0001821268-21-000456.txt : 20211105 0001821268-21-000456.hdr.sgml : 20211105 20211105133521 ACCESSION NUMBER: 0001821268-21-000456 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210831 FILED AS OF DATE: 20211105 DATE AS OF CHANGE: 20211105 EFFECTIVENESS DATE: 20211105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0000870780 IRS NUMBER: 363743025 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-06265 FILM NUMBER: 211383694 BUSINESS ADDRESS: STREET 1: 333 W WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 W WACKER CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND DATE OF NAME CHANGE: 20121022 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN PENNSYLVANIA INVESTMENT QUALITY MUNICIPAL FUND INC DATE OF NAME CHANGE: 19920803 N-CSRS 1 nqp.htm NQP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06265

Nuveen Pennsylvania Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2021

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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If you receive your Nuveen Fund
dividends and statements from your
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or

www.nuveen.com/client-access
If you receive your Nuveen Fund
dividends and statements directly from
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NOT FDIC INSURED MAY LOSE
VALUE NO BANK GUARANTEE

Table of Contents

Chair’s Letter to Shareholders	4
Important Semiannual Shareholder Report Notice	5
Fund Leverage	6
Common Share Information	7
Performance Overview and Holding Summaries	9
Portfolios of Investments	17
Statement of Assets and Liabilities	58
Statement of Operations	59
Statement of Changes in Net Assets	60
Statement of Cash Flows	62
Financial Highlights	64
Notes to Financial Statements	70
Risk Considerations	82
Additional Fund Information	83
Glossary of Terms Used in this Report	84
Annual Investment Management Agreement Approval Process	85

Table of Contents

Chair’s Letter
to Shareholders

Dear Shareholders,

More than a year and a half has passed since the World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in a period marked by a global economic downturn, financial market turbulence and some immeasurable losses of life. Although the health crisis persists, with the widespread distribution of vaccines in the U.S. and extraordinary economic interventions by governments and central banks around the world, we collectively look forward to what our “new normal” might be.

Global economic activity has driven gross domestic product growth and inflation higher, especially in the U.S. Vaccinations have enabled a further reopening of economies while governments and central banks have taken extraordinary measures to support the recoveries. Since the crisis began, the U.S. government has enacted six relief measures totaling $5.3 trillion to support individuals and families, small and large businesses, state and local governments, education, public health and vaccinations. Currently, Congress is working on an infrastructure spending plan, although its final shape and whether it passes remains to be seen.

Although the global recovery is progressing, pandemic-related impacts continue to weigh on the outlook. The spread of the COVID-19 delta variant this year has exacerbated shortages of raw materials and labor, which contributed to inflation staying elevated for longer than expected. In response, some central banks, including the U.S. Federal Reserve, have begun to consider the timing for removing pandemic-era stimulus measures while other central banks have already started raising interest rates.

With the largest economies, including the U.S., China and Europe, now moving towards various stages of recovery and differing projected growth rates, markets are likely to experience bouts of volatility. Central bank signals will be a major focus, particularly if inflation remains elevated, as a sooner-than-expected shift to monetary tightening could slow the economic recovery. Additionally, the recovery hinges on controlling the virus, and estimates vary considerably on when economic activity might be fully restored and what level of public inoculation would be sufficient to contain the spread of the virus, particularly in light of new variants such as delta. On the political front, the Biden administration’s full policy agenda and the potential for Congressional gridlock could cause investment outlooks to shift.

Short-term market fluctuations can provide your Fund opportunities to invest in new ideas as well as upgrade existing positioning while providing long-term value for shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.

If you have concerns about what’s coming next, it may be an opportune time to assess your portfolio. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Terence J. Toth
Chair of the Board
October 22, 2021

Table of Contents

Important Semiannual Shareholder Report Notice

For Shareholders of

Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)

Semiannual Shareholder Report for the period ending August 31, 2021

Beginning with this semiannual shareholder report, the Funds will only include portfolio manager commentaries in their annual shareholder reports. For the Funds’ most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of each Fund’s February 28, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Table of Contents

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. This has been particularly true in the recent market environment where short-term rates have been low by historical standards.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund’s common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value. All this will make the shares’ total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term tax-exempt interest rates. While fund leverage expenses are somewhat higher than their recent lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage from issuance of preferred shares had a positive impact on the total return performance of the Funds over the reporting period. The use of leverage through inverse floating rate securities was positive for NAZ and NUO while it was negligible for NXJ and NQP to the total return performance of the Funds over the reporting period.

As of August 31, 2021, the Funds’ percentages of leverage are as shown in the accompanying table.

	NAZ	NUO	NXJ	NQP
Effective Leverage*	36.97%	34.73%	36.98%	37.29%
Regulatory Leverage*	33.08%	31.34%	31.10%	26.51%

Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUNDS’ REGULATORY LEVERAGE

As of August 31, 2021, the following Funds have issued and outstanding preferred shares as shown in the accompanying table.

	Variable Rate	Variable Rate
	Preferred*	Remarketed Preferred**
	Shares Issued at	Shares Issued at
	Liquidation Preference	Liquidation Preference	Total
NAZ	$ 88,300,000	$ —	$ 88,300,000
NUO	$148,000,000	$ —	$148,000,000
NXJ	$313,900,000	$ —	$313,900,000
NQP	$217,500,000	$ —	$217,500,000

Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, MFP-VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 5 – Fund Shares, 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, for further details.

Refer to Notes to Financial Statements, Note – 5 Fund Shares, for further details on preferred shares and each Fund’s respective transactions.

Table of Contents

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of August 31, 2021. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.


		Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)	NAZ	NUO	NXJ	NQP
March 2021	$0.0500	$0.0490	$0.0585	$0.0560
April	0.0500	0.0490	0.0585	0.0560
May	0.0500	0.0490	0.0585	0.0560
June	0.0500	0.0490	0.0585	0.0560
July	0.0500	0.0490	0.0585	0.0560
August 2021	0.0500	0.0490	0.0585	0.0560
Total Distributions from Net Investment Income	$0.3000	$0.2940	$0.3510	$0.3360

Yields
Market Yield*	3.75%	3.57%	4.50%	4.45%
Taxable-Equivalent Yield*	6.85%	6.51%	9.29%	7.91%

Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 45.3%, 45.6%, 51.6% and 43.9% for NAZ, NUO, NXJ and NQP, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to 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.

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.

Table of Contents

Common Share Information (continued)

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-endfunds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE REPURCHASES

During August 2021, 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 August 31, 2021, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

	NAZ	NUO	NXJ	NQP
Common shares cumulatively repurchased and retired	127,500	205,000	1,710,343	734,900
Common shares authorized for repurchase	1,155,000	1,830,000	4,145,000	3,735,000

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of August 31, 2021, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

	NAZ	NUO	NXJ	NQP
Common share NAV	$15.42	$17.70	$16.76	$16.13
Common share price	$16.01	$16.48	$15.59	$15.09
Premium/(Discount) to NAV	3.83%	(6.89)%	(6.98)%	(6.45)%
Average premium/(discount) to NAV	2.01%	(8.90)%	(9.80)%	(7.70)%

Table of Contents

NAZ	Nuveen Arizona Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2021

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2021

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NAZ at Common Share NAV	4.33%	6.04%	4.03%	5.79%
NAZ at Common Share Price	7.60%	14.41%	3.22%	7.18%
S&P Municipal Bond Index¹	2.50%	3.44%	3.24%	4.11%
S&P Municipal Bond Arizona Index	2.54%	3.53%	3.10%	4.04%

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.

¹For purposes of Fund performance, relative results are measured against this index.

Table of Contents

NAZ

Performance Overview and Holding Summaries as of

August 31, 2021 (continued)

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	155.5%
Other Assets Less Liabilities	(0.6)%
Net Assets Plus Floating Rate
Obligations & AMTP Shares,
net of deferred offering costs	154.9%
Floating Rate Obligations	(5.5)%
AMTP Shares, net of deferred
offering costs	(49.4)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Arizona	95.1%
Guam	2.9%
Puerto Rico	1.9%
Virgin Islands	0.1%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	25.1%
Education and Civic Organizations	21.6%
Utilities	16.0%
Health Care	14.6%
Tax Obligation/General	10.2%
Transportation	5.3%
Other	7.2%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	5.1%
AAA	4.6%
AA	49.8%
A	22.7%
BBB	3.2%
BB or Lower	6.1%
N/R (not rated)	8.5%
Total	100%

Table of Contents

NUO	Nuveen Ohio Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2021

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2021

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NUO at Common Share NAV	3.61%	4.17%	3.80%	5.57%
NUO at Common Share Price	10.84%	12.32%	4.15%	5.78%
S&P Municipal Bond Index¹	2.50%	3.44%	3.24%	4.11%
S&P Municipal Bond Ohio Index	2.62%	3.40%	3.83%	4.94%

¹For purposes of Fund performance, relative results are measured against this index.

Table of Contents

NUO

Performance Overview and Holding Summaries as of

August 31, 2021 (continued)

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	149.7%
Common Stocks	0.8%
Other Assets Less Liabilities	1.3%
Net Assets Plus Floating Rate
Obligations & VRDP Shares,
net of deferred offering costs	151.8%
Floating Rate Obligations	(6.2)%
VRDP Shares, net of deferred
offering costs	(45.6)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Ohio	90.0%
Puerto Rico	2.7%
Texas	1.6%
Michigan	1.5%
Colorado	1.1%
North Carolina	1.1%
Florida	0.8%
Missouri	0.5%
Kentucky	0.3%
Oregon	0.3%
Washington	0.1%
Total	100%

Portfolio Composition
(% of total investments)
U.S. Guaranteed	26.8%
Tax Obligation/Limited	16.4%
Tax Obligation/General	11.9%
Transportation	11.6%
Utilities	10.5%
Health Care	8.3%
Education and Civic Organizations	8.1%
Other	6.4%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	22.1%
AAA	14.5%
AA	38.2%
A	14.1%
BBB	1.6%
BB or Lower	1.8%
N/R (not rated)	7.2%
N/A (not applicable)	0.5%
Total	100%

Table of Contents

NXJ	Nuveen New Jersey Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2021

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2021


	Cumulative		Average Annual
	6-Month	1-Year	5-Year	10-Year
NXJ at Common Share NAV	4.10%	7.50%	4.65%	6.39%
NXJ at Common Share Price	13.21%	19.18%	5.33%	7.02%
S&P Municipal Bond Index¹	2.50%	3.44%	3.24%	4.11%
S&P Municipal Bond New Jersey Index	3.18%	5.51%	4.03%	4.77%

¹For purposes of Fund performance, relative results are measured against this index.

Table of Contents

NXJ

Performance Overview and Holding Summaries as of

August 31, 2021 (continued)

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	148.6%
Other Assets Less Liabilities	1.4%
Net Assets Plus Floating Rate
Obligations & VRDP Shares,
net of deferred offering costs	150.0%
Floating Rate Obligations	(5.0)%
VRDP Shares, net of deferred offering costs	(45.0)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
New Jersey	90.4%
New York	3.4%
Pennsylvania	3.1%
Delaware	2.1%
Guam	0.9%
Puerto Rico	0.1%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	25.4%
Transportation	15.1%
Health Care	13.9%
Education and Civic Organizations	12.3%
Tax Obligation/General	7.5%
U.S. Guaranteed	6.9%
Housing/Single Family	6.1%
Other	12.8%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	7.7%
AAA	9.7%
AA	34.6%
A	17.9%
BBB	22.7%
BB or Lower	6.0%
N/R (not rated)	1.4%
Total	100%

Table of Contents

NQP	Nuveen Pennsylvania Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2021

Refer to Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2021

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NQP at Common Share NAV	5.05%	7.56%	4.02%	5.93%
NQP at Common Share Price	9.08%	15.56%	4.85%	6.15%
S&P Municipal Bond Index¹	2.50%	3.44%	3.24%	4.11%
S&P Municipal Bond Pennsylvania Index	2.63%	3.75%	3.50%	4.31%

¹For purposes of Fund performance, relative results are measured against this index.

Table of Contents

NQP

Performance Overview and Holding Summaries as of

August 31, 2021 (continued)

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	151.3%
Common Stocks	3.8%
Other Assets Less Liabilities	1.4%
Net Assets Plus Floating Rate
Obligations & VRDP Shares,
net of deferred offering costs	156.5%
Floating Rate Obligations	(20.5)%
VRDP Shares, net of deferred offering costs	(36.0)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Pennsylvania	97.5%
Puerto Rico	1.3%
New Jersey	0.9%
Guam	0.3%
Total	100%

Portfolio Composition
(% of total investments)
Health Care	21.7%
U.S. Guaranteed	13.6%
Tax Obligation/General	12.4%
Housing/Single Family	12.2%
Education and Civic Organizations	9.9%
Utilities	9.3%
Transportation	6.7%
Tax Obligation/Limited	5.7%
Other	8.5%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	15.2%
AAA	0.4%
AA	35.0%
A	28.3%
BBB	8.9%
BB or Lower	5.8%
N/R (not rated)	4.0%
N/A (not applicable)	2.4%
Total	100%

Table of Contents

NAZ

Nuveen Arizona Quality Municipal Income Fund

Portfolio of Investments

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	LONG-TERM INVESTMENTS – 155.5% (100.0% of Total Investments)

	MUNICIPAL BONDS – 155.5% (100.0% of Total Investments)

	Education and Civic Organizations – 33.5% (21.6% of Total Investments)
$ 2,175	Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series	7/26 at 100.00	AA	$ 2,585,618
	2016B, 5.000%, 7/01/47
1,500	Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green	7/25 at 100.00	AA	1,746,150
	Series 2015A, 5.000%, 7/01/41
1,500	Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D,	7/25 at 100.00	AA	1,746,150
	5.000%, 7/01/41
1,255	Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B,	7/30 at 100.00	AA	1,488,731
	4.000%, 7/01/47
2,515	Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for	8/24 at 100.00	Aa3	2,825,930
	Economic and Educational Development, Series 2014, 5.000%, 8/01/44
515	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	BB	596,715
	Basis Schools, Inc Projects, Series 2017A, 5.125%, 7/01/37, 144A
525	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	AA–	611,641
	Basis Schools, Inc Projects, Series 2017C, 5.000%, 7/01/47
250	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	BB	290,625
	Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A
	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
	Basis Schools, Inc Projects, Series 2017F:
1,700	5.000%, 7/01/37	7/27 at 100.00	AA–	2,011,338
1,645	5.000%, 7/01/47	7/27 at 100.00	AA–	1,916,474
380	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	BB	441,750
	Basis Schools, Inc Projects, Series 2017G, 5.000%, 7/01/47, 144A
240	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	11/27 at 100.00	N/R	251,834
	Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A
420	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	12/29 at 100.00	BB	465,545
	Somerset Academy of Las Vegas Aliante and Skye Canyon Campus Projects, Series 2021A,
	4.000%, 12/15/41, 144A
375	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona	9/27 at 100.00	BB+	427,808
	Agribusiness and Equine Center, Inc Project, Series 2017B, 5.000%, 3/01/48, 144A
270	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of	No Opt. Call	BB	294,756
	Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A
	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
	Math & Science Projects, Series 2018A:
615	5.000%, 7/01/38	1/28 at 100.00	AA–	728,148
1,000	5.000%, 7/01/48	1/28 at 100.00	AA–	1,164,720
455	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest	7/26 at 100.00	BB+	535,166
	Academy of Nevada Horizon, Inspirada and St Rose Campus Projects, Series 2018A, 5.750%,
	7/15/38, 144A
1,000	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest	9/23 at 105.00	BB+	1,132,010
	Academy of Nevada Sloan Canyon Campus Project, Series 2020A-2, 6.000%, 9/15/38, 144A
175	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds	7/28 at 100.00	BB–	188,759
	Pensar Academy Project, Series 2020, 4.000%, 7/01/30, 144A
	Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of
	Indianapolis – Health Pavilion Project, Series 2019A:
1,645	4.000%, 10/01/39	10/29 at 100.00	BBB+	1,892,556
1,000	4.000%, 10/01/49	10/29 at 100.00	BBB+	1,131,660
1,500	Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus	6/28 at 100.00	N/R	1,733,655
	Academy Project, Series 2018A, 6.375%, 6/01/39, 144A

Table of Contents

NAZ

Nuveen Arizona Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Education and Civic Organizations (continued)
$ 2,000	Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern	5/22 at 100.00	A+	$ 2,051,100
	University, Refunding Series 2007, 5.000%, 5/15/31
	Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center
	for Academic Success Project, Refunding Series 2019:
360	4.000%, 7/01/31	7/29 at 100.00	BBB	418,165
340	4.000%, 7/01/33	7/29 at 100.00	BBB	391,388
355	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/27 at 100.00	AA–	421,097
	Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37
490	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/27 at 100.00	AA–	572,031
	Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48
1,495	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	1/30 at 100.00	AA–	1,851,064
	Highland Prep Project, Series 2019, 5.000%, 1/01/43
665	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/29 at 100.00	AA–	810,987
	Legacy Traditional Schools Projects, Series 2019A, 5.000%, 7/01/49
870	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/26 at 100.00	BB+	972,965
	Paradise Schools Projects, Series 2016, 5.000%, 7/01/47, 144A
	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid
	Traditional School Projects, Series 2016:
520	5.000%, 7/01/36	7/26 at 100.00	Baa3	595,140
300	5.000%, 7/01/47	7/26 at 100.00	Baa3	338,466
2,500	Maricopa County Industrial Development Authority, Arizona, Educational Facilities	1/30 at 100.00	A2	3,123,325
	Revenue Bonds, Creighton University Projects, Series 2020, 5.000%, 7/01/47
2,095	McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University	7/26 at 100.00	AA–	2,490,473
	Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37
1,155	Northern Arizona University, System Revenue Bonds, Refunding Series 2014,	6/24 at 100.00	A+	1,285,942
	5.000%, 6/01/40
70	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/25 at 100.00	BB	77,923
	Basis Schools, Inc Projects, Series 2016A, 5.000%, 7/01/46, 144A
900	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/22 at 100.00	BB	927,252
	Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
1,400	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/22 at 100.00	BB+	1,429,008
	Eagle College Prep Project, Series 2013A, 5.000%, 7/01/43
800	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/25 at 100.00	BBB–	892,416
	Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41
500	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/24 at 100.00	BB+	575,700
	Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A
	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
	Legacy Traditional Schools Projects, Series 2015:
315	5.000%, 7/01/35, 144A	7/25 at 100.00	BB+	345,398
300	5.000%, 7/01/45, 144A	7/25 at 100.00	BB+	324,483
650	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	BB+	726,960
	Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A
610	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/30 at 100.00	Ba2	694,735
	Northwest Christian School Project, Series 2020A, 5.000%, 9/01/45, 144A
	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
	Villa Montessori, Inc Projects, Series 2015:
210	3.250%, 7/01/25	No Opt. Call	BBB–	220,693
400	5.000%, 7/01/35	7/25 at 100.00	BBB–	449,604
500	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/28 at 100.00	AA–	563,725
	Vista College Preparatory Project, Series 2018A, 4.125%, 7/01/38
1,995	Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky	10/26 at 100.00	A3	2,347,297
	University Project, Series 2016, 5.000%, 10/01/36
3,675	Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University	6/22 at 100.00	A	3,793,409
	Project, Series 2012, 5.000%, 6/01/42 (UB) (4)

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Education and Civic Organizations (continued)
$ 500	Pima County Community College District, Arizona, Revenue Bonds, Series 2019,	7/28 at 100.00	Aa3	$ 623,205
	5.000%, 7/01/36
200	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds,	5/24 at 100.00	N/R	219,064
	Desert Heights Charter School, Series 2014, 7.250%, 5/01/44
	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
	Champion Schools Project, Series 2017:
120	6.000%, 6/15/37, 144A	6/26 at 100.00	N/R	114,458
680	6.125%, 6/15/47, 144A	6/26 at 100.00	N/R	634,583
200	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	BB–	221,066
	Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36
35	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	2/24 at 100.00	N/R	36,968
	San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
115	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	2/28 at 100.00	N/R	132,379
	San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
745	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden	1/22 at 100.00	B–	746,840
	Traditional Schools Project, Series 2012, 7.500%, 1/01/42
500	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah	6/25 at 100.00	BB	550,190
	Webster Schools Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A
730	Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona	7/26 at 100.00	AA	865,430
	College, Series 2017, 5.000%, 7/01/35 – BAM Insured
780	Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona	6/24 at 100.00	AA	865,277
	University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured
52,730	Total Education and Civic Organizations			59,907,945

	Health Care – 22.7% (14.6% of Total Investments)
1,200	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems,	1/24 at 100.00	AA–	1,311,660
	Series 2014A, 5.000%, 1/01/44
4,100	Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s	2/22 at 100.00	AA–	4,180,647
	Hospital, Refunding Series 2012A, 5.000%, 2/01/42
	Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals
	Project, Refunding Series 2014A:
3,005	5.000%, 12/01/39	12/24 at 100.00	A+	3,408,692
2,860	5.000%, 12/01/42	12/24 at 100.00	A+	3,256,081
430	Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, Children’s	9/30 at 100.00	A1	509,632
	National Prince County Regional Medical Center, Series 2020A, 4.000%, 9/01/40
	Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s
	Hospital, Series 2020A:
1,400	5.000%, 2/01/40	2/30 at 100.00	AA–	1,798,090
1,950	4.000%, 2/01/50	2/30 at 100.00	AA–	2,276,508
1,000	Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s	2/32 at 100.00	AA–	1,198,250
	Hospital, Series 2021A, 4.000%, 2/01/40, (WI/DD, Settling 11/03/21)
1,250	Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	9/28 at 100.00	A+	1,567,100
	HonorHealth, Series 2019A, 5.000%, 9/01/37
	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
	Refunding Series 2016A:
1,250	5.000%, 1/01/32	1/27 at 100.00	AA–	1,522,337
1,000	5.000%, 1/01/35	1/27 at 100.00	AA–	1,213,860
2,000	5.000%, 1/01/38	1/27 at 100.00	AA–	2,421,040
	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
	Series 2017A:
2,700	4.000%, 1/01/41	1/28 at 100.00	AA–	3,099,006
2,000	5.000%, 1/01/41	1/28 at 100.00	AA–	2,437,320
1,000	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,	7/29 at 100.00	AA–	1,169,100
	Series 2019A, 4.000%, 1/01/44
1,500	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,	7/30 at 100.00	AA–	1,764,405
	Variable Rate Demand Series 2019F, 4.000%, 1/01/45

Table of Contents

NAZ

Nuveen Arizona Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Health Care (continued)
$ 1,000	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical	4/31 at 100.00	A	$ 1,185,170
	Center, Series 2021A, 4.000%, 4/01/46, (WI/DD, Settling 9/09/21)
1,025	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/26 at 100.00	A+	1,207,204
	Yavapai Regional Medical Center, Refunding Series 2016, 5.000%, 8/01/36
1,000	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/23 at 100.00	A+	1,089,150
	Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33
1,450	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/29 at 100.00	A+	1,685,973
	Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43
	Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional
	Medical Center, Series 2014A:
1,000	5.000%, 8/01/22	No Opt. Call	A	1,044,010
1,000	5.250%, 8/01/32	8/24 at 100.00	A	1,135,740
35,120	Total Health Care			40,480,975

	Housing/Multifamily – 0.8% (0.5% of Total Investments)
1,250	Arizona Industrial Development Authority, Student Housing Revenue Bonds, Provident Group	6/29 at 100.00	AA	1,423,225
	- NCCU Properties LLC- North Carolina Central University, Series 2019A, 4.000%, 6/01/44 –
	BAM Insured

	Long-Term Care – 3.9% (2.5% of Total Investments)
585	Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater	7/25 at 101.00	N/R	587,047
	Avondale Project, Series 2017, 5.375%, 1/01/38
2,115	Glendale Industrial Development Authority, Arizona, Senior Living Revenue Bonds, Royal	5/26 at 103.00	BBB–	2,410,719
	Oaks Royal Oaks – Inspirata Pointe Project, Series 2020A, 5.000%, 5/15/56
1,870	Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds,	10/25 at 101.00	N/R	1,955,085
	3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36
780	Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of	12/21 at 100.00	N/R	786,357
	Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
1,080	Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU	10/27 at 100.00	N/R	1,203,952
	Project, Series 2017A, 6.125%, 10/01/47, 144A
6,430	Total Long-Term Care			6,943,160

	Tax Obligation/General – 15.9% (10.2% of Total Investments)
575	Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation	7/27 at 100.00	AA	698,562
	Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured
2,140	El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 –	7/22 at 100.00	AA	2,217,019
	AGM Insured
1,000	Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation	1/22 at 100.00	AA	1,017,250
	Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
2,315	Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation	7/28 at 100.00	Aa1	2,881,434
	Bonds, School Improvement Project 1990, Series 1990A, 5.000%, 7/01/38
630	Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation	7/27 at 100.00	Aa1	766,464
	Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37
775	Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation	1/22 at 100.00	Aa1	787,447
	Bonds, Series 2011, 5.000%, 7/01/23
1,500	Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series	7/28 at 100.00	Aa3	1,864,050
	2018C, 5.000%, 7/01/36
1,350	Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation	7/25 at 102.00	Aa1	1,589,949
	Bonds, School Improvement Series 2018, 5.000%, 7/01/36
1,275	Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation	7/27 at 100.00	AAA	1,567,013
	Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33
	Mohave County Union High School District 2 Colorado River, Arizona, General Obligation
	Bonds, School Improvement Series 2017:
1,000	5.000%, 7/01/34	7/27 at 100.00	A1	1,215,980
1,000	5.000%, 7/01/36	7/27 at 100.00	A1	1,211,600
690	Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017,	7/27 at 100.00	AA–	831,692
	5.000%, 7/01/36

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Tax Obligation/General (continued)
$ 1,370	Pima County Continental Elementary School District 39, Arizona, General Obligation	1/22 at 100.00	AA	$ 1,395,427
	Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
2,895	Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds,	7/24 at 100.00	AA	3,249,985
	School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured
1,750	Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School	1/22 at 100.00	A	1,777,072
	Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
1,500	Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School	7/27 at 100.00	AA	1,826,835
	Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured
	Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation
	Bonds, School improvement Project 2016, Series 2017A:
620	5.000%, 7/01/34 – BAM Insured	7/27 at 100.00	AA	746,145
1,000	5.000%, 7/01/35 – BAM Insured	7/27 at 100.00	AA	1,201,760
	Western Maricopa Education Center District 402, Maricopa County, Arizona, General
	Obligation Bonds, School Improvement Project 2012, Series2014B:
715	4.500%, 7/01/33	7/24 at 100.00	AA–	793,729
665	4.500%, 7/01/34	7/24 at 100.00	AA–	737,312
24,765	Total Tax Obligation/General			28,376,725

	Tax Obligation/Limited – 39.0% (25.1% of Total Investments)
100	Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds,	No Opt. Call	N/R	119,686
	Linder Village Project in Meridian, Ada County, Idaho, Series 2020, 5.000%, 6/01/31, 144A
2,310	Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility	7/22 at 100.00	A1	2,380,570
	Project, Refunding Senior Series 2012A, 5.000%, 7/01/36
1,250	Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016,	7/26 at 100.00	AA+	1,499,538
	5.000%, 7/01/35
275	Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36	7/26 at 100.00	AA	312,444
1,000	Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37	7/25 at 100.00	AA	1,161,630
1,215	Cadence Community Facilities District, Mesa, Arizona, Special Assessment Revenue Bonds,	7/30 at 100.00	N/R	1,334,313
	Assessment District 3, Series 2020, 4.000%, 7/01/45
123	Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,	7/27 at 100.00	N/R	94,597
	Series 2017A, 7.000%, 7/01/41, 144A (5)
1,210	Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/25 at 100.00	N/R	1,288,372
	Series 2015, 5.000%, 7/15/39, 144A
1,810	Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/27 at 100.00	AA	2,143,619
	Series 2017, 5.000%, 7/15/42 – AGM Insured
2,445	Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/27 at 100.00	AA	2,777,275
	Series 2018, 4.375%, 7/15/43 – BAM Insured
484	Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue	7/23 at 100.00	N/R	501,221
	Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38
697	Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue	7/27 at 100.00	N/R	756,343
	Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43
2,280	Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue	7/30 at 100.00	N/R	2,401,000
	Bonds, Assessment District 12, Series 2021, 3.750%, 7/01/45
1,035	Eastmark Community Facilities District 2, Mesa, Arizona, General Obligation Bonds,	7/30 at 100.00	N/R	1,040,827
	Series 2020, 3.500%, 7/15/44
105	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General	7/27 at 100.00	AA	127,757
	Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured
	Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
	Bonds, Series 2012:
345	5.000%, 7/15/27 – BAM Insured	7/22 at 100.00	AA	359,600
1,085	5.000%, 7/15/31	7/22 at 100.00	AA	1,127,510
500	Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/26 at 100.00	AA	567,595
	Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured
1,000	Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/27 at 100.00	AA	1,221,190
	Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured

Table of Contents

NAZ

Nuveen Arizona Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Tax Obligation/Limited (continued)
$ 590	Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/27 at 100.00	AA	$ 719,263
	Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured
1,000	Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/30 at 100.00	AA	1,196,350
	Bonds, Series 2020, 4.000%, 7/15/40 – BAM Insured
379	Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment	7/27 at 100.00	N/R	408,755
	Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37
545	Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,	7/26 at 100.00	A1	615,076
	Refunding Series 2016, 4.000%, 7/15/32
810	Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation	No Opt. Call	A–	853,141
	Refunding Bonds, Series 2013, 5.000%, 7/15/23
1,500	Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39	11/25 at 100.00	BB	1,705,425
	Government of Guam, Business Privilege Tax Bonds, Series 2011A:
510	5.000%, 1/01/31	1/22 at 100.00	BB	517,925
200	5.125%, 1/01/42	1/22 at 100.00	BB	203,190
1,500	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37	1/22 at 100.00	BB	1,523,310
1,250	Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,	12/26 at 100.00	BB	1,440,900
	5.000%, 12/01/46
1,425	Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33	7/23 at 100.00	AA	1,545,042
200	Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation	7/26 at 100.00	BBB	230,588
	Bonds, Series 2016, 5.000%, 7/15/31
385	Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation	7/27 at 100.00	AA	452,668
	Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured
400	Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation	10/21 at 100.00	N/R	346,768
	Bonds, Series 2006, 5.350%, 7/15/31
2,500	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	12/22 at 100.00	A	2,626,900
	JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
580	Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa	7/22 at 100.00	AA+	601,959
	Project, Series 2012, 5.000%, 7/01/38 (AMT)
1,000	Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33	8/24 at 100.00	AA	1,118,950
1,600	Pinal County, Arizona, Pledged Revenue Obligations, Series 2019, 4.000%, 8/01/39	8/28 at 100.00	AA	1,874,864
	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
1,550	4.550%, 7/01/40	7/28 at 100.00	N/R	1,783,616
2,040	5.000%, 7/01/58	7/28 at 100.00	N/R	2,362,014
1,085	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable	7/28 at 100.00	N/R	1,233,406
	Restructured Cofina Project Series 2019A-2, 4.329%, 7/01/40
	Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding
	Series 2016:
540	4.000%, 8/01/34	8/26 at 100.00	AA	619,110
545	4.000%, 8/01/36	8/26 at 100.00	AA	620,455
1,740	Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A,	8/28 at 100.00	AA	2,152,954
	5.000%, 8/01/42
2,400	Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2020,	8/30 at 100.00	AA	2,838,984
	4.000%, 8/01/50
	San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A:
1,400	5.000%, 7/01/34 – BAM Insured	7/24 at 100.00	AA	1,573,768
2,100	5.000%, 7/01/38 – BAM Insured	7/24 at 100.00	AA	2,351,202
3,000	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding	No Opt. Call	AAA	3,409,650
	Series 2006, 5.000%, 7/01/24
1,650	Sundance Community Facilities District, Buckeye, Arizona, General Obligation Bonds,	7/28 at 100.00	AA	2,039,466
	Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured
1,150	Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General	7/31 at 100.00	AA	1,347,938
	Obligation Bonds, Series 2021, 4.000%, 7/15/41 – AGM Insured, (WI/DD, Settling 9/30/21)
2,505	Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,	7/22 at 100.00	AAA	2,606,853
	5.000%, 7/01/37

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Tax Obligation/Limited (continued)
$ 150	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding	No Opt. Call	AA	$ 152,807
	Series 2012A, 4.000%, 10/01/22 – AGM Insured
600	Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds,	10/21 at 100.00	N/R	600,744
	Series 2016, 3.250%, 7/15/25, 144A
4,240	Yavapai County Jail District, Arizona, Pleged Revenue Obligation Bonds, Series 2020,	7/29 at 100.00	AA	4,846,829
	4.000%, 7/01/40 – BAM Insured
62,338	Total Tax Obligation/Limited			69,735,957

	Transportation – 8.2% (5.3% of Total Investments)
	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
	Series 2015A:
910	5.000%, 7/01/40	7/25 at 100.00	A1	1,057,083
2,185	5.000%, 7/01/45	7/25 at 100.00	A1	2,538,162
	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior
	Lien Series 2013:
1,785	5.000%, 7/01/30 (AMT)	7/23 at 100.00	Aa3	1,930,924
2,215	5.000%, 7/01/32 (AMT)	7/23 at 100.00	Aa3	2,393,950
2,000	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien	7/27 at 100.00	Aa3	2,402,020
	Series 2017A, 5.000%, 7/01/47 (AMT)
1,500	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien	7/28 at 100.00	Aa3	1,843,365
	Series 2018, 5.000%, 7/01/43 (AMT)
	Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue
	Bonds, Series 2019A:
975	5.000%, 7/01/33	7/29 at 100.00	A3	1,208,951
1,045	5.000%, 7/01/35	7/29 at 100.00	A3	1,285,141
12,615	Total Transportation			14,659,596

	U.S. Guaranteed – 6.6% (4.2% of Total Investments) (6)
1,480	Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding	7/22 at 100.00	AA	1,539,540
	Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)
2,240	Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option	6/22 at 100.00	Aa2	2,553,846
	Bond Trust 2015-XF0053, 17.848%, 6/01/42 (Pre-refunded 6/01/22), 144A (IF)
550	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation	7/27 at 100.00	AA	688,276
	Bonds, Refunding Series 2017, 5.000%, 7/15/32 (Pre-refunded 7/15/27) – AGM Insured
55	Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,	7/26 at 100.00	N/R	64,191
	Refunding Series 2016, 4.000%, 7/15/32 (Pre-refunded 7/15/26)
545	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series	7/23 at 100.00	A–	593,788
	2013, 5.250%, 7/01/33 (Pre-refunded 7/01/23)
720	Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%,	6/24 at 100.00	N/R	813,355
	6/01/40 (Pre-refunded 6/01/24)
2,000	Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien	7/24 at 100.00	AAA	2,272,640
	Series 2014A, 5.000%, 7/01/39 (Pre-refunded 7/01/24)
1,320	Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding	7/27 at 100.00	AAA	1,658,303
	Series 2017, 5.000%, 7/01/36 (Pre-refunded 7/01/27)
1,495	Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,	7/22 at 100.00	N/R	1,554,516
	5.000%, 7/01/37 (Pre-refunded 7/01/22)
10,405	Total U.S. Guaranteed			11,738,455

	Utilities – 24.9% (16.0% of Total Investments)
1,495	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue	3/22 at 100.00	A–	1,525,453
	Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
	Carefree Utilities Community Facilities District, Arizona, Water System Revenue Bonds, Series 2021:
750	4.000%, 7/01/41, (WI/DD, Settling 9/02/21)	7/31 at 100.00	A+	890,565
1,000	4.000%, 7/01/51, (WI/DD, Settling 9/02/21)	7/31 at 100.00	A+	1,162,110
655	Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds,	1/26 at 100.00	AA+	770,260
	Series 2016, 5.000%, 1/01/36

Table of Contents

NAZ

Nuveen Arizona Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Utilities (continued)
$ 785	Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien	7/26 at 100.00	AA	$ 922,532
	Series 2016, 5.000%, 7/01/45 – AGM Insured
1,500	Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2020,	7/29 at 100.00	AA	1,760,445
	4.000%, 7/01/45 – AGM Insured
665	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,	7/27 at 100.00	A–	775,942
	Refunding Series 2017, 5.000%, 7/01/36
1,100	Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39	10/24 at 100.00	AA	1,219,482
1,125	Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series	7/25 at 100.00	AA	1,306,834
	2015A, 5.000%, 7/01/36 – AGM Insured
8,750	Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)	7/28 at 100.00	Aa2	10,802,750
1,135	Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds,	7/24 at 100.00	AA+	1,281,358
	Refunding Junior Lien Series 2014, 5.000%, 7/01/29
465	Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien	7/31 at 100.00	AAA	611,791
	Series 2021A, 5.000%, 7/01/45
1,040	Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding	No Opt. Call	AAA	1,086,811
	Junior Lien Series 2001, 5.500%, 7/01/22 – FGIC Insured
695	Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding	7/26 at 100.00	A+	824,298
	Series 2016, 5.000%, 7/01/35
1,500	Salt River Project Agricultural Improvement and Power District, Arizona, Electric System	6/25 at 100.00	AA+	1,740,810
	Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36
	Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
	Inc Prepay Contract Obligations, Series 2007:
4,500	5.500%, 12/01/29	No Opt. Call	A3	5,949,630
5,665	5.000%, 12/01/37	No Opt. Call	A3	8,014,162
	Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018:
500	5.000%, 7/01/35	7/28 at 100.00	AA+	622,545
805	5.000%, 7/01/36	7/28 at 100.00	AA+	999,778
2,180	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West	10/21 at 100.00	N/R	2,179,891
	Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)
36,310	Total Utilities			44,447,447
$ 241,963	Total Long-Term Investments (cost $254,604,941)			277,713,485
	Floating Rate Obligations – (5.5)%			(9,755,000)
	Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (49.4)% (7)			(88,236,966)
	Other Assets Less Liabilities – (0.6)%			(1,110,962)
	Net Asset Applicable to Common Shares – 100%			$ 178,610,557

(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.

(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.

(4)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5)

Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(6)

Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.

(7)

Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 31.8%.

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

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.

Underlying bond of an inverse floating rate trust reflected as a financing transaction. WI/DD Purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

Table of Contents

NUO

Nuveen Ohio Quality Municipal Income Fund

Portfolio of Investments

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	LONG-TERM INVESTMENTS – 150.5% (100.0% of Total Investments)

	MUNICIPAL BONDS – 149.7% (99.5% of Total Investments)

	Consumer Discretionary – 1.0% (0.7% of Total Investments)
$ 2,680	Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds,	12/29 at 100.00	BBB–	$ 3,180,704
	Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/51

	Consumer Staples – 4.8% (3.2% of Total Investments)
20,605	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed	6/30 at 22.36	N/R	3,386,844
	Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2,
	0.000%, 6/01/57
1,025	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed	6/30 at 100.00	BBB+	1,178,084
	Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48
9,555	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed	6/30 at 100.00	N/R	11,119,058
	Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55
31,185	Total Consumer Staples			15,683,986

	Education and Civic Organizations – 12.2% (8.1% of Total Investments)
725	Allen County Port Authority Economic Development, Ohio, Revenue Bonds, University of	6/31 at 100.00	BBB–	822,911
	Northwestern, Refunding Series 2021A, 4.000%, 12/01/40
	Lorain County Community College District, Ohio, General Receipts Revenue Bonds,
	Refunding Series 2017:
1,305	5.000%, 12/01/32	6/27 at 100.00	Aa2	1,597,020
1,200	5.000%, 12/01/33	6/27 at 100.00	Aa2	1,465,056
505	5.000%, 12/01/34	6/27 at 100.00	Aa2	615,277
	Miami University of Ohio, General Receipts Bonds, Series 2012:
480	4.000%, 9/01/32	9/22 at 100.00	AA	496,354
1,000	4.000%, 9/01/33	9/22 at 100.00	AA	1,033,560
	Miami University of Ohio, General Receipts Revenue Bonds, Refunding Series 2014:
4,375	5.000%, 9/01/33	9/24 at 100.00	AA	4,939,987
2,500	4.000%, 9/01/39	9/24 at 100.00	AA	2,718,375
2,585	Miami University of Ohio, General Receipts Revenue Bonds, Refunding Series 2017,	9/26 at 100.00	AA	3,097,476
	5.000%, 9/01/41
1,125	Miami University of Ohio, General Receipts Revenue Bonds, Refunding Series 2020A,	9/30 at 100.00	AA	1,320,660
	4.000%, 9/01/45
	Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University
	Project, Series 2012:
120	5.000%, 11/01/27	5/22 at 100.00	AA	123,594
590	5.000%, 11/01/32	5/22 at 100.00	AA	607,800
5,000	Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton,	12/22 at 100.00	A+	5,261,600
	Refunding Series 2013, 5.000%, 12/01/43
1,000	Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Series	No Opt. Call	Aa1	1,327,260
	2020A, 5.000%, 12/01/29
1,000	Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities	3/25 at 100.00	N/R	1,092,980
	Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45
1,000	University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C,	12/24 at 100.00	AA–	1,132,960
	5.000%, 6/01/41
3,175	University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46	6/26 at 100.00	AA–	3,764,693
1,375	University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking	5/29 at 100.00	AA–	1,579,421
	Project, Series 2019A, 4.000%, 5/01/44
	Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:
1,555	5.000%, 12/15/29	12/26 at 100.00	A+	1,883,198
1,670	5.000%, 12/15/30	12/26 at 100.00	A+	2,013,436

Table of Contents

NUO

Nuveen Ohio Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Education and Civic Organizations (continued)
	Youngstown State University, Ohio, General Receipts Bonds, Series 2021:
$ 1,025	4.000%, 12/15/30 – AGM Insured	No Opt. Call	AA	$ 1,287,093
1,000	4.000%, 12/15/32 – AGM Insured	6/31 at 100.00	AA	1,253,890
34,310	Total Education and Civic Organizations			39,434,601

	Health Care – 12.5% (8.3% of Total Investments)
3,000	Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,	5/23 at 100.00	AA–	3,225,750
	Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38
	Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated
	Group Project, Refunding & Improvement Series 2017:
2,250	5.000%, 12/01/37	12/27 at 100.00	A–	2,718,158
1,000	5.000%, 12/01/47	12/27 at 100.00	A–	1,204,790
2,945	Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated	11/29 at 100.00	AA	3,479,930
	Group, Series 2019A, 4.000%, 11/15/43
1,660	Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,	8/29 at 100.00	BBB+	1,900,351
	Series 2019A-2, 4.000%, 8/01/49
2,400	Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center	6/23 at 100.00	Ba2	2,474,064
	Project, Series 2013, 5.000%, 6/15/43
1,730	Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A,	12/27 at 100.00	AA–	2,120,098
	5.000%, 12/01/47
200	Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2019A,	12/29 at 100.00	AA–	233,720
	4.000%, 12/01/49
300	Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc,	10/21 at 100.00	A–	301,140
	Refunding Series 2008C, 6.000%, 8/15/43
6,105	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System	2/23 at 100.00	BB+	6,383,327
	Obligated Group Project, Series 2013, 5.000%, 2/15/44
4,500	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant	11/29 at 100.00	AA–	5,262,750
	Health Obligated Group, Series 2019A, 4.000%, 11/01/49
2,090	Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group,	1/28 at 100.00	AA	2,617,704
	Refunding Series 2017A, 5.000%, 1/01/33
	Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 2013A:
1,000	5.000%, 1/15/28	1/23 at 100.00	A	1,060,740
2,000	5.000%, 1/15/29	1/23 at 100.00	A	2,122,900
1,605	Ross County, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated	12/29 at 100.00	A–	1,990,649
	Group Project, Refunding & Improvement Series 2019, 5.000%, 12/01/44
555	Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series	8/29 at 100.00	BBB+	639,133
	2019A-1, 4.000%, 8/01/44
	Wood County, Ohio, Hospital Facilities Revenue Bonds, Wood County Hospital Project,
	Refunding and Improvement Series 2012:
890	5.000%, 12/01/37	12/22 at 100.00	N/R	901,445
1,845	5.000%, 12/01/42	12/22 at 100.00	N/R	1,862,675
36,075	Total Health Care			40,499,324

	Housing/Multifamily – 1.9% (1.3% of Total Investments)
2,500	Columbus Metropolitan Housing Authority, Ohio, General Revenue Bonds, Series 2021,	8/31 at 100.00	A+	2,943,200
	4.000%, 8/01/36
60	Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds,	10/21 at 100.00	Aaa	60,238
	Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT)
3,215	Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower	10/21 at 100.00	Aa1	3,222,523
	Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT)
5,775	Total Housing/Multifamily			6,225,961

	Industrials – 1.1% (0.7% of Total Investments)
3,495	Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation	No Opt. Call	A3	3,555,638
	Inc, Series 1992, 6.450%, 12/15/21

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Tax Obligation/General – 17.9% (11.9% of Total Investments)
$ 2,500	Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds,	11/27 at 100.00	AA	$ 3,008,300
	School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54
1,050	Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 12/01/43	6/28 at 100.00	AA+	1,283,793
	Columbus City School District, Franklin County, Ohio, General Obligation Bonds,
	Refunding Series 2006:
4,310	0.000%, 12/01/27 – AGM Insured	No Opt. Call	AA	4,032,307
5,835	0.000%, 12/01/28 – AGM Insured	No Opt. Call	AA	5,336,341
2,250	Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29	10/28 at 100.00	AAA	2,905,695
500	Cuyahoga County, Ohio, General Obligation Bonds, Refunding & Capital Improvement Series	6/30 at 100.00	AA	607,965
	2020A, 4.000%, 12/01/34
2,425	Cuyahoga Falls City School District, Summit County, Ohio, General Obligation Bonds,	6/28 at 100.00	AA	2,797,383
	School Improvement Series 2021, 4.000%, 12/01/51 – BAM Insured
	Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
900	5.000%, 12/01/32	12/25 at 100.00	Aaa	1,073,232
1,000	5.000%, 12/01/34	12/25 at 100.00	Aaa	1,190,150
	Gallia County Local School District, Gallia and Jackson Counties, Ohio, General
	Obligation Bonds, Refunding School Improvement Series 2014:
1,260	5.000%, 11/01/30	11/24 at 100.00	Aa2	1,439,411
1,540	5.000%, 11/01/31	11/24 at 100.00	Aa2	1,758,757
1,005	Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds,	6/29 at 100.00	AA+	1,251,326
	School Facilities Construction & Improvement Series 2019, 5.000%, 12/01/53
2,160	Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series	No Opt. Call	Aa1	2,158,661
	2011, 0.000%, 12/01/21
	Lorain County, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2020B:
345	4.000%, 12/01/29	12/25 at 100.00	Aa2	394,307
145	4.000%, 12/01/30	12/25 at 100.00	Aa2	165,094
240	4.000%, 12/01/40	12/25 at 100.00	Aa2	269,705
460	4.000%, 12/01/45	12/25 at 100.00	Aa2	513,595
4,500	Middletown City School District, Butler County, Ohio, General Obligation Bonds,	No Opt. Call	A2	6,011,460
	Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
1,305	Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series	No Opt. Call	Aa3	1,519,477
	2006, 5.500%, 12/01/24 – AMBAC Insured
	Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V:
2,500	5.000%, 5/01/33	5/28 at 100.00	AAA	3,151,425
1,250	5.000%, 5/01/34	5/28 at 100.00	AAA	1,571,487
1,365	Ohio State, General Obligation Bonds, Infrastructure Improvement Series 2020C, 5.000%,	3/31 at 100.00	AA+	1,823,749
	3/01/37
4,000	Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation	1/28 at 100.00	Aa2	4,529,720
	Bonds, School Improvement Series 2018A, 4.000%, 1/15/55
1,500	Springboro Community City School District, Warren County, Ohio, General Obligation	No Opt. Call	AA	2,059,380
	Bonds, Refunding Series 2007, 5.250%, 12/01/32
4,000	Sycamore Community School District, Hamilton County, Ohio, General Obligation Bonds,	6/29 at 100.00	AAA	4,735,520
	School Improvement Series 2020, 4.000%, 12/01/45
1,200	Toledo, Ohio, General Obligation Bonds, Limited Tax Capital Improvement Series 2020,	12/30 at 100.00	A2	1,418,424
	4.000%, 12/01/35
1,000	Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds,	12/27 at 100.00	AAA	1,203,450
	School Facilities & Improvement Series 2018A, 5.000%, 12/01/48
50,545	Total Tax Obligation/General			58,210,114

	Tax Obligation/Limited – 24.6% (16.4% of Total Investments)
	Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
	Lien Series 2017B-2:
1,250	5.000%, 10/01/31	4/28 at 100.00	AA	1,578,200
1,000	5.000%, 10/01/32	4/28 at 100.00	AA	1,259,370

Table of Contents

NUO

Nuveen Ohio Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Tax Obligation/Limited (continued)
	Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding
	Series 2017A-2:
$ 435	5.000%, 10/01/30	10/27 at 100.00	AA	$ 542,536
700	5.000%, 10/01/33	10/27 at 100.00	AA	868,329
500	Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds,	6/29 at 100.00	N/R	556,940
	Bridge Park D Block Project, Series 2019A-1, 5.000%, 12/01/51
950	Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds,	No Opt. Call	N/R	1,035,225
	Easton Project, Series 2020, 5.000%, 6/01/28, 144A
1,920	Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44	12/25 at 100.00	Aa1	2,237,472
2,500	Franklin County Convention Facilities Authority, Ohio, Lease Appropriation Bonds,	12/29 at 100.00	AA	3,100,725
	Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/46
	Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:
2,120	5.000%, 6/01/36	6/28 at 100.00	AAA	2,651,844
1,155	5.000%, 6/01/37	6/28 at 100.00	AAA	1,441,325
6,500	5.000%, 6/01/43	6/28 at 100.00	AAA	8,017,620
5,535	5.000%, 6/01/48	6/28 at 100.00	AAA	6,826,315
1,220	Great Oaks Career Campuses Board of Education, Brown, Butler, Clermont, Clinton,	12/29 at 100.00	Aa1	1,459,071
	Fayette, Greene, Hamilton, Highland, Madison, Pickaway, Ross and Warren, Ohio, Certificates
	of Participation, School, 4.000%, 12/01/37
5,565	Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 –	No Opt. Call	AA	5,078,396
	AGM Insured
5,000	Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31	12/21 at 100.00	A1	5,052,900
6,000	Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/29 at 100.00	Aa2	7,041,600
	2019-I, 4.000%, 10/15/49
1,000	New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,	10/22 at 100.00	Aa3	1,051,200
	Series 2012C, 5.000%, 10/01/24
2,000	Ohio State, Capital Facilities Lease Appropriation Bonds, Juvenile Correctional Building	4/29 at 100.00	AA	2,537,800
	Fund Projects, Series 2019A, 5.000%, 4/01/37
955	Ohio State, Major New State Infrastructure Project Revenue Bonds, Series 2021-1A,	No Opt. Call	AA	1,344,678
	5.000%, 12/15/32
1,250	Pickaway County, Ohio, Sales Tax Specia Obligation Bonds, Series 2019, 5.000%, 12/01/48	12/28 at 100.00	AA	1,562,188
1,845	Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community	12/25 at 100.00	AA	2,083,208
	Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
520	Port of Greater Cincinnati Development Authority, Ohio, Public Improvement TOT Revenue	12/28 at 100.00	N/R	534,009
	Bonds, Series 2021, 4.250%, 12/01/50, 144A
400	Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development	12/28 at 100.00	N/R	437,304
	TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50
1,000	Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment	11/30 at 100.00	N/R	1,035,210
	Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood,
	Senior Lien Series 2019A, 5.000%, 11/01/51
	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
6,450	4.500%, 7/01/34	7/25 at 100.00	N/R	7,141,053
3,580	4.550%, 7/01/40	7/28 at 100.00	N/R	4,119,578
1,780	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured	7/28 at 100.00	N/R	2,048,282
	Cofina Project Series 2019A-2A, 4.550%, 7/01/40
	Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of
	Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:
1,645	5.000%, 12/01/23	12/22 at 100.00	AA+	1,743,996
1,200	5.000%, 12/01/24	12/22 at 100.00	AA+	1,271,592
1,000	United Local School District, Columbiana County, Certificates of Participation, School	12/30 at 100.00	AA	1,192,140
	Facilities Project, Series 2021, 4.000%, 12/01/38 – BAM Insured
2,450	Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of	12/27 at 100.00	Aa2	2,971,580
	Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39
69,425	Total Tax Obligation/Limited			79,821,686

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Transportation – 17.5% (11.6% of Total Investments)
	Dayton, Ohio, Airport Revenue Bonds, James M Cox International Airport, Series 2015B:
$ 860	5.000%, 12/01/33 – AGM Insured	12/23 at 100.00	AA	$ 946,817
500	5.000%, 12/01/34 – AGM Insured	12/23 at 100.00	AA	550,475
6,835	North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,	1/29 at 100.00	A+	7,957,307
	4.000%, 1/01/44
750	Ohio Higher Educational Facility Commission, Senior Hospital Parking Revenue Bonds,	1/30 at 100.00	A3	921,915
	University Circle Incorporated 2020 Project, Series 2020, 5.000%, 1/15/50
	Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
	Bypass Project, Series 2015:
2,500	5.000%, 12/31/35 – AGM Insured (AMT)	6/25 at 100.00	AA	2,854,875
3,000	5.000%, 12/31/39 – AGM Insured (AMT)	6/25 at 100.00	AA	3,406,530
4,250	5.000%, 6/30/53 (AMT)	6/25 at 100.00	A3	4,771,772
	Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission
	Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2:
5,000	0.000%, 2/15/37	No Opt. Call	Aa3	3,632,650
11,260	0.000%, 2/15/38	No Opt. Call	Aa3	7,944,380
5,000	0.000%, 2/15/40	No Opt. Call	Aa3	3,330,050
2,050	Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission	2/23 at 100.00	Aa3	2,194,669
	Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.250%, 2/15/39
15,000	Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission,	2/28 at 100.00	Aa3	18,119,550
	Infrastructure Projects, Junior Lien Series 2018A, 5.000%, 2/15/46 (UB) (4)
57,005	Total Transportation			56,630,990

	U.S. Guaranteed – 40.4% (26.8% of Total Investments) (5)
8,150	Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37	12/21 at 100.00	AAA	8,248,859
	(Pre-refunded 12/01/21)
8,000	Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46	12/26 at 100.00	AAA	9,880,720
	(Pre-refunded 12/01/26)
	Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
2,150	5.000%, 1/01/30 (Pre-refunded 1/01/22)	1/22 at 100.00	A2	2,184,873
1,500	5.000%, 1/01/31 (Pre-refunded 1/01/22) – AGM Insured	1/22 at 100.00	AA	1,524,330
	Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
	Lien Series 2013A-2:
1,315	5.000%, 10/01/27 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,447,434
1,520	5.000%, 10/01/30 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,673,079
1,600	5.000%, 10/01/31 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,761,136
	Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
	Lien Series 2015A-2:
2,705	5.000%, 10/01/37 (Pre-refunded 10/01/23)	10/23 at 100.00	N/R	2,965,492
8,045	5.000%, 10/01/37 (Pre-refunded 10/01/23)	10/23 at 100.00	AA+	8,855,212
3,000	Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series	11/23 at 100.00	AA	3,319,830
	2014A-1, 5.000%, 11/15/38 (Pre-refunded 11/15/23)
2,035	Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42	1/22 at 100.00	AA+	2,068,008
	(Pre-refunded 1/01/22)
1,140	Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School	11/21 at 100.00	Aa3	1,149,166
	Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured
	Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:
1,415	5.000%, 12/01/33 (Pre-refunded 12/01/24)	12/24 at 100.00	AAA	1,635,216
1,000	5.000%, 12/01/34 (Pre-refunded 12/01/24)	12/24 at 100.00	AAA	1,155,630
945	5.000%, 12/01/35 (Pre-refunded 12/01/24)	12/24 at 100.00	AAA	1,092,070
10,350	Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue	12/24 at 100.00	Aa1	11,960,770
	Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%,
	12/01/35 (Pre-refunded 12/01/24)
1,730	Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31	12/23 at 100.00	AAA	1,918,155
	(Pre-refunded 12/01/23)

Table of Contents

NUO

Nuveen Ohio Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	U.S. Guaranteed (5) (continued)
$ 250	Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,	11/21 at 100.00	Aa2	$ 252,488
	5.000%, 11/15/41 (Pre-refunded 11/15/21)
4,480	Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option	11/21 at 100.00	Aa2	4,569,152
	Bond Trust 2016-XL0004, 9.324%, 11/15/41 (Pre-refunded 11/15/21), 144A (IF) (4)
	Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
	Improvement Bonds, Refunding Series 2012:
760	5.250%, 12/01/30 (Pre-refunded 12/01/21)	12/21 at 100.00	AAA	769,690
600	5.000%, 12/01/31 (Pre-refunded 12/01/21)	12/21 at 100.00	AAA	607,278
1,000	Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital	12/25 at 100.00	AAA	1,197,260
	Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34 (Pre-refunded 12/01/25)
	Greenville City School District, Drake County, Ohio, General Obligation Bonds, School
	Improvement Series 2013:
555	5.250%, 1/01/38 (Pre-refunded 1/01/22)	1/22 at 100.00	AA	564,457
1,355	5.250%, 1/01/41 (Pre-refunded 1/01/22)	1/22 at 100.00	AA	1,378,089
20,700	JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien	1/23 at 100.00	AA+	22,042,395
	Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23)
3,965	Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series	11/21 at 100.00	BBB	4,012,302
	2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
725	Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities	6/22 at 100.00	Aa3	751,521
	Construction & Improvement Series 2012, 5.000%, 12/01/36 (Pre-refunded 6/01/22)
	Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding
	& Improvement Series 2014:
2,950	5.000%, 11/15/39 (Pre-refunded 11/15/24)	11/24 at 100.00	AA+	3,402,855
1,400	5.000%, 11/15/44 (Pre-refunded 11/15/24)	11/24 at 100.00	AA+	1,614,914
2,000	Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series	5/23 at 100.00	AA+	2,165,240
	2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)
1,100	Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic	1/22 at 100.00	Aa2	1,117,842
	Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 (Pre-refunded 1/01/22)
10,915	Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructutre Commission	2/23 at 100.00	Aa3	11,677,958
	Infrastructure Projects, Junior Lien, Current Interest Series 2013A-1, 5.000%, 2/15/48
	(Pre-refunded 2/15/23)
1,000	Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39	12/22 at 100.00	Aa3	1,060,920
	(Pre-refunded 12/01/22)
5,000	South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban	6/22 at 100.00	Aa3	5,182,900
	Redevelopment, Series 2012, 5.000%, 6/01/42 (Pre-refunded 6/01/22)
	Wood County, Ohio, Hospital Facilities Revenue Bonds, Wood County Hospital Project,
	Refunding and Improvement Series 2012:
1,780	5.000%, 12/01/37 (Pre-refunded 12/01/22)	12/22 at 100.00	N/R	1,884,984
3,665	5.000%, 12/01/42 (Pre-refunded 12/01/22)	12/22 at 100.00	N/R	3,881,162
120,800	Total U.S. Guaranteed			130,973,387

	Utilities – 15.8% (10.5% of Total Investments)
1,500	American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds,	2/24 at 100.00	A1	1,647,675
	Series 2015A, 5.000%, 2/15/42
1,430	American Municipal Power, Inc, Ohio, Greenup Hydroelectric Project Revenue Bonds,	2/26 at 100.00	A1	1,683,482
	Refunding Series 2016A, 5.000%, 2/15/41
1,660	American Municipal Power, Inc, Ohio, Solar Electricity Prepayment Project Revenue Bonds,	2/29 at 100.00	A	2,042,514
	Green Bonds Series 2019A, 5.000%, 2/15/44
1,815	Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 –	No Opt. Call	A–	1,439,331
	NPFG Insured

Table of Contents


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	Utilities (continued)
	Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:
$ 2,000	0.000%, 11/15/28 – NPFG Insured	No Opt. Call	A–	$ 1,815,040
6,895	0.000%, 11/15/32 – NPFG Insured	No Opt. Call	A–	5,626,251
2,155	0.000%, 11/15/34 – NPFG Insured	No Opt. Call	A–	1,665,599
3,380	Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A,	10/28 at 100.00	Aa3	3,914,716
	4.000%, 10/01/44
1,000	Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of	12/30 at 100.00	AA+	1,326,580
	Greater Cincinnati, Refunding Series 2020A, 5.000%, 12/01/35
2,000	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,	No Opt. Call	N/R	2,500
	FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6)
950	Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville	No Opt. Call	A1	850,487
	Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured
3,225	Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019,	12/29 at 100.00	AAA	4,142,029
	5.000%, 6/01/44
4,500	Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds,	6/30 at 100.00	AAA	5,755,815
	Series 2020A, 5.000%, 12/01/50
2,290	Saint Charles County Public Water Supply District 2, Missouri, Certificates of	12/25 at 100.00	AA+	2,520,649
	Participation, Missouri Project Series 2019, 4.000%, 12/01/41
	Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
820	5.000%, 11/15/25	11/23 at 100.00	Aa3	904,255
605	5.000%, 11/15/26	11/23 at 100.00	Aa3	667,587
1,075	5.000%, 11/15/27	11/23 at 100.00	Aa3	1,183,446
695	5.000%, 11/15/28	11/23 at 100.00	Aa3	765,112
10,000	Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%,	11/26 at 100.00	AA–	11,962,700
	11/15/41 (UB) (4)
1,000	Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds,	5/29 at 100.00	A3	1,213,290
	Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series
	2019B, 5.000%, 11/01/39, 144A
48,995	Total Utilities			51,129,058
$ 460,290	Total Municipal Bonds (cost $440,764,530)			$ 485,345,449

Table of Contents

NUO

Nuveen Ohio Quality Municipal Income Fund

Portfolio of Investments (continued)

August 31, 2021 (Unaudited)


Shares	Description (1)	Value
	COMMON STOCKS – 0.8% (0.5% of Total Investments)
	Electric Utilities – 0.8% (0.5% of Total Investments)
64,677	Energy Harbor Corp (7), (8), (9)	$ 2,446,925
	Total Common Stocks (cost $1,843,715)	2,446,925
	Total Long-Term Investments (cost $442,608,245)	487,792,374
	Floating Rate Obligations – (6.2)%	(20,000,000)
	Variable Rate Demand Preferred Shares, net of deferred offering costs – (45.6)% (10)	(147,784,120)
	Other Assets Less Liabilities – 1.3%	4,167,638
	Net Asset Applicable to Common Shares – 100%	$ 324,175,892

(1)

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)

(3)

(4)

Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5)

Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.

(6)

Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.

(7)

Common Stock received as part of the bankruptcy settlements during February 2020 for Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23.

(8)

For fair value measurement disclosure purposes, investment classified as Level 2.

(9)

Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(10)

Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.3%.

144A

AMT

Alternative Minimum Tax

Underlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

Table of Contents

NXJ

Nuveen New Jersey Quality Municipal Income Fund

Portfolio of Investments

August 31, 2021 (Unaudited)


Principal		Optional Call
Amount (000)	Description (1)	Provisions (2)	Ratings (3)	Value
	LONG-TERM INVESTMENTS – 148.6% (100.0% of Total Investments)

	MUNICIPAL BONDS – 148.6% (100.0% of Total Investments)

	Consumer Discretionary – 0.4% (0.3% of Total Investments)
	Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich
	Center Hotel/Conference Center Project, Series 2005A:
$ 2,460	5.000%, 1/01/32 (4)	10/21 at 100.00	Caa3	$ 1,749,011
1,485	5.125%, 1/01/37 (4)	9/21 at 100.00	Caa3	992,010
3,945	Total Consumer Discretionary			2,741,021

	Consumer Staples – 5.0% (3.4% of Total Investments)
	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
	Bonds, Series 2018A:
8,850	4.000%, 6/01/37	6/28 at 100.00	A–	10,335,207
1,365	5.000%, 6/01/46	6/28 at 100.00	BBB+	1,640,348
11,680	5.250%, 6/01/46	6/28 at 100.00	BBB+	14,303,912
7,430	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed	6/28 at 100.00	BB+	8,835,087
	Bonds, Series 2018B, 5.000%, 6/01/46
29,325	Total Consumer Staples			35,114,554

	Education and Civic Organizations – 18.3% (12.3% of Total Investments)
1,250	Atlantic County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds,	7/31 at 100.00	AA	1,478,475
	Stockton University Atlantic City Campus Phase II, Series 2021A, 4.000%, 7/01/47 – AGM Insured
1,760	Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University	12/23 at 100.00	A	1,919,104
	School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32
	Essex County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds,
	Institute of Technology CHF-Newark, LLC-NJIT Student Housing Project, Series 2021A:
1,400	4.000%, 8/01/51 – BAM Insured	8/31 at 100.00	AA	1,664,432
2,600	4.000%, 8/01/56 – BAM Insured	8/31 at 100.00	AA	3,078,218
1,000	New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation	1/28 at 100.00	BBB–	1,158,670
	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	196,497
	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	A	2,347,562
	Series 2015, 5.000%, 3/01/25