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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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

 

3

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

4

 


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.

5

 


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.

6

 


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.

7

 

 



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)%

 

8

 

 

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.

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

9

 


   
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%

 

10

 


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%

 

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.

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

11

 



   
NUO

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 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%

 

12

 



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%

 

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.

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

13

 

   
NXJ

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 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%

 

14

 

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%

 

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.

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

15

 


NQP

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 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%

 

16

 



   
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      

 

17

 



   
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)      

 

18

 



         
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      

 

19

 


   
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      

 

20

 


         
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      

 

21

 


   
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      

 

22

 



         
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      

 

23

 


   
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%.
144AInvestment 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.
AMTAlternative Minimum Tax
IFInverse 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.
UBUnderlying 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.

24

 


   
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

 

25

 



   
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      

 

26

 


         
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

 

27

 


   
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

 

28

 


         
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)      

 

29

 


   
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      

 

30

 


         
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

 

31

 


   
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)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)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%.
144AInvestment 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.
AMTAlternative Minimum Tax
IFInverse 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.
UBUnderlying bond of an inverse floating rate trust reflected as a financing transaction.

See accompanying notes to financial statements.

32

 

 

   
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      
  New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding      
  Series 2017: