N-CSR 1 ncsr.htm NAZ

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07278

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

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

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

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

Date of fiscal year end: February 28

Date of reporting period: February 28, 2019

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

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




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Table of Contents
   
Chairman’s Letter to Shareholders 
4 
   
Portfolio Managers’ Comments 
5 
   
Fund Leverage 
12 
   
Common Share Information 
13 
   
Risk Considerations 
15 
   
Performance Overview and Holding Summaries 
16 
   
Shareholder Meeting Report 
24 
   
Report of Independent Registered Public Accounting Firm 
26 
   
Portfolios of Investments 
27 
   
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 
   
Additional Fund Information 
85 
   
Glossary of Terms Used in this Report 
86 
   
Reinvest Automatically, Easily and Conveniently 
88 
   
Board Members & Officers 
89 
 
3
Chairman’s Letter to Shareholders
 
Dear Shareholders,
Financial markets rallied in the early months of 2019, in sharp contrast to the downturn at the end of 2018, leaving investors to wonder whether such bullishness is warranted or sustainable. By the close of 2018, economic softness in China, Europe and Japan had proven more persistent than expected. The temporary boost to the U.S. economy from tax law changes appeared to be fading. Corporate earnings and profits were slowing, and some corporate managements, especially at high-profile technology companies, were downgrading their outlooks. Politics remained unpredictable, most notably with the Brexit and U.S.-China trade talks ongoing. The European Central Bank (ECB) ended its crisis-era monetary stimulus program with pledges to keep interest rates low for an extended period, while the U.S. Federal Reserve (Fed) planned to continue raising interest rates into 2019.
As the new year began, economic data have remained a mixed bag, and investors will be closely watching the first quarter 2019 corporate earnings reports. However, market sentiment shifted significantly after both the Fed and ECB turned remarkably more dovish in their interest rate projections and lowered their growth forecasts. The U.S. and China appear to be making progress on trade talks, such that President Trump did not increase tariffs as initially planned in March 2019. While these events did reduce some of the markets’ uncertainty, downside risks still appear to be rising.
Nevertheless, we believe the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chairman of the Board
April 23, 2019
 
4
Portfolio Managers’ Comments
Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen Texas Quality Municipal Income Fund (NTX)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Daniel J. Close, CFA, review U.S. economic and municipal market conditions at the national and state levels, key investment strategies and the twelve-month reporting period performance of these four Nuveen Funds. Michael assumed portfolio management responsibility for NAZ in 2011, while Dan has managed NUM, NUO and NTX since 2007.
What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended February 28, 2019?
The U.S. economy continued to grow at a solid pace during the reporting period. Gross domestic product (GDP), which measures the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes, grew at an annualized rate of 2.2% in the fourth quarter of 2018, according to the Bureau of Economic Analysis “third” estimate. Consumer and business spending supported growth in the final months of 2018, while a weaker housing market and a larger trade deficit subtracted from GDP. For the full year 2018, U.S. GDP growth came in at 2.9%, as economic activity cooled over the second half of 2018 after peaking at 4.2% (annualized) in the second quarter of 2018.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.8% in February 2019 from 4.1% in February 2018 and job gains averaged around 209,000 per month for the past twelve months. As the jobs market has tightened, average hourly earnings grew at an annualized rate of 3.4% in February 2019. However, falling energy prices led to a slower rate of inflation over the past twelve months. The Consumer Price Index (CPI) increased 1.5% over the twelve-month reporting period ended February 28, 2019 before seasonal adjustment, as reported by the Bureau of Labor Statistics.
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the pace of price increases has slowed as mortgage rates drifted higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 4.3% year-over-year in January 2019 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 3.2% and 3.6%, respectively.
 
 
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers’ Comments (continued)
As some data began pointing to slower momentum in the overall economy, the Federal Reserve (Fed) notably shifted its stance. From December 2015 through December 2018, the Fed had gradually lifted its main policy interest rate to prevent the economy from overheating. In its final meeting of 2018, the Fed indicated that two more rate hikes might be forthcoming in 2019, roiling the markets, which had expected a more dovish tone. However, as more recent data revealed a mixed picture of the economy, the Fed said it would adopt a more “patient” approach, signaling the possibility of no rate hikes in 2019. As expected, the Fed held rates steady at its January 2019 committee meeting. Subsequent to the end of the reporting period, at its March 2019 meeting, the Fed again kept rates unchanged and further clarified that it will discontinued rolling assets off its balance sheet in September 2019, sooner than many observers expected.
During the twelve-month reporting period, geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the European Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. At the November 2018 G-20 summit, the U.S. and China settled on a 90-day trade truce, and after the countries resumed trade talks in early 2019, President Trump said he would not increase the tariffs in March 2019 as planned. Brexit negotiations continued to be uncertain, and Prime Minister Theresa May faced significant difficulty getting a plan approved in Parliament. (Subsequent to the end of the reporting period, the European Union approved a conditional delay, allowing the U.K. more time to approve a plan.) Europe also contended with Italy’s new euroskeptic coalition government, the “yellow vest” protests in France, immigration policy concerns and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and reimposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S. and North Korea held a denuclearization summit in June 2018 and a second summit in February 2019 without securing an agreement. In late December 2018, the U.S. government entered a 35-day partial shutdown due to an impasse on border security funding. Concerns about a second shutdown were alleviated after the government passed a funding bill in February 2019.
Municipal bonds delivered positive performance in this reporting period. Interest rates were increasing through much of the reporting period, as a strong economic backdrop kept the Fed on its course of monetary tightening. The 10-year U.S. Treasury yield peaked at 3.24% in November 2018. However, in December 2018, market volatility spiked as uncertain trade policy, Brexit negotiations, and weak macro data in Europe and China weighed on the U.S. growth outlook. Equities and riskier segments of the bond market sold off sharply in the fourth quarter of 2018. Following the Fed’s December meeting, investor expectations for a pause in rate increases drove repricing in the markets, driving long-term interest meaningfully lower through the end of the reporting period. While the U.S. Treasury yield curve flattened over this reporting period, the municipal yield curve “twisted” by flattening at the short end and steepening at the long end of the curve. For the twelve-month period overall, municipal bond yields were marginally lower, belying larger intra-period swings.
Supply and demand conditions in the municipal bond market were favorable to performance in this reporting period, particularly in the latter three months. Issuance has been subdued since the passage of the Tax Cuts and Jobs Act of 2017. Because new issue advance refunding bonds are no longer tax exempt under the new tax law, the total supply of municipal bonds has decreased, boosting the scarcity value of existing municipal bonds. Municipal bond issuance nationwide totaled $347.3 billion in this reporting period, a 19.0% decrease from the issuance for the twelve-month reporting period ended February 28, 2018. Nevertheless, the overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an over-
6

all positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. The Fed’s pivot to a more dovish stance in early 2019 also brought investors back to fixed income markets, including municipal bonds, driving large inflows into the asset class in the early months of 2019. Additionally, as tax payers have begun to assess the impact of the 2017 tax law, which caps the state and local tax (SALT) deduction for individuals, demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes, is expected to increase.
How were the economic and market environments in Arizona, Michigan, Ohio and Texas during the reporting period ended February 28, 2019?
Arizona’s economic growth is accelerating. The state’s job growth exceeded the nation’s for 2018, driven by construction and manufacturing as well as contributions from finance, technology, health care and hospitality sectors. Arizona’s favorable business environment and ample workforce has lured new businesses into the state, recently including financial institutions such as Bank of the West, Voya and Nationwide. The economy’s improvement continues to favorably impact the housing market. Gains in Arizona housing prices have been driven primarily by the Phoenix market, with the state’s smaller metropolitan areas also showing progress. According to the S&P CoreLogic Case-Shiller Index, housing prices in Phoenix rose 7.5% over the twelve months ended January 2019 (most recent data available at the time this report was prepared), compared with a 4.3% price increase nationally. In the job market, the Arizona unemployment rate was 5.1% as of February 2019. Governor Ducey signed the $10.4 billion Fiscal Year 2019 Budget, up 3.2% over the previously enacted budget and the largest budget in state history. It provides additional money for K-12 education, including teacher salary increase over three years, without raising taxes. The recovering economy has helped the state replenish its rainy day fund to $457.8 million as of Fiscal Year 2018 after it was almost depleted in Fiscal Year 2009. Governor Ducey’s Proposed General Fund Fiscal Year 2020 Budget totals $11.4 billion, up 9.1% over the prior enacted Fiscal Year. The Budget Proposal includes depositing $542 million into the rainy day fund, growing it to $1 billion; providing additional money for K-12 education, including a teacher salary increase; and increasing funding for public safety and drought contingency plans without raising taxes. As of February 2019, S&P and Moody’s rated Arizona’s Issuer Credit Rating at AA and Aa2, respectively, with a stable outlook. During the twelve months ended February 28, 2019 municipal issuance in Arizona totaled $4.4 billion, a gross issuance decrease of 35.4% from the twelve months ended February 28, 2018.
Michigan’s economic growth has outpaced many of its Great Lakes region neighbors in recent years, driven by employment growth, continued diversification and multiple years of strong domestic auto sales. Light motor vehicle sales were essentially flat in calendar year 2018, but it was the fourth consecutive year sales exceeded 17 million units, helping to sustain Michigan’s growth. To a large extent, the Michigan economy remains tied to events in the auto industry, as the “Big Three” (General Motors, Ford and Chrysler) continued to rank among the state’s five largest employers. Overall, Michigan remained heavily reliant on manufacturing, which represented 13.9% of employment in the state, compared with 8.6% nationally. As of February 2019, Michigan’s unemployment rate was 4.0%. Favorably, the state’s labor force participation rate has remained stable as unemployment has improved, indicating a real improvement in job growth. Following the peak in housing prices in mid-2006, home prices in Michigan declined dramatically and the inventory of foreclosed homes remained elevated in many of the state’s hardest-hit metropolitan areas, including Detroit, Warren and Flint. Improvement in the state economy has brought slow, steady improvement in the housing market. According to the S&P CoreLogic Case-Shiller Index of 20 major metropolitan areas, housing prices in Detroit rose 5.0% over the twelve months ended January 2019 (most recent data available at the time this report was prepared), ahead of the national average increase of 4.3%. On the fiscal front, as revenues improved, the state has demonstrated a commitment to rebuilding reserves and maintaining structurally balanced operations. The state’s previously depleted budget stabilization/rainy day reserve fund is now on pace to approach $1 billion by the end of Fiscal Year 2019. The state’s improved financial and cash position has eliminated the need for cash flow
7
Portfolio Managers’ Comments (continued)
borrowing, which the state hasn’t resorted to since 2011. Strong income and sales tax revenue growth have helped make this possible, though the pace of revenue growth is projected to slow over the next two years. This slowdown and the state’s gap in infrastructure spending have the potential to pose future budgetary pressure. Newly elected Governor Gretchen Whitmer campaigned on a promise to address Michigan’s deteriorating transportation infrastructure, and new funding for roads is a key part of her Fiscal 2020 budget proposal. The $60.2 billion budget, which represents a 3.5% increase over the prior year, dedicates much of the increased spending to road repairs and education. As proposed, spending on roads would be funded by a 45 cents per gallon increase in the fuel tax, to be implemented incrementally over a one-year period beginning in October 2019. The budget also increases education spending with funding increases targeted at lower funded schools. As of March 2019, Moody’s and S&P rated Michigan general obligation (GO) debt at Aa1 and AA-, respectively. During the twelve months ended February 28, 2019, municipal issuance in Michigan totaled $8.3 billion, a gross issuance increase of 27.7% from the twelve months ended February 28, 2018.
Ohio’s employment growth in 2018 was the strongest in years, although national leading economic indicators point to slower but continued growth in 2019. In 2018, Ohio had a job growth rate of 2.1%. That was the state’s best year since 1994’s rate of 3.6%. The U.S. labor force grew by 1.6% over the last year. It is rare for Ohio to outperform the nation’s job growth average, which it did in 2010 and in 2018, perhaps in response to federal stimulus policies in those years. As of February 2019, Ohio’s unemployment rate was 4.6%. The decades-long decline in manufacturing employment continues in the state, while more jobs get created in the health services sector, in particular. Ohio’s economy has also been affected by stagnant population growth. The state’s population grew by 174,000 to nearly 11.7 million between 2008 and 2018, placing the state’s lackluster growth 41st in the nation for that period. According to the S&P CoreLogic Case-Shiller Index, housing prices in Cleveland rose 3.8% over the twelve months ended January 2019 (most recent data available at the time this report was prepared), compared with a 4.3% price increase nationally. Ohio’s median household income continues to widen from the national median. Ohio’s household income stood at $54,021, which places it 35th in the U.S., according to the Census Bureau. Ohio began 2019 with a new governor, Mike DeWine, who emphasized greater investment in infrastructure, combatting the state’s addiction epidemic and workforce development as key themes in his first State of the State address. On the fiscal front, Ohio’s year-to-date revenues (through February 2019) are 1.6% below estimate but 1.8% above the prior year’s collections. The greatest increase in dollars comes from sales tax receipts, as recent tax reform gradually lowered the individual income tax rate while raising the state’s sales tax. The state’s conservative fiscal management has resulted in a strong financial position, with sound liquidity and reserve levels. Ohio prioritized the rebuilding of its Budget Stabilization Fund after the Great Recession. The current Budget Stabilization Fund balance of $2.7 billion is 8.5% of general fund revenues. As of February 2019, Moody’s and S&P rated Ohio GO debt at Aa1 and AA+, respectively, with stable outlooks. For the twelve months ended February 28, 2019, municipal issuance in Ohio totaled $8.2 billion, a gross issuance decrease of 41.6% compared with the twelve months ended February 28, 2018.
Texas’ economy is the second largest in the United States. Texas quickly recovered from Hurricane Harvey and job growth continues to remain strong. Despite the state’s economic diversity, the energy sector is still a major driver. Mining & manufacturing sector jobs represent 8.9% of total employment. Between 2014 and 2018, mining employment declined by 8.7% and manufacturing declined by 1.1%. Notably, oil prices are on the rebound and the mining sector had the largest year-over-year gain in employment of 13.3%. In addition, overall state employment has seen continued growth since 2009 and unemployment rates continue to improve. The state’s unemployment rate has decreased to 3.8% as of February 2019. After mining, the largest year-over-year employment gains were seen in construction (4.8%), professional & business services (3.9%), and leisure & hospitality (3.5%). Texas’ largest non-government employment sectors, which include trade transportation & utilities, education & health services, professional & business services, and financial activities, represented approximately 61% of state employment. According to the S&P CoreLogic Case-Shiller Index, housing prices in Dallas posted a year-over-year increase of 3.8% as of January 2019 (most recent data available at the time this report was prepared), compared with the national average price increase of 4.3%. On the fiscal front, the state is in the middle of its 2018-2019 biennium budget. As of February 2018, overall revenues collections are tracking ahead of budget and have increased 11.4% over the prior year. The State is anticipating ending Fiscal Year 2018 (ended August 31) with about a $94 million surplus, although much of that is already earmarked for Medicaid, education and transportation spending for Fiscal Year 2019. The
8

state maintains a large Economic Stabilization Fund, or rainy day fund, and as of Fiscal Year 2017, the fund totaled $11 billion or 11.3% of General Fund revenues. S&P, Moody’s and Fitch rate Texas GO debt at Aaa/AAA/AAA, and all have stable outlooks. For the twelve months ended February 28, 2019, municipal issuance in Texas totaled $34 billion, a gross issuance decrease of 12.0% from the previous twelve months.
What key strategies were used to manage these Funds during the twelve-month reporting period ended February 28, 2019?
Municipal bonds performed well during the reporting period amid positive fundamental credit conditions and a favorable technical supply-demand balance. Arizona’s and Texas’ municipal markets trailed the national municipal market. The municipal markets of Michigan and Ohio outperformed the national market.
We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds’ investment objectives. In all four Funds, we bought bonds across a range of sectors and credit ratings, generally with intermediate to longer maturities. Additionally, for all four Funds, we took advantage of prevailing market conditions during the period of strongly rising interest rates in September and October 2018 to buy attractive higher yielding bonds by selling some depreciated bonds that were bought when interest rates were lower. These trades capitalized on the tax loss (which can be used to offset future taxable gains) and boosted the Funds’ income distribution.
NAZ added tax increment, higher education, airports, charter schools and local GO school district bonds, all of which had terms of 19 years and longer. We also established a tender option bond (TOB) trust, which increased the amount of leverage in the Fund. The proceeds for the new purchases mainly came from called and maturing bonds, as well as from the bond exchanging strategy described earlier.
NUM was active during the reporting period. In addition to the trades described in the Fund’s semiannual report dated August 31, 2018, we were active with bond exchanges and buying several new issues including water and sewer (BBB rated), tax increment (BBB rated), health care (A1/AA- rated) and Michigan State University higher education (AA rated) bonds, all of which were in-state issues. Secondary market buying was minimal in the second half of the reporting period. New purchases were funded from the proceeds of called and maturing bonds, as well as the sale of lower yielding, short maturity pre-refunded bonds and other positions at a loss.
In the second half of the reporting period, NUO also exchanged a number of bonds to increase income earnings, as well as bought in-state bonds issued for local appropriation, transportation (toll road), two local GOs, a state GO, two dedicated tax bonds and a public utility. The bonds were a mix of single A and AA rated credits, bought in both the primary and secondary markets. The majority of our buying was funded from the proceeds of called and maturing bonds. We also sold a lower yielding bond to reinvest in a more attractive, higher yielding long-term opportunity.
In NTX, we bought three new in-state issues in the second half of the reporting period. The bonds were primarily longer dated, lower investment grade issues from tax increment district, higher education and dedicated tax sectors. These credits were bought with the proceeds from maturing bonds and the sale of a lower yielding bond.
As of February 28, 2019, NAZ, NUM, NUO and NTX continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform for the twelve-month reporting period ended February 28, 2019?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year and ten-year periods ended February 28, 2019. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market index and Lipper classification average.
9
Portfolio Managers’ Comments (continued)
For the twelve months ended February 28, 2019, the total returns on common share NAV for NAZ, NUM and NUO outperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index, while NTX outperformed its state’s index and performed in line with the national index.
The factors driving performance in this reporting period included yield curve and duration positioning, credit ratings exposure, sector allocation and individual credit selection. For NAZ, yield curve and duration positioning contributed the most to relative performance. The Arizona Fund remained underweight to the short end of the yield curve and overweight to the long end, which was advantageous as longer maturities outperformed short maturities. An overweight allocation to the 6- to 9-year duration range was especially beneficial. Credit ratings and sector allocations had a relatively neutral impact on NAZ’s performance in this reporting period. The Fund’s overweight to lower rated credits, especially those rated BBB and lower, and exposure to sectors composed of predominantly lower rated bonds, were helpful, as these bonds’ higher yields provided enhanced income that contributed meaningfully to total return. The same theme emerged within our individual credit selection. Our most successful picks during the reporting period were those offering higher yields, including lower rated or non-rated tax increment bonds, charter school credits and health care (particularly continuing care retirement community) bonds. NAZ’s holdings in Salt Verde Prepay Gas bonds were another stand-out contributor. Additionally, several names bought during the peak in yields around September and October 2018 performed well over the remainder of the reporting period.
The Michigan Fund saw a modest boost from its duration and yield curve positioning, with positive contributions from underweight allocations to the shortest dated categories (ranging from zero to 4 years) and overweight allocations to longer dated categories (notably between 8 and 12 years). Credit ratings exposure was favorable on the whole. An overweight to single-B rated bonds, which are primarily tobacco securitization bonds, aided performance, while our AA rated exposure was somewhat detrimental. NUM’s sector allocations were a drag on performance, as an underweight to local GOs and overweight to public power detracted. Individual credit selection was beneficial, mainly due to outperformance among tender option bonds and intermediate- to longer-dated credits.
NUO’s yield curve and duration positioning marginally outperformed. An overweight to durations of 12 years and longer was disadvantageous, as the longest-dated categories in Ohio underperformed during this reporting period. However, the Fund benefited from its overweights to durations in the 8- to 12-year range. Credit ratings allocations produced gains, driven by strong results from non-rated bonds. However, NUO’s underweight to single-B rated bonds weighed on performance. In Ohio, tobacco settlement bonds comprise a substantial proportion of the state’s B rated municipal bonds. Given our assessment of the tobacco sector’s risk-reward characteristics, NUO’s maximum exposure to the sector is considerably lower than the benchmark index’s weighting, which detracts from performance when the sector performs well, as it did during this reporting period. On a sector basis, the Fund’s overweight to toll roads outperformed, but gains were partially offset by an overweight to pre-refunded bonds, which lagged in this reporting period. Our selection across individual bonds and tender option bonds added value. In particular, NUO’s position in distressed credit FirstEnergy Solutions was a large positive contributor to performance. The energy supplier had performed poorly earlier in 2017 amid credit concerns relating to its parent company’s plan to exit the power generation business. However, valuations recovered from those lows following progress on negotiations with bondholders (as explained in “An Update on FirstEnergy Solutions Corp.” at the end of this commentary).
In the Texas municipal market, longer-dated bonds outperformed shorter-dated bonds, which was favorable for NTX’s overweight to the longest maturities and underweight to the shortest maturities (namely, zero to 4 years). Our credit ratings allocations, however, detracted from performance, as the overweight to BBB rated bonds underperformed. Sector positioning was a strong contributor to performance, most notably in our overweights to the dedicated tax sector and water and sewer sectors, groups which outperformed. An underweight to the “other revenue” sector generated disappointing results and detracted somewhat from performance. Individual credit selection also contributed positively. Our selections in tender option bonds and longer-dated credits were the chief outperformers, offsetting weaker performance from shorter-dated, high credit quality bonds.
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An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on April 1, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution's parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy holdings, shareholders should note that NUO had 0.38% exposure, which was a mix of unsecured and secured holdings. NAZ, NUM and NTX had no exposure to FirstEnergy.
11
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGY ON PERFORMANCE
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
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 had a negligible impact on the total return performance of the Funds over the reporting period.
As of February 28, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.
         
 
NAZ 
NUM 
NUO 
NTX 
Effective Leverage* 
38.97% 
38.78% 
36.68% 
37.08% 
Regulatory Leverage* 
34.99% 
36.14% 
33.20% 
32.53% 
 
*     
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 February 28, 2019, the Funds have issued and outstanding preferred shares as shown in the accompanying table.
                   
 
  
Variable Rate
Preferred*
   
Variable Rate
Remarketed Preferred**
       
 
  
Shares
   
Shares
       
 
  
Issued at
   
Issued at
       
 
  
Liquidation
   
Liquidation
       
 
  
Preference
   
Preference
   
Total
 
NAZ 
  
$
88,300,000
    
$
—
    
$
88,300,000
  
NUM 
  
$
173,000,000
    
$
—
    
$
173,000,000
  
NUO 
  
$
148,000,000
    
$
—
    
$
148,000,000
  
NTX 
  
$
72,000,000
    
$
—
    
$
72,000,000
  
 
*     
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, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
**     
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
 
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.
12
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of February 28, 2019. 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
   
NUM
   
NUO
   
NTX
 
March 2018 
  
$
0.0440
    
$
0.0445
    
$
0.0485
    
$
0.0485
  
April 
    
0.0440
      
0.0445
      
0.0485
      
0.0485
  
May 
    
0.0440
      
0.0445
      
0.0485
      
0.0485
  
June 
    
0.0440
      
0.0445
      
0.0485
      
0.0445
  
July 
    
0.0440
      
0.0445
      
0.0485
      
0.0445
  
August 
    
0.0440
      
0.0445
      
0.0485
      
0.0445
  
September 
    
0.0440
      
0.0445
      
0.0455
      
0.0445
  
October 
    
0.0440
      
0.0445
      
0.0455
      
0.0445
  
November 
    
0.0440
      
0.0445
      
0.0455
      
0.0445
  
December 
    
0.0415
      
0.0445
      
0.0455
      
0.0445
  
January 
    
0.0415
      
0.0445
      
0.0455
      
0.0445
  
February 2019 
    
0.0415
      
0.0445
      
0.0455
      
0.0445
  
Total Distributions from Net Investment Income 
  
$
0.5205
    
$
0.5340
    
$
0.5640
    
$
0.5460
  
Total Distributions from Long-Term Capital Gains* 
  
$
—
    
$
—
    
$
0.0271
    
$
—
  
Total Distributions 
  
$
0.5205
    
$
0.5340
    
$
0.5911
    
$
0.5460
  
   
Yields 
                                
Market Yield** 
    
4.00
%
    
4.11
%
    
3.83
%
    
4.10
%
Taxable-Equivalent Yield* 
    
5.59
%
    
5.73
%
    
5.31
%
    
5.39
%
 
*     
Distribution paid in December 2018.
**     
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 28.5%, 28.3% and 26.1% for NAZ, NUM and NUO, respectively. NTX Fund is based on a federal income tax rate of 24.0%. 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 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
13
Common Share Information (continued)
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.
COMMON SHARE REPURCHASES
During August 2018, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of February 28, 2019, 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 
NUM 
NUO 
NTX 
Common shares cumulatively repurchased and retired 
127,500 
784,500 
205,000 
68,600 
Common shares authorized for repurchase 
1,170,000 
2,065,000 
1,850,000 
1,005,000 
 
During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the accompanying table.
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Common Shares Repurchased 
    
127,500
      
562,500
      
205,000
      
68,600
  
Weighted average price per common share repurchased and retired 
  
$
11.60
    
$
12.43
    
$
13.36
    
$
12.33
  
Weighted average discount per common share repurchased and retired 
    
15.61
%
    
16.07
%
    
15.59
%
    
15.38
%
 
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NAZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program NAZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. Under the Shelf Offering, the Fund was authorized to issue additional common shares as shown in the accompanying table.
   
 
NAZ 
Additional authorized common shares 
1,100,000* 
* Represents additional authorized common shares for the period March 1, 2018 through June 29, 2018. 
 
During the current reporting period, NAZ did not sell any common shares through its Shelf Offering.
Refer to the Notes to Financial Statements, Note 4 - Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and the Fund’s transactions.
OTHER COMMON SHARE INFORMATION
As of February 28, 2019, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Common share NAV 
  
$
14.18
    
$
15.12
    
$
16.26
    
$
14.99
  
Common share price 
  
$
12.46
    
$
12.99
    
$
14.24
    
$
13.03
  
Premium/(Discount) to NAV 
    
(12.13
)%
    
(14.09
)%
    
(12.42
)%
    
(13.08
)%
12-month average premium/(discount) to NAV 
    
(11.17
)%
    
(15.61
)%
    
(14.71
)%
    
(13.92
)%
 
14
Risk Considerations
Fund Shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen Texas Quality Municipal Income Fund (NTX)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAZ, www.nuveen.com/NUM, www.nuveen.com/NUO and www.nuveen.com/NTX.
15
   
NAZ
Nuveen Arizona Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
                   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of February 28, 2019
 
   
 
  
Average Annual
 
 
  
1-Year
   
5-Year
   
10-Year
 
NAZ at Common Share NAV 
    
4.29
%
    
4.95
%
    
6.87
%
NAZ at Common Share Price 
    
(5.09
)%
    
4.53
%
    
6.76
%
S&P Municipal Bond Arizona Index 
    
3.92
%
    
3.30
%
    
4.80
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
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.
Common Share Price Performance — Weekly Closing Price
 
16

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.2% 
Other Assets Less Liabilities 
1.4% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
159.6% 
Floating Rate Obligations 
(5.9)% 
AMTP Shares, net of deferred 
 
offering costs 
(53.7)% 
Net Assets 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Arizona 
96.7% 
Guam 
2.9% 
Virgin Islands 
0.4% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
21.2% 
Tax Obligation/Limited 
20.2% 
Utilities 
13.2% 
Tax Obligation/General 
11.8% 
Health Care 
11.6% 
U.S. Guaranteed 
9.9% 
Water and Sewer 
6.3% 
Other 
5.8% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
6.0% 
AAA 
10.4% 
AA 
46.5% 
A 
25.2% 
BBB 
1.0% 
BB or Lower 
5.6% 
N/R (not rated) 
5.3% 
Total 
100% 
 
17
   
NUM
Nuveen Michigan Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
                   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of February 28, 2019
 
   
 
  
Average Annual
 
 
  
1-Year
   
5-Year
   
10-Year
 
NUM at Common Share NAV 
    
4.75
%
    
4.92
%
    
6.38
%
NUM at Common Share Price 
    
5.54
%
    
4.64
%
    
7.98
%
S&P Municipal Bond Michigan Index 
    
4.23
%
    
3.99
%
    
5.26
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
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.
Common Share Price Performance — Weekly Closing Price
 
18

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
158.6% 
Other Assets Less Liabilities 
1.9% 
Net Assets Plus Floating Rate 
 
Obligations & AMTP Shares, 
 
net of deferred offering costs 
160.5% 
Floating Rate Obligations 
(4.0)% 
AMTP Shares, net of deferred 
 
offering costs 
(56.5)% 
Net Assets 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Michigan 
100.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
22.3% 
Tax Obligation/General 
20.1% 
Health Care 
14.7% 
Water and Sewer 
10.8% 
Tax Obligation/Limited 
10.4% 
Utilities 
7.6% 
U.S. Guaranteed 
7.5% 
Other 
6.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
6.5% 
AAA 
16.7% 
AA 
56.7% 
A 
15.4% 
BBB 
0.4% 
BB or Lower 
3.5% 
N/R (not rated) 
0.8% 
Total 
100% 
 
19
   
NUO
Nuveen Ohio Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
                   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of February 28, 2019
 
   
 
  
Average Annual
 
 
  
1-Year
   
5-Year
   
10-Year
 
NUO at Common Share NAV 
    
4.65
%
    
4.98
%
    
6.39
%
NUO at Common Share Price 
    
5.14
%
    
4.45
%
    
6.64
%
S&P Municipal Bond Ohio Index 
    
4.17
%
    
4.16
%
    
5.55
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
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.
Common Share Price Performance — Weekly Closing Price
 
20

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
154.6% 
Other Assets Less Liabilities 
1.7% 
Net Assets Plus Floating Rate 
 
Obligations & VRDP Shares, 
 
net of deferred offering costs 
156.3% 
Floating Rate Obligations 
(6.7)% 
VRDP Shares, net of deferred 
 
offering costs 
(49.6)% 
Net Assets 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Ohio 
100.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
24.3% 
Tax Obligation/General 
14.1% 
U.S. Guaranteed 
13.3% 
Transportation 
12.5% 
Health Care 
10.3% 
Education and Civic Organizations 
9.2% 
Water and Sewer 
7.6% 
Other 
8.7% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.0% 
AAA 
13.9% 
AA 
51.9% 
A 
13.4% 
BBB 
2.3% 
BB or Lower 
5.8% 
N/R (not rated) 
2.7% 
Total 
100% 
 
21
   
NTX
Nuveen Texas Quality Municipal Income Fund
Performance Overview and Holding Summaries as of February 28, 2019
 
                   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
 
Average Annual Total Returns as of February 28, 2019
 
   
 
  
Average Annual
 
 
  
1-Year
   
5-Year
   
10-Year
 
NTX at Common Share NAV 
    
4.02
%
    
4.44
%
    
6.09
%
NTX at Common Share Price 
    
0.51
%
    
3.80
%
    
4.98
%
S&P Municipal Bond Texas Index 
    
3.80
%
    
3.38
%
    
4.83
%
S&P Municipal Bond Index 
    
4.03
%
    
3.45
%
    
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.
Common Share Price Performance — Weekly Closing Price
 
22

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
156.6% 
Other Assets Less Liabilities 
2.1% 
Net Assets Plus Floating Rate 
 
Obligations & MFP Shares, 
 
net of deferred offering costs 
158.7% 
Floating Rate Obligations 
(10.7)% 
MFP Shares, net of deferred 
 
offering costs 
(48.0)% 
Net Assets 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Texas 
100.0% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Water and Sewer 
19.7% 
Tax Obligation/Limited 
17.2% 
Tax Obligation/General 
16.0% 
Transportation 
14.0% 
Utilities 
9.8% 
U.S. Guaranteed 
9.7% 
Education and Civic Organizations 
7.8% 
Other 
5.8% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.7% 
AAA 
27.4% 
AA 
29.6% 
A 
23.4% 
BBB 
8.9% 
BB or Lower 
1.8% 
N/R (not rated) 
0.2% 
Total 
100% 
 
23
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on November 13, 2018 for NAZ, NUM, NUO and NTX; at this meeting the shareholders were asked to elect Board Members.
             
 
 
NAZ 
 
 
NUM 
 
 
Common and 
 
 
Common and 
 
 
 
Preferred 
 
 
Preferred 
 
 
 
shares voting 
 
 
shares voting 
 
 
 
together 
 
Preferred 
together 
 
Preferred 
 
as a class 
 
Shares 
as a class 
 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
 
 
 
Margo L. Cook 
 
 
 
 
 
 
For 
10,133,644 
 
— 
18,241,579 
 
— 
Withhold 
540,592 
 
— 
800,948 
 
— 
Total 
10,674,236 
 
— 
19,042,527 
 
— 
Jack B. Evans 
 
 
 
 
 
 
For 
10,007,433 
 
— 
17,916,316 
 
— 
Withhold 
666,803 
 
— 
1,126,211 
 
— 
Total 
10,674,236 
 
— 
19,042,527 
 
— 
Albin F. Moschner 
 
 
 
 
 
 
For 
10,041,155 
 
— 
18,227,155 
 
— 
Withhold 
633,081 
 
— 
815,372 
 
— 
Total 
10,674,236 
 
— 
19,042,527 
 
— 
William C. Hunter 
 
 
 
 
 
 
For 
— 
 
883 
— 
 
1,730 
Withhold 
— 
 
— 
— 
 
— 
Total 
— 
 
883 
— 
 
1,730 
William J. Schneider 
 
 
 
 
 
 
For 
— 
 
883 
— 
 
1,730 
Withhold 
— 
 
— 
— 
 
— 
Total 
— 
 
883 
— 
 
1,730 
 
24
 
             
 
 
NUO 
 
 
NTX 
 
 
 
Common and 
 
 
Common and 
 
 
 
Preferred 
 
 
Preferred 
 
 
 
shares voting 
 
 
shares voting 
 
 
 
together 
 
Preferred 
together 
 
Preferred 
 
as a class 
 
Shares 
as a class 
 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
 
 
 
Margo L. Cook 
 
 
 
 
 
 
For 
15,823,393 
 
— 
8,656,239 
 
— 
Withhold 
1,739,601 
 
— 
250,714 
 
— 
Total 
17,562,994 
 
— 
8,906,953 
 
— 
Jack B. Evans 
 
 
 
 
 
 
For 
15,797,813 
 
— 
8,747,600 
 
— 
Withhold 
1,765,181 
 
— 
159,353 
 
— 
Total 
17,562,994 
 
— 
8,906,953 
 
— 
Albin F. Moschner 
 
 
 
 
 
 
For 
15,838,762 
 
— 
8,699,545 
 
— 
Withhold 
1,724,232 
 
— 
207,408 
 
— 
Total 
17,562,994 
 
— 
8,906,953 
 
— 
William C. Hunter 
 
 
 
 
 
 
For 
— 
 
1,480 
— 
 
720 
Withhold 
— 
 
— 
— 
 
— 
Total 
— 
 
1,480 
— 
 
720 
William J. Schneider 
 
 
 
 
 
 
For 
— 
 
1,480 
— 
 
720 
Withhold 
— 
 
— 
— 
 
— 
Total 
— 
 
1,480 
— 
 
720 
 
25
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees of
Nuveen Arizona Quality Municipal Income Fund
Nuveen Michigan Quality Municipal Income Fund
Nuveen Ohio Quality Municipal Income Fund
Nuveen Texas Quality Municipal Income Fund:


Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Nuveen Arizona Quality Municipal Income Fund, Nuveen Michigan Quality Municipal Income Fund, Nuveen Ohio Quality Municipal Income Fund, and Nuveen Texas Quality Municipal Income Fund (the “Funds”), including the portfolios of investments, as of February 28, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of February 28, 2019, the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the years in the two year period then ended, and the financial highlights for each of the years in the five year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of February 28, 2019, by correspondence with custodians and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ KPMG LLP

We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
April 26, 2019
 
26
   
NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 158.2% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 158.2% (100.0% of Total Investments) 
 
 
 
 
  
Education and Civic Organizations – 33.5% (21.2% of Total Investments) 
 
 
 
$ 2,175 
  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green 
7/26 at 100.00 
AA 
$ 2,440,154 
 
  
Series 2016B, 5.000%, 7/01/47 
 
 
 
1,500 
  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding 
7/25 at 100.00 
AA 
1,691,175 
 
  
Green 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 
1,691,175 
 
  
5.000%, 7/01/41 
 
 
 
2,515 
  
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for 
8/24 at 100.00 
Aa3 
2,794,970 
 
  
Economic and Educational Development, Series 2014, 5.000%, 8/01/44 
 
 
 
2,240 
  
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option 
6/22 at 100.00 
Aa2 
2,944,928 
 
  
Bond Trust 2015-XF0053, 14.480%, 6/01/42, 144A (IF) 
 
 
 
515 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/26 at 100.00 
BB 
532,592 
 
  
Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A 
 
 
 
525 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/27 at 100.00 
AA– 
578,455 
 
  
Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47 
 
 
 
150 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/27 at 100.00 
BB 
152,440 
 
  
Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
 
 
 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
 
 
 
 
  
Schools, Inc. Projects, Series 2017F: 
 
 
 
1,700 
  
5.000%, 7/01/37 
7/27 at 100.00 
AA– 
1,888,683 
1,645 
  
5.000%, 7/01/47 
7/27 at 100.00 
AA– 
1,801,324 
315 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/27 at 100.00 
BB 
320,125 
 
  
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 
227,962 
 
  
Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A 
 
 
 
1,000 
  
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
9/23 at 105.00 
BB+ 
1,017,390 
 
  
Pinecrest Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A, 
 
 
 
 
  
6.000%, 9/15/38, 144A 
 
 
 
375 
  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona 
9/27 at 100.00 
BB+ 
374,426 
 
  
Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A 
 
 
 
380 
  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of 
No Opt. Call 
BB 
375,782 
 
  
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– 
684,354 
1,000 
  
5.000%, 7/01/48 
1/28 at 100.00 
AA– 
1,095,000 
165 
  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
163,705 
 
  
Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 
 
 
 
 
  
7/01/22, 144A 
 
 
 
455 
  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest 
7/26 at 100.00 
BB+ 
482,678 
 
  
Academy of Nevada ? Horizon, Inspirada, and St. Rose Campus Projects, Series 2018A, 
 
 
 
 
  
5.750%, 7/15/38, 144A 
 
 
 
1,500 
  
Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus Academy 
6/28 at 100.00 
N/R 
1,512,300 
 
  
Project, Series 2018A, 6.375%, 6/01/39, 144A 
 
 
 
2,000 
  
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/22 at 100.00 
A 
2,167,620 
 
  
Refunding Series 2007, 5.000%, 5/15/31 
 
 
 
3,775 
  
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, 
5/20 at 100.00 
A+ 
3,901,311 
 
  
Refunding Series 2010, 5.125%, 5/15/40 
 
 
 
 
27
   
NAZ 
Nuveen Arizona Quality Municipal Income Fund 
Portfolio of Investments (continued)
 
February 28, 2019 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 870 
  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, 
7/26 at 100.00 
BB+ 
$ 900,128 
 
  
Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A 
 
 
 
355 
  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great 
7/27 at 100.00 
AA– 
400,149 
 
  
Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37 
 
 
 
490 
  
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great 
 
 
 
 
  
Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48 
7/27 at 100.00 
AA– 
542,425 
2,095 
  
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa 
7/26 at 100.00 
AA– 
2,390,227 
 
  
Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 
 
 
 
1,875 
  
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 
6/24 at 100.00 
A+ 
2,095,294 
910 
  
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 
6/21 at 100.00 
A+ 
963,026 
70 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
7/25 at 100.00 
BB 
70,942 
 
  
Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A 
 
 
 
900 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice 
9/22 at 100.00 
BB 
922,149 
 
  
Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 
 
 
 
1,400 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Eagle 
7/22 at 100.00 
BB+ 
1,382,430 
 
  
College Prep Project, Series 2013A, 5.000%, 7/01/43 
 
 
 
800 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/25 at 100.00 
BBB– 
831,128 
 
  
Hearts Academies Project, Series 2016A, 5.000%, 7/01/41 
 
 
 
250 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
246,405 
 
  
Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 
 
 
 
 
  
4.000%, 7/01/22, 144A 
 
 
 
165 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/19 at 101.00 
N/R 
162,626 
 
  
Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 
 
 
 
 
  
4.000%, 7/01/22, 144A 
 
 
 
500 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/24 at 100.00 
Ba1 
545,785 
 
  
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 
Ba1 
322,173 
300 
  
5.000%, 7/01/45, 144A 
7/25 at 100.00 
Ba1 
303,708 
650 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy 
7/26 at 100.00 
Ba1 
662,935 
 
  
Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A 
 
 
 
 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa 
 
 
 
 
  
Montessori, Inc. Projects, Series 2015: 
 
 
 
355 
  
3.250%, 7/01/25 
No Opt. Call 
BBB– 
355,192 
400 
  
5.000%, 7/01/35 
7/25 at 100.00 
BBB– 
417,140 
500 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Vista 
7/28 at 100.00 
AA– 
514,910 
 
  
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 
A2 
2,202,221 
 
  
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 
3,924,018 
 
  
Project, Series 2012, 5.000%, 6/01/42 (UB) (4) 
 
 
 
500 
  
Pima County Community College District, Arizona, Revenue Bonds, Series 2019, 5.000%, 7/01/36 
7/28 at 100.00 
Aa3 
583,240 
200 
  
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert 
5/24 at 100.00 
N/R 
217,006 
 
  
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 
120,760 
680 
  
6.125%, 6/15/47, 144A 
6/26 at 100.00 
N/R 
682,890 
200 
  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/26 at 100.00 
BB– 
176,148 
 
  
Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36 
 
 
 
 
28
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
$ 35 
  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
2/24 at 100.00 
N/R 
$ 35,584 
 
  
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 
119,670 
 
  
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 
668,272 
 
  
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 
492,520 
 
  
Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A 
 
 
 
730 
  
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, 
7/26 at 100.00 
AA 
831,806 
 
  
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 
863,171 
 
  
University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured 
 
 
 
250 
  
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, 
No Opt. Call 
AA– 
275,367 
 
  
Series 2008, 5.000%, 7/01/22 
 
 
 
 
  
The Industrial Development Authority of the County of Maricopa, Arizona, Education 
 
 
 
 
  
Revenue Bonds, Reid Traditional School Projects, Series 2016: 
 
 
 
520 
  
5.000%, 7/01/36 
7/26 at 100.00 
Baa3 
560,581 
300 
  
5.000%, 7/01/47 
7/26 at 100.00 
Baa3 
317,502 
50,830 
  
Total Education and Civic Organizations 
 
 
54,938,077 
 
  
Health Care – 18.4% (11.6% of Total Investments) 
 
 
 
1,200 
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, 
1/24 at 100.00 
AA– 
1,299,564 
 
  
Series 2014A, 5.000%, 1/01/44 
 
 
 
5,100 
  
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/22 at 100.00 
A1 
5,376,471 
 
  
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 
A2 
3,275,510 
2,860 
  
5.000%, 12/01/42 
12/24 at 100.00 
A2 
3,102,757 
1,250 
  
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, 
9/28 at 100.00 
A2 
1,409,762 
 
  
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– 
1,450,775 
1,000 
  
5.000%, 1/01/35 
1/27 at 100.00 
AA– 
1,141,090 
2,000 
  
5.000%, 1/01/38 
1/27 at 100.00 
AA– 
2,251,960 
1,120 
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA 
1,166,659 
 
  
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGM Insured 
 
 
 
 
  
The Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds, 
 
 
 
 
  
Banner Health, Series 2017A: 
 
 
 
2,700 
  
4.000%, 1/01/41 
1/28 at 100.00 
AA– 
2,780,028 
2,000 
  
5.000%, 1/01/41 
1/28 at 100.00 
AA– 
2,254,400 
1,025 
  
Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue 
8/26 at 100.00 
A 
1,135,813 
 
  
Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36 
 
 
 
 
  
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai 
 
 
 
 
  
Regional Medical Center, Series 2013A: 
 
 
 
210 
  
5.000%, 8/01/19 
No Opt. Call 
A 
212,501 
1,000 
  
5.250%, 8/01/33 
8/23 at 100.00 
A 
1,096,800 
 
  
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 
1,096,250 
1,000 
  
5.250%, 8/01/32 
8/24 at 100.00 
A 
1,135,350 
27,720 
  
Total Health Care 
 
 
30,185,690 
 
29
   
NAZ 
Nuveen Arizona Quality Municipal Income Fund 
Portfolio of Investments (continued)
 
February 28, 2019 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Long-Term Care – 1.9% (1.2% of Total Investments) 
 
 
 
$ 285 
  
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater 
7/25 at 101.00 
N/R 
$ 283,142 
 
  
Avondale Project, Series 2017, 5.375%, 1/01/38 
 
 
 
1,885 
  
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 
10/25 at 101.00 
N/R 
1,895,386 
 
  
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 
820,490 
 
  
Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32 
 
 
 
80 
  
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU 
10/27 at 100.00 
N/R 
86,733 
 
  
Project, Series 2017A, 6.125%, 10/01/47, 144A 
 
 
 
3,030 
  
Total Long-Term Care 
 
 
3,085,751 
 
  
Tax Obligation/General – 18.8% (11.8% of Total Investments) 
 
 
 
575 
  
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, 
7/27 at 100.00 
AA 
658,024 
 
  
School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
 
 
835 
  
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B, 4.000%, 8/01/34 
8/26 at 100.00 
AAA 
889,901 
525 
  
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation 
 
 
 
 
  
Bonds, Refunding Series 2014, 5.000%, 7/01/27 
7/24 at 100.00 
AAA 
599,786 
2,140 
  
El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 – AGM Insured 
7/22 at 100.00 
AA 
2,315,352 
1,000 
  
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA 
1,075,400 
 
  
School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
 
 
 
630 
  
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, 
7/27 at 100.00 
Aa1 
728,015 
 
  
School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37 
 
 
 
775 
  
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, 
7/21 at 100.00 
Aa2 
832,552 
 
  
Series 2011, 5.000%, 7/01/23 
 
 
 
1,500 
  
Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series 2018C, 
7/28 at 100.00 
AAA 
1,737,780 
 
  
5.000%, 7/01/36 
 
 
 
300 
  
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School 
7/26 at 100.00 
AA 
322,458 
 
  
Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured 
 
 
 
1,350 
  
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, 
7/25 at 102.00 
Aa2 
1,544,954 
 
  
School Improvement Series 2018, 5.000%, 7/01/36 
 
 
 
1,275 
  
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, 
7/27 at 100.00 
AAA 
1,502,741 
 
  
School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33 
 
 
 
 
  
Mohave County Union High School District 2 Colorado River, Arizona, General Obligation 
 
 
 
 
  
Bonds, School Improvement Series 2017: 
 
 
 
1,000 
  
5.000%, 7/01/34 
7/27 at 100.00 
Aa3 
1,157,610 
1,000 
  
5.000%, 7/01/36 
7/27 at 100.00 
Aa3 
1,144,360 
690 
  
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 
7/27 at 100.00 
AA– 
800,069 
 
  
5.000%, 7/01/36 
 
 
 
1,370 
  
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, 
7/21 at 100.00 
AA 
1,492,642 
 
  
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 
3,260,812 
 
  
School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured 
 
 
 
1,750 
  
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School 
7/21 at 100.00 
A 
1,867,128 
 
  
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 
1,733,265 
 
  
Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured 
 
 
 
1,000 
  
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, 
7/20 at 100.00 
A+ 
1,049,000 
 
  
School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 
 
 
 
 
  
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 
717,718 
1,000 
  
5.000%, 7/01/35 – BAM Insured 
7/27 at 100.00 
AA 
1,152,340 
 
30
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/General (continued) 
 
 
 
$ 2,315 
  
Tolleson Union High School District 214 of Maricopa County, Arizona, School Improvement Bonds, 
7/28 at 100.00 
Aa1 
$ 2,696,720 
 
  
Project of 1990, Series 1990A, 5.000%, 7/01/38 
 
 
 
 
  
Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation 
 
 
 
 
  
Bonds, School Improvement Project 2012, Series 2014B: 
 
 
 
715 
  
4.500%, 7/01/33 
7/24 at 100.00 
AA– 
776,211 
665 
  
4.500%, 7/01/34 
7/24 at 100.00 
AA– 
720,248 
27,425 
  
Total Tax Obligation/General 
 
 
30,775,086 
 
  
Tax Obligation/Limited – 32.0% (20.2% of Total Investments) 
 
 
 
2,310 
  
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, 
 
 
 
 
  
Refunding Senior Series 2012A, 5.000%, 7/01/36 
7/22 at 100.00 
A1 
2,442,386 
1,250 
  
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 
7/26 at 100.00 
AA+ 
1,443,962 
 
  
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 
288,615 
1,000 
  
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 
7/25 at 100.00 
AA 
1,135,520 
135 
  
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, 
7/27 at 100.00 
N/R 
136,336 
 
  
Series 2017A, 7.000%, 7/01/41, 144A 
 
 
 
1,210 
  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 
7/25 at 100.00 
N/R 
1,233,014 
 
  
5.000%, 7/15/39, 144A 
 
 
 
1,810 
  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2017, 
7/27 at 100.00 
AA 
2,013,589 
 
  
5.000%, 7/15/42 – AGM Insured 
 
 
 
2,445 
  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2018, 
7/27 at 100.00 
AA 
2,519,230 
 
  
4.375%, 7/15/43 – BAM Insured 
 
 
 
488 
  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, 
7/23 at 100.00 
N/R 
494,359 
 
  
Assessment District 1, Series 2013, 5.250%, 7/01/38 
 
 
 
700 
  
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, 
7/27 at 100.00 
N/R 
704,459 
 
  
Assessment District 1, Series 2019, 5.200%, 7/01/43 
 
 
 
655 
  
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation 
7/27 at 100.00 
AA 
740,812 
 
  
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 
373,000 
1,085 
  
5.000%, 7/15/31 
7/22 at 100.00 
AA 
1,168,686 
500 
  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
 
 
 
 
  
Series 2016, 4.000%, 7/15/36 – BAM Insured 
7/26 at 100.00 
AA 
524,120 
1,000 
  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/27 at 100.00 
AA 
1,123,650 
 
  
Series 2017, 5.000%, 7/15/37 – BAM Insured 
 
 
 
405 
  
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue 
7/27 at 100.00 
N/R 
409,605 
 
  
Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 
 
 
 
590 
  
Festival Ranch Community Facilities District, City of Buckeye, Arizona, General Obligation 
7/27 at 100.00 
AA 
669,473 
 
  
Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured 
 
 
 
600 
  
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, 
7/26 at 100.00 
A1 
639,300 
 
  
Refunding Series 2016, 4.000%, 7/15/32 
 
 
 
1,500 
  
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation 
No Opt. Call 
A– 
1,625,955 
 
  
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 
1,577,820 
 
  
Government of Guam, Business Privilege Tax Bonds, Series 2011A: 
 
 
 
510 
  
5.000%, 1/01/31 
1/22 at 100.00 
BB 
529,477 
200 
  
5.125%, 1/01/42 
1/22 at 100.00 
BB 
205,432 
1,500 
  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
1/22 at 100.00 
BB 
1,538,940 
 
31
           
NAZ 
  
Nuveen Arizona Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued) 
 
 
 
 
  
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
$ 1,250 
  
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 
12/26 at 100.00 
BB 
$ 1,310,612 
 
  
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 
1,590,471 
65 
  
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, 
3/19 at 100.00 
BBB– 
65,209 
 
  
Series 2008A, 7.400%, 7/15/33 
 
 
 
200 
  
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, 
7/26 at 100.00 
BBB 
221,696 
 
  
Series 2016, 5.000%, 7/15/31 
 
 
 
385 
  
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, 
7/27 at 100.00 
AA 
424,478 
 
  
Series 2017, 5.000%, 7/15/42 – BAM Insured 
 
 
 
300 
  
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 
7/21 at 100.00 
AA– 
320,856 
400 
  
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, 
3/19 at 100.00 
N/R 
340,924 
 
  
Series 2006, 5.350%, 7/15/31 
 
 
 
2,500 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
12/22 at 100.00 
A 
2,702,575 
 
  
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+ 
620,049 
 
  
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 
1,137,140 
 
  
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 
574,765 
545 
  
4.000%, 8/01/36 
8/26 at 100.00 
AA 
575,749 
1,740 
  
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 
8/28 at 100.00 
AA 
2,001,574 
 
  
5.000%, 8/01/42 
 
 
 
 
  
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 
1,577,646 
2,100 
  
5.000%, 7/01/38 – BAM Insured 
7/24 at 100.00 
AA 
2,350,866 
3,000 
  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
No Opt. Call 
AAA 
3,493,020 
 
  
Series 2006, 5.000%, 7/01/24 
 
 
 
1,320 
  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding 
7/27 at 100.00 
AAA 
1,541,219 
 
  
Series 2017, 5.000%, 7/01/36 
 
 
 
1,650 
  
Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation Bonds, 
7/28 at 100.00 
AA 
1,898,655 
 
  
Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured 
 
 
 
500 
  
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/29 
7/26 at 100.00 
AAA 
590,705 
2,505 
  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 
AAA 
2,738,817 
 
  
5.000%, 7/01/37 
 
 
 
985 
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding 
No Opt. Call 
AA 
1,002,543 
 
  
Series 2012A, 4.000%, 10/01/22 – AGM Insured 
 
 
 
750 
  
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, 
7/21 at 100.00 
N/R 
736,852 
 
  
Series 2016, 3.250%, 7/15/25, 144A 
 
 
 
1,224 
  
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, 
3/19 at 100.00 
N/R 
1,196,387 
 
  
Series 2005, 6.000%, 7/01/30 
 
 
 
48,377 
  
Total Tax Obligation/Limited 
 
 
52,550,548 
 
  
Transportation – 7.2% (4.6% of Total Investments) 
 
 
 
 
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
 
 
 
 
  
Series 2015A: 
 
 
 
910 
  
5.000%, 7/01/40 
7/25 at 100.00 
A+ 
1,028,801 
2,185 
  
5.000%, 7/01/45 
7/25 at 100.00 
A+ 
2,458,081 
 
32

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation (continued) 
 
 
 
 
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior 
 
 
 
 
  
Lien Series 2013: 
 
 
 
$ 1,785 
  
5.000%, 7/01/30 (AMT) 
7/23 at 100.00 
AA– 
$ 1,979,030 
2,215 
  
5.000%, 7/01/32 (AMT) 
7/23 at 100.00 
AA– 
2,450,011 
2,000 
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
7/27 at 100.00 
AA– 
2,218,840 
 
  
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 
AA– 
1,686,015 
 
  
Series 2018, 5.000%, 7/01/43 (AMT) 
 
 
 
10,595 
  
Total Transportation 
 
 
11,820,778 
 
  
U.S. Guaranteed – 15.7% (9.9% of Total Investments) (5) 
 
 
 
3,480 
  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding 
7/22 at 100.00 
AA 
3,852,012 
 
  
Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) 
 
 
 
1,025 
  
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 
7/21 at 100.00 
AA+ 
1,102,982 
 
  
2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
180 
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien 
7/20 at 100.00 
A+ 
188,060 
 
  
Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
585 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/21 at 100.00 
N/R 
646,074 
 
  
Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21) 
 
 
 
1,045 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, 
7/20 at 100.00 
N/R 
1,123,041 
 
  
Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 
 
 
 
 
  
(Pre-refunded 7/01/20) 
 
 
 
550 
  
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
6/19 at 100.00 
BB+ 
555,940 
 
  
Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19) 
 
 
 
1,800 
  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/21 at 100.00 
A+ 
1,947,168 
 
  
Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21) 
 
 
 
5,000 
  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & 
7/20 at 100.00 
AAA 
5,223,900 
 
  
Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20) 
 
 
 
 
  
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004 
 
 
 
 
  
Series 2011: 
 
 
 
1,310 
  
5.000%, 7/01/32 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,409,665 
1,360 
  
5.000%, 7/01/33 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,463,469 
1,705 
  
5.000%, 7/01/34 (Pre-refunded 7/01/21) 
7/21 at 100.00 
AAA 
1,834,716 
1,495 
  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 
7/22 at 100.00 
N/R 
1,652,259 
 
  
5.000%, 7/01/37 (Pre-refunded 7/01/22) 
 
 
 
2,585 
  
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 
7/21 at 100.00 
N/R 
2,834,168 
 
  
2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21) 
 
 
 
 
  
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, 
 
 
 
 
  
Series 2013: 
 
 
 
200 
  
5.000%, 7/01/19 (ETM) 
No Opt. Call 
N/R 
202,124 
800 
  
5.000%, 7/01/20 (ETM) 
No Opt. Call 
N/R 
834,208 
825 
  
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, 
3/21 at 100.00 
BB+ 
923,827 
 
  
Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 
 
 
 
 
  
(Pre-refunded 3/01/21) 
 
 
 
23,945 
  
Total U.S. Guaranteed 
 
 
25,793,613 
 
  
Utilities – 20.8% (13.2% of Total Investments) 
 
 
 
1,495 
  
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue 
3/22 at 100.00 
A– 
1,565,699 
 
  
Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,100 
  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 
10/24 at 100.00 
AA 
1,199,198 
4,310 
  
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue 
6/20 at 100.00 
A1 
4,392,924 
 
  
Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
 
 
 
 
33
           
NAZ 
  
Nuveen Arizona Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued) 
 
 
 
 
  
February 28, 2019 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Utilities (continued) 
 
 
 
$ 8,750 
  
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4) 
7/28 at 100.00 
Aa2 
$ 10,110,625 
695 
  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding 
7/26 at 100.00 
A+ 
789,464 
 
  
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 
Aa1 
1,706,805 
 
  
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 
5,521,770 
5,665 
  
5.000%, 12/01/37 
No Opt. Call 
A3 
6,709,286 
2,310 
  
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West 
4/19 at 100.00 
N/R 
2,197,203 
 
  
Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (AMT) 
 
 
 
30,325 
  
Total Utilities 
 
 
34,192,974 
 
  
Water and Sewer – 9.9% (6.3% of Total Investments) 
 
 
 
1,000 
  
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, 
1/26 at 100.00 
AA+ 
1,140,860 
 
  
Series 2016, 5.000%, 1/01/36 
 
 
 
500 
  
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28 
7/22 at 100.00 
AA 
549,040 
785 
  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien 
7/26 at 100.00 
AA 
878,368 
 
  
Series 2016, 5.000%, 7/01/45 – AGM Insured 
 
 
 
2,855 
  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
7/20 at 100.00 
Aa3 
2,994,010 
500 
  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 
7/21 at 100.00 
AA 
540,895 
 
  
5.500%, 7/01/41 
 
 
 
665 
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/27 at 100.00 
A– 
727,178 
 
  
Refunding Series 2017, 5.000%, 7/01/36 
 
 
 
545 
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
A– 
584,540 
 
  
Series 2013, 5.250%, 7/01/33 
 
 
 
1,125 
  
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien 
7/25 at 100.00 
AA 
1,274,659 
 
  
Series 2015A, 5.000%, 7/01/36 – AGM Insured 
 
 
 
1,135 
  
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, 
7/24 at 100.00 
AA+ 
1,300,381 
 
  
Refunding Junior Lien Series 2014, 5.000%, 7/01/29 
 
 
 
2,000 
  
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien 
7/24 at 100.00 
AAA 
2,245,280 
 
  
Series 2014A, 5.000%, 7/01/39 
 
 
 
 
  
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding 
 
 
 
 
  
Junior Lien Series 2001: 
 
 
 
1,250 
  
5.500%, 7/01/21 – FGIC Insured 
No Opt. Call 
AAA 
1,360,287 
1,040 
  
5.500%, 7/01/22 – FGIC Insured 
No Opt. Call 
AAA 
1,169,750 
 
  
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018: 
 
 
 
500 
  
5.000%, 7/01/35 
7/28 at 100.00 
AA+ 
591,760 
805 
  
5.000%, 7/01/36 
7/28 at 100.00 
AA+ 
949,803 
14,705 
  
Total Water and Sewer 
 
 
16,306,811 
$ 236,952 
  
Total Long-Term Investments (cost $249,045,485) 
 
 
259,649,328 
 
  
Floating Rate Obligations – (5.9)% 
 
 
(9,755,000) 
 
  
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.7)% (6) 
 
 
(88,143,383) 
 
  
Other Assets Less Liabilities – 1.4% 
 
 
2,329,522 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 164,080,467 
 
34

   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.9%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
35
   
NUM
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 158.6% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 158.6% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Staples – 4.8% (3.0% of Total Investments) 
 
 
 
$ 6,000 
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
2/19 at 100.00 
B– 
$ 5,963,820 
 
  
Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34 
 
 
 
8,650 
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue 
2/19 at 100.00 
B2 
8,651,730 
 
  
Bonds, Series 2008A, 6.875%, 6/01/42 
 
 
 
14,650 
  
Total Consumer Staples 
 
 
14,615,550 
 
  
Education and Civic Organizations – 35.4% (22.3% of Total Investments) 
 
 
 
1,220 
  
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 
10/24 at 100.00 
Aa3 
1,393,447 
 
  
2014, 5.000%, 10/01/39 
 
 
 
1,000 
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 
3/19 at 100.00 
B 
852,000 
 
  
5.250%, 11/01/36 
 
 
 
1,255 
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 
3/19 at 100.00 
B– 
792,645 
 
  
2005, 5.750%, 11/01/30 
 
 
 
 
  
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A: 
 
 
 
1,100 
  
5.000%, 3/01/33 – BAM Insured 
3/27 at 100.00 
AA 
1,261,271 
2,270 
  
5.000%, 3/01/36 – BAM Insured 
3/27 at 100.00 
AA 
2,576,064 
7,665 
  
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – 
3/28 at 100.00 
AA 
7,806,802 
 
  
AGM Insured 
 
 
 
500 
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 
12/24 at 100.00 
A+ 
575,065 
 
  
5.000%, 12/01/28 
 
 
 
 
  
Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, 
 
 
 
 
  
Series 2018: 
 
 
 
2,395 
  
5.000%, 1/15/38 – AGM Insured 
1/28 at 100.00 
AA 
2,683,933 
4,000 
  
5.000%, 1/15/43 – AGM Insured 
1/28 at 100.00 
AA 
4,432,880 
3,500 
  
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo 
12/28 at 100.00 
A1 
3,948,140 
 
  
College Project, Refunding Series 2018, 5.000%, 12/01/43 
 
 
 
990 
  
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service 
10/21 at 100.00 
B 
937,758 
 
  
Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31 
 
 
 
1,170 
  
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding 
3/19 at 100.00 
N/R 
1,170,538 
 
  
Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured 
 
 
 
235 
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American 
3/19 at 100.00 
N/R 
235,014 
 
  
Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
 
 
5,000 
  
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 
2/20 at 100.00 
AA 
5,136,200 
 
  
5.000%, 2/15/40 
 
 
 
7,790 
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 
8/23 at 100.00 
AA 
8,543,137 
800 
  
Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27 
8/25 at 100.00 
AA 
939,488 
3,665 
  
Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48 
2/29 at 100.00 
AA 
4,168,901 
3,690 
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 
10/21 at 100.00 
A1 
3,947,304 
 
  
5.000%, 10/01/34 
 
 
 
 
  
Northern Michigan University, General Revenue Bonds, Series 2018A: 
 
 
 
400 
  
5.000%, 12/01/33 
6/28 at 100.00 
A1 
466,060 
650 
  
5.000%, 12/01/35 
6/28 at 100.00 
A1 
750,880 
5,400 
  
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47 
3/26 at 100.00 
A1 
5,901,876 
810 
  
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 
7/26 at 100.00 
A1 
910,999 
 
  
2016A, 5.000%, 7/01/35 
 
 
 
 
36

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Education and Civic Organizations (continued) 
 
 
 
 
  
University of Michigan, General Revenue Bonds, Refunding Series 2017A: 
 
 
 
$ 2,000 
  
5.000%, 4/01/34 
4/27 at 100.00 
AAA 
$ 2,351,520 
2,000 
  
5.000%, 4/01/35 
4/27 at 100.00 
AAA 
2,341,220 
1,065 
  
5.000%, 4/01/36 
4/27 at 100.00 
AAA 
1,241,726 
2,000 
  
5.000%, 4/01/42 
4/27 at 100.00 
AAA 
2,289,220 
5,000 
  
5.000%, 4/01/47 
4/27 at 100.00 
AAA 
5,711,800 
7,200 
  
5.000%, 4/01/47 (UB) (4) 
4/27 at 100.00 
AAA 
8,224,992 
4,000 
  
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 
4/24 at 100.00 
AAA 
4,562,480 
 
  
University of Michigan, General Revenue Bonds, Series 2015: 
 
 
 
5,735 
  
5.000%, 4/01/40 (UB) (4) 
4/26 at 100.00 
AAA 
6,496,149 
2,400 
  
5.000%, 4/01/46 (UB) (4) 
4/26 at 100.00 
AAA 
2,705,736 
3,700 
  
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 
11/23 at 100.00 
Aa3 
4,143,334 
525 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 
11/21 at 100.00 
Aa3 
567,289 
 
  
5.000%, 11/15/31 
 
 
 
 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2013: 
 
 
 
750 
  
5.250%, 11/15/33 – AGM Insured 
11/23 at 100.00 
AA 
852,113 
4,250 
  
5.000%, 11/15/39 – AGM Insured 
11/23 at 100.00 
AA 
4,761,275 
 
  
Western Michigan University, General Revenue Bonds, Refunding Series 2015A: 
 
 
 
1,500 
  
5.000%, 11/15/40 
5/25 at 100.00 
Aa3 
1,697,415 
850 
  
5.000%, 11/15/45 
5/25 at 100.00 
Aa3 
959,276 
98,480 
  
Total Education and Civic Organizations 
 
 
108,335,947 
 
  
Health Care – 23.2% (14.7% of Total Investments) 
 
 
 
2,000 
  
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn 
2/27 at 100.00 
BBB– 
2,066,160 
 
  
Hospital, Refunding Series 2016, 5.000%, 2/15/47 
 
 
 
4,000 
  
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson 
7/21 at 100.00 
AA– 
4,298,920 
 
  
Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 
 
 
 
 
  
Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson 
 
 
 
 
  
Healthcare, Series 2019A: 
 
 
 
1,720 
  
5.000%, 7/01/36 
7/28 at 100.00 
AA– 
1,928,791 
1,995 
  
5.000%, 7/01/39 
7/28 at 100.00 
AA– 
2,204,734 
 
  
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, 
 
 
 
 
  
Refunding Series 2011C: 
 
 
 
5,500 
  
5.000%, 1/15/31 
1/22 at 100.00 
AA 
5,872,625 
2,000 
  
5.000%, 1/15/42 
1/22 at 100.00 
AA 
2,113,900 
1,780 
  
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, 
8/24 at 100.00 
A+ 
1,979,556 
 
  
Refunding Series 2015A, 5.000%, 8/01/32 
 
 
 
4,850 
  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, 
6/24 at 100.00 
A+ 
5,310,895 
 
  
Refunding Series 2014, 5.000%, 6/01/39 
 
 
 
3,930 
  
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding 
8/23 at 100.00 
A+ 
4,335,458 
 
  
Series 2013, 5.000%, 8/15/31 
 
 
 
6,060 
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding 
5/25 at 100.00 
A+ 
6,575,161 
 
  
Series 2015, 5.000%, 11/15/45 
 
 
 
3,000 
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 
11/22 at 100.00 
A+ 
3,205,530 
 
  
2012, 5.000%, 11/15/42 
 
 
 
5,000 
  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/26 at 100.00 
AA– 
5,504,850 
 
  
Refunding Series 2016MI, 5.000%, 12/01/45 
 
 
 
1,900 
  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, 
6/27 at 100.00 
AA– 
2,238,200 
 
  
Refunding Series 2017MI, 5.000%, 12/01/30 
 
 
 
 
  
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding 
 
 
 
 
  
Series 2012: 
 
 
 
1,000 
  
5.000%, 11/01/25 
11/22 at 100.00 
A+ 
1,106,960 
1,000 
  
5.000%, 11/01/26 
11/22 at 100.00 
A+ 
1,103,980 
3,750 
  
5.000%, 11/01/42 
11/22 at 100.00 
A+ 
4,062,638 
 
37
         
NUM 
Nuveen Michigan Quality Municipal Income Fund 
 
 
Portfolio of Investments (continued) 
February 28, 2019 
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Health Care (continued) 
 
 
 
$ 9,615 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
AA– 
$ 10,234,494 
 
  
2011MI, 5.000%, 12/01/39 
 
 
 
1,000 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
6/22 at 100.00 
AA– 
1,064,880 
 
  
Series 2009C, 5.000%, 12/01/48 
 
 
 
5,380 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
3/24 at 100.00 
A+ 
5,819,385 
 
  
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 
 
 
 
65,480 
  
Total Health Care 
 
 
71,027,117 
 
  
Housing/Multifamily – 2.4% (1.5% of Total Investments) 
 
 
 
2,590 
  
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing 
12/20 at 101.00 
AA 
2,719,785 
 
  
Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (AMT) 
 
 
 
1,825 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 
10/20 at 100.00 
AA 
1,886,995 
 
  
5.000%, 10/01/35 
 
 
 
1,725 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 
4/22 at 100.00 
AA 
1,764,520 
 
  
4.625%, 10/01/41 
 
 
 
1,000 
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 
4/22 at 100.00 
AA 
1,002,950 
 
  
4.000%, 10/01/42 
 
 
 
7,140 
  
Total Housing/Multifamily 
 
 
7,374,250 
 
  
Tax Obligation/General – 31.8% (20.1% of Total Investments) 
 
 
 
2,310 
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
5/22 at 100.00 
Aa1 
2,527,255 
 
  
Refunding Series 2012, 5.000%, 5/01/29 
 
 
 
840 
  
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, 
No Opt. Call 
Aa2 
971,275 
 
  
School Building & Site Series 2015, 5.000%, 5/01/24 
 
 
 
895 
  
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 
5/26 at 100.00 
AAA 
1,058,892 
 
  
5.000%, 5/01/28 
 
 
 
4,445 
  
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School 
5/27 at 100.00 
AA 
4,967,154 
 
  
Building & Site Series 2017I, 5.000%, 5/01/47 
 
 
 
 
  
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, 
 
 
 
 
  
Series 2012: 
 
 
 
1,000 
  
4.000%, 5/01/32 
5/21 at 100.00 
AA 
1,015,290 
500 
  
4.000%, 5/01/33 
5/21 at 100.00 
AA 
506,180 
1,135 
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General 
5/24 at 100.00 
AA 
1,269,600 
 
  
Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 
 
 
 
875 
  
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, 
No Opt. Call 
AA 
908,784 
 
  
Refunding Series 2012, 5.000%, 5/01/20 
 
 
 
 
  
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General 
 
 
 
 
  
Obligation Bonds, Devos Place Project, Series 2001: 
 
 
 
8,900 
  
0.000%, 12/01/25 
No Opt. Call 
AAA 
7,709,536 
3,000 
  
0.000%, 12/01/26 
No Opt. Call 
AAA 
2,518,200 
100 
  
0.000%, 12/01/27 
No Opt. Call 
AAA 
81,097 
4,305 
  
0.000%, 12/01/29 
No Opt. Call 
AAA 
3,251,566 
 
  
Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, 
 
 
 
 
  
Refunding Series 2011: 
 
 
 
560 
  
5.000%, 10/01/28 
10/21 at 100.00 
AA 
603,282 
500 
  
5.000%, 10/01/30 
10/21 at 100.00 
AA 
538,385 
500 
  
5.000%, 10/01/31 
10/21 at 100.00 
AA 
538,125 
 
  
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding 
 
 
 
 
  
School Building & Site Series 2016: 
 
 
 
1,700 
  
5.000%, 5/01/24 – AGM Insured 
No Opt. Call 
AA 
1,956,632 
4,205 
  
5.000%, 5/01/28 – AGM Insured 
5/26 at 100.00 
AA 
4,959,755 
1,000 
  
5.000%, 5/01/38 – AGM Insured 
5/26 at 100.00 
AA 
1,126,230 
 
38

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/General (continued) 
 
 
 
 
  
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017: 
 
 
 
$ 1,245 
  
5.000%, 5/01/29 
5/27 at 100.00 
Aa3 
$ 1,467,668 
1,265 
  
5.000%, 5/01/30 
5/27 at 100.00 
Aa3 
1,479,506 
 
  
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities 
 
 
 
 
  
Series 2017: 
 
 
 
300 
  
5.000%, 4/01/27 
No Opt. Call 
AA+ 
361,593 
1,675 
  
5.000%, 4/01/30 
4/27 at 100.00 
AA+ 
1,982,865 
 
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement 
 
 
 
 
  
Series 2016: 
 
 
 
1,000 
  
5.000%, 6/01/31 
6/26 at 100.00 
AAA 
1,168,390 
1,445 
  
5.000%, 6/01/34 
6/26 at 100.00 
AAA 
1,664,886 
1,000 
  
5.000%, 6/01/35 
6/26 at 100.00 
AAA 
1,150,360 
 
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement 
 
 
 
 
  
Series 2017A: 
 
 
 
1,570 
  
5.000%, 6/01/36 
6/27 at 100.00 
AAA 
1,830,180 
1,650 
  
5.000%, 6/01/37 
6/27 at 100.00 
AAA 
1,914,165 
1,025 
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 
1/25 at 100.00 
AAA 
1,172,805 
 
  
5.000%, 1/01/34 
 
 
 
3,440 
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 
1/25 at 100.00 
AAA 
3,966,389 
 
  
5.000%, 1/01/31 
 
 
 
 
  
Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General 
 
 
 
 
  
Obligation Bonds, Series 2013: 
 
 
 
1,000 
  
5.000%, 10/01/25 
10/23 at 100.00 
AA+ 
1,132,090 
1,020 
  
5.000%, 10/01/26 
10/23 at 100.00 
AA+ 
1,153,304 
1,000 
  
L’Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, 
No Opt. Call 
AA 
1,123,710 
 
  
Refunding Series 2015, 5.000%, 5/01/23 
 
 
 
 
  
Lansing School District, Ingham County, Michigan, General Obligation Bonds, 
 
 
 
 
  
Series 2016I: 
 
 
 
1,345 
  
5.000%, 5/01/26 
No Opt. Call 
AA 
1,602,379 
2,085 
  
5.000%, 5/01/38 
5/26 at 100.00 
AA 
2,345,333 
2,200 
  
5.000%, 5/01/41 
5/26 at 100.00 
AA 
2,453,748 
1,500 
  
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter 
11/28 at 100.00 
Aa3 
1,702,755 
 
  
County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 
 
 
 
4,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 
12/21 at 100.00 
Aa1 
4,353,080 
 
  
5.000%, 12/01/22 
 
 
 
500 
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 
12/25 at 100.00 
Aa1 
593,755 
 
  
5.000%, 12/01/28 
 
 
 
1,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 
12/24 at 100.00 
Aa1 
1,167,160 
 
  
5.000%, 12/01/28 
 
 
 
2,000 
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 
No Opt. Call 
Aa2 
2,134,340 
 
  
5/01/22 – NPFG Insured 
 
 
 
2,945 
  
Muskegon Community College District, Michigan, General Obligation Bonds, Community 
5/24 at 100.00 
AA 
3,320,075 
 
  
Facility Series 2013I, 5.000%, 5/01/38 
 
 
 
 
  
Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, 
 
 
 
 
  
Refunding Series 2015: 
 
 
 
1,350 
  
5.000%, 11/01/33 
11/25 at 100.00 
AA 
1,554,309 
1,730 
  
5.000%, 11/01/36 
11/25 at 100.00 
AA 
1,982,684 
 
  
Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital 
 
 
 
 
  
Improvement Series 2011: 
 
 
 
1,585 
  
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA 
1,698,407 
640 
  
5.250%, 10/01/37 – AGM Insured 
10/21 at 100.00 
AA 
689,946 
 
  
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
 
 
 
530 
  
5.000%, 10/01/31 – AGM Insured 
10/21 at 100.00 
AA 
567,922 
800 
  
5.250%, 10/01/40 – AGM Insured 
10/21 at 100.00 
AA 
861,808 
 
39
           
NUM 
  
Nuveen Michigan Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued) 
February 28, 2019 
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/General (continued) 
 
 
 
$ 500 
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
$ 502,720 
 
  
Series 2012, 5.000%, 5/01/19 
 
 
 
1,510 
  
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax 
4/28 at 100.00 
AA+ 
1,720,056 
 
  
Series 2018, 5.000%, 4/01/43 
 
 
 
1,435 
  
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School 
5/24 at 100.00 
AA 
1,611,089 
 
  
Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured 
 
 
 
550 
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding 
5/25 at 100.00 
AA 
643,132 
 
  
Series 2015, 5.000%, 5/01/26 
 
 
 
1,600 
  
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation 
11/23 at 100.00 
Aa1 
1,782,912 
 
  
Bonds, School Building & Site Series 2014, 5.000%, 5/01/40 
 
 
 
2,590 
  
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, 
5/27 at 100.00 
AA 
2,959,438 
 
  
School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured 
 
 
 
1,225 
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF 
No Opt. Call 
Aa2 
1,356,835 
 
  
Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured 
 
 
 
1,475 
  
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, 
5/21 at 100.00 
AA 
1,540,298 
 
  
Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured 
 
 
 
90,500 
  
Total Tax Obligation/General 
 
 
97,219,330 
 
  
Tax Obligation/Limited – 16.5% (10.4% of Total Investments) 
 
 
 
4,400 
  
Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst 
7/24 at 100.00 
AA 
4,717,108 
 
  
Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured 
 
 
 
2,200 
  
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment 
2/24 at 103.00 
N/R 
2,373,250 
 
  
Bonds, Series 2013A, 5.950%, 2/01/42 
 
 
 
 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit 
 
 
 
 
  
Regional Convention Facility Authority Local Project, Series 2014H-1: 
 
 
 
1,240 
  
5.000%, 10/01/20 
10/19 at 100.00 
AA– 
1,262,295 
2,000 
  
5.000%, 10/01/24 
10/23 at 100.00 
AA– 
2,254,840 
2,000 
  
5.000%, 10/01/25 
10/24 at 100.00 
AA– 
2,296,760 
11,025 
  
5.000%, 10/01/39 
10/24 at 100.00 
AA– 
12,347,008 
2,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
2,164,680 
 
  
2011-I-A, 5.375%, 10/15/41 
 
 
 
1,845 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/23 at 100.00 
Aa2 
2,073,134 
 
  
2013-I-A, 5.000%, 10/15/29 
 
 
 
4,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/25 at 100.00 
Aa2 
4,573,480 
 
  
2015-I, 5.000%, 4/15/38 
 
 
 
 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding 
 
 
 
 
  
Series 2016-I: 
 
 
 
1,500 
  
5.000%, 4/15/41 
10/26 at 100.00 
Aa2 
1,683,975 
2,500 
  
5.000%, 10/15/46 
10/26 at 100.00 
Aa2 
2,779,450 
 
  
Michigan State Trunk Line Fund Bonds, Series 2011: 
 
 
 
1,100 
  
5.000%, 11/15/24 
11/21 at 100.00 
AA+ 
1,196,789 
1,750 
  
5.000%, 11/15/29 
11/21 at 100.00 
AA+ 
1,893,850 
1,605 
  
5.000%, 11/15/31 
11/21 at 100.00 
AA+ 
1,735,166 
1,160 
  
4.000%, 11/15/32 
11/21 at 100.00 
AA+ 
1,193,396 
1,970 
  
5.000%, 11/15/36 
11/21 at 100.00 
AA+ 
2,120,055 
1,370 
  
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 
No Opt. Call 
AA+ 
1,535,167 
1,950 
  
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 
11/24 at 100.00 
AA+ 
2,270,463 
 
  
5.000%, 11/15/29 
 
 
 
45,615 
  
Total Tax Obligation/Limited 
 
 
50,470,866 
 
40

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation – 3.4% (2.1% of Total Investments) 
 
 
 
$ 4,500 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, 
No Opt. Call 
A 
$ 4,853,205 
 
  
Refunding Series 2011A, 5.000%, 12/01/21 (AMT) 
 
 
 
1,000 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/27 at 100.00 
A 
1,123,190 
 
  
County Airport, Senior Series 2017A, 5.000%, 12/01/42 
 
 
 
4,000 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne 
12/22 at 100.00 
AA 
4,385,400 
 
  
County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured 
 
 
 
9,500 
  
Total Transportation 
 
 
10,361,795 
 
  
U.S. Guaranteed – 11.9% (7.5% of Total Investments) (5) 
 
 
 
 
  
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School 
 
 
 
 
  
Building & Site, Series 2011B: 
 
 
 
1,200 
  
5.500%, 5/01/36 (Pre-refunded 5/01/21) 
5/21 at 100.00 
AA 
1,297,536 
2,190 
  
5.500%, 5/01/41 (Pre-refunded 5/01/21) 
5/21 at 100.00 
AA 
2,368,003 
1,800 
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance 
6/20 at 100.00 
AA 
1,873,314 
 
  
Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured 
 
 
 
5,505 
  
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, 
6/22 at 100.00 
N/R 
6,069,978 
 
  
Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) 
 
 
 
35 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
N/R 
38,080 
 
  
2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
 
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012: 
 
 
 
2,000 
  
5.000%, 10/01/31 (Pre-refunded 10/01/22) 
10/22 at 100.00 
AAA 
2,229,440 
1,135 
  
5.000%, 10/01/32 (Pre-refunded 10/01/22) 
10/22 at 100.00 
AAA 
1,265,207 
 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, 
 
 
 
 
  
Series 2010: 
 
 
 
390 
  
5.000%, 10/01/26 (Pre-refunded 10/01/20) 
10/20 at 100.00 
AAA 
410,413 
475 
  
5.000%, 10/01/30 (Pre-refunded 10/01/20) 
10/20 at 100.00 
AAA 
499,862 
 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health 
 
 
 
 
  
System, Refunding Series 2009: 
 
 
 
150 
  
5.000%, 11/15/20 (Pre-refunded 11/15/19) 
11/19 at 100.00 
N/R 
153,465 
7,300 
  
5.750%, 11/15/39 (Pre-refunded 11/15/19) 
11/19 at 100.00 
N/R 
7,506,444 
4,000 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds,MidMichigan Obligated 
6/19 at 100.00 
AA+ 
4,041,520 
 
  
Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured 
 
 
 
3,415 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John’s 
No Opt. Call 
Aaa 
3,642,439 
 
  
Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
 
 
 
1,000 
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 
5/19 at 100.00 
Aa1 
1,006,240 
 
  
11/01/25 (Pre-refunded 5/01/19) 
 
 
 
3,640 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
8/19 at 100.00 
N/R 
3,703,773 
 
  
Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
350 
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement 
12/19 at 100.00 
AA 
359,184 
 
  
Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
34,585 
  
Total U.S. Guaranteed 
 
 
36,464,898 
 
  
Utilities – 12.0% (7.6% of Total Investments) 
 
 
 
 
  
Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A: 
 
 
 
2,750 
  
5.000%, 7/01/33 
7/21 at 100.00 
AA 
2,934,057 
6,020 
  
5.000%, 7/01/39 
7/21 at 100.00 
AA 
6,411,601 
 
  
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2016-XF0394: 
 
 
 
1,110 
  
14.805%, 7/01/37, 144A (IF) (4) 
7/21 at 100.00 
AA– 
1,394,637 
1,700 
  
14.805%, 7/01/37, 144A (IF) (4) 
7/21 at 100.00 
AA– 
2,135,931 
 
  
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: 
 
 
 
1,000 
  
5.000%, 7/01/30 
7/26 at 100.00 
A 
1,147,020 
1,000 
  
5.000%, 7/01/31 
7/26 at 100.00 
A 
1,139,520 
75 
  
5.000%, 7/01/32 
7/26 at 100.00 
A 
85,117 
1,000 
  
5.000%, 7/01/33 
7/26 at 100.00 
A 
1,129,930 
 
41
           
NUM 
  
Nuveen Michigan Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued)
February 28, 2019 
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Utilities (continued) 
 
 
 
 
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A: 
 
 
 
$ 1,900 
  
5.000%, 1/01/27 
1/22 at 100.00 
A2 
$ 2,020,099 
4,530 
  
5.000%, 1/01/43 
1/22 at 100.00 
A2 
4,748,210 
 
  
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding 
 
 
 
 
  
Series 2011: 
 
 
 
1,760 
  
5.000%, 1/01/24 – AGM Insured 
1/21 at 100.00 
AA 
1,849,848 
1,990 
  
5.000%, 1/01/25 – AGM Insured 
1/21 at 100.00 
AA 
2,091,590 
2,180 
  
5.000%, 1/01/26 – AGM Insured 
1/21 at 100.00 
AA 
2,291,289 
290 
  
5.000%, 1/01/27 – AGM Insured 
1/21 at 100.00 
AA 
304,805 
3,640 
  
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison 
No Opt. Call 
Aa3 
4,009,824 
 
  
Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured 
 
 
 
2,700 
  
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – 
10/25 at 100.00 
AA 
2,975,643 
 
  
BAM Insured 
 
 
 
33,645 
  
Total Utilities 
 
 
36,669,121 
 
  
Water and Sewer – 17.2% (10.8% of Total Investments) 
 
 
 
15 
  
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 
3/19 at 100.00 
AA 
15,039 
 
  
2004A, 5.000%, 7/01/34 – AGM Insured 
 
 
 
1,700 
  
Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series 
4/28 at 100.00 
AA 
1,887,034 
 
  
2018, 5.000%, 4/01/43 – AGM Insured 
 
 
 
 
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding 
 
 
 
 
  
Series 2014: 
 
 
 
1,000 
  
5.000%, 1/01/32 
1/24 at 100.00 
Aa1 
1,134,780 
1,000 
  
5.000%, 1/01/33 
1/24 at 100.00 
Aa1 
1,133,310 
1,000 
  
5.000%, 1/01/34 
1/24 at 100.00 
Aa1 
1,131,340 
1,855 
  
5.000%, 1/01/44 
1/24 at 100.00 
Aa1 
2,090,474 
 
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018: 
 
 
 
2,500 
  
5.000%, 1/01/43 
1/28 at 100.00 
Aa1 
2,844,825 
1,055 
  
5.000%, 1/01/48 
1/28 at 100.00 
Aa1 
1,192,108 
1,005 
  
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding 
7/26 at 100.00 
A 
1,146,253 
 
  
Second Lien Series 2016C, 5.000%, 7/01/32 
 
 
 
6,245 
  
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien 
7/26 at 100.00 
AA– 
7,202,983 
 
  
Series 2016C, 5.000%, 7/01/32 
 
 
 
5,000 
  
Michigan Finance Authority, Clean Water Revolving Fund Revenue Bonds, Refunding Series 
No Opt. Call 
AAA 
5,983,850 
 
  
2016B, 5.000%, 10/01/25 
 
 
 
 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
 
 
 
 
  
Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C: 
 
 
 
4,665 
  
5.000%, 7/01/34 
7/25 at 100.00 
A 
5,187,713 
1,070 
  
5.000%, 7/01/35 
7/25 at 100.00 
A 
1,186,266 
 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
 
 
 
 
  
Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1: 
 
 
 
1,500 
  
5.000%, 7/01/35 – AGM Insured 
7/24 at 100.00 
AA 
1,658,670 
1,220 
  
5.000%, 7/01/37 – AGM Insured 
7/24 at 100.00 
AA 
1,342,744 
3,340 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
AA 
3,789,631 
 
  
Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 – 
 
 
 
 
  
AGM Insured 
 
 
 
 
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate 
 
 
 
 
  
Refunding Series 2013: 
 
 
 
1,955 
  
5.000%, 10/01/22 
No Opt. Call 
AAA 
2,185,494 
3,200 
  
5.000%, 10/01/25 
10/22 at 100.00 
AAA 
3,568,992 
2,000 
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding 
No Opt. Call 
AAA 
2,106,600 
 
  
Series 2012, 5.000%, 10/01/20 
 
 
 
580 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 
3/19 at 100.00 
AAA 
581,531 
 
  
2004, 5.000%, 10/01/19 
 
 
 
 
42

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
$ 170 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 
3/19 at 100.00 
AAA 
$ 170,449 
 
  
2005, 5.000%, 10/01/19 
 
 
 
90 
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 
3/19 at 100.00 
AAA 
90,226 
 
  
2004, 5.000%, 10/01/23 
 
 
 
1,000 
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 
No Opt. Call 
AA 
1,153,590 
 
  
5.000%, 11/01/24 
 
 
 
 
  
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011: 
 
 
 
500 
  
5.250%, 10/01/31 
10/21 at 100.00 
A– 
538,110 
1,500 
  
5.625%, 10/01/40 
10/21 at 100.00 
A– 
1,635,825 
 
  
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016: 
 
 
 
210 
  
5.000%, 6/01/26 
No Opt. Call 
Aa3 
248,455 
505 
  
5.000%, 6/01/27 
6/26 at 100.00 
Aa3 
592,057 
550 
  
5.000%, 6/01/28 
6/26 at 100.00 
Aa3 
639,441 
46,430 
  
Total Water and Sewer 
 
 
52,437,790 
$ 446,025 
  
Total Long-Term Investments (cost $464,144,323) 
 
 
484,976,664 
 
  
Floating Rate Obligations – (4.0)% 
 
 
(12,265,000) 
 
  
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.5)% (6) 
 
 
(172,804,230) 
 
  
Other Assets Less Liabilities – 1.9% 
 
 
5,837,165 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 305,744,599 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.6%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax. 
ETM 
Escrowed to maturity. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
43
   
NUO
Nuveen Ohio Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 154.6% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 154.6% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Staples – 4.1% (2.7% of Total Investments) 
 
 
 
$ 13,120 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed 
2/19 at 100.00 
B– 
$ 12,316,400 
 
  
Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 
 
 
 
 
  
Education and Civic Organizations – 14.2% (9.2% of Total Investments) 
 
 
 
 
  
Lorain County Community College District, Ohio, General Receipts Revenue Bonds, 
 
 
 
 
  
Refunding Series 2017: 
 
 
 
1,305 
  
5.000%, 12/01/32 
6/27 at 100.00 
Aa2 
1,512,430 
1,200 
  
5.000%, 12/01/33 
6/27 at 100.00 
Aa2 
1,386,816 
505 
  
5.000%, 12/01/34 
6/27 at 100.00 
Aa2 
581,775 
 
  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014: 
 
 
 
4,375 
  
5.000%, 9/01/33 
9/24 at 100.00 
AA 
4,929,444 
2,500 
  
4.000%, 9/01/39 
9/24 at 100.00 
AA 
2,585,225 
2,585 
  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 
9/26 at 100.00 
AA 
2,912,080 
 
  
Miami University of Ohio, General Receipts Bonds, Series 2011: 
 
 
 
130 
  
5.000%, 9/01/33 
9/21 at 100.00 
AA 
138,980 
1,960 
  
5.000%, 9/01/36 
9/21 at 100.00 
AA 
2,092,437 
 
  
Miami University of Ohio, General Receipts Bonds, Series 2012: 
 
 
 
480 
  
4.000%, 9/01/32 
9/22 at 100.00 
AA 
500,510 
1,000 
  
4.000%, 9/01/33 
9/22 at 100.00 
AA 
1,038,980 
 
  
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University 
 
 
 
 
  
Project, Series 2012: 
 
 
 
120 
  
5.000%, 11/01/27 
5/22 at 100.00 
AA 
131,016 
590 
  
5.000%, 11/01/32 
5/22 at 100.00 
AA 
640,575 
5,000 
  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, 
12/22 at 100.00 
A+ 
5,423,700 
 
  
Refunding Series 2013, 5.000%, 12/01/43 
 
 
 
1,000 
  
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 
12/22 at 100.00 
Aa3 
1,091,090 
1,000 
  
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education 
3/25 at 100.00 
N/R 
1,006,480 
 
  
Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 
 
 
 
 
  
6.000%, 3/01/45 
 
 
 
1,000 
  
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C, 
12/24 at 100.00 
AA– 
1,127,110 
 
  
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– 
3,532,823 
7,580 
  
Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 – 
5/21 at 100.00 
AA 
8,033,815 
 
  
BAM Insured 
 
 
 
 
  
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017: 
 
 
 
1,555 
  
5.000%, 12/15/29 
12/26 at 100.00 
A+ 
1,814,607 
1,670 
  
5.000%, 12/15/30 
12/26 at 100.00 
A+ 
1,933,910 
38,730 
  
Total Education and Civic Organizations 
 
 
42,413,803 
 
  
Health Care – 15.9% (10.3% of Total Investments) 
 
 
 
3,000 
  
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/23 at 100.00 
AA– 
3,252,060 
 
  
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– 
2,483,505 
1,000 
  
5.000%, 12/01/47 
12/27 at 100.00 
A– 
1,084,650 
2,400 
  
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center 
6/23 at 100.00 
Baa3 
2,441,112 
 
  
Project, Series 2013, 5.000%, 6/15/43 
 
 
 
 
44

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Health Care (continued) 
 
 
 
$ 250 
  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
AA+ 
$ 267,005 
 
  
5.000%, 11/15/41 
 
 
 
4,480 
  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option 
11/21 at 100.00 
AA+ 
5,089,414 
 
  
Bond Trust 2016-XL0004, 8.210%, 11/15/41, 144A (IF) (4) 
 
 
 
1,730 
  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 
12/27 at 100.00 
AA– 
1,929,469 
 
  
5.000%, 12/01/47 
 
 
 
300 
  
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., 
3/19 at 100.00 
A– 
300,930 
 
  
Refunding Series 2008C, 6.000%, 8/15/43 
 
 
 
820 
  
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health 
8/21 at 100.00 
A2 
875,391 
 
  
Center Project, Refunding Series 2011, 5.250%, 8/01/41 
 
 
 
 
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A: 
 
 
 
2,575 
  
5.000%, 5/01/30 
3/19 at 100.00 
BBB+ 
2,602,733 
2,040 
  
5.000%, 5/01/32 
3/19 at 100.00 
BBB+ 
2,061,420 
6,105 
  
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System 
2/23 at 100.00 
BB+ 
6,241,813 
 
  
Obligated Group Project, Series 2013, 5.000%, 2/15/44 
 
 
 
1,100 
  
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland 
1/22 at 100.00 
AA 
1,181,653 
 
  
Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 
 
 
 
 
  
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa 
 
 
 
 
  
Health System Project, Series 2010: 
 
 
 
1,520 
  
5.250%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA 
1,572,182 
555 
  
5.750%, 11/15/40 – AGM Insured 
5/20 at 100.00 
AA 
578,249 
 
  
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, 
 
 
 
 
  
Refunding Series 2017A: 
 
 
 
1,000 
  
5.000%, 1/01/30 
1/28 at 100.00 
AA 
1,210,170 
2,090 
  
5.000%, 1/01/33 
1/28 at 100.00 
AA 
2,467,120 
 
  
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 
1,100,000 
2,000 
  
5.000%, 1/15/29 
1/23 at 100.00 
A 
2,192,660 
 
  
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood 
 
 
 
 
  
County Hospital Project, Series 2012: 
 
 
 
2,670 
  
5.000%, 12/01/37 
12/22 at 100.00 
Ba2 
2,752,903 
5,510 
  
5.000%, 12/01/42 
12/22 at 100.00 
Ba2 
5,639,485 
44,395 
  
Total Health Care 
 
 
47,323,924 
 
  
Housing/Multifamily – 1.2% (0.8% of Total Investments) 
 
 
 
187 
  
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, 
3/19 at 100.00 
Aaa 
187,473 
 
  
Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT) 
 
 
 
3,340 
  
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower 
3/19 at 101.00 
Aa1 
3,366,186 
 
  
Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT) 
 
 
 
3,527 
  
Total Housing/Multifamily 
 
 
3,553,659 
 
  
Industrials – 1.3% (0.8% of Total Investments) 
 
 
 
3,495 
  
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation 
No Opt. Call 
A3 
3,874,277 
 
  
Inc., Series 1992, 6.450%, 12/15/21 
 
 
 
1,600 
  
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste 
3/19 at 101.00 
N/R 
16 
 
  
Inc., Series 2007A, 6.350%, 7/01/27 (AMT) (5) 
 
 
 
5,095 
  
Total Industrials 
 
 
3,874,293 
 
  
Long-Term Care – 1.1% (0.7% of Total Investments) 
 
 
 
895 
  
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB 
922,306 
 
  
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
2,220 
  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint 
4/20 at 100.00 
BBB– 
2,304,205 
 
  
Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40 
 
 
 
3,115 
  
Total Long-Term Care 
 
 
3,226,511 
 
45
           
NUO 
  
Nuveen Ohio Quality Municipal Income Fund 
 
 
 
  
Portfolio of Investments (continued) 
February 28, 2019 
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/General – 21.9% (14.1% of Total Investments) 
 
 
 
$ 2,500 
  
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, 
11/27 at 100.00 
AA 
$ 2,818,750 
 
  
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+ 
1,191,918 
 
  
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, 
 
 
 
 
  
Refunding Series 2006: 
 
 
 
4,310 
  
0.000%, 12/01/27 – AGM Insured 
No Opt. Call 
AA 
3,498,298 
5,835 
  
0.000%, 12/01/28 – AGM Insured 
No Opt. Call 
AA 
4,557,894 
2,250 
  
Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29 
10/28 at 100.00 
AAA 
2,787,322 
 
  
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: 
 
 
 
725 
  
5.000%, 12/01/26 
12/25 at 100.00 
Aaa 
870,558 
900 
  
5.000%, 12/01/32 
12/25 at 100.00 
Aaa 
1,057,599 
1,000 
  
5.000%, 12/01/34 
12/25 at 100.00 
Aaa 
1,171,000 
1,730 
  
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 
12/23 at 100.00 
AAA 
1,971,508 
 
  
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 
1,432,620 
1,540 
  
5.000%, 11/01/31 
11/24 at 100.00 
Aa2 
1,746,622 
 
  
Greenville City School District, Drake County, Ohio, General Obligation Bonds, School 
 
 
 
 
  
Improvement Series 2013: 
 
 
 
555 
  
5.250%, 1/01/38 
1/22 at 100.00 
AA 
604,428 
1,355 
  
5.250%, 1/01/41 
1/22 at 100.00 
AA 
1,473,725 
1,355 
  
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 
12/19 at 100.00 
Aa1 
1,387,805 
 
  
5.125%, 12/01/36 
 
 
 
2,160 
  
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 
No Opt. Call 
Aa1 
2,056,428 
 
  
2011, 0.000%, 12/01/21 
 
 
 
 
  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, 
 
 
 
 
  
Refunding Series 2007: 
 
 
 
3,625 
  
5.250%, 12/01/28 – AGM Insured 
No Opt. Call 
A2 
4,439,247 
4,500 
  
5.250%, 12/01/31 – AGM Insured 
No Opt. Call 
A2 
5,544,270 
1,305 
  
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 
No Opt. Call 
A1 
1,527,476 
 
  
2006, 5.500%, 12/01/24 – AMBAC Insured 
 
 
 
725 
  
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities 
6/22 at 100.00 
Aa3 
784,900 
 
  
Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
2,880 
  
Ohio State, General Obligation Bonds, Higher Education, Series 2017A, 5.000%, 5/01/36 
5/25 at 100.00 
AA+ 
3,269,520 
3,000 
  
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 
5/24 at 100.00 
AAA 
3,437,010 
 
  
5.000%, 5/01/29 
 
 
 
 
  
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V: 
 
 
 
2,500 
  
5.000%, 5/01/33 
5/28 at 100.00 
AAA 
2,999,775 
1,250 
  
5.000%, 5/01/34 
5/28 at 100.00 
AAA 
1,493,100 
5,000 
  
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban 
6/22 at 100.00 
Aa2 
5,426,150 
 
  
Redevelopment, Series 2012, 5.000%, 6/01/42 
 
 
 
4,000 
  
Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation 
1/28 at 100.00 
Aa2 
4,012,240 
 
  
Bonds, School Improvement Series 2018A, 4.000%, 1/15/55 
 
 
 
450 
  
South-Western City School District, Franklin and Pickaway Counties, Ohio, General 
6/22 at 100.00 
AA 
490,712 
 
  
Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
1,500 
  
Springboro Community City School District, Warren County, Ohio, General Obligation 
No Opt. Call 
AA 
1,880,910 
 
  
Bonds, Refunding Series 2007, 5.250%, 12/01/32 
 
 
 
1,000 
  
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, 
12/27 at 100.00 
AAA 
1,143,570 
 
  
School Facilities & Improvement Series 2018A, 5.000%, 12/01/48 
 
 
 
60,260 
  
Total Tax Obligation/General 
 
 
65,075,355 
 
46
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited – 37.6% (24.3% of Total Investments) 
 
 
 
$ 8,045 
  
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate 
10/23 at 100.00 
AA+ 
$ 8,928,904 
 
  
Lien Series 2015A-2, 5.000%, 10/01/37 
 
 
 
 
  
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+ 
1,479,938 
1,000 
  
5.000%, 10/01/32 
4/28 at 100.00 
AA+ 
1,178,360 
3,000 
  
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 
11/23 at 100.00 
AA+ 
3,331,200 
 
  
2014A-1, 5.000%, 11/15/38 
 
 
 
 
  
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+ 
515,814 
700 
  
5.000%, 10/01/33 
10/27 at 100.00 
AA+ 
816,375 
500 
  
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard 
12/19 at 100.00 
BBB 
504,165 
 
  
Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36 
 
 
 
6,750 
  
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention 
12/20 at 100.00 
AA 
7,126,852 
 
  
Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27 
 
 
 
 
  
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014: 
 
 
 
1,815 
  
5.000%, 12/01/32 
12/24 at 100.00 
AAA 
2,083,257 
1,415 
  
5.000%, 12/01/33 
12/24 at 100.00 
AAA 
1,620,034 
1,000 
  
5.000%, 12/01/34 
12/24 at 100.00 
AAA 
1,143,170 
945 
  
5.000%, 12/01/35 
12/24 at 100.00 
AAA 
1,078,651 
300 
  
Delaware County District Library, Ohio, Library Fund Library Facilities Special 
12/19 at 100.00 
Aa2 
307,212 
 
  
Obligation Notes, Series 2009, 5.000%, 12/01/34 
 
 
 
1,920 
  
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44 
12/25 at 100.00 
Aa1 
2,177,626 
10,350 
  
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue 
12/24 at 100.00 
Aa1 
11,837,709 
 
  
Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 
 
 
 
 
  
5.000%, 12/01/35 
 
 
 
 
  
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018: 
 
 
 
2,120 
  
5.000%, 6/01/36 
6/28 at 100.00 
AAA 
2,510,737 
1,155 
  
5.000%, 6/01/37 
6/28 at 100.00 
AAA 
1,361,653 
6,500 
  
5.000%, 6/01/43 
6/28 at 100.00 
AAA 
7,512,310 
5,535 
  
5.000%, 6/01/48 
6/28 at 100.00 
AAA 
6,357,280 
1,000 
  
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
12/25 at 100.00 
AA+ 
1,155,430 
 
  
Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34 
 
 
 
1,200 
  
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
12/26 at 100.00 
AA+ 
1,434,936 
 
  
Improvement Bonds, Refunding Series 2016, 5.000%, 12/01/28 
 
 
 
5,565 
  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – 
No Opt. Call 
AA 
4,223,445 
 
  
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 
5,406,400 
20,700 
  
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien 
1/23 at 100.00 
AA 
22,679,955 
 
  
Series 2013A, 5.000%, 1/01/38 
 
 
 
1,000 
  
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, 
10/22 at 100.00 
Aa3 
1,105,410 
 
  
Series 2012C, 5.000%, 10/01/24 
 
 
 
 
  
Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement 
 
 
 
 
  
Fund Projects, Series 2017A: 
 
 
 
915 
  
5.000%, 12/01/31 
12/27 at 100.00 
AA 
1,090,259 
1,345 
  
5.000%, 12/01/32 
12/27 at 100.00 
AA 
1,589,669 
1,250 
  
Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2019, 5.000%, 12/01/48 
12/28 at 100.00 
AA 
1,398,013 
1,845 
  
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community 
12/25 at 100.00 
AA 
1,923,837 
 
  
Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured 
 
 
 
400 
  
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development 
12/28 at 100.00 
N/R 
417,648 
 
  
TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50 
 
 
 
 
47
           
NUO 
  
Nuveen Ohio Quality Municipal Income Fund 
 
 
 
  
Portfolio of Investments (continued)
February 28, 2019  
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited (continued) 
 
 
 
 
  
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+ 
$ 1,837,958 
1,200 
  
5.000%, 12/01/24 
12/22 at 100.00 
AA+ 
1,339,836 
 
  
Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of 
 
 
 
 
  
Participation, School Facilities Project, Series 2012: 
 
 
 
765 
  
5.000%, 12/01/24 
12/20 at 100.00 
Aa3 
805,813 
805 
  
5.000%, 12/01/25 
12/20 at 100.00 
Aa3 
847,520 
2,450 
  
Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of 
12/27 at 100.00 
Aa2 
2,784,474 
 
  
Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39 
 
 
 
101,820 
  
Total Tax Obligation/Limited 
 
 
111,911,850 
 
  
Transportation – 19.3% (12.5% of Total Investments) 
 
 
 
 
  
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: 
 
 
 
2,150 
  
5.000%, 1/01/30 
1/22 at 100.00 
A 
2,308,971 
1,500 
  
5.000%, 1/01/31 – AGM Insured 
1/22 at 100.00 
AA 
1,613,055 
 
  
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 
956,913 
500 
  
5.000%, 12/01/34 – AGM Insured 
12/23 at 100.00 
AA 
555,400 
 
  
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 
2,787,800 
3,000 
  
5.000%, 12/31/39 – AGM Insured (AMT) 
6/25 at 100.00 
AA 
3,307,200 
4,250 
  
5.000%, 6/30/53 (AMT) 
6/25 at 100.00 
A– 
4,470,575 
 
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien 
 
 
 
 
  
Series 2013A-1: 
 
 
 
2,050 
  
5.250%, 2/15/39 
2/23 at 100.00 
Aa3 
2,271,913 
10,915 
  
5.000%, 2/15/48 
2/23 at 100.00 
Aa3 
11,733,843 
15,000 
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/28 at 100.00 
Aa3 
17,064,900 
 
  
Series 2018A, 5.000%, 2/15/46 (UB) 
 
 
 
 
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien, 
 
 
 
 
  
Capital Appreciation Series 2013A-2: 
 
 
 
5,000 
  
0.000%, 2/15/37 
No Opt. Call 
Aa3 
2,591,850 
11,260 
  
0.000%, 2/15/38 
No Opt. Call 
Aa3 
5,553,770 
5,000 
  
0.000%, 2/15/40 
No Opt. Call 
Aa3 
2,228,150 
63,985 
  
Total Transportation 
 
 
57,444,340 
 
  
U.S. Guaranteed – 20.6% (13.3% of Total Investments) (6) 
 
 
 
1,950 
  
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, 
6/20 at 100.00 
AA– 
2,034,143 
 
  
Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20) 
 
 
 
 
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: 
 
 
 
1,165 
  
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
N/R 
1,236,659 
2,335 
  
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
11/20 at 100.00 
A 
2,478,626 
 
  
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, 
 
 
 
 
  
Series 2012: 
 
 
 
110 
  
5.000%, 12/01/26 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R 
121,472 
1,140 
  
5.000%, 12/01/26 (Pre-refunded 6/01/22) 
6/22 at 100.00 
Aaa 
1,260,794 
245 
  
5.000%, 12/01/28 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R 
270,551 
2,545 
  
5.000%, 12/01/28 (Pre-refunded 6/01/22) 
6/22 at 100.00 
Aaa 
2,814,668 
160 
  
5.000%, 12/01/29 (Pre-refunded 6/01/22) 
6/22 at 100.00 
N/R 
176,686 
1,605 
  
5.000%, 12/01/29 (Pre-refunded 6/01/22) 
6/22 at 100.00 
Aaa 
1,775,066 
 
  
Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A: 
 
 
 
1,960 
  
5.000%, 12/01/31 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA 
2,075,013 
875 
  
5.000%, 12/01/32 (Pre-refunded 12/01/20) 
12/20 at 100.00 
AA 
926,345 
 
48

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (6) (continued) 
 
 
 
$ 8,150 
  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 
12/21 at 100.00 
AAA 
$ 8,890,183 
 
  
(Pre-refunded 12/01/21) 
 
 
 
2,000 
  
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 
12/19 at 100.00 
AA+ 
2,050,640 
 
  
(Pre-refunded 12/01/19) 
 
 
 
 
  
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+ 
1,503,966 
1,520 
  
5.000%, 10/01/30 (Pre-refunded 10/01/23) 
10/23 at 100.00 
AA+ 
1,738,424 
1,600 
  
5.000%, 10/01/31 (Pre-refunded 10/01/23) 
10/23 at 100.00 
AA+ 
1,829,920 
2,705 
  
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate 
10/23 at 100.00 
N/R 
3,093,708 
 
  
Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23) 
 
 
 
 
  
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A: 
 
 
 
2,500 
  
5.000%, 1/01/25 (Pre-refunded 1/01/22) 
1/22 at 100.00 
AA 
2,730,175 
1,975 
  
5.000%, 1/01/26 (Pre-refunded 1/01/22) 
1/22 at 100.00 
AA 
2,156,838 
1,140 
  
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School 
11/21 at 100.00 
A1 
1,240,457 
 
  
Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured 
 
 
 
 
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
 
 
 
 
  
Improvement Series 2009: 
 
 
 
250 
  
5.000%, 11/01/34 (Pre-refunded 11/01/19) 
11/19 at 100.00 
Aa2 
255,373 
2,615 
  
5.250%, 11/01/40 (Pre-refunded 11/01/19) 
11/19 at 100.00 
Aa2 
2,675,459 
 
  
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital 
 
 
 
 
  
Improvement Bonds, Refunding Series 2012: 
 
 
 
1,010 
  
5.250%, 12/01/27 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA+ 
1,107,051 
1,090 
  
5.250%, 12/01/28 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA+ 
1,194,738 
760 
  
5.250%, 12/01/30 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA+ 
833,028 
600 
  
5.000%, 12/01/31 (Pre-refunded 12/01/21) 
12/21 at 100.00 
AA+ 
653,646 
3,225 
  
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, 
6/21 at 100.00 
A+ 
3,546,307 
 
  
Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21) 
 
 
 
3,965 
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 
4,412,490 
 
  
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
2,000 
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 
5/23 at 100.00 
AA+ 
2,265,360 
 
  
2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23) 
 
 
 
945 
  
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa 
5/20 at 100.00 
AA 
989,906 
 
  
Health System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured 
 
 
 
1,800 
  
South-Western City School District, Franklin and Pickaway Counties, Ohio, General 
6/22 at 100.00 
N/R 
1,987,722 
 
  
Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
 
 
 
  
(Pre-refunded 6/01/22) 
 
 
 
 
  
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, 
 
 
 
 
  
School Improvement Series 2009: 
 
 
 
685 
  
5.125%, 12/01/37 (Pre-refunded 6/01/19) 
6/19 at 100.00 
N/R 
690,795 
315 
  
5.125%, 12/01/37 (Pre-refunded 6/01/19) 
6/19 at 100.00 
AA– 
317,703 
56,255 
  
Total U.S. Guaranteed 
 
 
61,333,912 
 
  
Utilities – 5.7% (3.7% of Total Investments) 
 
 
 
1,500 
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, 
2/24 at 100.00 
A1 
1,637,055 
 
  
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 
1,577,147 
 
  
Refunding Series 2016A, 5.000%, 2/15/41 
 
 
 
1,660 
  
American Municipal Power, Inc., Ohio, Solar Electricity Prepayment Project Revenue 
2/29 at 100.00 
A 
1,869,857 
 
  
Bonds, Green Bonds Series 2019A, 5.000%, 2/15/44 
 
 
 
1,565 
  
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 – 
No Opt. Call 
A– 
924,664 
 
  
NPFG Insured 
 
 
 
 
49
           
NUO 
  
Nuveen Ohio Quality Municipal Income Fund 
 
 
 
  
Portfolio of Investments (continued) 
 
 
 
 
  
February 28, 2019 
 
 
 
 
 
 
 
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– 
$ 1,483,120 
6,895 
  
0.000%, 11/15/32 – NPFG Insured 
No Opt. Call 
A– 
4,257,180 
2,155 
  
0.000%, 11/15/34 – NPFG Insured 
No Opt. Call 
A– 
1,215,959 
1,500 
  
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus 
12/19 at 100.00 
A2 
1,535,190 
 
  
Southern Power Company Project, Series 2009B, 5.800%, 12/01/38 
 
 
 
2,000 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, 
No Opt. Call 
N/R 
1,740,000 
 
  
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) 
 
 
 
950 
  
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville 
No Opt. Call 
A1 
706,135 
 
  
Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured 
 
 
 
21,655 
  
Total Utilities 
 
 
16,946,307 
 
  
Water and Sewer – 11.7% (7.6% of Total Investments) 
 
 
 
8,000 
  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46 
12/26 at 100.00 
AAA 
9,117,120 
2,035 
  
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42 
1/22 at 100.00 
AA+ 
2,188,948 
375 
  
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, 
No Opt. Call 
Aa1 
393,315 
 
  
Series 1993G, 5.500%, 1/01/21 – NPFG Insured 
 
 
 
1,275 
  
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of 
12/24 at 100.00 
AA+ 
1,469,387 
 
  
Greater Cincinnati, Refunding Series 2014A, 5.000%, 12/01/31 
 
 
 
2,025 
  
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – 
12/20 at 100.00 
A2 
2,081,437 
 
  
AGM Insured 
 
 
 
 
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, 
 
 
 
 
  
Refunding & Improvement Series 2014: 
 
 
 
2,950 
  
5.000%, 11/15/39 
11/24 at 100.00 
AA+ 
3,331,110 
1,400 
  
5.000%, 11/15/44 
11/24 at 100.00 
AA+ 
1,563,534 
 
  
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013: 
 
 
 
820 
  
5.000%, 11/15/25 
11/23 at 100.00 
Aa3 
926,452 
605 
  
5.000%, 11/15/26 
11/23 at 100.00 
Aa3 
682,095 
1,075 
  
5.000%, 11/15/27 
11/23 at 100.00 
Aa3 
1,209,934 
695 
  
5.000%, 11/15/28 
11/23 at 100.00 
Aa3 
780,582 
10,000 
  
Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 
11/26 at 100.00 
AA– 
11,254,600 
 
  
5.000%, 11/15/41 (UB) (4) 
 
 
 
31,255 
  
Total Water and Sewer 
 
 
34,998,514 
$ 443,212 
  
Total Long-Term Investments (cost $440,422,999) 
 
 
460,418,868 
 
  
Floating Rate Obligations – (6.7)% 
 
 
(20,000,000) 
 
  
Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.6)% (7) 
 
 
(147,759,533) 
 
  
Other Assets Less Liabilities – 1.7% 
 
 
5,115,037 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 297,774,372 
 
50
 

   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. 
(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) 
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.1%. 
144A 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
AMT 
Alternative Minimum Tax. 
IF 
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
51
   
NTX
Nuveen Texas Quality Municipal Income Fund
Portfolio of Investments
February 28, 2019
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 156.6% (100.0% of Total Investments) 
 
 
 
 
  
MUNICIPAL BONDS – 156.6% (100.0% of Total Investments) 
 
 
 
 
  
Consumer Discretionary – 2.7% (1.7% of Total Investments) 
 
 
 
$ 4,060 
  
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue 
3/19 at 100.00 
A3 
$ 4,060,000 
 
  
Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT) 
 
 
 
 
  
Education and Civic Organizations – 12.2% (7.8% of Total Investments) 
 
 
 
2,500 
  
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding 
7/24 at 100.00 
AAA 
2,877,875 
 
  
Series 2015A, 5.000%, 7/01/28 
 
 
 
1,000 
  
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding 
No Opt. Call 
AAA 
1,112,460 
 
  
Series 2012B, 5.000%, 8/15/22 
 
 
 
 
  
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
  
Education Charter School, Series 2013A: 
 
 
 
1,000 
  
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
968,270 
1,000 
  
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
965,130 
1,230 
  
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood 
8/23 at 100.00 
BBB– 
1,338,683 
 
  
Jr. Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28 
 
 
 
1,000 
  
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist 
3/21 at 100.00 
A– 
1,052,590 
 
  
University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35 
 
 
 
1,000 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical 
11/22 at 100.00 
A 
1,104,630 
 
  
Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26 
 
 
 
3,000 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue 
6/23 at 100.00 
Baa2 
3,129,030 
 
  
Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A, 
 
 
 
 
  
5.000%, 6/01/38 
 
 
 
2,000 
  
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue 
2/21 at 100.00 
AA 
2,117,420 
 
  
Financing System Bonds, Series 2013, 5.000%, 2/15/36 
 
 
 
1,925 
  
Stephen F. Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series 
10/28 at 100.00 
AA– 
2,166,029 
 
  
2016, 5.000%, 10/15/42 
 
 
 
1,240 
  
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing 
5/26 at 100.00 
AA 
1,444,104 
 
  
System, Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured 
 
 
 
16,895 
  
Total Education and Civic Organizations 
 
 
18,276,221 
 
  
Energy – 1.3% (0.9% of Total Investments) 
 
 
 
2,000 
  
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, 
10/22 at 100.00 
BB 
1,987,800 
 
  
Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT) 
 
 
 
 
  
Health Care – 2.8% (1.8% of Total Investments) 
 
 
 
1,000 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
12/22 at 100.00 
A+ 
1,088,100 
 
  
Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35 
 
 
 
1,000 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
6/25 at 100.00 
AA 
1,097,880 
 
  
Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
515 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
9/23 at 100.00 
A 
568,416 
 
  
Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33 
 
 
 
1,250 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
5/26 at 100.00 
AA– 
1,433,212 
 
  
Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32 
 
 
 
3,765 
  
Total Health Care 
 
 
4,187,608 
 
52

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Housing/Multifamily – 2.2% (1.4% of Total Investments) 
 
 
 
$ 3,000 
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing 
4/24 at 100.00 
AA 
$ 3,239,850 
 
  
Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M 
 
 
 
 
  
University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured 
 
 
 
 
  
Tax Obligation/General – 25.1% (16.0% of Total Investments) 
 
 
 
1,975 
  
Allen Independent School District, Collin County, Texas, General Obligation Bonds, 
2/26 at 100.00 
AAA 
2,232,639 
 
  
School Building Series 2016, 5.000%, 2/15/39 
 
 
 
500 
  
Austin Community College District, Texas, General Obligation Bonds, Refunding Limited 
No Opt. Call 
AA+ 
568,495 
 
  
Tax Series 2016, 5.000%, 8/01/23 
 
 
 
1,620 
  
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012, 
2/22 at 100.00 
AA 
1,751,998 
 
  
5.000%, 2/15/32 – AGM Insured 
 
 
 
1,500 
  
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32 
2/21 at 100.00 
AA+ 
1,588,365 
1,000 
  
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 
8/23 at 100.00 
A– 
1,057,160 
 
  
5.000%, 8/15/33 
 
 
 
1,565 
  
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – 
No Opt. Call 
AA 
1,666,600 
 
  
AGM Insured 
 
 
 
2,000 
  
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, 
3/27 at 100.00 
AA 
2,350,560 
 
  
5.000%, 3/01/31 
 
 
 
3,255 
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 24.48 
A+ 
761,865 
 
  
Refunding Series 2012A, 0.000%, 8/01/45 
 
 
 
1,360 
  
Jacksonville Independent School District, Cherokee County, Texas, General Obligation 
2/24 at 100.00 
Aaa 
1,521,405 
 
  
Bonds, School Building Series 2014, 5.000%, 2/15/39 
 
 
 
2,675 
  
Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 
8/24 at 100.00 
AA– 
3,015,741 
 
  
2014, 5.000%, 8/01/34 
 
 
 
1,350 
  
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, 
2/23 at 100.00 
AAA 
1,481,355 
 
  
School Building Series 2013A, 5.000%, 2/15/43 
 
 
 
1,750 
  
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, 
4/21 at 100.00 
BBB 
1,859,987 
 
  
Series 2011A, 7.250%, 4/01/36 
 
 
 
 
  
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
1,000 
  
5.750%, 12/01/33 
12/25 at 100.00 
B1 
1,059,090 
1,000 
  
6.125%, 12/01/38 
12/25 at 100.00 
B1 
1,058,800 
1,425 
  
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 
No Opt. Call 
AAA 
827,113 
 
  
0.000%, 10/01/35 
 
 
 
4,000 
  
Prosper Independent School District, Collin County, Texas, General Obligation Bonds, 
2/25 at 100.00 
AAA 
4,500,960 
 
  
Refunding Series 2015, 5.000%, 2/15/40 
 
 
 
205 
  
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 
2/24 at 100.00 
Ba2 
209,672 
 
  
2014A, 5.125%, 2/01/39 
 
 
 
2,000 
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement 
4/22 at 100.00 
AAA 
2,157,880 
 
  
Series 2012A, 5.000%, 4/01/42 
 
 
 
2,000 
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, 
4/24 at 100.00 
AAA 
2,219,100 
 
  
Series 2014, 5.000%, 4/01/44 
 
 
 
2,000 
  
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, 
4/24 at 100.00 
AAA 
2,253,480 
 
  
Refunding Series 2014, 5.000%, 10/01/34 
 
 
 
 
  
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
 
 
 
 
  
Refunding Bonds, Series 1998: 
 
 
 
45 
  
0.000%, 8/15/22 
3/19 at 83.20 
AAA 
37,364 
45 
  
0.000%, 8/15/24 
3/19 at 74.60 
AAA 
33,500 
9,000 
  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, 
8/25 at 44.15 
Aaa 
3,196,260 
 
  
Capital Appreciation Series 2015, 0.000%, 8/15/45 
 
 
 
43,270 
  
Total Tax Obligation/General 
 
 
37,409,389 
 
53
           
NTX 
  
Nuveen Texas Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued)
February 28, 2019 
 
 
 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Tax Obligation/Limited – 26.9% (17.2% of Total Investments) 
 
 
 
$ 1,000 
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 
8/19 at 100.00 
AA 
$ 1,015,370 
 
  
2010, 5.250%, 8/15/38 – AGM Insured 
 
 
 
 
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax 
 
 
 
 
  
Series 2015: 
 
 
 
1,060 
  
5.000%, 8/15/34 – AGM Insured 
8/24 at 100.00 
AA 
1,191,758 
1,160 
  
5.000%, 8/15/35 – AGM Insured 
8/24 at 100.00 
AA 
1,302,297 
1,175 
  
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 
12/24 at 100.00 
AA+ 
1,339,829 
 
  
2014A, 5.000%, 12/01/36 
 
 
 
1,680 
  
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 
12/25 at 100.00 
AA+ 
1,887,850 
 
  
5.000%, 12/01/48 
 
 
 
500 
  
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement 
9/19 at 103.00 
N/R 
506,515 
 
  
District 1, Series 2014, 6.500%, 9/01/36 
 
 
 
2,500 
  
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, 
No Opt. Call 
AAA 
2,990,000 
 
  
Contractual Obligations Series 2015B, 5.000%, 11/01/25 
 
 
 
1,390 
  
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, 
11/21 at 100.00 
AAA 
1,492,165 
 
  
Series 2011A, 5.000%, 11/01/41 
 
 
 
 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: 
 
 
 
450 
  
0.000%, 11/15/24 – NPFG Insured 
No Opt. Call 
Baa2 
376,177 
210 
  
0.000%, 11/15/32 – NPFG Insured 
11/31 at 94.05 
Baa2 
120,494 
260 
  
0.000%, 11/15/33 
11/31 at 88.44 
Baa2 
139,407 
2,045 
  
0.000%, 11/15/34 – NPFG Insured 
11/31 at 83.17 
Baa2 
1,024,749 
1,130 
  
0.000%, 11/15/36 – NPFG Insured 
11/31 at 73.51 
Baa2 
494,330 
4,370 
  
0.000%, 11/15/38 – NPFG Insured 
11/31 at 64.91 
Baa2 
1,671,306 
2,260 
  
0.000%, 11/15/39 – NPFG Insured 
11/31 at 60.98 
Baa2 
808,922 
400 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien 
11/24 at 100.00 
A3 
444,276 
 
  
Series 2014C, 5.000%, 11/15/34 
 
 
 
1,000 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien 
11/24 at 100.00 
A2 
1,137,710 
 
  
Series 2014A, 5.000%, 11/15/28 
 
 
 
3,440 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 
11/31 at 53.78 
A2 
1,142,665 
 
  
0.000%, 11/15/41 – NPFG Insured 
 
 
 
1,000 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 59.10 
Baa2 
489,120 
 
  
0.000%, 11/15/33 – NPFG Insured 
 
 
 
1,015 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
9/24 at 100.00 
A2 
1,131,502 
 
  
Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 
 
 
 
1,470 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and 
No Opt. Call 
A2 
897,700 
 
  
Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured 
 
 
 
10,000 
  
Texas State Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 
10/26 at 100.00 
AAA 
11,865,700 
 
  
2016A, 5.000%, 10/01/30 (UB) (4) 
 
 
 
1,875 
  
Texas State Transportation Commission, Highway Fund Revenue Bonds, Highway 249 First 
2/29 at 100.00 
Baa3 
2,039,869 
 
  
Tier Series 2019A, 5.000%, 8/01/57 
 
 
 
2,490 
  
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, 
9/25 at 100.00 
Baa2 
2,656,954 
 
  
Infrastructure Improvement Facilities, Series 2018, 5.000%, 9/01/40 
 
 
 
1,735 
  
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue 
8/24 at 100.00 
AA 
1,982,428 
 
  
Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38 
 
 
 
45,615 
  
Total Tax Obligation/Limited 
 
 
40,149,093 
 
  
Transportation – 22.0% (14.0% of Total Investments) 
 
 
 
3,000 
  
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (AMT) 
11/24 at 100.00 
A1 
3,307,200 
665 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien 
1/23 at 100.00 
BBB+ 
707,380 
 
  
Series 2013, 5.000%, 1/01/42 
 
 
 
 
54

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Transportation (continued) 
 
 
 
 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010: 
 
 
 
$ 2,945 
  
0.000%, 1/01/36 
No Opt. Call 
A– 
$ 1,554,548 
2,205 
  
0.000%, 1/01/37 
No Opt. Call 
A– 
1,098,641 
2,160 
  
0.000%, 1/01/38 
No Opt. Call 
A– 
1,023,170 
1,000 
  
0.000%, 1/01/40 
No Opt. Call 
A– 
430,300 
1,000 
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 
11/20 at 100.00 
A+ 
1,039,850 
 
  
2010A, 5.000%, 11/01/42 
 
 
 
1,165 
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 
11/20 at 100.00 
A+ 
1,216,458 
 
  
2012B, 5.000%, 11/01/35 
 
 
 
1,670 
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier 
10/23 at 100.00 
A+ 
1,809,462 
 
  
Series 2013A, 5.125%, 10/01/43 
 
 
 
1,640 
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate 
10/23 at 100.00 
AA+ 
1,766,378 
 
  
Lien Series 2013B, 5.000%, 4/01/53 
 
 
 
1,165 
  
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 
8/22 at 100.00 
AA 
1,273,462 
 
  
5.000%, 8/15/31 
 
 
 
5,150 
  
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 
8/26 at 100.00 
Aa2 
5,794,935 
 
  
5.000%, 8/15/41 
 
 
 
2,000 
  
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series 
7/22 at 100.00 
A+ 
2,151,280 
 
  
2012A, 5.000%, 7/01/31 (AMT) 
 
 
 
1,750 
  
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds 
11/25 at 100.00 
A1 
1,959,020 
 
  
Series 2015, 5.000%, 11/01/35 (AMT) 
 
 
 
3,000 
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/20 at 100.00 
A3 
3,117,240 
 
  
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
 
 
 
  
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A: 
 
 
 
20 
  
6.100%, 1/01/28 
3/19 at 100.00 
A+ 
20,062 
375 
  
6.250%, 1/01/39 
3/19 at 100.00 
A+ 
376,189 
2,500 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
1,402,850 
 
  
0.000%, 1/01/36 – AGC Insured 
 
 
 
2,500 
  
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 
7/22 at 100.00 
A+ 
2,723,250 
 
  
7/01/27 (AMT) 
 
 
 
35,910 
  
Total Transportation 
 
 
32,771,675 
 
  
U.S. Guaranteed – 15.1% (9.7% of Total Investments) (5) 
 
 
 
2,500 
  
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding 
5/20 at 100.00 
AA 
2,621,525 
 
  
Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20) 
 
 
 
185 
  
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – 
No Opt. Call 
AA 
196,899 
 
  
AGM Insured (ETM) 
 
 
 
1,350 
  
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue 
7/20 at 100.00 
A 
1,412,127 
 
  
Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28 
 
 
 
 
  
(Pre-refunded 7/01/20) 
 
 
 
2,000 
  
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, 
8/20 at 100.00 
AA 
2,099,220 
 
  
Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured 
 
 
 
4,000 
  
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 
3/20 at 100.00 
AA– 
4,140,640 
 
  
5.250%, 3/01/40 (Pre-refunded 3/01/20) 
 
 
 
365 
  
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation 
8/19 at 100.00 
AAA 
370,687 
 
  
Bonds, Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19) 
 
 
 
25 
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 
5/22 at 100.00 
N/R 
27,499 
 
  
5/15/29 (Pre-refunded 5/15/22) 
 
 
 
845 
  
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, 
No Opt. Call 
Aaa 
971,167 
 
  
Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM) 
 
 
 
2,000 
  
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, 
8/19 at 100.00 
Aa2 
2,037,360 
 
  
Children’s Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39 (Pre-refunded 8/15/19) 
 
 
 
 
55
           
NTX 
  
Nuveen Texas Quality Municipal Income Fund 
 
 
  
Portfolio of Investments (continued) 
 
 
 
 
  
February 28, 2019 
 
 
 
 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
U.S. Guaranteed (5) (continued) 
 
 
 
$ 885 
  
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, 
8/22 at 100.00 
Aa2 
$ 983,005 
 
  
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
 
 
3,000 
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest 
9/21 at 100.00 
N/R 
3,240,510 
 
  
Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
2,000 
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 
9/21 at 100.00 
N/R 
2,184,640 
 
  
5.500%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital 
 
 
 
 
  
Revenue Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
95 
  
5.250%, 8/15/40 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R 
99,842 
1,155 
  
5.250%, 8/15/40 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R 
1,213,870 
1,000 
  
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, 
9/19 at 100.00 
BBB 
1,018,820 
 
  
Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19) 
 
 
 
21,405 
  
Total U.S. Guaranteed 
 
 
22,617,811 
 
  
Utilities – 15.4% (9.8% of Total Investments) 
 
 
 
2,000 
  
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 
11/22 at 100.00 
AA 
2,187,580 
 
  
5.000%, 11/15/40 
 
 
 
3,000 
  
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 
11/25 at 100.00 
AA 
3,408,420 
 
  
5.000%, 11/15/38 
 
 
 
2,000 
  
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31 
9/25 at 100.00 
A+ 
2,309,940 
3,000 
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 
5/20 at 100.00 
A 
3,096,360 
 
  
5.000%, 5/15/40 
 
 
 
1,150 
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 
5/22 at 100.00 
A 
1,242,311 
 
  
5.000%, 5/15/36 
 
 
 
1,975 
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 
5/22 at 100.00 
A 
2,152,000 
 
  
5.000%, 5/15/29 
 
 
 
1,500 
  
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue 
7/19 at 102.00 
A– 
1,549,560 
 
  
Refunding Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29 
 
 
 
1,000 
  
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding 
No Opt. Call 
BBB+ 
1,041,990 
 
  
Series 2012, 5.000%, 10/01/20 
 
 
 
2,790 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
3,227,500 
 
  
Senior Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
1,000 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, 
No Opt. Call 
A– 
1,056,340 
 
  
Series 2006A, 5.250%, 12/15/20 
 
 
 
 
  
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010: 
 
 
 
640 
  
5.000%, 9/01/34 
9/20 at 100.00 
A+ 
667,526 
1,000 
  
5.000%, 9/01/40 
9/20 at 100.00 
A+ 
1,040,310 
21,055 
  
Total Utilities 
 
 
22,979,837 
 
  
Water and Sewer – 30.9% (19.7% of Total Investments) 
 
 
 
1,450 
  
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, 
11/26 at 100.00 
AA 
1,643,575 
 
  
5.000%, 11/15/41 
 
 
 
1,575 
  
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 
7/23 at 100.00 
AA 
1,736,075 
 
  
2014, 5.000%, 7/10/38 – BAM Insured 
 
 
 
2,500 
  
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use 
2/21 at 100.00 
AA 
2,644,800 
 
  
Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31 
 
 
 
2,000 
  
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 
7/23 at 100.00 
A+ 
2,192,940 
 
  
2013, 5.000%, 7/15/43 
 
 
 
2,000 
  
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 
11/22 at 100.00 
AA 
2,171,320 
 
  
2012D, 5.000%, 11/15/42 
 
 
 
3,000 
  
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 
11/28 at 100.00 
Aa2 
3,523,890 
 
  
2018D, 5.000%, 11/15/36 
 
 
 
 
56

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Water and Sewer (continued) 
 
 
 
$ 710 
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
AA 
$ 763,697 
 
  
12/15/36 – AGM Insured 
 
 
 
3,860 
  
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding 
12/22 at 100.00 
AA– 
4,254,647 
 
  
Senior Lien Series 2013, 5.000%, 12/15/33 
 
 
 
1,000 
  
Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana 
7/25 at 100.00 
AA– 
1,177,770 
 
  
Project, Refunding Series 2015, 5.000%, 7/15/26 
 
 
 
2,640 
  
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, 
5/25 at 100.00 
AA 
2,997,139 
 
  
5.000%, 5/15/34 
 
 
 
1,000 
  
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A, 
5/28 at 100.00 
AA 
1,140,260 
 
  
5.000%, 5/15/48 
 
 
 
 
  
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 
 
 
 
 
  
Trust Series 2017A: 
 
 
 
5,000 
  
5.000%, 10/15/42 
10/27 at 100.00 
AAA 
5,734,550 
10,000 
  
4.000%, 10/15/42 (UB) (4) 
10/27 at 100.00 
AAA 
10,454,000 
5,000 
  
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master 
10/28 at 100.00 
AAA 
5,746,000 
 
  
Trust Series 2018B, 5.000%, 4/15/49 
 
 
 
41,735 
  
Total Water and Sewer 
 
 
46,180,663 
$ 238,710 
  
Total Long-Term Investments (cost $220,941,550) 
 
 
233,859,947 
 
  
Floating Rate Obligations – (10.7)% 
 
 
(16,000,000) 
 
  
MuniFund Preferred Shares, net of deferred offering costs – (48.0)% (6) 
 
 
(71,637,960) 
 
  
Other Assets Less Liabilities – 2.1% 
 
 
3,094,754 
 
  
Net Asset Applicable to Common Shares – 100% 
 
 
$ 149,316,741 
 
   
(1) 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. 
(3) 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. 
(4) 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.6%. 
AMT 
Alternative Minimum Tax. 
ETM 
Escrowed to maturity. 
UB 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information. 
 
See accompanying notes to financial statements. 
 
57
Statement of Assets and Liabilities
February 28, 2019
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Assets 
                        
Long-term investments, at value (cost $249,045,485, $464,144,323, 
                        
$440,422,999 and $220,941,550, respectively) 
  
$
259,649,328
    
$
484,976,664
    
$
460,418,868
    
$
233,859,947
  
Cash 
    
893,644
      
1,168,693
      
1,331,596
      
—
  
Receivable for: 
                                
Interest 
    
2,319,728
      
6,204,970
      
4,846,229
      
2,552,585
  
Investments sold 
    
—
      
—
      
—
      
1,500,000
  
Other assets 
    
1,025
      
50,048
      
23,626
      
4,955
  
Total assets 
    
262,863,725
      
492,400,375
      
466,620,319
      
237,917,487
  
Liabilities 
                                
Cash overdraft 
    
—
      
—
      
—
      
375,147
  
Floating rate obligations 
    
9,755,000
      
12,265,000
      
20,000,000
      
16,000,000
  
Payable for: 
                                
Dividends 
    
465,354
      
848,613
      
765,674
      
420,138
  
Interest 
    
165,181
      
323,628
      
—
      
—
  
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred 
                                
offering costs (liquidation preference $88,300,000, $173,000,000, $—, 
                                
and $—, respectively) 
    
88,143,383
      
172,804,230
      
—
      
—
  
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs 
                                
(liquidation preference $—, $—, $— and $72,000,000, respectively) 
    
—
      
—
      
—
      
71,637,960
  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred 
                                
offering costs (liquidation preference $—, $—, $148,000,000, 
                                
and $—, respectively) 
    
—
      
—
      
147,759,533
      
—
  
Accrued expenses: 
                                
Management fees 
    
123,894
      
220,848
      
214,025
      
109,687
  
Trustees fees 
    
1,250
      
51,089
      
20,446
      
1,095
  
Other 
    
129,196
      
142,368
      
86,269
      
56,719
  
Total liabilities 
    
98,783,258
      
186,655,776
      
168,845,947
      
88,600,746
  
Net assets applicable to common shares 
  
$
164,080,467
    
$
305,744,599
    
$
297,774,372
    
$
149,316,741
  
Common shares outstanding 
    
11,571,158
      
20,226,887
      
18,316,955
      
9,958,610
  
Net asset value (“NAV”) per common share outstanding 
  
$
14.18
    
$
15.12
    
$
16.26
    
$
14.99
  
Net assets applicable to common shares consist of: 
                                
Common shares, $0.01 par value per share 
  
$
115,712
    
$
202,269
    
$
183,170
    
$
99,586
  
Paid-in-surplus 
    
156,322,204
      
287,690,665
      
278,282,549
      
140,204,336
  
Total distributable earnings 
    
7,642,551
      
17,851,665
      
19,308,653
      
9,012,819
  
Net assets applicable to common shares 
  
$
164,080,467
    
$
305,744,599
    
$
297,774,372
    
$
149,316,741
  
Authorized shares: 
                                
Common 
  
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
  
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
58
         
Statement of Operations 
 
 
 
 
Year Ended February 28, 2019 
 
 
 
 
 
 
 
 
   
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Investment Income 
  
$
10,332,383
    
$
18,738,054
    
$
17,135,237
    
$
9,065,077
  
Expenses 
                                
Management fees 
    
1,601,851
      
2,882,629
      
2,862,450
      
1,425,296
  
Interest expense and amortization of offering costs 
    
2,266,639
      
4,380,748
      
3,798,602
      
1,984,922
  
Custodian fees 
    
42,538
      
62,192
      
56,512
      
33,407
  
Trustees fees 
    
7,444
      
14,173
      
13,139
      
6,511
  
Professional fees 
    
42,845
      
47,240
      
87,843
      
36,497
  
Shareholder reporting expenses 
    
24,047
      
41,032
      
41,688
      
26,126
  
Shareholder servicing agent fees 
    
15,158
      
26,119
      
8,579
      
4,159
  
Stock exchange listing fees 
    
7,198
      
6,742
      
6,742
      
6,742
  
Investor relations expenses 
    
5,062
      
8,947
      
8,384
      
4,424
  
Shelf offering expenses 
    
200,208
      
—
      
—
      
—
  
Other 
    
37,648
      
45,022
      
61,747
      
39,886
  
Total expenses 
    
4,250,638
      
7,514,844
      
6,945,686
      
3,567,970
  
Net investment income (loss) 
    
6,081,745
      
11,223,210
      
10,189,551
      
5,497,107
  
Realized and Unrealized Gain (Loss) 
                                
Net realized gain (loss) from investments 
    
(437,782
)
    
(1,094,781
)
    
(179,947
)
    
(869,105
)
Change in net unrealized appreciation (depreciation) of investments 
    
889,889
      
2,661,036
      
2,782,168
      
1,109,883
  
Net realized and unrealized gain (loss) 
    
452,107
      
1,566,255
      
2,602,221
      
240,778
  
Net increase (decrease) in net assets applicable to 
                                
common shares from operations 
  
$
6,533,852
    
$
12,789,465
    
$
12,791,772
    
$
5,737,885
  
 
See accompanying notes to financial statements.
59
Statement of Changes in Net Assets
                         
 
  
NAZ
   
NUM
 
 
  
Year
   
Year(1)
   
Year
   
Year(1)
 
 
  
Ended
   
Ended
   
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Operations 
                        
Net investment income (loss) 
  
$
6,081,745
    
$
7,342,444
    
$
11,223,210
    
$
12,701,288
  
Net realized gain (loss) from investments 
    
(437,782
)
    
2,324,539
      
(1,094,781
)
    
111,781
  
Change in net unrealized appreciation (depreciation) of investments 
    
889,889
      
(3,887,305
)
    
2,661,036
      
(2,895,282
)
Net increase (decrease) in net assets applicable 
                                
to common shares from operations 
    
6,533,852
      
5,779,678
      
12,789,465
      
9,917,787
  
Distributions to Common Shareholders(2) 
                                
Dividends(3) 
    
(6,065,999
)
    
(7,491,154
)
    
(10,961,603
)
    
(13,015,363
)
Decrease in net assets applicable to common 
                                
shares from distributions to common shareholders 
    
(6,065,999
)
    
(7,491,154
)
    
(10,961,603
)
    
(13,015,363
)
Capital Share Transactions 
                                
Common shares: 
                                
Proceeds from shelf offering, net of offering costs 
    
69,117
      
1,484,129
      
—
      
—
  
Net proceeds from shares issued to shareholders 
                                
due to reinvestment of distributions 
    
—
      
111,107
      
—
      
—
  
Cost of shares repurchased and retired 
    
(1,481,001
)
    
—
      
(7,000,749
)
    
(281,969
)
Net increase (decrease) in net assets applicable to 
                                
common shares from capital share transactions 
    
(1,411,884
)
    
1,595,236
      
(7,000,749
)
    
(281,969
)
Net increase (decrease) in net assets applicable to 
                                
common shares 
    
(944,031
)
    
(116,240
)
    
(5,172,887
)
    
(3,379,545
)
Net assets applicable to common shares at the 
                                
beginning of period 
    
165,024,498
      
165,140,738
      
310,917,486
      
314,297,031
  
Net assets applicable to common shares at 
                                
the end of period 
  
$
164,080,467
    
$
165,024,498
    
$
305,744,599
    
$
310,917,486
  
 
(1)     
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)     
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)     
For the fiscal year ended February 28, 2018 the Fund’s distributions to shareholders were paid from net investment income.
 
See accompanying notes to financial statements.
60

                         
 
  
NUO
   
NTX
 
 
  
Year
   
Year(1)
   
Year
   
Year(1)
 
 
  
Ended
   
Ended
   
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Operations 
                        
Net investment income (loss) 
  
$
10,189,551
    
$
12,573,364
    
$
5,497,107
    
$
5,744,052
  
Net realized gain (loss) from investments 
    
(179,947
)
    
3,405,401
      
(869,105
)
    
440,616
  
Change in net unrealized appreciation (depreciation) of investments 
    
2,782,168
      
(6,878,414
)
    
1,109,883
      
(1,829,092
)
Net increase (decrease) in net assets applicable 
                                
to common shares from operations 
    
12,791,772
      
9,100,351
      
5,737,885
      
4,355,576
  
Distributions to Common Shareholders(2) 
                                
Dividends(3) 
    
(10,903,460
)
    
(13,161,701
)
    
(5,461,380
)
    
(6,412,401
)
Decrease in net assets applicable to common 
                                
shares from distributions to common shareholders 
    
(10,903,460
)
    
(13,161,701
)
    
(5,461,380
)
    
(6,412,401
)
Capital Share Transactions 
                                
Common shares: 
                                
Proceeds from shelf offering, net of offering costs 
    
—
      
—
      
—
      
—
  
Net proceeds from shares issued to shareholders 
                                
due to reinvestment of distributions 
    
—
      
—
      
—
      
—
  
Cost of shares repurchased and retired 
    
(2,742,770
)
    
—
      
(846,987
)
    
—
  
Net increase (decrease) in net assets applicable to 
                                
common shares from capital share transactions 
    
(2,742,770
)
    
—
      
(846,987
)
    
—
  
Net increase (decrease) in net assets applicable to 
                                
common shares 
    
(854,458
)
    
(4,061,350
)
    
(570,482
)
    
(2,056,825
)
Net assets applicable to common shares at the 
                                
beginning of period 
    
298,628,830
      
302,690,180
      
149,887,223
      
151,944,048
  
Net assets applicable to common shares at 
                                
the end of period 
  
$
297,774,372
    
$
298,628,830
    
$
149,316,741
    
$
149,887,223
  
 
(1)     
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)     
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)     
For the fiscal year ended February 28, 2018 the Fund’s distributions to shareholders were paid from net investment income.
 
See accompanying notes to financial statements.
61
 
Statement of Cash Flows 
 
Year Ended February 28, 2019 
 
 
   
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Cash Flows from Operating Activities: 
                        
Net Increase (Decrease) in Net Assets Applicable to Common Shares 
                        
from Operations 
  
$
6,533,852
    
$
12,789,465
    
$
12,791,772
    
$
5,737,885
  
Adjustments to reconcile the net increase (decrease) in net assets 
                                
applicable to common shares from operations to net cash provided 
                                
by (used in) operating activities: 
                                
Purchases of investments 
    
(34,917,614
)
    
(64,586,201
)
    
(56,155,633
)
    
(42,204,750
)
Proceeds from sales and maturities of investments 
    
28,490,530
      
68,015,535
      
56,608,760
      
42,086,765
  
Taxes paid 
    
(463
)
    
(5,365
)
    
(44,065
)
    
(252
)
Amortization (Accretion) of premiums and discounts, net 
    
1,759,153
      
3,597,749
      
3,335,919
      
962,526
  
Amortization of deferred offering costs 
    
145,855
      
22,167
      
9,786
      
12,691
  
(Increase) Decrease in: 
                                
Receivable for interest 
    
18,170
      
207,448
      
211,859
      
(149,884
)
Receivable for investments sold 
    
2,269,155
      
—
      
25,000
      
678,490
  
Other assets 
    
27
      
274
      
(768
)
    
1,195
  
Increase (Decrease) in: 
                                
Payable for interest 
    
31,908
      
62,516
      
—
      
—
  
Payable for investments purchased 
    
(2,256,923
)
    
—
      
—
      
—
  
Accrued management fees 
    
2,173
      
(3,129
)
    
(8,354
)
    
(575
)
Accrued Trustees fees 
    
(1,553
)
    
(5,054
)
    
(2,914
)
    
(1,358
)
Accrued other expenses 
    
57,561
      
33,679
      
(20,797
)
    
(7,306
)
Net realized (gain) loss from investments 
    
437,782
      
1,094,781
      
179,947
      
869,105
  
Change in net unrealized (appreciation) depreciation of investments 
    
(889,889
)
    
(2,661,036
)
    
(2,782,168
)
    
(1,109,883
)
Net cash provided by (used in) operating activities 
    
1,679,724
      
18,562,829
      
14,148,344
      
6,874,649
  
Cash Flows from Financing Activities: 
                                
(Payments for) deferred offering costs 
    
(160,000
)
    
(200,000
)
    
—
      
—
  
Proceeds from shelf offering, net of offering costs 
    
69,117
      
—
      
—
      
—
  
Proceeds from AMTP Shares issued, at liquidation preference 
    
88,300,000
      
173,000,000
      
—
      
—
  
(Payments for) VMTP Shares redeemed, at liquidation preference 
    
(88,300,000
)
    
(173,000,000
)
    
—
      
—
  
Increase (Decrease) in: 
                                
Cash overdraft 
    
(52,223
)
    
—
      
—
      
(481,472
)
Floating rate obligations 
    
7,000,000
      
—
      
—
      
—
  
Cash distributions paid to common shareholders 
    
(6,161,973
)
    
(11,042,388
)
    
(11,009,059
)
    
(5,546,190
)
Cost of common shares repurchased and retired 
    
(1,481,001
)
    
(7,000,749
)
    
(2,742,770
)
    
(846,987
)
Net cash provided by (used in) financing activities 
    
(786,080
)
    
(18,243,137
)
    
(13,751,829
)
    
(6,874,649
)
Net Increase (Decrease) in Cash 
    
893,644
      
319,692
      
396,515
      
—
  
Cash at beginning of period 
    
—
      
849,001
      
935,081
      
—
  
Cash at end of period 
  
$
893,644
    
$
1,168,693
    
$
1,331,596
    
$
—
  
   
Supplemental Disclosures of Cash Flow Information 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Cash paid for interest (excluding amortization of offering costs) 
  
$
2,219,967
    
$
4,296,026
    
$
3,788,817
    
$
1,972, 230
  
 
See accompanying notes to financial statements.
62

THIS PAGE INTENTIONALLY LEFT BLANK
63

 
Financial Highlights 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 
 
   
 
        
Investment Operations
   
Less Distributions
to Common Shareholders
       
Common Share
 
 
  
Beginning
Common
Share
NAV
     
Net
Investment
Income
(Loss)
     
Net
Realized/
Unrealized
Gain (Loss)
   
Total
     
From
Net
Investment
Income
   
From
Accumulated Net
Realized
Gains
   
Total
     
Shelf
Offering
Costs
   
Premium
per
Share
Sold
through
Shelf
Offering
   
Discount
per
Share
Repurchased
and
Retired
   
Ending
NAV
   
Ending
Share
Price
 
NAZ 
                                                                        
Year Ended 2/28–2/29:
                                     
2019 
  
$
14.11
    
$
0.52
    
$
0.04
    
$
0.56
    
$
(0.52
)
  
$
—
    
$
(0.52
)
  
$
0.01
    
$
—
    
$
0.02
    
$
14.18
    
$
12.46
  
2018 
    
14.26
      
0.63
      
(0.13
)
    
0.50
      
(0.64
)
    
—
      
(0.64
)
    
(0.01
)
    
—
*
    
—
      
14.11
      
13.69
  
2017 
    
15.01
      
0.68
      
(0.68
)
    
(0.00
)
    
(0.75
)
    
—
      
(0.75
)
    
—
      
—
      
—
      
14.26
      
14.22
  
2016 
    
15.02
      
0.76
      
0.03
      
0.79
      
(0.80
)
    
—
      
(0.80
)
    
—
      
—
      
—
      
15.01
      
15.74
  
2015 
    
14.15
      
0.79
      
0.87
      
1.66
      
(0.79
)
    
—
      
(0.79
)
    
—
      
—
      
—
      
15.02
      
14.37
  
   
NUM 
                                                                                                
Year Ended 2/28–2/29:
                                                 
2019 
    
14.96
      
0.55
      
0.07
      
0.62
      
(0.53
)
    
—
      
(0.53
)
    
—
      
—
      
0.07
      
15.12
      
12.99
  
2018 
    
15.10
      
0.61
      
(0.12
)
    
0.49
      
(0.63
)
    
—
      
(0.63
)
    
—
      
—
      
—
*
    
14.96
      
12.84
  
2017 
    
15.93
      
0.68
      
(0.73
)
    
(0.05
)
    
(0.72
)
    
(0.06
)
    
(0.78
)
    
—
      
—
      
—
      
15.10
      
13.50
  
2016 
    
15.80
      
0.76
      
0.15
      
0.91
      
(0.78
)
    
—
*
    
(0.78
)
    
—
      
—
      
—
*
    
15.93
      
14.01
  
2015 
    
14.98
      
0.80
      
0.88
      
1.68
      
(0.86
)
    
—
      
(0.86
)
    
—
      
—
      
—
      
15.80
      
13.85
  
 
(a) 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
64

                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
                         
       
Ratios to Average Net Assets(b)
       
   
   
   
     
Based
   
Ending
         
Net
       
Based
   
on
   
Net
         
Investment
   
Portfolio
 
on
   
Share
   
Assets
         
Income
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
  
Expenses(c)
   
(Loss)
   
Rate(d)
 
   
   
 
4.29
%
    
(5.09
)%
  
$
164,080
      
2.61
%
    
3.73
%
    
11
%
 
3.44
      
0.69
      
165,024
      
2.03
      
4.35
      
19
  
 
(0.07
)
    
(5.03
)
    
165,141
      
1.91
      
4.54
      
13
  
 
5.45
      
15.59
      
173,767
      
1.51
      
5.12
      
9
  
 
12.01
      
18.94
      
173,648
      
1.56
      
5.37
      
13
  
   
   
   
 
4.75
      
5.54
      
305,745
      
2.46
      
3.67
      
13
  
 
3.19
      
(0.39
)
    
310,917
      
2.07
      
3.98
      
8
  
 
(0.40
)
    
1.74
      
314,297
      
1.88
      
4.34
      
20
  
 
5.97
      
7.15
      
331,466
      
1.52
      
4.85
      
12
  
 
11.45
      
9.48
      
329,232
      
1.57
      
5.14
      
15
  
 
(b)     
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)     
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
         
NAZ 
 
  
NUM 
 
Year Ended 2/28–2/29: 
 
  
Year Ended 2/28–2/29: 
 
2019 
1.39% 
  
2019 
1.43% 
2018 
0.95 
  
2018 
1.06 
2017 
0.87 
  
2017 
0.88 
2016 
0.49 
  
2016 
0.52 
2015 
0.50 
  
2015 
0.53 
 
(d)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*     
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.
65

 
Financial Highlights (continued) 
 
 
 
 
Selected data for a common share outstanding throughout each period: 
 
 
   
 
        
Investment Operations
   
Less Distributions
to Common Shareholders
   
Common Share
 
 
  
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
   
Net
Realized/
Unrealized
Gain (Loss)
   
Total
   
From
Net
Investment
Income
   
From
Accumulated Net
Realized
Gains
   
Total
   
Shelf
Offering
Costs
   
Premium
per
Share
Sold
through
Shelf
Offering
   
Discount
per
Share
Repurchased
and
Retired
   
Ending
NAV
   
Ending
Share
Price
 
NUO 
                                                                        
Year Ended 2/28–2/29:
                               
2019 
  
$
16.12
    
$
0.55
    
$
0.15
    
$
0.70
    
$
(0.56
)
  
$
(0.03
)
  
$
(0.59
)
  
$
—
    
$
—
    
$
0.03
    
$
16.26
    
$
14.24
  
2018 
    
16.34
      
0.68
      
(0.19
)
    
0.49
      
(0.71
)
    
—
      
(0.71
)
    
—
      
—
      
—
      
16.12
      
14.14
  
2017 
    
17.16
      
0.74
      
(0.81
)
    
(0.07
)
    
(0.75
)
    
—
      
(0.75
)
    
—
      
—
      
—
      
16.34
      
14.97
  
2016 
    
17.01
      
0.81
      
0.17
      
0.98
      
(0.83
)
    
—
      
(0.83
)
    
—
      
—
      
—
      
17.16
      
15.44
  
2015 
    
16.02
      
0.85
      
1.07
      
1.92
      
(0.93
)
    
—
      
(0.93
)
    
—
      
—
      
—
      
17.01
      
15.40
  
   
NTX 
                                                                                                
Year Ended 2/28–2/29:
                                 
2019 
    
14.95
      
0.55
      
0.02
      
0.57
      
(0.55
)
    
—
      
(0.55
)
    
—
      
—
      
0.02
      
14.99
      
13.03
  
2018 
    
15.15
      
0.57
      
(0.13
)
    
0.44
      
(0.64
)
    
—
      
(0.64
)
    
—
      
—
      
—
      
14.95
      
13.53
  
2017 
    
15.81
      
0.63
      
(0.64
)
    
(0.01
)
    
(0.65
)
    
—
      
(0.65
)
    
—
      
—
      
—
      
15.15
      
14.28
  
2016 
    
15.72
      
0.66
      
0.08
      
0.74
      
(0.65
)
    
—
      
(0.65
)
    
—
      
—
      
—
      
15.81
      
14.66
  
2015 
    
14.82
      
0.62
      
0.96
      
1.58
      
(0.68
)
    
—
      
(0.68
)
    
—
      
—
      
—
      
15.72
      
14.35
  
 
(a)     
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
66

                                 
           
Common Share Supplemental Data/
Ratios Applicable to Common Shares
 
Common Share
Total Returns
         
Ratios to Average Net Assets(b)
       
   
   
   
     
Based
   
Ending
         
Net
       
Based
   
on
   
Net
         
Investment
   
Portfolio
 
on
   
Share
   
Assets
         
Income
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
  
Expenses(c)
   
(Loss)
   
Rate(d)
 
   
   
 
4.65
%
    
5.14
%
  
$
297,774
      
2.35
%
    
3.44
%
    
12
%
 
2.98
      
(0.93
)
    
298,629
      
1.94
      
4.10
      
16
  
 
(0.49
)
    
1.67
      
302,690
      
1.79
      
4.35
      
8
  
 
5.95
      
5.96
      
317,856
      
1.58
      
4.83
      
10
  
 
12.23
      
10.79
      
315,142
      
1.62
      
5.10
      
15
  
   
   
   
 
4.02
      
0.51
      
149,317
      
2.41
      
3.71
      
18
  
 
2.88
      
(0.94
)
    
149,887
      
2.16
      
3.73
      
11
  
 
(0.12
)
    
1.79
      
151,944
      
1.78
      
4.05
      
9
  
 
4.89
      
7.02
      
158,571
      
1.78
      
4.26
      
14
  
 
10.81
      
11.07
      
157,644
      
2.33
      
4.05
      
12
  
 
(b)     
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)     
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
         
NUO 
 
  
NTX 
 
Year Ended 2/28–2/29: 
 
  
Year Ended 2/28–2/29: 
 
2019 
1.28% 
  
2019 
1.34% 
2018 
0.90 
  
2018 
1.13 
2017 
0.77 
  
2017 
0.77 
2016 
0.55 
  
2016 
0.77 
2015 
0.57 
  
2015 
1.26 
 
(d)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long- term market value during the period.
*     
Rounds to less than $0.01 per share.
 
See accompanying notes to financial statements.
67
 
Financial Highlights (continued) 
 
 
 
 
   
 
  
AMTP Shares
at the End of Period
   
VMTP Shares
at the End of Period
 
 
 
  
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
   
Aggregate
Amount
Outstanding
(000)
   
Asset
Coverage
Per $100,000
Share
 
NAZ 
                        
Year Ended 2/28-2/29: 
                        
2019 
  
$
88,300
    
$
285,822
    
$
—
    
$
—
  
2018 
    
—
      
—
      
88,300
      
286,891
  
2017 
    
—
      
—
      
88,300
      
287,022
  
2016 
    
—
      
—
      
79,000
      
319,959
  
2015 
    
—
      
—
      
79,000
      
319,808
  
   
NUM 
                                
Year Ended 2/28-2/29: 
                                
2019 
    
173,000
      
276,731
      
—
      
—
  
2018 
    
—
      
—
      
173,000
      
279,721
  
2017 
    
—
      
—
      
173,000
      
281,675
  
2016 
    
—
      
—
      
159,000
      
308,469
  
2015 
    
—
      
—
      
159,000
      
307,064
  
 
See accompanying notes to financial statements.
68

                                                 
 
  
iMTP Shares
   
MTP Shares
   
MFP Shares
   
VRDP Shares
 
 
  
at the End of Period
   
at the End of Period (a)
   
at the End of Period
   
at the End of Period
 
 
  
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
   
Aggregate
   
Asset
 
 
  
Amount
   
Coverage
   
Amount
    Coverage    
Amount
   
Coverage
   
Amount
   
Coverage
 
 
  
Outstanding
   
Per $5,000
   
Outstanding
   
Per $10
   
Outstanding
    Per $100,000    
Outstanding
    Per $100,000  
 
    
(000
)
  
Share
     
(000
)
  
Share
     
(000
)
  
Share
     
(000
)
  
Share
 
NUO 
                                                        
Year Ended 2/28-2/29:
                                           
2019 
  
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
—
    
$
148,000
    
$
301,199
  
2018 
    
—
      
—
      
—
      
—
      
—
      
—
      
148,000
      
301,776
  
2017 
    
—
      
—
      
—
      
—
      
—
      
—
      
148,000
      
304,520
  
2016 
    
—
      
—
      
—
      
—
      
—
      
—
      
148,000
      
314,768
  
2015 
    
—
      
—
      
—
      
—
      
—
      
—
      
148,000
      
312,934
  
   
NTX 
                                                                
Year Ended 2/28-2/29:
                                                 
2019 
    
—
      
—
      
—
      
—
      
72,000
      
307,384
      
—
      
—
  
2018 
    
—
      
—
      
—
      
—
      
72,000
      
308,177
      
—
      
—
  
2017 
    
72,000
      
15,552
      
—
      
—
      
—
      
—
      
—
      
—
  
2016 
    
72,000
      
16,012
      
—
      
—
      
—
      
—
      
—
      
—
  
2015 
    
—
      
—
      
70,920
      
32.23
      
—
      
—
      
—
      
—
  
 
(a) 
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
 
             
 
  
2016
   
2015
 
NTX 
            
Series 2015 (NTX PRCCL) 
            
Ending Market Value per Share 
  
$
—
    
$
10.02
  
Average Market Value per Share 
    
10.01
Ω
    
10.04
  
 
Ω
 For the period March 1, 2015 through April 20, 2015.
See accompanying notes to financial statements.
 
69
Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The state funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
·
Nuveen Arizona Quality Municipal Income Fund (NAZ)
·
Nuveen Michigan Quality Municipal Income Fund (NUM)
·
Nuveen Ohio Quality Municipal Income Fund (NUO)
·
Nuveen Texas Quality Municipal Income Fund (NTX)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified, closed-end management investment companies. NAZ, NUM and NUO were organized as Massachusetts business trusts on April 8, 2013, January 7, 2013 and April 8, 2013, respectively (previously organized as Minnesota trusts on January 23, 1991, July 25, 1991 and October 17, 1991, respectively). NTX was organized as a Massachusetts business trust on July 26, 1991.
The end of the reporting period for the Funds is February 28, 2019, and the period covered by these Notes to Financial Statements is the fiscal year ended February 28, 2019 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. Each Fund may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the Sub-Adviser’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. To the extent that the Funds invest in bonds of municipal issuers located in other states, each Fund may have income that is not exempt from state personal income tax.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
70
 

As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Common Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from
71
Notes to Financial Statements (continued)
sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
NAZ 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                        
Municipal Bonds 
  
$
—
    
$
259,649,328
    
$
—
    
$
259,649,328
  
NUM 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
484,976,664
    
$
—
    
$
484,976,664
  
NUO 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
460,418,868
    
$
—
    
$
460,418,868
  
NTX 
                                
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
233,859,947
    
$
—
    
$
233,859,947
  
* Refer to the Fund’s Portfolio of Investments for industry classifications. 
 
72

3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations Outstanding 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Floating rate obligations: self-deposited Inverse Floaters 
  
$
9,755,000
    
$
12,265,000
    
$
20,000,000
    
$
16,000,000
  
Floating rate obligations: externally-deposited Inverse Floaters 
    
6,715,000
      
8,430,000
      
4,480,000
      
—
  
Total 
  
$
16,470,000
    
$
20,695,000
    
$
24,480,000
    
$
16,000,000
  
 
73
Notes to Financial Statements (continued)
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
                         
Self-Deposited Inverse Floaters 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Average floating rate obligations outstanding 
  
$
7,875,548
    
$
12,265,000
    
$
20,000,000
    
$
16,021,918
  
Average annual interest rate and fees 
    
1.99
%
    
2.07
%
    
2.00
%
    
2.02
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations – Recourse Trusts 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
  
$
9,755,000
    
$
12,265,000
    
$
12,000,000
    
$
16,000,000
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
    
—
      
8,430,000
      
4,480,000
      
—
  
Total 
  
$
9,755,000
    
$
20,695,000
    
$
16,480,000
    
$
16,000,000
  
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
74

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Common Shares
Common Shares Equity Shelf Program and Offering Costs
NAZ has filed a registration statement with the Securities and Exchange Commission (“SEC”) authorizing the Fund to issue additional common shares through one or more equity shelf programs (“Shelf Offering”), which became effective with the SEC during the prior fiscal period.
Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund’s NAV per common share. In the event the Fund’s Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s current and prior fiscal period were as follows:
             
 
  
NAZ
 
 
  
Year
   
Year
 
 
  
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
 
Additional authorized common shares 
    
1,100,000
**
    
1,100,000
*
Common shares sold 
    
—
      
107,600
  
Offering proceeds, net of offering costs 
  
$
69,117
    
$
1,484,129
  
*     
Represents additional authorized shares for the period June 6, 2017 through February 28, 2018.
**     
Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.
 
Costs incurred by the Fund in connection with its initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Shelf offering expenses” on the Statement of Operations.
75
Notes to Financial Statements (continued)
Common Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:
             
 
  
NAZ
 
 
  
Year
   
Year
 
 
  
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
 
Common Shares: 
            
Issued to shareholders due to reinvestment of distributions 
    
—
      
7,629
  
Sold through shelf offering 
    
—
      
107,600
  
Repurchased and retired 
    
(127,500
)
    
—
  
Weighted average common share: 
                
Premium to NAV per shelf offering share sold 
    
—
%
    
1.64
%
Price per share repurchased and retired 
  
$
11.60
      
—
  
Discount per share repurchased and retired 
    
15.61
%
    
—
  
 
   
 
  
NUM
   
NUO
   
NTX
 
 
  
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
  
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
   
2/28/19
   
2/28/18
 
Common Shares: 
                                    
Repurchased and retired 
    
(562,500
)
    
(21,500
)
    
(205,000
)
    
—
      
(68,600
)
    
—
  
Weighted average common share: 
                                                
Price per share repurchased and retired 
  
$
12.43
    
$
13.09
    
$
13.36
      
—
    
$
12.33
      
—
  
Discount per share repurchased and retired 
    
16.07
%
    
13.90
%
    
15.59
%
    
—
%
    
15.38
%
    
—
%
 
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly available.
The details of each Fund’s AMTP Shares outstanding as of the end of the reporting period, were as follows:
                     
Fund 
Series 
  
Shares
Outstanding
   
Liquidation
Preference
   
Liquidation
Preference
Net of Deferred
Offering Costs
 
NAZ 
2028 
    
883
    
$
88,300,000
    
$
88,143,383
  
NUM 
2028 
    
1,730
    
$
173,000,000
    
$
172,804,230
  
 
Each Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement between the majority owner and each Fund. From time-to-time the majority owner may propose to each Fund an adjustment to the dividend rate. Should the majority owner and the Funds fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn, the Funds will be required to redeem all outstanding shares upon the end of a notice period.
76

In addition, the Funds may be obligated to redeem a certain amount of the AMTP Shares if the Funds fail to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund’s AMTP Shares are as follows:
         
Fund 
Notice 
Period 
Series 
Term 
Redemption Date 
Premium 
Expiration Date 
NAZ 
540-day 
2028 
December 1, 2028* 
February 13, 2019 
NUM 
540-day 
2028 
December 1, 2028* 
December 13, 2019 
* Subject to early termination by either the Fund or the holder.
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
             
 
  
NAZ*
   
NUM*
 
Average liquidation preference of AMTP Shares outstanding 
  
$
88,300,000
    
$
173,000,000
  
Annualized dividend rate 
    
2.37
%
    
2.37
%
* For the period December 14, 2018 through February 28, 2019 
  
 
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a component of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
NAZ and NUM incurred offering costs of $160,000 and $200,000, respectively, in connection with its offering of AMTP Shares were recorded as deferred charges which are amortized over the life of the shares and are recognized as components of “Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
NTX has issued and has outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.
The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.
·
Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
·
Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed “spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
77
Notes to Financial Statements (continued)
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.
·
Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.
Costs incurred in connection with NTX’s offering of MFP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as a component of “MuniFund Preferred (“MFP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
As of the end of the reporting period, details of NTX’s MFP Shares outstanding were as follows:
               
Fund 
Series 
Shares 
Outstanding 
Liquidation Preference, 
net of deferred 
offering costs 
Liquidation 
Preference 
Term 
Redemption Date 
Mode 
Mode 
Termination Date 
NTX 
A 
720 
$71,637,960 
$72,000,000 
September 1, 2047 
VRM 
10/02/19* 
* Subject to early termination by either the Fund or the holder. 
 
The average liquidation preference of MFP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
    NTX  
Average liquidation preference of MFP Shares outstanding 
  
$
72,000,000
  
Annualized dividend rate 
    
2.29
%
 
Variable Rate MuniFund Term Preferred Shares
The following Funds had issued and had outstanding Variable Rate MuniFund Term Preferred (“VMTP”) Shares, with a $100,000 liquidation preference per share. VMTP Shares were issued via private placement and were not publicly available.
On December 14, 2018, the Funds redeemed all of its outstanding Series 2019 VMTP Shares. Each Fund’s VMTP Shares were redeemed at their $100,000 liquidation value per share, plus dividend amounts owed, using proceeds from its issuance of AMTP Shares (as described above in Adjustable Rate MuniFund Term Preferred Shares).
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:
             
 
  
NAZ*
   
NUM*
 
Average liquidation preference of VMTP Shares outstanding 
  
$
88,300,000
    
$
173,000,000
  
Annualized dividend rate 
    
2.37
%
    
2.37
%
* For the period March 1, 2018 through December 13, 2018. 
 
78

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed “spread” amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the VMTP Shares remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds’ Adviser has determined that the fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities.
Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with each Fund’s offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of “Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations.
In conjunction with NAZ’s and NUM’s redemption of VMTP Shares, the remaining deferred cost of $4,221 and $6,659, respectively, were fully expensed during the current fiscal period, as the redemptions were deemed an extinguishment of debt.
Variable Rate Demand Preferred Shares
The following Fund has issued and has outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of the Fund’s VRDP Shares outstanding were as follows:
Fund 
Series 
Shares 
Outstanding 
  
Liquidation Preference, 
net of deferred 
offering costs 
Liquidation 
Preference 
Maturity 
NUO 
1 
1,480 
$147,759,533 
$148,000,000 
September 1, 2043 
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund’s VRDP Shares have successfully remarketed since issuance.
NUO designated a special rate period until November 14, 2019, for its Series 1 VRDP Shares. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:
       
 
  
NUO
 
Average liquidation preference of VRDP Shares outstanding 
  
$
148,000,000
  
Annualized dividend rate 
    
2.29
%
 
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized
79
Notes to Financial Statements (continued)
as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees,” respectively, on the Statement of Operations, when applicable.
Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal period, where applicable, are noted in the following tables.
Transactions in AMTP Shares for the Funds, where applicable, were as follows:
       
 
Year Ended 
 
February 28, 2019 
NAZ 
Series 
Shares 
Amount 
AMTP Shares issued 
2028 
883 
$88,300,000 
 
 
Year Ended 
 
February 28, 2019 
NUM 
Series 
Shares 
Amount 
AMTP Shares issued 
2028 
1,730 
$173,000,000 
 
Transactions in VMTP Shares for the Funds, where applicable, were as follows: 
 
Year Ended 
 
February 28, 2019 
NAZ 
Series 
Shares 
Amount 
VMTP Shares redeemed 
2019 
(883) 
$(88,300,000) 
 
 
Year Ended 
 
February 28, 2019 
NUM 
Series 
Shares 
Amount 
VMTP Shares redeemed 
2019 
(1,730) $(173,000,000) 
 
Transactions in iMTP Shares for the Funds, where applicable, were as follows: 
 
Year Ended 
 
February 28, 2018 
NTX 
Series 
Shares 
Amount 
iMTP Shares redeemed 
2018 
(14,400) 
$(72,000,000) 
 
Transactions in MFP Shares for the Funds, where applicable, were as follows: 
 
Year Ended 
 
February 28, 2018 
NTX 
Series 
Shares 
Amount 
MFP Shares issued 
A 
720 
$72,000,000 
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Purchases 
  
$
34,917,614
    
$
64,586,201
    
$
56,155,633
    
$
42,204,750
  
Sales and maturities 
    
28,490,530
      
68,015,535
      
56,608,760
      
42,086,765
  
 
80

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of February 28, 2019.
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Tax cost of investments 
  
$
239,118,546
    
$
451,598,984
    
$
420,141,460
    
$
204,602,983
  
Gross unrealized: 
                                
Appreciation 
  
$
11,180,250
    
$
21,833,521
    
$
22,676,882
    
$
13,513,462
  
Depreciation 
    
(404,487
)
    
(720,315
)
    
(2,399,514
)
    
(256,498
)
Net unrealized appreciation (depreciation) of investments 
  
$
10,775,763
    
$
21,113,206
    
$
20,277,368
    
$
13,256,964
  
 
Permanent differences, primarily due to federal taxes paid, taxable market discount, distribution reallocations and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2019, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2019, the Funds’ tax year end, were as follows:
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Undistributed net tax-exempt income1 
  
$
289,804
    
$
498,045
    
$
—
    
$
155,658
  
Undistributed net ordinary income2 
    
10,700
      
—
      
—
      
3,664
  
Undistributed net long-term capital gains 
    
—
      
—
      
—
      
—
  
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2019, paid on March 1, 2019.
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended February 28, 2019 and February 28, 2018 was designated for purposes of the dividends paid deduction as follows:
                         
2019 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Distributions from net tax-exempt income3 
  
$
8,204,833
    
$
15,101,888
    
$
13,648,599
    
$
7,177,693
  
Distributions from net ordinary income2 
    
23,353
      
—
      
274,619
      
20,761
  
Distributions from net long-term capital gains4 
    
—
      
—
      
499,143
      
—
  
2018 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Distributions from net tax-exempt income 
  
$
9,082,658
    
$
16,339,018
    
$
15,173,143
    
$
7,717,699
  
Distributions from net ordinary income2 
    
100,573
      
—
      
687,164
      
35,095
  
Distributions from net long-term capital gains 
    
—
      
—
      
—
      
—
  
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3     
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2019, as Exempt Interest Dividends.
4     
The Funds hereby designate as long-term capital gain dividend, pursuant to the Internal Revenue Code 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended February 28, 2019.
 
81
Notes to Financial Statements (continued)
As of February 28, 2019, the Funds’ tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
Not subject to expiration: 
                        
Short-term 
  
$
1,179,768
    
$
1,144,010
    
$
135,294
    
$
1,252,716
  
Long-term 
    
1,608,564
      
1,391,852
      
—
      
2,707,593
  
Total 
  
$
2,788,332
    
$
2,535,862
    
$
135,294
    
$
3,960,309
  
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
       
Average Daily Managed Assets* 
  
Fund-Level Fee Rate
 
For the first $125 million 
    
0.4500
%
For the next $125 million 
    
0.4375
  
For the next $250 million 
    
0.4250
  
For the next $500 million 
    
0.4125
  
For the next $1 billion 
    
0.4000
  
For the next $3 billion 
    
0.3750
  
For managed assets over $5 billion 
    
0.3625
  
 
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets:
       
Complex-Level Eligible Asset Breakpoint Level* 
  
Effective Complex-Level Fee Rate at Breakpoint Level
 
$55 billion 
    
0.2000
%
$56 billion 
    
0.1996
  
$57 billion 
    
0.1989
  
$60 billion 
    
0.1961
  
$63 billion 
    
0.1931
  
$66 billion 
    
0.1900
  
$71 billion 
    
0.1851
  
$76 billion 
    
0.1806
  
$80 billion 
    
0.1773
  
$91 billion 
    
0.1691
  
$125 billion 
    
0.1599
  
$200 billion 
    
0.1505
  
$250 billion 
    
0.1469
  
$300 billion 
    
0.1445
  
 
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2019, the complex-level fee for each Fund was 0.1591%.
 
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common
82

investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
       
Inter-Fund Trades 
  
NAZ
 
Purchases 
  
$
414,424
  
Sales 
    
1,864,879
  
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the following Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
                   
 
  
NAZ
   
NUM
   
NTX
 
Maximum Outstanding Balance 
  
$
1,470,524
    
$
3,324,287
    
$
572,809
  
 
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
                   
 
  
NAZ
   
NUM
   
NTX
 
Average daily balance outstanding 
  
$
1,470,524
    
$
3,324,287
    
$
572,809
  
Average annual interest rate 
    
3.50
%
    
3.50
%
    
3.50
%
 
During the current fiscal period, NUO did not utilize this facility.
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Asset and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s
83
Notes to Financial Statements (continued)
total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each interfund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of February 28, 2018, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.
                         
 
  
NAZ
   
NUM
   
NUO
   
NTX
 
UNII at the end of period 
  
$
9,746
    
$
(671,426
)
  
$
(273,658
)
  
$
7,977
  
 
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.
84
Additional Fund Information (Unaudited)
           
Board of Trustees 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young 
 
 
 
* Interested Board Member. 
 
 
 
 
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 
Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s Website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
         
 
NAZ 
NUM 
NUO 
NTX 
Common shares repurchased 
127,500 
562,500 
205,000 
68,600 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
85
Glossary of Terms Used in this Report (Unaudited)
·
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
·
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
·
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
·
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
·
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
·
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
·
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
·
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
·
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
·
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
86
 

·
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
·
S&P Municipal Bond Indexes Arizona, Michigan, Ohio and Texas: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona, Michigan, Ohio and Texas, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
·
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
·
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to finan- cial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
·
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
87
Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
88
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members: 
 
■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, 
 
1959 
 
 
Fulcrum IT Service LLC (since 2010) and Quality Control Corporation 
 
333 W. Wacker Drive 
Chairman and 
2008 
(since 2012); member: Catalyst Schools of Chicago Board (since 2008) 
168 
Chicago, IL 6o6o6 
Board Member 
Class II 
and Mather Foundation Board (since 2012), and chair of its Investment 
 
 
 
 
Committee; formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc. (2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice President, 
 
 
 
 
Quantitative Management & Securities Lending (2000-2004); prior 
 
 
 
 
thereto, various positions with Northern Trust Company (since 1994); 
 
 
 
 
formerly, Member, Northern Trust Mutual Funds Board (2005-2007), 
 
 
 
 
Northern Trust Global Investments Board (2004-2007), Northern Trust 
 
 
 
 
Japan Board (2004-2007), Northern Trust Securities Inc. Board 
 
 
 
 
(2003- 2007) and Northern Trust Hong Kong Board (1997-2004). 
 
 
■ JACK B. EVANS 
 
 
Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine 
 
1948 
 
 
Foundation, a private philanthropic corporation; Director and Chairman, 
 
333 W. Wacker Drive 
Board Member 
1999 
United Fire Group, a publicly held company; Director, Public Member, 
168 
Chicago, IL 6o6o6 
 
Class III 
American Board of Orthopaedic Surgery (since 2015); Life Trustee of 
 
 
 
 
Coe College and the Iowa College Foundation; formerly, President 
 
 
 
 
Pro-Tem of the Board of Regents for the State of Iowa University 
 
 
 
 
System; formerly, Director, Alliant Energy and The Gazette Company; 
 
 
 
 
formerly, Director, Federal Reserve Bank of Chicago; formerly, 
 
 
 
 
President and Chief Operating Officer, SCI Financial Group, Inc., a 
 
 
 
 
regional financial services firm. 
 
 
■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of 
 
1948 
 
 
Iowa(2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
168 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; Dean and Distinguished Professor of Finance, 
 
 
 
 
School of Business at the University of Connecticut (2003-2006); 
 
 
 
 
previously, Senior Vice President and Director of Research at the Federal 
 
 
 
 
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), 
 
 
 
 
Credit Research Center at Georgetown University. 
 
 
■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); Chairman (since 2019), 
 
333 W. Wacker Drive 
Board Member 
2016 
and Director (since 2012), USA Technologies, Inc., a provider of solutions 
168 
Chicago, IL 6o6o6 
 
Class III 
and services to facilitate electronic payment transactions (since 2012); 
 
 
 
 
formerly, Director, Wintrust Financial Corporation (1996-2016); previously, 
 
 
 
 
held positions at Leap Wireless International, Inc., including Consultant 
 
 
 
 
(2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing 
 
 
 
 
Officer (2004-2008); formerly, President, Verizon Card Services division of 
 
 
 
 
Verizon Communications, Inc. (2000-2003); formerly, President, One Point 
 
 
 
 
Services at One Point Communications (1999- 2000); formerly, Vice 
 
 
 
 
Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various 
 
 
 
 
executive positions (1991-1996) and Chief Executive Officer (1995-1996) of 
 
 
 
 
Zenith Electronics Corporation. 
 
 
89
Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies for 
 
333 W. Wacker Drive 
Board Member 
2013 
clients; serves on The President’s Council, Fordham University (since 
168 
Chicago, IL 6o6o6 
 
Class II 
2010); and previously was a Director of The Curran Center for Catholic 
 
 
 
 
American Studies (2009-2018) formerly, senior external advisor to the 
 
 
 
 
financial services practice of Deloitte Consulting LLP (2012-2014): 
 
 
 
 
formerly, Chairman of the Board of Trustees of Marian University (2010 
 
 
 
 
as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of 
 
 
 
 
ABN AMRO N.V. North America, and Global Head of its Financial Markets 
 
 
 
 
Division (2007-2008); prior senior positions held at ABN AMRO include 
 
 
 
 
Corporate Executive Vice President and Head of Global Markets-the 
 
 
 
 
Americas (2006-2007), CEO of Wholesale Banking North America and 
 
 
 
 
Global Head of Foreign Exchange and Futures Markets (2001-2006), and 
 
 
 
 
Regional Commercial Treasurer and Senior Vice President Trading-North 
 
 
 
 
America (1996-2001); formerly, Trustee at St. Edmund Preparatory 
 
 
 
 
School in New York City. 
 
 
■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for 
 
1947 
 
 
Forestry and Communities (since 2013); formerly, Executive Director 
 
333 W. Wacker Drive 
Board Member 
1997 
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, 
168 
Chicago, IL 6o6o6 
 
Class I 
Executive Director, Great Lakes Protection Fund (1990-1994). 
 
 
■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, Cboe, 
 
333 W. Wacker Drive 
Board Member 
2007 
L.C. Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
168 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
168 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions 
 
 
 
 
Group) (2005-2014); Member of the Board of Trustees of New York- 
 
 
 
 
Presbyterian Hospital (since 2005); Member (since 2004) and Chair 
 
 
 
 
(since 2015) of the Board of Trustees of The John A. Hartford Foundation 
 
 
 
 
(a philanthropy dedicated to improving the care of older adults); 
 
 
 
 
formerly, Member (2005-2015) and Vice Chair (2011-2015) of the 
 
 
 
 
Board of Trustees of Mt. Holyoke College. 
 
 
■ ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal 
 
333 W. Wacker Drive 
Board Member 
2017 
Executive Officer (2013-2016), and Senior Vice President and Chief 
166 
Chicago, IL 6o6o6 
 
Class II 
Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director 
 
 
 
 
and various officer positions for J.P.Morgan Investment Management 
 
 
 
 
Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One 
 
 
 
 
Group Administrative Services) and JPMorgan Distribution Services, 
 
 
 
 
Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). 
 
 
90

         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Interested Board Member: 
 
■ MARGO L. COOK(3) 
 
 
President (since 2017), formerly, Co-Chief Executive Officer and 
 
1964 
 
 
Co-President (2016-2017), formerly, Senior Executive Vice President of 
 
333 W. Wacker Drive 
Board Member 
2016 
Nuveen Investments, Inc.; President, Global Products and Solutions 
168 
Chicago, IL 6o6o6 
 
Class III 
(since 2017), and, Co-Chief Executive Officer (since 2015), formerly, 
 
 
 
 
Executive Vice President (2013-2015), of Nuveen Securities, LLC; 
 
 
 
 
Executive Vice President (since 2017) of Nuveen, LLC; President (since 
 
 
 
 
August 2017), formerly Co-President (2016- 2017), formerly, Senior 
 
 
 
 
Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice 
 
 
 
 
President since 2011); President (since 2017), Nuveen Alternative 
 
 
 
 
Investments, LLC; Chartered Financial Analyst. 
 
 
 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds: 
 
■ CEDRIC H. ANTOSIEWICZ 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since 
333 W. Wacker Drive 
Administrative 
2007 
2017), formerly, Managing Director (2014-2017) of Nuveen Fund 
Chicago, IL 6o6o6 
Officer 
 
Advisors, LLC. 
 
■ NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1979 
 
 
(2016-2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
333 W. Wacker Drive 
Vice President 
2016 
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
■ WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
333 W. Wacker Drive 
Officer and 
2003 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
■ DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
333 W. Wacker Drive 
Vice President 
2015 
 
Chicago, IL 6o6o6 
 
 
 
 
■ TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
333 W. Wacker Drive 
Vice President 
2002 
 
Chicago, IL 6o6o6 
 
 
 
91
Board Members & Officers (Unaudited) (continued)
 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds (continued): 
 
■ KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice 
333 W. Wacker Drive 
and Assistant 
2007 
President (2016-2017) and Managing Director and Assistant Secretary 
Chicago, IL 6o6o6 
Secretary 
 
(2008-2016); Senior Managing Director (since 2017) and Assistant 
 
 
 
Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive 
 
 
 
Vice President (2016-2017) and Managing Director (2008-2016); Senior 
 
 
 
Managing Director (since 2017), Secretary (since 2016) and Co-General 
 
 
 
Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive 
 
 
 
Vice President (2016-2017), Managing Director (2008-2016) and 
 
 
 
Assistant Secretary (2007-2016); Senior Managing Director (since 2017), 
 
 
 
Secretary (since 2016) and Associate General Counsel (since 2011) of 
 
 
 
Nuveen Asset Management, LLC, formerly Executive Vice President 
 
 
 
(2016-2017) and Managing Director and Assistant Secretary (2011-2016); 
 
 
 
Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
Nuveen Investments Advisers, LLC, formerly Executive Vice President 
 
 
 
(2016-2017); Vice President (since 2007) and Secretary (since 2016), 
 
 
 
formerly, Assistant Secretary, of NWQ Investment Management 
 
 
 
Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset 
 
 
 
Management, LLC and Winslow Capital Management, LLC (since 2010). 
 
 
 
Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
Nuveen Alternative Investments, LLC. 
 
■ WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
1966 
Vice President 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; 
333 W. Wacker Drive 
 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President 
 
 
 
(2010-2016) of Nuveen, has held various positions with Nuveen since 1991. 
 
■ MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, 
 
 
 
Managing Director (2010-2015) of UBS Securities, LLC. 
 
■ CHRISTOPHER M. ROHRBACHER 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017) and Assistant Secretary (since 2016) of 
Chicago, IL 6o6o6 
Secretary 
 
Nuveen Fund Advisors, LLC. 
 
■ WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
333 W. Wacker Drive 
Vice President 
2017 
 
Chicago, IL 6o6o6 
 
 
 
 
■ JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, 
1978 
Vice President 
 
Vice President of Morgan Stanley Investment Management, Inc., 
333 W. Wacker Drive 
and Assistant 
2013 
Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
Chicago, IL 6o6o6 
Secretary 
 
 
 
■ E. SCOTT WICKERHAM 
 
 
Senior Managing Director, Head of Fund Administration at Nuveen, LLC 
1973 
Vice President 
 
(since 2019), formerly, Managing Director; Principal Financial Officer, 
TIAA 
and Controller 
2019 
Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF 
730 Third Avenue 
 
 
Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the 
New York, NY 10017 
 
 
Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF 
 
 
 
Fund Administration (2014-2015); has held various positions with TIAA 
 
 
 
since 2006. 
 
92
 
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
 
Officers of the Funds (continued): 
 
 
 
■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC 
1968 
Vice President 
 
(since 2008); Vice President (since 2010) and Associate General 
333 W. Wacker Drive 
and Assistant 
2008 
Counsel (since 2008) of Nuveen. 
Chicago, IL 60606 
Secretary 
 
 
 
■ GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
Chicago, IL 60606 
 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 
 
 
 
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant 
 
 
 
Secretary and Associate General Counsel of Nuveen Asset 
 
 
 
Management, LLC (since 2011); Vice President (since 2017), formerly, 
 
 
 
Managing Director (2003-2017) and Assistant Secretary (since 2003) of 
 
 
 
Symphony Asset Management LLC; Managing Director and Assistant 
 
 
 
Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice 
 
 
 
President and Assistant Secretary of NWQ Investment Management 
 
 
 
Company, LLC (since 2002), Santa Barbara Asset Management, LLC 
 
 
 
(since 2006), and of Winslow Capital Management, LLC, (since 2010); 
 
 
 
Chartered Financial Analyst. 
 
   
(1) 
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. 
(2) 
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. 
(3) 
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. 
(4) 
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 
 
93
Notes
 
94
Notes
95
 
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end funds
 
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
 
EAN-B-0219D 803989-INV-Y-04/20
 


 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Arizona Quality Municipal Income Fund

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
    
Audit-Related Fees
    
Tax Fees
    
All Other Fees
  
Fiscal Year Ended
  
to Fund 1
    
Billed to Fund 2
    
Billed to Fund 3
    
Billed to Fund 4
  
February 28, 2019
  
$
28,040
    
$
0
    
$
0
    
$
0
  
                                 
Percentage approved
    
0
%
    
0
%
    
0
%
    
0
%
pursuant to
                                
pre-approval
                                
exception
                                
                                 
February 28, 2018
  
$
28,040
    
$
9,000
    
$
0
    
$
0
  
                                 
Percentage approved
    
0
%
    
0
%
    
0
%
    
0
%
pursuant to
                                
pre-approval
                                
exception
                                
                                 
 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
      
         
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
         
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
    

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
   
Audit-Related Fees
    
Tax Fees Billed to
    
All Other Fees
  
   
Billed to Adviser and
    
Adviser and
    
Billed to Adviser
  
   
Affiliated Fund
    
Affiliated Fund
    
and Affiliated Fund
  
Fiscal Year Ended
  
Service Providers
    
Service Providers
    
Service Providers
  
February 28, 2019
  
$
0
    
$
0
    
$
0
  
                         
Percentage approved
    
0
%
    
0
%
    
0
%
pursuant to
                        
pre-approval
                        
exception
                        
February 28, 2018
  
$
0
    
$
0
    
$
0
  
                         
Percentage approved
    
0
%
    
0
%
    
0
%
pursuant to
                        
pre-approval
                        
exception
                        


NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
    
   
billed to Adviser and
    
   
Affiliated Fund Service
Total Non-Audit Fees
  
   
Providers (engagements
billed to Adviser and
  
   
related directly to the
Affiliated Fund Service
  
 
Total Non-Audit Fees
operations and financial
Providers (all other
  
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
February 28, 2019
 $                            0
 $                                  0
 $                                0
 $                        0
February 28, 2018
 $                            0
 $                                  0
 $                                0
 $                        0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
 
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, Chair, William C. Hunter, John K. Nelson, Carole E. Stone and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

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

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

Michael Hamilton, Senior Vice President of Nuveen Asset Management, manages several municipal funds.  He joined Nuveen Asset Management on January 1, 2011 in connection with Nuveen Fund Advisors acquiring a portion of the asset management business of FAF Advisors.  He began working in the financial industry when he joined FAF Advisors in 1989, as a fixed-income fund manager and trader.  He became a portfolio manager in 1992. He received a B.A. from Albertson’s College of Idaho and an M.B.A. from Western Washington University. He is a member of the Portland Society of Financial Analysts. Currently, he manages investments for 12 Nuveen-sponsored investment companies.

Item 8(a)(2).OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER
 
Portfolio Manager
Type of Account
 Managed
Number of
 Accounts
Assets*
Michael Hamilton
Registered Investment Company
11
$2.34 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
1
$26.6 million
*
Assets are as of February 28, 2019.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

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

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

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

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

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

Item 8(a)(4). OWNERSHIP OF NAZ SECURITIES AS OF FEBRUARY 28, 2019

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Michael Hamilton
X
            
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
         
MARCH 1-31, 2018
0
  
0
1,165,000
         
APRIL 1-30, 2018
0
  
0
1,165,000
         
MAY 1-31, 2018
0
  
0
1,165,000
         
JUNE 1-30, 2018
0
  
0
1,165,000
         
JULY 1-31, 2018
0
  
0
1,165,000
         
AUGUST 1-31, 2018
0
  
0
1,170,000
         
SEPTEMBER 1-30, 2018
11,900
11.79
11,900
1,158,100
         
OCTOBER 1-31, 2018
101,500
11.57
101,500
1,056,600
         
NOVEMBER 1-30, 2018
6,600
11.57
6,600
1,050,000
         
DECEMBER 1-31, 2018
7,500
11.70
7,500
1,042,500
         
JANUARY 1-31, 2019
0
  
0
1,042,500
         
FEBRUARY 1-29, 2019
0
  
0
1,042,500
         
TOTAL
127,500
      

* The registrant's repurchase program, for the repurchase of 1,165,000 shares, was authorized August 1, 2017.  The program was reauthorized for a maximum repurchase amount of 1,170,000 shares on August 1, 2018. Any repurchases made by the registrant pursuant to the program were made through open-market transactions.
 
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
 
(a)(4)
Change in the registrant’s independent public accountant. Not applicable.
 
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.



SIGNATURES


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

(Registrant) Nuveen Arizona Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: May 7, 2019

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: May 7, 2019
 
By (Signature and Title) /s/ E. Scott Wickerham
E. Scott Wickerham
Vice President and Controller
(principal financial officer)

Date: May 7, 2019