Utility Series 2014A, 5.000%, 1/01/37 
 
 
 
 
 
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking 
 
 
 
 
 
Revenue Bonds, Refunding Series 2012: 
 
 
 
465 
 
5.000%, 9/01/28 
9/22 at 100.00 
A+ 
509,077 
610 
 
5.000%, 9/01/29 
9/22 at 100.00 
A+ 
668,408 
300 
 
5.000%, 9/01/31 
9/22 at 100.00 
A+ 
328,713 
250 
 
3.625%, 9/01/34 
9/22 at 100.00 
A+ 
260,750 
2,190 
 
New Brunswick, New Jersey, General Obligation Bonds, Cultural Center Project, Series 
9/27 at 100.00 
AA 
2,503,455 
 
 
2017, 4.000%, 9/15/44 – AGM Insured 
 
 
 
3,250 
 
New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 
12/27 at 100.00 
A– 
3,265,470 
 
 
South Orange Village Township, New Jersey, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2020: 
 
 
 
500 
 
4.000%, 1/15/23 
No Opt. Call 
AA– 
544,505 
400 
 
4.000%, 1/15/25 
No Opt. Call 
AA– 
458,860 
500 
 
4.000%, 1/15/26 
No Opt. Call 
AA– 
584,910 
 
33

   
NXJ 
Nuveen New Jersey Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/General (continued) 
 
 
 
 
 
Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, 
 
 
 
 
 
Refunding Series 2015: 
 
 
 
$ 1,000 
 
5.000%, 2/15/34 
2/25 at 100.00 
AA 
$ 1,180,490 
1,395 
 
5.000%, 2/15/35 
2/25 at 100.00 
AA 
1,644,300 
3,975 
 
Union County Improvement Authority, New Jersey, Lease Revenue Bonds, Plainfield – Park 
No Opt. Call 
AA+ 
9,344,470 
 
 
Madison Redevelopment Project, Tender Option Trust 2016-XG0057, 14.591%, 
 
 
 
 
 
3/01/34, 144A (IF) (4) 
 
 
 
5,165 
 
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue 
12/21 at 100.00 
AA+ 
5,539,049 
 
 
Bonds, Covantan Union Inc Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (AMT) 
 
 
 
2,515 
 
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency 
6/21 at 100.00 
Aaa 
2,636,651 
 
 
Revenue Bonds, Series 2011A, 5.000%, 6/15/41 
 
 
 
2,170 
 
Union County, New Jersey, General Obligation Bonds, Refunding Series 2017, 3.000%, 3/01/27 
9/25 at 100.00 
Aaa 
2,411,456 
1,515 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation 
No Opt. Call 
Aa3 
1,938,791 
 
 
Bonds, Series 2005, 5.250%, 1/01/27 – AGM Insured 
 
 
 
48,525 
 
Total Tax Obligation/General 
 
 
58,958,876 
 
 
Tax Obligation/Limited – 34.2% (23.1% of Total Investments) 
 
 
 
3,775 
 
Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County 
No Opt. Call 
Aaa 
4,811,426 
 
 
Administration Complex Project, Series 2005, 5.000%, 11/15/26 
 
 
 
3,000 
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, 
No Opt. Call 
AA 
2,786,370 
 
 
Series 2003B, 0.000%, 11/01/25 – AGM Insured 
 
 
 
2,230 
 
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, 
No Opt. Call 
AA 
2,856,429 
 
 
Series 2005A, 5.750%, 11/01/28 – AGM Insured 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
5,005 
 
5.250%, 1/01/36 
1/22 at 100.00 
BB 
5,326,071 
3,020 
 
5.125%, 1/01/42 
1/22 at 100.00 
BB 
3,197,214 
500 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29 
1/22 at 100.00 
BB 
530,690 
 
 
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, 
 
 
 
 
 
Hudson County Vocational Technical Schools Project, Series 2016: 
 
 
 
10,310 
 
5.000%, 5/01/46 
5/26 at 100.00 
AA 
12,294,263 
3,700 
 
5.250%, 5/01/51 
5/26 at 100.00 
AA 
4,449,287 
 
 
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
310 
 
5.000%, 6/15/21 
No Opt. Call 
BBB+ 
324,669 
6,400 
 
5.000%, 6/15/25 
6/22 at 100.00 
BBB+ 
6,891,008 
3,480 
 
5.000%, 6/15/26 
6/22 at 100.00 
BBB+ 
3,742,044 
7,945 
 
5.000%, 6/15/28 
6/22 at 100.00 
BBB+ 
8,520,854 
415 
 
5.000%, 6/15/29 
6/22 at 100.00 
BBB+ 
444,424 
5,350 
 
New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, 
12/28 at 100.00 
A– 
6,340,445 
 
 
Series 2017B, 4.500%, 6/15/40 
 
 
 
5,495 
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 
7/27 at 100.00 
BBB+ 
5,884,760 
 
 
Refunding Series 2017A, 3.375%, 7/01/30 
 
 
 
6,385 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/24 at 100.00 
A– 
7,344,410 
 
 
2014UU, 5.000%, 6/15/27 
 
 
 
11,345 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/25 at 100.00 
BBB+ 
13,207,509 
 
 
2015WW, 5.250%, 6/15/40 
 
 
 
5,000 
 
New Jersey Economic Development Authority, School Facilities Construction Financing 
6/24 at 100.00 
A– 
5,762,350 
 
 
Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26 
 
 
 
6,000 
 
New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit 
No Opt. Call 
A– 
7,186,320 
 
 
Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue 
 
 
 
 
 
Notes, Series 2016A-1: 
 
 
 
1,130 
 
5.000%, 6/15/29 
6/26 at 100.00 
A+ 
1,360,667 
655 
 
5.000%, 6/15/30 
6/26 at 100.00 
A+ 
786,007 
 
34

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tax Obligation/Limited (continued) 
 
 
 
$ 32,965 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
$ 25,827,418 
 
 
Appreciation Series 2010A, 0.000%, 12/15/30 
 
 
 
8,100 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
No Opt. Call 
A– 
9,062,361 
 
 
Series 2006A, 5.500%, 12/15/22 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
37,565 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA 
28,627,535 
39,090 
 
0.000%, 12/15/33 – AGM Insured 
No Opt. Call 
AA 
28,970,381 
5,160 
 
0.000%, 12/15/34 – AGM Insured 
No Opt. Call 
AA 
3,717,728 
7,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
No Opt. Call 
A– 
8,214,150 
 
 
2010D, 5.000%, 12/15/24 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2011B: 
 
 
 
750 
 
5.500%, 6/15/31 
6/21 at 100.00 
A– 
791,385 
4,320 
 
5.250%, 6/15/36 
6/21 at 100.00 
A– 
4,538,419 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2018A: 
 
 
 
1,150 
 
5.000%, 12/15/35 
12/28 at 100.00 
A– 
1,437,178 
440 
 
5.000%, 12/15/36 
12/28 at 100.00 
A– 
548,684 
4,615 
 
4.250%, 12/15/38 
12/28 at 100.00 
A– 
5,395,996 
3,025 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
A– 
3,526,242 
 
 
2019AA, 4.500%, 6/15/49 
 
 
 
2,050 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 
12/28 at 100.00 
A– 
2,189,257 
 
 
2019BB, 3.500%, 6/15/46 
 
 
 
3,860 
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness 
5/25 at 100.00 
AA 
4,225,195 
 
 
Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36 
 
 
 
4,005 
 
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness 
5/22 at 100.00 
Aa1 
4,158,111 
 
 
Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35 
 
 
 
 
 
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile 
 
 
 
 
 
Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019: 
 
 
 
285 
 
20.588%, 5/01/28, 144A (IF) (4) 
No Opt. Call 
Aaa 
779,059 
285 
 
20.655%, 5/01/29, 144A (IF) (4) 
No Opt. Call 
Aaa 
831,966 
200 
 
20.655%, 5/01/30, 144A (IF) (4) 
No Opt. Call 
Aaa 
614,876 
370 
 
20.449%, 5/01/31, 144A (IF) (4) 
No Opt. Call 
Aaa 
1,186,934 
385 
 
20.556%, 5/01/32, 144A (IF) (4) 
No Opt. Call 
Aaa 
1,304,111 
400 
 
20.560%, 5/01/33, 144A (IF) (4) 
No Opt. Call 
Aaa 
1,417,800 
415 
 
20.655%, 5/01/34, 144A (IF) (4) 
No Opt. Call 
Aaa 
1,540,526 
247.885 
 
Total Tax Obligation/Limited 
 
 
242,952,529 
 
 
Transportation – 29.2% (19.8% of Total Investments) 
 
 
 
5,550 
 
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 
3/20 at 100.00 
Baa2 
5,570,091 
 
 
2005A, 5.250%, 6/01/20 – NPFG Insured 
 
 
 
2,400 
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 
1/23 at 100.00 
A1 
2,630,256 
 
 
5.000%, 1/01/42 
 
 
 
 
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: 
 
 
 
1,285 
 
5.000%, 1/01/34 
1/24 at 100.00 
A1 
1,465,748 
5,890 
 
4.125%, 1/01/39 
1/24 at 100.00 
A1 
6,470,283 
7,800 
 
5.000%, 1/01/44 
1/24 at 100.00 
A1 
8,811,426 
2,580 
 
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 
1/29 at 100.00 
A1 
3,054,978 
 
 
4.000%, 1/01/44 
 
 
 
 
 
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 
1,124,310 
2,820 
 
4.000%, 7/01/35 – BAM Insured 
7/25 at 100.00 
AA 
3,166,550 
 
35

   
NXJ 
Nuveen New Jersey Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Transportation (continued) 
 
 
 
 
 
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 
$ 2,642,690 
1,520 
 
5.000%, 7/01/29 
No Opt. Call 
A1 
2,049,355 
 
 
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System 
 
 
 
 
 
Revenue Bonds, Series 2017: 
 
 
 
2,820 
 
5.000%, 7/01/42 
7/27 at 100.00 
A1 
3,496,123 
10,210 
 
5.000%, 7/01/47 
7/27 at 100.00 
A1 
12,558,300 
 
 
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 
1,382,966 
1,350 
 
5.000%, 7/01/29 
No Opt. Call 
A1 
1,820,151 
950 
 
5.000%, 7/01/30 
7/29 at 100.00 
A1 
1,270,692 
7,035 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 
1/24 at 100.00 
A+ 
8,004,212 
 
 
5.000%, 1/01/40 
 
 
 
2,325 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 
1/29 at 100.00 
A+ 
3,010,968 
 
 
5.000%, 1/01/37 
 
 
 
 
 
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, 
 
 
 
 
 
Port District Project, Series 2012: 
 
 
 
1,800 
 
5.000%, 1/01/24 
1/23 at 100.00 
1,988,946 
1,635 
 
5.000%, 1/01/25 
1/23 at 100.00 
1,806,135 
1,875 
 
5.000%, 1/01/26 
1/23 at 100.00 
2,069,119 
3,525 
 
5.000%, 1/01/27 
1/23 at 100.00 
3,884,761 
5,555 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
BBB 
6,332,978 
 
 
Replacement Project, Series 2013, 5.625%, 1/01/52 (AMT) 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
 
Airlines Inc, Series 1999: 
 
 
 
1,000 
 
5.125%, 9/15/23 (AMT) 
8/22 at 101.00 
BB 
1,078,040 
1,800 
 
5.250%, 9/15/29 (AMT) 
8/22 at 101.00 
BB 
1,980,900 
2,250 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, 
3/24 at 101.00 
BB 
2,609,595 
 
 
Continental Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark 
 
 
 
 
 
Container Terminal LLC Project, Refunding Series 2017: 
 
 
 
5,660 
 
5.000%, 10/01/37 (AMT) 
10/27 at 100.00 
Ba1 
6,780,680 
7,440 
 
5.000%, 10/01/47 (AMT) 
10/27 at 100.00 
Ba1 
8,763,130 
 
 
New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration 
 
 
 
 
 
Section 5307 Urbanized Area Formula Funds, Series 2014A: 
 
 
 
6,000 
 
5.000%, 9/15/20 
No Opt. Call 
6,127,320 
5,750 
 
5.000%, 9/15/21 
No Opt. Call 
6,099,082 
6,570 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 
1/25 at 100.00 
A+ 
7,759,696 
3,065 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – 
No Opt. Call 
AA 
4,169,473 
 
 
AGM Insured 
 
 
 
7,620 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 
1/23 at 100.00 
A+ 
8,487,994 
3,625 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 
7/22 at 100.00 
A+ 
5,007,321 
 
 
14.147%, 1/01/43, 144A (IF) (4) 
 
 
 
2,750 
 
Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck 
3/20 at 100.00 
A2 
2,758,470 
 
 
Facility, Series 2005, 5.000%, 4/15/35 – AGM Insured 
 
 
 
7,235 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
12/23 at 100.00 
AA– 
8,276,261 
 
 
Seventy Ninth Series 2013, 5.000%, 12/01/43 
 
 
 
5,000 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred 
1/23 at 100.00 
AA– 
5,343,150 
 
 
Seventy Seventh Series 2013, 4.000%, 1/15/43 (AMT) 
 
 
 
12,000 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
11/29 at 100.00 
AA– 
14,181,480 
 
 
Eighteen Series 2019, 4.000%, 11/01/47 (AMT) (UB) (4) 
 
 
 
 
36

           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Transportation (continued) 
 
 
 
 
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred 
 
 
 
 
 
Fourteen Series 2019: 
 
 
 
$ 2,000 
 
4.000%, 9/01/37 (AMT) (UB) (4) 
9/29 at 100.00 
AA– 
$ 2,407,640 
2,500 
 
4.000%, 9/01/38 (AMT) (UB) (4) 
9/29 at 100.00 
AA– 
3,000,100 
2,500 
 
4.000%, 9/01/39 (AMT) (UB) (4) 
9/29 at 100.00 
AA– 
2,992,875 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC, Sixth Series 1997: 
 
 
 
12,445 
 
5.750%, 12/01/22 – NPFG Insured (AMT) 
3/20 at 100.00 
BBB+ 
12,804,909 
12,130 
 
5.750%, 12/01/25 – NPFG Insured (AMT) 
3/20 at 100.00 
BBB+ 
12,492,566 
182,320 
 
Total Transportation 
 
 
207,731,720 
 
 
U.S. Guaranteed – 10.9% (7.4% of Total Investments) (5) 
 
 
 
 
 
Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, 
 
 
 
 
 
Refunding Series 2012A: 
 
 
 
2,150 
 
5.000%, 7/01/24 (Pre-refunded 7/01/22) 
7/22 at 100.00 
A1 
2,356,250 
650 
 
4.000%, 7/01/26 (Pre-refunded 7/01/22) 
7/22 at 100.00 
A1 
697,398 
625 
 
4.000%, 7/01/27 (Pre-refunded 7/01/22) 
7/22 at 100.00 
A1 
670,575 
25 
 
Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, 
No Opt. Call 
Aaa 
28,108 
 
 
Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured (ETM) 
 
 
 
2,280 
 
Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation 
3/25 at 100.00 
AA– 
2,747,924 
 
 
Bonds, Refunding Series 2015, 5.000%, 3/01/38 (Pre-refunded 3/01/25) 
 
 
 
655 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
6/25 at 100.00 
N/R 
805,486 
 
 
2015WW, 5.250%, 6/15/40 (Pre-refunded 6/15/25) 
 
 
 
 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
 
 
 
 
 
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A: 
 
 
 
3,870 
 
5.750%, 6/01/31 (Pre-refunded 6/01/20) 
6/20 at 100.00 
N/R 
3,917,407 
2,100 
 
5.875%, 6/01/42 (Pre-refunded 6/01/20) 
6/20 at 100.00 
N/R 
2,126,355 
70 
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
No Opt. Call 
N/R 
73,353 
 
 
Refunding Series 2012A-R, 4.000%, 9/01/21 (ETM) 
 
 
 
30 
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
9/21 at 100.00 
N/R 
31,058 
 
 
Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health 
 
 
 
 
 
System Obligated Group Issue, Refunding Series 2012: 
 
 
 
4,165 
 
3.750%, 7/01/27 (ETM) 
No Opt. Call 
N/R 
4,763,552 
3,375 
 
5.000%, 7/01/31 (Pre-refunded 7/01/22) 
7/22 at 100.00 
N/R 
3,702,881 
1,500 
 
5.000%, 7/01/37 (Pre-refunded 7/01/22) 
7/22 at 100.00 
N/R 
1,645,725 
 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical 
 
 
 
 
 
Center Obligated Group Issue, Refunding Series 2013: 
 
 
 
555 
 
5.250%, 7/01/31 (Pre-refunded 7/01/23) 
7/23 at 100.00 
N/R 
635,148 
2,570 
 
5.250%, 7/01/31 (Pre-refunded 7/01/23) 
7/23 at 100.00 
N/R 
2,945,708 
275 
 
5.500%, 7/01/43 (Pre-refunded 7/01/23) 
7/23 at 100.00 
N/R 
316,965 
1,285 
 
5.500%, 7/01/43 (Pre-refunded 7/01/23) 
7/23 at 100.00 
N/R 
1,483,378 
7,670 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas 
7/21 at 100.00 
N/R 
8,155,588 
 
 
Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) 
 
 
 
3,805 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St Clare’s 
5/20 at 100.00 
AA 
3,860,629 
 
 
Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM) 
 
 
 
 
 
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A: 
 
 
 
175 
 
5.000%, 7/01/42 (Pre-refunded 7/01/22) 
7/22 at 100.00 
N/R 
192,001 
400 
 
5.000%, 7/01/42 (Pre-refunded 7/01/22) 
7/22 at 100.00 
A1 
438,860 
1,555 
 
New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 
No Opt. Call 
Baa2 
1,698,340 
 
 
2004, 5.500%, 3/01/22 – NPFG Insured (ETM) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
145 
 
6.000%, 6/15/35 (Pre-refunded 6/15/21) 
6/21 at 100.00 
A– 
154,644 
1,220 
 
5.500%, 6/15/41 (Pre-refunded 6/15/21) 
6/21 at 100.00 
A– 
1,293,529 
 
37

   
NXJ 
Nuveen New Jersey Quality Municipal Income Fund 
 
Portfolio of Investments (continued) 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
U.S. Guaranteed (5) (continued) 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: 
 
 
 
$ 445 
 
5.000%, 6/15/37 (Pre-refunded 6/15/21) 
6/21 at 100.00 
A– 
$ 468,986 
2,680 
 
5.000%, 6/15/42 (Pre-refunded 6/15/21) 
6/21 at 100.00 
A– 
2,824,452 
 
 
North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior 
 
 
 
 
 
Lien Series 2012A: 
 
 
 
1,455 
 
5.000%, 6/01/27 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R 
1,593,036 
2,365 
 
5.000%, 6/01/27 (Pre-refunded 6/01/22) 
6/22 at 100.00 
A+ 
2,583,810 
225 
 
5.000%, 6/01/42 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R 
246,346 
3,775 
 
5.000%, 6/01/42 (Pre-refunded 6/01/22) 
6/22 at 100.00 
A+ 
4,128,717 
15,840 
 
North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 
No Opt. Call 
Baa2 
15,289,402 
 
 
2001A, 0.000%, 8/01/23 – NPFG Insured (ETM) 
 
 
 
2,100 
 
Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue 
5/20 at 100.00 
Aa1 
2,114,427 
 
 
Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42 (Pre-refunded 5/01/20) 
 
 
 
2,170 
 
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 
5/23 at 100.00 
Aa3 
3,324,418 
 
 
15.088%, 5/01/43, (Pre-refunded 5/01/23), 144A (IF) (4) 
 
 
 
72,205 
 
Total U.S. Guaranteed 
 
 
77,314,456 
 
 
Utilities – 4.7% (3.1% of Total Investments) 
 
 
 
13,500 
 
Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, 
7/20 at 100.00 
BB– 
13,675,770 
 
 
Covanta Project, Series 2015, 5.250%, 7/01/45 (AMT), 144A 
 
 
 
1,510 
 
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), 
No Opt. Call 
1,594,122 
 
 
Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company 
 
 
 
 
 
Project), 6.800%, 3/01/21 – NPFG Insured 
 
 
 
 
 
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy 
 
 
 
 
 
Partners, LLC Project, Series 2012A: 
 
 
 
1,000 
 
4.750%, 6/15/32 (AMT) 
6/22 at 100.00 
Baa2 
1,066,590 
1,225 
 
5.125%, 6/15/43 (AMT) 
6/22 at 100.00 
Baa2 
1,311,559 
1,850 
 
New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New 
8/24 at 100.00 
Aa3 
1,881,135 
 
 
Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39 
 
 
 
5,100 
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New 
5/20 at 100.00 
A+ 
5,134,425 
 
 
Jersey-American Water Company Inc Project, Refunding Series 2010B, 5.600%, 11/01/34 (AMT) 
 
 
 
2,040 
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New 
11/20 at 100.00 
A+ 
2,084,819 
 
 
Jersey-American Water Company Inc Project, Refunding Series 2010D, 4.875%, 11/01/29 (AMT) 
 
 
 
2,700 
 
Passaic County Utilities Authority, New Jersey, Solid Waste Disposal Revenue Bonds, 
No Opt. Call 
AA 
3,842,181 
 
 
Refunding Series 2018, 5.000%, 3/01/37 
 
 
 
2,305 
 
Salem County Pollution Control Financing Authority, New Jersey, Pollution Control 
No Opt. Call 
BBB 
2,492,950 
 
 
Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (AMT) 
 
 
 
31,230 
 
Total Utilities 
 
 
33,083,551 
 
 
Water and Sewer – 2.9% (2.0% of Total Investments) 
 
 
 
15,670 
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex 
10/22 at 100.00 
A+ 
16,455,537 
 
 
Water Company, Series 2012C, 4.250%, 10/01/47 (AMT) 
 
 
 
2,355 
 
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex 
8/29 at 100.00 
A+ 
2,657,076 
 
 
Water Company, Series 2019, 4.000%, 8/01/59 (AMT) 
 
 
 
 
 
New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, 
 
 
 
 
 
Series 2012A: 
 
 
 
65 
 
3.250%, 9/01/31 
No Opt. Call 
N/R 
67,292 
1,585 
 
3.250%, 9/01/31 
No Opt. Call 
N/R 
1,624,894 
19,675 
 
Total Water and Sewer 
 
 
20,804,799 
$ 964,721 
 
Total Long-Term Investments (cost $934,297,090) 
 
 
1,051,362,380 
 
 
Floating Rate Obligations – (4.9)% 
 
 
(34,780,000) 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (44.0)% (6) 
 
 
(312,500,511) 
 
 
Other Assets Less Liabilities – 0.9% (7) 
 
 
6,354,701 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 710,436,570 
 
38

Investments in Derivatives
Futures Contracts
               
 
 
 
 
 
 
 
Variation 
 
 
 
 
 
 
Unrealized 
Margin 
 
Contract 
Number of 
Expiration 
Notional 
 
Appreciation 
Receivable/ 
Description 
Position 
Contracts 
Date 
Amount 
Value 
(Depreciation) 
(Payable) 
U.S. Treasury 10-Year Note 
Short 
(98) 
6/20 
$(13,002,059) 
$(13,205,500) 
$(203,441) 
$ (139,344) 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 29.7%. 
(7) 
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax 
ETM 
Escrowed to maturity 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. 
WI/DD 
Purchased on a when-issued or delayed delivery basis. 
 
See accompanying notes to financial statements. 
 
39

   
NJV 
Nuveen New Jersey Municipal Value Fund 
 
Portfolio of Investments 
 
February 29, 2020 
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 103.1% (100.0% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 103.1% (100.0% of Total Investments) 
 
 
 
 
 
Consumer Discretionary – 0.3% (0.3% of Total Investments) 
 
 
 
$ 100 
 
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich 
3/20 at 100.00 
Caa2 
$ 82,670 
 
 
Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/32 
 
 
 
 
 
Consumer Staples – 3.2% (3.1% of Total Investments) 
 
 
 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A: 
 
 
 
215 
 
4.000%, 6/01/37 
6/28 at 100.00 
A– 
247,719 
305 
 
5.250%, 6/01/46 
6/28 at 100.00 
BBB+ 
378,676 
125 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed 
6/28 at 100.00 
BB+ 
147,331 
 
 
Bonds, Series 2018B, 5.000%, 6/01/46 
 
 
 
645 
 
Total Consumer Staples 
 
 
773,726 
 
 
Education and Civic Organizations – 17.0% (16.5% of Total Investments) 
 
 
 
110 
 
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University 
12/23 at 100.00 
125,034 
 
 
School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32