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 811-06383

Nuveen Michigan 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: August 31, 2018

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.


 

 
 
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Table of Contents
   
Chairman's Letter to Shareholders 
4 
   
Portfolio Managers' Comments 
5 
   
Fund Leverage 
8 
   
Common Share Information 
9 
   
Risk Considerations 
11 
   
Performance Overview and Holding Summaries 
12 
   
Portfolios of Investments 
16 
   
Statement of Assets and Liabilities 
45 
   
Statement of Operations 
46 
   
Statement of Changes in Net Assets 
47 
   
Statement of Cash Flows 
49 
   
Financial Highlights 
50 
   
Notes to Financial Statements 
56 
   
Additional Fund Information 
69 
   
Glossary of Terms Used in this Report 
70 
   
Reinvest Automatically, Easily and Conveniently 
72 
   
Annual Investment Management Agreement Approval Process 
73 
 
3

Chairman's Letter
to Shareholders
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I'd like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
After growing in sync with the rest of the world in 2017, the U.S. economy has emerged as the leader in 2018. U.S. stock markets have largely shrugged off trade war risks and escalating tariffs, while China's manufacturing activity has weakened, European export sales have slowed and business outlooks around the world have dimmed. Within emerging markets, a stronger U.S. dollar and rising interest rates have negatively impacted financial markets for those countries most vulnerable to tightening global conditions. Additionally, global markets have remained watchful of geopolitical concerns, including the ongoing Brexit negotiations, North Korea relations and rising populism around the world, which pose a range of outcomes that are difficult to predict.
Despite these risks, global growth remains intact, although at a slower pace, providing support to corporate earnings. Fiscal stimulus, an easing regulatory environment and robust consumer spending has helped boost the U.S. economy's momentum. Economic growth in Europe, the U.K. and Japan stabilized after a sluggish start to 2018 and China's policy makers remain committed to supporting their domestic economy. Subdued inflation pressures have kept central bank policy in line with expectations, even as Europe moves closer to winding down its monetary stimulus and the Federal Reserve remains on a moderate tightening course.
Headlines and political turbulence will continue to obscure underlying fundamentals at times and cause temporary bouts of volatility. We encourage you to work with your financial advisor to evaluate 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.
Terence J. Toth
Chairman of the Board
October 22, 2018
 
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 key investment strategies and the six-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 key strategies were used to manage these Funds during the six-month reporting period ended August 31, 2018?
Municipal bond performance, as measured by the S&P Municipal Bond Index, was positive during the six-month reporting period, bolstered by a benign credit backdrop and favorable supply-demand dynamics. Issuance has been shrinking after the Jobs and Tax Cut Act of 2017 revoked tax-exempt advance refunding, while demand has remained persistently strong. The mismatch has boosted the value of municipal bonds. Longer-term municipal yields fell (because yields move in the opposite direction of prices) amid strong demand, but shorter-term yields rose along with the Federal Reserve's (Fed) policy rate hikes. Credit spreads continued to narrow, as economic data pointed to an upswing in growth while inflation remained relatively low. Relative to the national municipal market, the Arizona and Texas municipal markets lagged, Ohio's market outperformed and Michigan's market performed in line with 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.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, 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)
During this reporting period, NAZ added bonds issued for school districts, charter schools and utilities. We also established a tender option bond (TOB) trust for Mesa Arizona Utility System, a water and sewer bond, which increased the amount of leverage in the Fund. The proceeds for the new purchases came from called and maturing bonds.
NUM was active during the reporting period, reinvesting the proceeds from called and maturing bonds across a range of sectors. We also sold two credits recognizing a loss for Henry Ford Health System and Wayne State University, to redeploy the cash into more compelling long-term opportunities. New purchases during the reporting period included four public higher education revenue bonds, which were issued for Eastern Michigan University, Northern Michigan University, Kalamazoo College and Lake Superior State University. We also bought a Grand Rapids water and sewer credit. In the tax-supported sector, NUM bought a state appropriation bond for Michigan State Building Authority and a local general obligation (GO) bond for Michigan Financial Authority Wayne County Criminal Justice Center. We have continued to minimize exposure to the southeastern part of the state (which includes the city of Detroit and Wayne County), adding only one bond from Wayne County in this reporting period.
The Ohio Fund purchased a medium quality credit public power bond, a higher rated credit issued for the University of Cincinnati and a higher quality dedicated tax bond for Franklin County. The proceeds from called and maturing bonds funded most of the buying, with some additional funding from the sale of public power bonds issued for Ohio Valley Electric Corporation Project and state GOs issued for Ohio schools.
Trading activity in NTX included the purchase of three water and sewer credits (AAA rated Texas Water Development, AA rated San Antonio Water System and AA rated Houston Combined Utility System) and one tollway bond. We bought these bonds primarily with the proceeds from called and maturing bonds, as well as the sale of two bonds where we recognized a loss.
As of August 31, 2018, 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 six-month reporting period ended August 31, 2018?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended August 31, 2018. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market index.
For the six months ended August 31, 2018, the total returns on common share NAV for NAZ and NTX outperformed their respective state's S&P Municipal Bond Index but lagged the national S&P Municipal Bond Index, while NUO and NUM lagged their respective state's index and the national index.
The main positive contributor to the Funds' relative performance was their longer yield curve and duration positioning. In this reporting period, longer duration bonds generally outperformed those with shorter durations. All four Funds held overweight exposures to longer duration credits and underweight exposures to shorter duration credits, which was advantageous to performance.
In terms of credit quality, the highest (AAA and AA) ratings categories lagged in this reporting period, while lower rated and non-rated bonds outperformed. The Arizona Fund's relative returns benefited from its underweight exposures to AAA and AA rated credits and an overweight allocation to bonds rated single A and lower, with the overweight to non-rated bonds a particularly strong
6

 
contributor. However, credit rating allocations detracted from the performance of NUM, NUO and NTX. In NUM, the overweight allocation to AAA rated bonds and underweight in non-rated bonds were detrimental to relative performance. NUO's underweight to 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. NTX's performance was dampened by the overweight allocation to AA rated credits and the underweight to non-rated bonds.
On a sector basis, NAZ's sector allocation had a neutral impact on relative performance in this reporting period, as outperformance in the Fund's Guam water bonds and Arizona gas prepay bonds was offset by negative results in some other sectors. The Michigan Fund's sector positioning detracted from relative results. The favorable results from NUM's exposure to the dedicated tax sector was countered by the negative impact of an overweight to pre-refunded bonds, a sector which was among the weakest-performing groups in the market. NUO and NTX benefited from their overall sector allocations. Although both Funds held overweight allocations to pre-refunded bonds, which hurt relative performance, the Ohio Fund's overweight to toll road credits and the Texas Fund's overweight to industrial development revenue/pollution control revenue bonds were positive contributors to performance.
Across all four Funds, individual credit selection was a positive contributor to performance. Broadly speaking, lower credit quality, longer duration bonds outperformed, while shorter dated, higher quality paper (such as pre-refunded bonds) lagged. The Arizona Fund benefited from strong appreciation in Guam Waterworks Authority bonds, several non-rated charter school credits and some non-rated tax increment bonds (also known as land-secured, community development or "dirt" bonds).
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 March 18, 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 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 bondhold-ers, of which Nuveen Funds are included, entered into an "Agreement in Principal" with FirstEnergy Solutions' parent, 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 as of the end of the reporting period, NUO had 0.26% exposure, which was a mix of unsecured and secured holdings. NAZ, NUM and NTX had no exposure to FirstEnergy.
7

 
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 performance of the Funds over the reporting period. The use of leverage through inverse floating rate securities had a negligible impact on the performance of the Funds over the reporting period.
As of August 31, 2018, the Funds' percentages of leverage are as shown in the accompanying table.
         
 
NAZ 
NUM 
NUO 
NTX 
Effective Leverage* 
38.89% 
38.64% 
38.77% 
37.09% 
Regulatory Leverage* 
34.91% 
36.00% 
33.20% 
32.54% 
 
*     
Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS' REGULATORY LEVERAGE
As of August 31, 2018, 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.
8

 
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of August 31, 2018. 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 2018 
   
0.0440
     
0.0445
     
0.0485
     
0.0445
 
Total Distributions from Net Investment Income 
 
$
0.2640
   
$
0.2670
   
$
0.2910
   
$
0.2790
 
   
Yields 
                               
Market Yield* 
   
4.22
%
   
4.22
%
   
4.21
%
   
4.18
%
Taxable-Equivalent Yield* 
   
5.90
%
   
5.89
%
   
5.90
%
   
5.50
%
*     
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 28.6% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
 
Each Fund in this report 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. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of August 31, 2018, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Funds had negative UNII balances for financial reporting purposes.
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 from 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 composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. 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.
9

 
Common Share Information (continued)
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 August 31, 2018, 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 
 
445,183 
28,700 
 
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.
             
 
 
NUM
   
NUO
 
Common shares repurchased and retired 
   
223,183
     
28,700
 
Weighted average price per common share repurchased and retired 
 
$
12.61
   
$
13.64
 
Weighted average discount per common share repurchased and retired 
   
15.65
%
   
15.17
%
 
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 August 31, 2018, 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 
 
$
14.07
   
$
14.95
   
$
16.10
   
$
14.89
 
Common share price 
 
$
12.51
   
$
12.66
   
$
13.83
   
$
12.76
 
Premium/(Discount) to NAV 
   
(11.09
)%
   
(15.32
)%
   
(14.10
)%
   
(14.30
)%
6-month average premium/(discount) to NAV 
   
(8.28
)%
   
(15.42
)%
   
(14.58
)%
   
(13.10
)%
 
10

 

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.
11

 
NAZ 
Nuveen Arizona Quality Municipal
Income Fund 
Performance Overview and Holding Summaries as of August 31, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of August 31, 2018
                         
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NAZ at Common Share NAV 
   
1.60
%
   
(0.17
)%
   
6.24
%
   
5.87
%
NAZ at Common Share Price 
   
(6.73
)%
   
(11.54
)%
   
6.34
%
   
5.24
%
S&P Municipal Bond Arizona Index 
   
1.57
%
   
0.45
%
   
4.04
%
   
4.41
%
S&P Municipal Bond Index 
   
1.78
%
   
0.61
%
   
4.23
%
   
4.36
%
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
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 
157.2% 
Other Assets Less Liabilities 
2.3% 
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 
159.5%
Floating Rate Obligations 
(5.9)% 
VMTP Shares, net of deferred offering costs 
(53.6)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
19.4% 
Education and Civic Organizations 
18.4% 
Utilities 
14.4% 
Tax Obligation/General 
11.9% 
U.S. Guaranteed 
11.8% 
Health Care 
11.2% 
Water and Sewer 
7.8% 
Other 
5.1% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
7.7% 
AAA 
11.7% 
AA 
47.5% 
A 
19.8% 
BBB 
6.2% 
BB or Lower 
2.6% 
N/R (not rated) 
4.5% 
Total 
100% 
 
12

 

NUM
Nuveen Michigan Quality Municipal
Income Fund
Performance Overview and Holding Summaries as of August 31, 2018
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
 
 
 
Average Annual Total Returns as of August 31, 2018 
                       
   
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NUM at Common Share NAV 
   
1.73
%
   
(0.23
)%
   
6.46
%
   
5.77
%
NUM at Common Share Price 
   
0.70
%
   
(4.48
)%
   
5.79
%
   
6.19
%
S&P Municipal Bond Michigan Index 
   
1.79
%
   
1.10
%
   
4.81
%
   
4.65
%
S&P Municipal Bond Index 
   
1.78
%
   
0.61
%
   
4.23
%
   
4.36
%
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
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 
158.5% 
Other Assets Less Liabilities 
1.8% 
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs 
160.3% 
Floating Rate Obligations 
(4.0)% 
VMTP Shares, net of deferred offering costs 
(56.3)% 
Net Assets 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Education and Civic Organizations 
22.4% 
Tax Obligation/General 
20.7% 
Health Care 
13.8% 
Water and Sewer 
10.5% 
Tax Obligation/Limited 
9.4% 
U.S. Guaranteed 
9.0% 
Utilities 
7.6% 
Other 
6.6% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
8.1% 
AAA 
16.6% 
AA 
53.3% 
A 
17.3% 
BBB 
0.4% 
BB or Lower 
3.5% 
N/R (not rated) 
0.8% 
Total 
100% 
 
13

 

NUO 
Nuveen Ohio Quality Municipal Income Fund 
Performance Overview and Holding Summaries as of August 31, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
 
 
 
Average Annual Total Returns as of August 31, 2018 
                       
   
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NUO at Common Share NAV 
   
1.69
%
   
(0.22
)%
   
6.56
%
   
5.88
%
NUO at Common Share Price 
   
(0.11
)%
   
(5.77
)%
   
5.36
%
   
5.80
%
S&P Municipal Bond Ohio Index 
   
2.27
%
   
1.44
%
   
5.37
%
   
4.84
%
S&P Municipal Bond Index 
   
1.78
%
   
0.61
%
   
4.23
%
   
4.36
%
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
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 
154.8% 
Other Assets Less Liabilities 
1.5% 
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% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
20.8% 
U.S. Guaranteed 
18.8% 
Tax Obligation/General 
14.3% 
Health Care 
10.3% 
Transportation 
9.8% 
Education and Civic Organizations 
9.7% 
Water and Sewer 
7.6% 
Other 
8.7% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
13.0% 
AAA 
13.0% 
AA 
52.6% 
A 
11.5% 
BBB 
3.1% 
BB or Lower 
5.8% 
N/R (not rated) 
1.0% 
Total 
100% 
 
14

 

NTX 
Nuveen Texas Quality Municipal Income Fund 
Performance Overview and Holding Summaries as of August 31, 2018 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
 
 
 
Average Annual Total Returns as of August 31, 2018 
                       
   
 
 
Cumulative
         
Average Annual
       
 
 
6-Month
   
1-Year
   
5-Year
   
10-Year
 
NTX at Common Share NAV 
   
1.48
%
   
(0.56
)%
   
5.51
%
   
5.53
%
NTX at Common Share Price 
   
(3.64
)%
   
(8.03
)%
   
3.82
%
   
5.17
%
S&P Municipal Bond Texas Index 
   
1.41
%
   
0.17
%
   
4.18
%
   
4.56
%
S&P Municipal Bond Index 
   
1.78
%
   
0.61
%
   
4.23
%
   
4.36
%
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
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 
157.6% 
Other Assets Less Liabilities 
1.1% 
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% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/General 
20.2% 
Tax Obligation/Limited 
15.7% 
Water and Sewer 
15.2% 
Transportation 
13.9% 
U.S. Guaranteed 
10.7% 
Utilities 
9.9% 
Education and Civic Organizations 
7.4% 
Other 
7.0% 
Total 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
9.5% 
AAA 
27.1% 
AA 
31.0% 
A 
22.2% 
BBB 
8.1% 
BB or Lower 
1.9% 
N/R (not rated) 
0.2% 
Total 
100% 
 
15

 

NAZ
Nuveen Arizona Quality Municipal
Income Fund
Portfolio of Investments
August 31, 2018 (Unaudited)
 
Principal
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3)
   
Value
 
   
LONG-TERM INVESTMENTS – 157.2% (100.0% of Total Investments) 
 
 
           
   
MUNICIPAL BONDS – 157.2% (100.0% of Total Investments) 
 
 
           
   
Education and Civic Organizations – 29.0% (18.4% of Total Investments) 
 
 
           
$
2,175
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/47 
 
7/26 at 100.00 
 
AA
   
$
2,460,012
 
 
1,500
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 7/01/41 
 
7/25 at 100.00 
 
AA
     
1,691,670
 
 
1,500
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 5.000%, 7/01/41 
 
7/25 at 100.00 
 
AA
     
1,691,670
 
 
2,515
 
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2014, 5.000%, 8/01/44 
 
8/24 at 100.00 
 
Aa3
     
2,776,711
 
 
2,240
 
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 13.232%, 6/01/42, 144A (IF) 
 
6/22 at 100.00 
 
Aa2
     
2,974,093
 
 
515
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A 
 
7/26 at 100.00 
 
BB
     
536,336
 
 
525
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47 
 
7/27 at 100.00 
 
AA–
     
578,025
 
 
150
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A 
 
7/27 at 100.00 
 
BB
     
154,301
 
     
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F: 
 
 
             
 
700
 
5.000%, 7/01/37 
 
7/27 at 100.00 
 
AA–
     
781,326
 
 
1,645
 
5.000%, 7/01/47 
 
7/27 at 100.00 
 
AA–
     
1,818,975
 
 
315
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A 
 
7/27 at 100.00 
 
BB
     
324,031
 
 
240
 
Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A 
 
11/27 at 100.00 
   
N/R
 
   
233,498
 
 
375
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A 
 
9/27 at 100.00 
 
BB+
     
375,266
 
 
710
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A, 5.000%, 7/01/42 
 
7/27 at 100.00 
 
AA–
     
780,581
 
 
380
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A 
 
No Opt. Call 
 
BB
     
374,482
 
 
615
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 5.000%, 7/01/38 
 
1/28 at 100.00 
 
AA–
     
681,617
 
 
165
 
Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A 
 
7/19 at 101.00 
   
N/R
 
   
163,756
 
 
2,000
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31 
 
5/22 at 100.00 
   
A 
 
   
2,170,900
 
 
3,775
 
Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40 
 
5/20 at 100.00 
   
A+
 
   
3,951,746
 
 
870
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A 
 
7/26 at 100.00 
 
BB+
     
910,037
 
 
355
 
Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A , 5.000%, 7/01/37 
 
7/27 at 100.00 
 
AA–
     
400,561
 
 
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–
     
547,320
 
 
2,095
 
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37 
 
7/26 at 100.00 
 
AA–
     
2,375,751
 
 
16

 

Principal
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3)
   
Value
 
   
Education and Civic Organizations (continued) 
 
 
           
$
1,875
 
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40 
 
6/24 at 100.00 
   
A+
 
 
$
2,073,356
 
 
910
 
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41 
 
6/21 at 100.00 
   
A+
 
   
969,833
 
 
70
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A 
 
7/25 at 100.00 
 
BB
     
71,660
 
 
900
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42 
 
9/22 at 100.00 
 
BB+
     
935,928
 
 
800
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41 
 
7/25 at 100.00 
 
BBB–
     
844,864
 
 
250
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A 
 
7/19 at 101.00 
   
N/R
 
   
245,128
 
 
165
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22, 144A 
 
7/19 at 101.00 
   
N/R
 
   
161,784
 
 
500
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A 
 
7/24 at 100.00 
 
Ba1
     
554,320
 
     
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
     
325,266
 
 
300
 
5.000%, 7/01/45, 144A 
 
7/25 at 100.00 
 
Ba1
     
307,113
 
 
650
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A 
 
7/26 at 100.00 
 
Ba1
     
671,411
 
 
355
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25 
 
No Opt. Call 
 
BBB–
     
355,852
 
 
1,995
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016, 5.000%, 10/01/36 
 
10/26 at 100.00 
   
A2
     
2,184,705
 
 
3,675
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured (UB) (4) 
 
6/22 at 100.00 
   
A
 
   
3,939,673
 
 
200
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44 
 
5/24 at 100.00 
   
N/R
 
   
215,488
 
     
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
 
   
122,830
 
 
680
 
6.125%, 6/15/47, 144A 
 
6/26 at 100.00 
   
N/R
 
   
696,170
 
 
200
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36 
 
7/26 at 100.00 
 
BB–
     
180,540
 
 
35
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A 
 
2/24 at 100.00 
   
N/R
 
   
33,371
 
 
115
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A 
 
2/28 at 100.00 
   
N/R
 
   
112,787
 
 
745
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
 
1/22 at 100.00 
   
B
 
   
680,282
 
 
500
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A 
 
6/25 at 100.00 
 
BB
     
500,280
 
 
730
 
Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
7/26 at 100.00 
 
AA
     
826,199
 
 
780
 
Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured 
 
6/24 at 100.00 
 
AA
     
852,610
 
 
250
 
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22 
 
No Opt. Call 
 
AA–
     
276,003
 
 
17

 

NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)     
 
Principal
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3)
   
Value
 
   
Education and Civic Organizations (continued) 
 
 
           
   
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
   
$
548,168
 
 
300
 
5.000%, 7/01/47 
 
7/26 at 100.00 
 
Baa3
     
312,585
 
 
43,785
 
Total Education and Civic Organizations 
 
 
         
47,750,871
 
     
Health Care – 17.5% (11.2% of Total Investments) 
 
 
             
 
1,200
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44 
 
1/24 at 100.00 
 
AA–
     
1,312,260
 
 
5,100
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/42 
 
2/22 at 100.00 
   
A+
   
5,355,153
 
     
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
     
3,312,141
 
 
2,860
 
5.000%, 12/01/42 
 
12/24 at 100.00 
   
A2
     
3,145,514
 
     
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–
     
1,436,825
 
 
1,000
 
5.000%, 1/01/35 
 
1/27 at 100.00 
 
AA–
     
1,136,820
 
 
2,000
 
5.000%, 1/01/38 
 
1/27 at 100.00 
 
AA–
     
2,251,780
 
 
1,120
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
 
9/20 at 100.00 
 
AA
     
1,180,917
 
     
The Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds, Banner Health, Series 2017A, 
 
 
               
 
2,000
 
5.000%, 1/01/41 
 
1/28 at 100.00 
 
AA–
     
2,269,120
 
 
2,700
 
4.000%, 1/01/41 
 
1/28 at 100.00 
 
AA–
     
2,784,780
 
 
1,025
 
Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36 
 
8/26 at 100.00 
   
A
   
1,128,863
 
     
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
   
215,506
 
 
1,000
 
5.250%, 8/01/33 
 
8/23 at 100.00 
   
A
   
1,095,210
 
     
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–
     
1,097,140
 
 
1,000
 
5.250%, 8/01/32 
8/24 at 100.00 
   
A–
     
1,132,480
 
 
26,470
 
Total Health Care 
 
 
           
28,854,509
 
     
Long-Term Care – 1.9% (1.2% of Total Investments) 
 
 
               
 
285
 
Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017, 5.375%, 1/01/38 
 
7/25 at 101.00 
   
N/R
   
281,104
 
 
1,885
 
Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36 
 
10/25 at 101.00 
   
N/R
 
   
1,900,853
 
 
780
 
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32 
 
12/21 at 100.00 
   
N/R
 
   
832,759
 
 
80
 
Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A, 6.125%, 10/01/47, 144A 
 
10/27 at 100.00 
   
N/R
 
   
88,587
 
 
3,030
 
Total Long-Term Care 
 
 
           
3,103,303
 
     
Tax Obligation/General – 18.8% (11.9% of Total Investments) 
 
 
               
 
575
 
Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured 
 
7/27 at 100.00 
 
AA
     
652,090
 
     
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B, 
 
 
               
 
1,605
 
4.000%, 8/01/33 
 
8/26 at 100.00 
 
AA–
     
1,692,874
 
 
835
 
4.000%, 8/01/34 
 
8/26 at 100.00 
 
AA–
     
878,328
 
 
18

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/General (continued) 
 
 
   
 
     
 
 
$
2,500 
 
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24 
 
No Opt. Call 
   
AAA 
    $
2,895,300 
 
 
 
 
Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014, 
 
 
   
 
     
 
 
 
1,000 
 
5.000%, 7/01/26 
 
7/24 at 100.00 
   
AAA 
     
1,134,060 
 
 
525 
 
5.000%, 7/01/27 
 
7/24 at 100.00 
   
AAA 
     
592,652 
 
 
2,140 
 
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured 
 
7/22 at 100.00 
   
AA 
     
2,314,303 
 
 
1,000 
 
Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured 
 
7/21 at 100.00 
   
AA 
     
1,084,670 
 
 
630 
 
Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37 
 
7/27 at 100.00 
   
Aa1 
     
726,478 
 
 
775 
 
Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23 
 
7/21 at 100.00 
   
Aa2 
     
840,247 
 
 
300 
 
Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured 
 
7/26 at 100.00 
   
AA 
     
318,402 
 
 
1,350 
 
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, School Improvement Series 2018, 5.000%, 7/01/36 
 
7/25 at 102.00 
   
Aa3 
     
1,538,339 
 
 
1,275 
 
Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33 
 
7/27 at 100.00 
   
AAA 
     
1,488,537 
 
 
 
 
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 
     
1,145,630 
 
 
1,000 
 
5.000%, 7/01/36 
 
7/27 at 100.00 
   
Aa3 
     
1,135,710 
 
 
690 
 
Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/01/36 
 
7/27 at 100.00 
   
AA– 
     
796,819 
 
 
1,370 
 
Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured 
 
7/21 at 100.00 
   
AA 
     
1,509,274 
 
 
2,895 
 
Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured 
 
7/24 at 100.00 
   
AA 
     
3,213,508 
 
 
1,750 
 
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25 
 
7/21 at 100.00 
   
A 
     
1,878,345 
 
 
1,500 
 
Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured 
 
7/27 at 100.00 
   
AA 
     
1,720,950 
 
 
 
 
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 
     
702,615 
 
 
1,000 
 
5.000%, 7/01/35 – BAM Insured 
 
7/27 at 100.00 
   
AA 
     
1,129,970 
 
 
 
 
Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project 2012, Series2014B, 
 
 
   
 
     
 
 
 
715 
 
4.500%, 7/01/33 
 
7/24 at 100.00 
   
AA– 
     
771,478 
 
 
665  
 
4.500%, 7/01/34 
 
7/24 at 100.00 
   
AA– 
     
716,059 
 
 
27,715 
 
Total Tax Obligation/General 
 
 
   
 
     
30,876,638 
 
 
 
 
Tax Obligation/Limited – 30.5% (19.4% 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 
     
2,431,991 
 
 
1,250 
 
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35 
 
7/26 at 100.00 
   
AAA 
     
1,438,150 
 
 
275 
 
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36 
 
7/26 at 100.00 
   
AA– 
     
285,665 
 
 
1,000 
 
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37 
 
7/25 at 100.00 
   
AA 
     
1,118,590 
 
 
135 
 
Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A 
 
7/27 at 100.00 
   
N/R 
     
137,647 
 
 
1,210 
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A 
 
7/25 at 100.00 
   
N/R 
     
1,238,846 
 
 
19

 

NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
 
Principal
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3)
   
Value
 
   
Tax Obligation/Limited (continued) 
 
 
           
$
488
 
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38 
 
7/23 at 100.00 
   
N/R
 
$
497,950
 
 
1,810
 
Eastmark Community Facilities District No. 1, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – AGM Insured 
 
7/27 at 100.00 
 
AA
     
2,012,322
 
 
655
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured 
 
7/27 at 100.00 
 
AA
     
731,386
 
     
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
     
372,845
 
 
1,085
 
5.000%, 7/15/31 – BAM Insured 
 
7/22 at 100.00 
 
AA
     
1,167,623
 
 
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
     
518,080
 
 
1,000
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured 
 
7/27 at 100.00 
 
AA
     
1,113,390
 
 
415
 
Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37 
 
7/27 at 100.00 
   
N/R 
   
423,802
 
 
590
 
Festival Ranch Community Facilities District, City of Buckeye, Arizona, General Obligation Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured 
 
7/27 at 100.00 
 
AA
     
661,201
 
 
600
 
Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32 
 
7/26 at 100.00 
   
A1
     
630,552
 
 
1,500
 
Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation Refunding Bonds, Series 2013, 5.000%, 7/15/23 
 
No Opt. Call 
   
A–
     
1,629,405
 
 
1,500
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39 
 
11/25 at 100.00 
   
A
   
1,635,960
 
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 
 
 
               
 
510
 
5.000%, 1/01/31 
 
1/22 at 100.00 
   
A
 
   
537,209
 
 
200
 
5.125%, 1/01/42 
 
1/22 at 100.00 
   
A
   
209,972
 
 
1,500
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 
 
1/22 at 100.00 
   
A
   
1,569,435
 
 
1,250
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46 
 
12/26 at 100.00 
 
BBB+
     
1,366,288
 
 
1,425
 
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33 
 
7/23 at 100.00 
 
AA
     
1,583,788
 
 
65
 
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33 
 
11/18 at 100.00 
 
BBB–
     
65,190
 
 
200
 
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016, 5.000%, 7/15/31 
 
7/26 at 100.00 
 
BBB
     
222,780
 
 
385
 
Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured 
 
7/27 at 100.00 
 
AA
     
424,031
 
 
300
 
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26 
 
7/21 at 100.00 
 
AA–
     
323,625
 
 
400
 
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31 
 
11/18 at 100.00 
   
N/R 
   
351,388
 
 
2,500
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36 
 
12/22 at 100.00 
   
A
   
2,691,325
 
 
580
 
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax) 
 
7/22 at 100.00 
 
AA+
     
619,191
 
 
565
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured 
 
No Opt. Call 
 
BBB–
     
565,407
 
 
1,000
 
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33 
 
8/24 at 100.00 
 
AA
     
1,124,750
 
     
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
     
568,021
 
 
545
 
4.000%, 8/01/36 
 
8/26 at 100.00 
 
AA
     
570,184
 
 
1,740
 
Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/42 
 
8/28 at 100.00 
 
AA
     
2,005,628
 
 
20

 

 
Principal 
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3) 
     
Value 
 
     
Tax Obligation/Limited (continued) 
 
 
             
$
1,000
 
Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22 
 
No Opt. Call 
 
AA+
   
$
1,120,560
 
     
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A, 
 
 
             
 
1,400
 
5.000%, 7/01/34 – BAM Insured 
 
7/24 at 100.00 
 
AA
     
1,560,370
 
 
2,100
 
5.000%, 7/01/38 – BAM Insured 
 
7/24 at 100.00 
 
AA
     
2,323,944
 
 
3,000
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24 
 
No Opt. Call 
 
AAA
     
3,465,480
 
 
1,320
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36 
 
7/27 at 100.00 
 
AAA
     
1,539,952
 
     
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016, 
 
 
             
 
310
 
5.000%, 7/01/28 
 
7/26 at 100.00 
 
AAA
     
361,389
 
 
500
 
5.000%, 7/01/29 
 
7/26 at 100.00 
 
AAA
     
580,585
 
 
2,505
 
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 
 
7/22 at 100.00 
 
AAA
     
2,746,232
 
 
1,750
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 – AGM Insured 
 
No Opt. Call 
 
AA
     
1,776,320
 
 
750
 
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25, 144A 
 
7/21 at 100.00 
   
N/R 
 
   
704,843
 
 
1,300
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 
 
11/18 at 100.00 
   
N/R 
   
1,251,250
 
 
46,308
 
Total Tax Obligation/Limited 
 
 
           
50,274,542
 
     
Transportation – 6.1% (3.9% of Total Investments) 
 
 
               
     
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A, 
 
 
               
 
910
 
5.000%, 7/01/40 
 
7/25 at 100.00 
   
A+
   
1,012,584
 
 
2,185
 
5.000%, 7/01/45 
 
7/25 at 100.00 
   
A+
   
2,424,236
 
     
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013, 
 
 
               
 
1,785
 
5.000%, 7/01/30 (Alternative Minimum Tax) 
 
7/23 at 100.00 
 
AA–
     
1,964,303
 
 
2,215
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
 
7/23 at 100.00 
 
AA–
     
2,431,206
 
 
2,000
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax) 
 
7/27 at 100.00 
 
AA–
     
2,235,580
 
 
9,095
 
Total Transportation 
 
 
           
10,067,909
 
     
U.S. Guaranteed – 18.5% (11.8% of Total Investments) (5) 
 
 
               
 
3,480
 
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22) 
 
7/22 at 100.00 
 
AA
     
3,864,958
 
 
1,025
 
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
 
AA+
     
1,113,068
 
 
180
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20) 
 
7/20 at 100.00 
   
A+
   
190,609
 
 
585
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
   
N/R 
   
655,212
 
 
1,045
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20) 
 
7/20 at 100.00 
   
N/R 
   
1,150,273
 
     
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010, 
 
 
               
 
745
 
6.000%, 6/01/40 (Pre-refunded 6/01/19) 
 
6/19 at 100.00 
 
BB+
     
768,572
 
 
550
 
6.100%, 6/01/45 (Pre-refunded 6/01/19) 
 
6/19 at 100.00 
 
BB+
     
567,804
 
 
1,000
 
Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20) 
 
7/20 at 100.00 
   
A+
   
1,064,710
 
 
1,800
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
   
A
 
   
1,966,968
 
 
21

 

NAZ
Nuveen Arizona Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2018 (Unaudited)
 
 
Principal
Amount (000)
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued) 
 
 
           
$
5,000
 
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20) 
 
7/20 at 100.00 
 
AAA
   
$
5,294,700
 
     
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
     
1,422,555
 
 
1,360
 
5.000%, 7/01/33 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
 
AAA
     
1,476,851
 
 
1,705
 
5.000%, 7/01/34 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
 
AAA
     
1,851,494
 
     
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007, 
 
 
             
 
605
 
4.700%, 4/01/22 (Pre-refunded 10/01/18) 
 
10/18 at 100.00 
   
A+
 
   
606,379
 
 
1,970
 
4.900%, 4/01/32 (Pre-refunded 10/01/18) 
 
10/18 at 100.00 
   
A+
 
   
1,974,767
 
 
1,495
 
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22) 
 
7/22 at 100.00 
   
N/R
 
   
1,657,462
 
 
2,585
 
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21) 
 
7/21 at 100.00 
   
N/R
 
   
2,870,281
 
     
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013, 
 
 
               
 
200
 
5.000%, 7/01/19 (ETM) 
 
No Opt. Call 
   
N/R
 
   
205,278
 
 
800
 
5.000%, 7/01/20 (ETM) 
 
No Opt. Call 
   
N/R
 
   
844,928
 
 
825
 
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 (Pre-refunded 3/01/21) 
 
3/21 at 100.00 
 
BB+
     
945,145
 
 
28,265
 
Total U.S. Guaranteed 
 
 
           
30,492,014
 
     
Utilities – 22.6% (14.4% of Total Investments) 
 
 
               
 
1,495
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
3/22 at 100.00 
   
A–
     
1,592,758
 
 
1,100
 
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 
 
10/24 at 100.00 
 
AA
     
1,200,210
 
 
4,310
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35 
 
6/20 at 100.00 
 
Aa3
     
4,507,872
 
 
8,750
 
Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4) 
 
7/28 at 100.00 
 
Aa2
     
10,116,050
 
 
695
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35 
 
7/26 at 100.00 
   
A
 
   
784,009
 
 
1,500
 
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36 
 
6/25 at 100.00 
 
Aa1
     
1,708,230
 
     
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2017A, 
 
 
               
 
2,000
 
5.000%, 1/01/38 
 
1/28 at 100.00 
 
Aa1
     
2,331,960
 
 
500
 
5.000%, 1/01/39 
 
1/28 at 100.00 
 
Aa1
     
582,100
 
     
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 
 
BBB+
     
5,437,215
 
 
5,665
 
5.000%, 12/01/37 
 
No Opt. Call 
 
BBB+
     
6,732,566
 
 
2,370
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax) 
 
11/18 at 100.00 
   
N/R
 
   
2,229,269
 
 
32,885
 
Total Utilities 
 
 
           
37,222,239
 
     
Water and Sewer – 12.3% (7.8% of Total Investments) 
 
 
               
 
1,000
 
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016, 5.000%, 1/01/36 
 
1/26 at 100.00 
 
AA+
     
1,135,480
 
 
500
 
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28 
 
7/22 at 100.00 
 
AA
     
550,075
 
 
785
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016, 5.000%, 7/01/45 – AGM Insured 
 
7/26 at 100.00 
 
AA
     
878,030
 
 
2,855
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39 
 
7/20 at 100.00 
 
Aa3
     
3,041,317
 
 
500
 
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 5.500%, 7/01/41 
 
7/21 at 100.00 
 
AA
     
546,620
 
 
22

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Water and Sewer (continued) 
 
 
   
 
     
 
 
 
 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 
 
 
   
 
     
 
 
$
665 
 
5.000%, 7/01/36 
 
7/27 at 100.00 
   
A– 
    $
 737,990 
 
 
500 
 
5.000%, 7/01/40 
 
7/27 at 100.00 
   
A– 
     
552,085 
 
 
545 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33 
 
7/23 at 100.00 
   
A– 
     
589,723 
 
 
1,125 
 
Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 7/01/36 – AGM Insured 
 
7/25 at 100.00 
   
AA 
     
1,262,093 
 
 
1,135 
 
Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014, 5.000%, 7/01/29 
 
7/24 at 100.00 
   
AA+ 
     
1,291,119 
 
 
2,000 
 
Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/39 
 
7/24 at 100.00 
   
AAA 
     
2,234,800 
 
 
 
 
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 
     
1,375,950 
 
 
1,040 
 
5.500%, 7/01/22 – FGIC Insured 
 
No Opt. Call 
   
AAA 
     
1,176,136 
 
 
1,500 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26 
 
7/22 at 100.00 
   
AA 
     
1,653,120 
 
 
1,000 
 
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22 
 
No Opt. Call 
   
AA 
     
1,109,840 
 
 
 
 
Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018, 
 
 
   
 
     
 
 
 
500 
 
5.000%, 7/01/35 
 
7/28 at 100.00 
   
AA+ 
     
585,900 
 
 
805 
 
5.000%, 7/01/36 
 
7/28 at 100.00 
   
AA+ 
     
941,802 
 
 
500 
 
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23 
 
No Opt. Call 
   
AA 
     
567,380 
 
 
18,205 
 
Total Water and Sewer 
 
 
   
 
     
20,229,460 
 
 $
235,758 
 
Total Long-Term Investments (cost $249,151,243) 
 
 
   
 
     
258,871,485 
 
 
 
 
Floating Rate Obligations – (5.9)% 
 
 
   
 
     
(9,755,000) 
 
 
 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.6)% (6) 
 
 
   
 
     
(88,293,193) 
 
 
 
 
Other Assets Less Liabilities – 2.3% 
 
 
   
 
     
3,822,361 
 
 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
   
 
     $
164,645,653 
 
 
     
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.1%. 
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. 
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.
23

 

NUM 
Nuveen Michigan Quality Municipal
Income Fund 
Portfolio of Investments 
August 31, 2018 (Unaudited) 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
 
Ratings (3) 
     
Value 
 
   
LONG-TERM INVESTMENTS – 158.5% (100.0% of Total Investments) 
 
 
               
   
MUNICIPAL BONDS – 158.5% (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 Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34 
 
10/18 at 100.00 
   
B–
   
$
6,028,260
 
 
8,650
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 
 
10/18 at 100.00 
   
B2
     
8,665,483
 
 
14,650
 
Total Consumer Staples 
 
 
           
14,693,743
 
     
Education and Civic Organizations – 35.4% (22.4% of Total Investments) 
 
 
               
 
1,220
 
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39 
 
10/24 at 100.00 
 
Aa3
     
1,376,160
 
 
1,000
 
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36 
 
11/18 at 100.00 
   
B
   
863,030
 
 
1,255
 
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30 
 
11/18 at 100.00 
   
B–
     
796,423
 
     
Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A: 
 
 
               
 
1,100
 
5.000%, 3/01/33 – BAM Insured 
 
3/27 at 100.00 
 
AA
     
1,248,786
 
 
2,270
 
5.000%, 3/01/36 – BAM Insured 
 
3/27 at 100.00 
 
AA
     
2,555,453
 
 
7,665
 
Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured 
 
3/28 at 100.00 
 
AA
     
7,755,599
 
 
2,250
 
Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 5.000%, 10/01/41 
 
10/26 at 100.00
   
A+
     
2,515,680
 
 
500
 
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28 
 
12/24 at 100.00 
   
A+
 
   
567,445
 
     
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
     
2,675,502
 
 
4,000
 
5.000%, 1/15/43 – AGM Insured 
 
1/28 at 100.00 
 
AA
     
4,441,520
 
 
3,500
 
Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo College Project, Refunding Series 2018, 5.000%, 12/01/43 
 
12/28 at 100.00 
   
A1
     
3,948,315
 
 
990
 
Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31 
 
10/21 at 100.00 
   
B
   
953,103
 
 
1,170
 
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured 
 
9/18 at 100.00 
   
N/R
   
1,170,527
 
 
235
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37 
 
11/18 at 100.00 
   
N/R
 
   
234,986
 
 
5,000
 
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40 
 
2/20 at 100.00 
 
AA
     
5,195,750
 
 
7,790
 
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41 
 
8/23 at 100.00 
 
AA
     
8,636,850
 
 
800
 
Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27 
 
8/25 at 100.00 
 
AA
     
925,664
 
 
3,690
 
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34 
 
10/21 at 100.00 
   
A1
     
3,971,326
 
     
Northern Michigan University, General Revenue Bonds, Series 2018A: 
 
 
               
 
400
 
5.000%, 12/01/33 
 
6/28 at 100.00 
   
A1
     
460,180
 
 
650
 
5.000%, 12/01/35 
 
6/28 at 100.00 
   
A1
     
743,113
 
     
Oakland University, Michigan, General Revenue Bonds, Series 2016: 
 
 
               
 
1,400
 
5.000%, 3/01/41 
 
3/26 at 100.00 
   
A1
     
1,549,926
 
 
4,000
 
5.000%, 3/01/47 
 
3/26 at 100.00 
   
A1
     
4,406,080
 
 
810
 
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35 
 
7/26 at 100.00 
   
A1
     
903,620
 
 
24

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
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 
    $
2,339,860 
 
 
2,000 
 
5.000%, 4/01/35 
 
4/27 at 100.00 
   
AAA 
     
2,333,220 
 
 
1,065 
 
5.000%, 4/01/36 
 
4/27 at 100.00 
   
AAA 
     
1,238,915 
 
 
2,000 
 
5.000%, 4/01/42 
 
4/27 at 100.00 
   
AAA 
     
2,308,500 
 
 
4,000 
 
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 
 
4/24 at 100.00 
   
AAA 
     
4,537,120 
 
 
5,000 
 
University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46 
 
4/26 at 100.00 
   
AAA 
     
5,683,650 
 
 
 
 
University of Michigan, General Revenue Bonds, Series 2015: 
 
 
   
 
     
 
 
 
5,735 
 
5.000%, 4/01/40, 144A (UB), (4) 
 
4/26 at 100.00 
   
AAA 
     
6,548,395 
 
 
9,600 
 
5.000%, 4/01/46, 144A (UB), (4) 
 
4/26 at 100.00 
   
AAA 
     
10,912,608 
 
 
2,000 
 
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32 
 
5/26 at 100.00 
   
Aa3 
     
2,267,060 
 
 
3,700 
 
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40 
 
11/23 at 100.00 
   
Aa3 
     
4,121,134 
 
 
525 
 
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31 
 
11/21 at 100.00 
   
Aa3 
     
570,770 
 
 
 
 
Western Michigan University, General Revenue Bonds, Refunding Series 2013: 
 
 
   
 
     
 
 
 
750 
 
5.250%, 11/15/33 – AGM Insured 
 
11/23 at 100.00 
   
AA 
     
848,685 
 
 
4,250 
 
5.000%, 11/15/39 – AGM Insured 
 
11/23 at 100.00 
   
AA 
     
4,735,903 
 
 
 
 
Western Michigan University, General Revenue Bonds, Refunding Series 2015A: 
 
 
   
 
     
 
 
 
1,500 
 
5.000%, 11/15/40 
 
5/25 at 100.00 
   
Aa3 
     
1,670,085 
 
 
850 
 
5.000%, 11/15/45 
 
5/25 at 100.00 
   
Aa3 
     
943,662 
 
 
99,065 
 
Total Education and Civic Organizations 
 
 
   
 
     
108,954,605 
 
 
 
 
Health Care – 21.9% (13.8% of Total Investments) 
 
 
   
 
     
 
 
 
2,000 
 
County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016, 5.000%, 2/15/47 
 
2/27 at 100.00 
   
BBB– 
     
2,083,820 
 
 
4,000 
 
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 
 
7/21 at 100.00 
   
AA– 
     
4,339,080 
 
 
 
 
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 
     
5,885,385 
 
 
2,000 
 
5.000%, 1/15/42 
 
1/22 at 100.00 
   
AA 
     
2,115,080 
 
 
1,780 
 
Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32 
 
8/24 at 100.00 
   
A+ 
     
1,990,716 
 
 
4,850 
 
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39 
 
6/24 at 100.00 
   
A+ 
     
5,317,492 
 
 
3,930 
 
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31 
 
8/23 at 100.00 
   
A+ 
     
4,332,314 
 
 
6,060 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45 
 
5/25 at 100.00 
   
A+ 
     
6,601,764 
 
 
3,000 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 
 
11/22 at 100.00 
   
A+ 
     
3,233,460 
 
 
5,000 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45 
 
6/26 at 100.00 
   
AA– 
     
5,579,700 
 
 
1,900 
 
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017MI, 5.000%, 12/01/30 
 
6/27 at 100.00 
   
AA– 
     
2,201,207 
 
 
 
 
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012: 
 
 
   
 
     
 
 
 
1,000 
 
5.000%, 11/01/25 
 
11/22 at 100.00 
   
A+ 
     
1,106,810 
 
 
1,000 
 
5.000%, 11/01/26 
 
11/22 at 100.00 
   
A+ 
     
1,103,880 
 
 
3,750 
 
5.000%, 11/01/42 
 
11/22 at 100.00 
   
A+ 
     
4,049,963 
 
 
9,615 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39 
 
12/21 at 100.00 
   
AA– 
     
10,364,296 
 
 
1,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 
 
6/22 at 100.00 
   
AA– 
     
1,069,100 
 
 
25

 

NUM 
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Health Care (continued) 
 
 
   
 
     
 
 
$
5,380 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
 
3/24 at 100.00 
   
A+ 
    $
5,878,080 
 
 
 
 
Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39 
 
 
   
 
     
 
 
 
61,765 
 
Total Health Care 
 
 
   
 
     
67,252,147 
 
 
 
 
Housing/Multifamily – 2.4% (1.5% of Total Investments) 
 
 
   
 
     
 
 
 
2,635 
 
Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax) 
 
12/20 at 101.00 
   
AA 
     
2,784,536 
 
 
1,825 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35 
 
10/20 at 100.00 
   
AA 
     
1,898,876 
 
 
1,725 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41 
 
4/22 at 100.00 
   
AA 
     
1,772,075 
 
 
1,000 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42 
 
4/22 at 100.00 
   
AA 
     
1,010,600 
 
 
7,185 
 
Total Housing/Multifamily 
 
 
   
 
     
7,466,087 
 
 
 
 
Tax Obligation/General – 32.9% (20.7% of Total Investments) 
 
 
   
 
     
 
 
 
2,310 
 
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29 
 
5/22 at 100.00 
   
Aa1 
     
2,535,063 
 
 
840 
 
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/24 
 
No Opt. Call 
   
Aa2 
     
963,925 
 
 
895 
 
Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 5.000%, 5/01/28 
 
5/26 at 100.00 
   
AAA 
     
1,041,189 
 
 
 
 
Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I: 
 
 
   
 
     
 
 
 
2,250 
 
5.000%, 5/01/43 
 
5/27 at 100.00 
   
AA 
     
2,537,663 
 
 
2,195 
 
5.000%, 5/01/47 
 
5/27 at 100.00 
   
AA 
     
2,451,091 
 
 
 
 
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 
     
1,011,780 
 
 
500 
 
4.000%, 5/01/33 
 
5/21 at 100.00 
   
AA 
     
504,370 
 
 
1,135 
 
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 
 
5/24 at 100.00 
   
AA 
     
1,256,593 
 
 
875 
 
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20 
 
No Opt. Call 
   
AA 
     
920,448 
 
 
 
 
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 
     
7,408,449 
 
 
3,000 
 
0.000%, 12/01/26 
 
No Opt. Call 
   
AAA 
     
2,415,030 
 
 
100 
 
0.000%, 12/01/27 
 
No Opt. Call 
   
AAA 
     
77,840 
 
 
4,305 
 
0.000%, 12/01/29 
 
No Opt. Call 
   
AAA 
     
3,121,771 
 
 
 
 
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 
     
607,718 
 
 
500 
 
5.000%, 10/01/30 
 
10/21 at 100.00 
   
AA 
     
542,295 
 
 
500 
 
5.000%, 10/01/31 
 
10/21 at 100.00 
   
AA 
     
541,980 
 
 
 
 
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 
     
1,939,156 
 
 
4,205 
 
5.000%, 5/01/28 – AGM Insured 
 
5/26 at 100.00 
   
AA 
     
4,869,726 
 
 
1,000 
 
5.000%, 5/01/38 – AGM Insured 
 
5/26 at 100.00 
   
AA 
     
1,122,770 
 
 
 
 
Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017: 
 
 
   
 
     
 
 
 
1,245 
 
5.000%, 5/01/29 
 
5/27 at 100.00 
   
Aa3 
     
1,437,639 
 
 
1,265 
 
5.000%, 5/01/30 
 
5/27 at 100.00 
   
Aa3 
     
1,454,472 
 
 
 
 
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017: 
 
 
   
 
     
 
 
 
300 
 
5.000%, 4/01/27 
 
No Opt. Call 
   
AA+ 
     
353,991 
 
 
1,675 
 
5.000%, 4/01/30 
 
4/27 at 100.00 
   
AA+ 
     
1,949,918 
 
 
26

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/General (continued) 
 
 
   
 
     
 
 
 
 
 
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 
     $
1,156,600 
 
 
1,445 
 
5.000%, 6/01/34 
 
6/26 at 100.00 
   
AAA 
     
1,653,933 
 
 
1,000 
 
5.000%, 6/01/35 
 
6/26 at 100.00 
   
AAA 
     
1,143,850 
 
 
 
 
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 
     
1,816,270 
 
 
1,650 
 
5.000%, 6/01/37 
 
6/27 at 100.00 
   
AAA 
     
1,904,694 
 
 
1,025 
 
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34 
 
1/25 at 100.00 
   
AAA 
     
1,157,963 
 
 
3,440 
 
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31 
 
1/25 at 100.00 
   
AAA 
     
3,911,899 
 
 
 
 
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+ 
     
1,127,020 
 
 
1,020 
 
5.000%, 10/01/26 
 
10/23 at 100.00 
   
AA+ 
     
1,148,000 
 
 
1,000 
 
L'Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/23 
 
No Opt. Call 
   
AA 
     
1,122,290 
 
 
 
 
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I: 
 
 
   
 
     
 
 
 
1,345 
 
5.000%, 5/01/26 
 
No Opt. Call 
   
AA 
     
1,573,838 
 
 
2,245 
 
5.000%, 5/01/33 
 
5/26 at 100.00 
   
AA 
     
2,545,067 
 
 
2,085 
 
5.000%, 5/01/38 
 
5/26 at 100.00 
   
AA 
     
2,330,446 
 
 
2,200 
 
5.000%, 5/01/41 
 
5/26 at 100.00 
   
AA 
     
2,447,962 
 
 
1,500 
 
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 
 
11/28 at 100.00 
   
Aa3 
     
1,701,825 
 
 
1,950 
 
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28 
 
12/25 at 100.00 
   
Aa1 
     
2,247,200 
 
 
4,000 
 
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22 
 
12/21 at 100.00 
   
Aa1 
     
4,369,160 
 
 
1,000 
 
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28 
 
12/24 at 100.00 
   
Aa1 
     
1,151,660 
 
 
2,000 
 
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22 – NPFG Insured 
 
No Opt. Call 
   
Aa2 
     
2,160,840 
 
 
2,945 
 
Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility Series 2013I, 5.000%, 5/01/38 – BAM Insured 
 
5/24 at 100.00 
   
AA 
     
3,302,876 
 
 
 
 
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 
     
1,525,446 
 
 
1,730 
 
5.000%, 11/01/36 
 
11/25 at 100.00 
   
AA 
     
1,945,333 
 
 
 
 
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 
     
1,709,248 
 
 
640 
 
5.250%, 10/01/37 – AGM Insured 
 
10/21 at 100.00 
   
AA 
     
695,085 
 
 
 
 
Port Huron, Michigan, General Obligation Bonds, Series 2011B: 
 
 
   
 
     
 
 
 
530 
 
5.000%, 10/01/31 – AGM Insured 
 
10/21 at 100.00 
   
AA 
     
571,547 
 
 
800 
 
5.250%, 10/01/40 – AGM Insured 
 
10/21 at 100.00 
   
AA 
     
868,112 
 
 
500 
 
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19 
 
No Opt. Call 
   
AA 
     
510,930 
 
 
625 
 
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20 
 
No Opt. Call 
   
Aa2 
     
658,094 
 
 
1,510 
 
Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43 
 
4/28 at 100.00 
   
AA+ 
     
1,698,071 
 
 
1,435 
 
South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured 
 
5/24 at 100.00 
   
AA 
     
1,595,046 
 
 
550 
 
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26 
 
5/25 at 100.00 
   
AA 
     
634,172 
 
 
27

 

NUM 
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/General (continued) 
 
 
   
 
     
 
 
 $
 1,600 
 
Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/40 
 
11/23 at 100.00 
   
Aa1 
     $
1,774,320 
 
 
2,590 
 
West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured 
 
5/27 at 100.00 
   
AA 
     
2,933,641 
 
 
1,225 
 
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured 
 
No Opt. Call 
   
Aa2 
     
1,357,104 
 
 
1,475 
 
Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured 
 
5/21 at 100.00 
   
AA 
     
1,542,939 
 
 
94,820 
 
Total Tax Obligation/General 
 
 
   
 
     
101,057,358 
 
 
 
 
Tax Obligation/Limited – 14.8% (9.4% of Total Investments) 
 
 
   
 
     
 
 
 
2,200 
 
Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42 
 
2/24 at 103.00 
   
N/R 
     
2,398,330 
 
 
 
 
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– 
     
1,278,316 
 
 
2,000 
 
5.000%, 10/01/24 
 
10/23 at 100.00 
   
AA– 
     
2,228,700 
 
 
2,000 
 
5.000%, 10/01/25 
 
10/24 at 100.00 
   
AA– 
     
2,244,100 
 
 
11,025 
 
5.000%, 10/01/39 
 
10/24 at 100.00 
   
AA– 
     
12,214,705 
 
 
2,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 
 
10/21 at 100.00 
   
Aa2 
     
2,181,060 
 
 
1,845 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2013-I-A, 5.000%, 10/15/29 
 
10/23 at 100.00 
   
Aa2 
     
2,075,348 
 
 
4,000 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 
 
10/25 at 100.00 
   
Aa2 
     
4,481,560 
 
 
 
 
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 
     
1,683,525 
 
 
2,500 
 
5.000%, 10/15/46 
 
10/26 at 100.00 
   
Aa2 
     
2,796,425 
 
 
 
 
Michigan State Trunk Line Fund Bonds, Series 2011: 
 
 
   
 
     
 
 
 
1,100 
 
5.000%, 11/15/24 
 
11/21 at 100.00 
   
AA+ 
     
1,197,317 
 
 
1,750 
 
5.000%, 11/15/29 
 
11/21 at 100.00 
   
AA+ 
     
1,901,428 
 
 
1,605 
 
5.000%, 11/15/31 
 
11/21 at 100.00 
   
AA+ 
     
1,745,951 
 
 
1,160 
 
4.000%, 11/15/32 
 
11/21 at 100.00 
   
AA+ 
     
1,190,415 
 
 
1,970 
 
5.000%, 11/15/36 
 
11/21 at 100.00 
   
AA+ 
     
2,131,579 
 
 
1,370 
 
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 
 
No Opt. Call 
   
AA+ 
     
1,535,702 
 
 
1,950 
 
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29 
 
11/24 at 100.00 
   
AA+ 
     
2,243,787 
 
 
41,215 
 
Total Tax Obligation/Limited 
 
 
   
 
     
45,528,248 
 
 
 
 
Transportation – 3.4% (2.1% of Total Investments) 
 
 
   
 
     
 
 
 
4,500 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax) 
 
No Opt. Call 
   
A 
     
4,903,470 
 
 
4,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured 
 
12/22 at 100.00 
   
AA 
     
4,352,600 
 
 
1,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017A, 5.000%, 12/01/42 
 
12/27 at 100.00 
   
A 
     
1,129,280 
 
 
9,500 
 
Total Transportation 
 
 
   
 
     
10,385,350 
 
 
 
 
U.S. Guaranteed – 14.3% (9.0% 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 
     
1,313,616 
 
 
2,190 
 
5.500%, 5/01/41 (Pre-refunded 5/01/21) 
 
5/21 at 100.00 
   
AA 
     
2,397,349 
 
 
2,605 
 
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 
 
1/19 at 100.00 
   
AA 
     
2,634,879 
 
 
28

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
U.S. Guaranteed (5) (continued) 
 
 
   
 
     
 
 
 $
1,800 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured 
 
6/20 at 100.00 
   
AA 
    $
1,900,350 
 
 
5,505 
 
Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
N/R 
     
6,094,861 
 
 
35 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
12/21 at 100.00 
   
N/R 
     
38,345 
 
 
 
 
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 
     
2,233,500 
 
 
1,135 
 
5.000%, 10/01/32 (Pre-refunded 10/01/22) 
 
10/22 at 100.00 
   
AAA 
     
1,267,511 
 
 
390 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20) 
 
10/20 at 100.00 
   
AAA 
     
415,514 
 
 
 
 
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 
     
155,753 
 
 
7,300 
 
5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
11/19 at 100.00 
   
N/R 
     
7,644,341 
 
 
4,000 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured 
 
6/19 at 100.00 
   
AA+ 
     
4,124,400 
 
 
3,415 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John's Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM) 
 
11/18 at 100.00 
   
Aaa 
     
3,633,628 
 
 
1,000 
 
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19) 
 
5/19 at 100.00 
   
Aa1 
     
1,025,240 
 
 
3,640 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19) 
 
8/19 at 100.00 
   
A1 
     
3,777,628 
 
 
350 
 
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured 
 
12/19 at 100.00 
   
AA 
     
364,847 
 
 
 
 
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008: 
 
 
   
 
     
 
 
 
2,220 
 
5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured 
 
11/18 at 100.00 
   
Aa3 
     
2,235,140 
 
 
2,780 
 
5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured 
 
11/18 at 100.00 
   
Aa3 
     
2,798,960 
 
 
41,715 
 
Total U.S. Guaranteed 
 
 
   
 
     
44,055,862 
 
 
 
 
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 
     
2,957,158 
 
 
6,020 
 
5.000%, 7/01/39 
 
7/21 at 100.00 
   
AA 
     
6,459,821 
 
 
 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394: 
 
 
   
 
     
 
 
 
1,110 
 
13.555%, 7/01/37, 144A (IF) (4) 
 
7/21 at 100.00 
   
AA– 
     
1,410,499 
 
 
1,700 
 
13.550%, 7/01/37, 144A (IF) (4) 
 
7/21 at 100.00 
   
AA– 
     
2,160,224 
 
 
 
 
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: 
 
 
   
 
     
 
 
 
1,000 
 
5.000%, 7/01/30 
 
7/26 at 100.00 
   
A 
     
1,130,290 
 
 
1,000 
 
5.000%, 7/01/31 
 
7/26 at 100.00 
   
A 
     
1,125,860 
 
 
75 
 
5.000%, 7/01/32 
 
7/26 at 100.00 
   
A 
     
84,218 
 
 
1,000 
 
5.000%, 7/01/33 
 
7/26 at 100.00 
   
A 
     
1,119,240 
 
 
 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A: 
 
 
   
 
     
 
 
 
1,900 
 
5.000%, 1/01/27 
 
1/22 at 100.00 
   
A2 
     
2,023,557 
 
 
4,530 
 
5.000%, 1/01/43 
 
1/22 at 100.00 
   
A2 
     
4,745,492 
 
 
 
 
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 
     
1,868,451 
 
 
1,990 
 
5.000%, 1/01/25 – AGM Insured 
 
1/21 at 100.00 
   
AA 
     
2,112,624 
 
 
2,180 
 
5.000%, 1/01/26 – AGM Insured 
 
1/21 at 100.00 
   
AA 
     
2,314,332 
 
 
290 
 
5.000%, 1/01/27 – AGM Insured 
 
1/21 at 100.00 
   
AA 
     
307,870 
 
 
3,640 
 
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured 
 
No Opt. Call 
   
Aa3 
     
4,087,138 
 
 
29

NUM 
Nuveen Michigan Quality Municipal Income Fund
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Utilities (continued) 
 
 
   
 
     
 
 
$
2,700 
 
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – BAM Insured 
 
10/25 at 100.00 
   
AA 
    $
2,911,356 
 
 
33,645 
 
Total Utilities 
 
 
   
 
     
36,818,130 
 
 
 
 
Water and Sewer – 16.6% (10.5% of Total Investments) 
 
 
   
 
     
 
 
 
15 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2004A, 5.000%, 7/01/34 – AGM Insured 
 
11/18 at 100.00 
   
AA 
     
15,037 
 
 
 
 
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 
     
1,129,680 
 
 
1,000 
 
5.000%, 1/01/33 
 
1/24 at 100.00 
   
Aa1 
     
1,127,550 
 
 
1,000 
 
5.000%, 1/01/34 
 
1/24 at 100.00 
   
Aa1 
     
1,125,950 
 
 
1,855 
 
5.000%, 1/01/44 
 
1/24 at 100.00 
   
Aa1 
     
2,076,839 
 
 
 
 
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018: 
 
 
   
 
     
 
 
 
2,500 
 
5.000%, 1/01/43 
 
1/28 at 100.00 
   
Aa1 
     
2,857,975 
 
 
1,055 
 
5.000%, 1/01/48 
 
1/28 at 100.00 
   
Aa1 
     
1,202,415 
 
 
1,005 
 
Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2016C, 5.000%, 7/01/32 
 
7/26 at 100.00 
   
A3 
     
1,127,791 
 
 
6,245 
 
Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/32 
 
7/26 at 100.00 
   
A2 
     
7,175,505 
 
 
 
 
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 
   
A3 
     
5,109,901 
 
 
1,070 
 
5.000%, 7/01/35 
 
7/25 at 100.00 
   
A3 
     
1,169,317 
 
 
 
 
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 
     
1,655,730 
 
 
1,220 
 
5.000%, 7/01/37 – AGM Insured 
 
7/24 at 100.00 
   
AA 
     
1,341,878 
 
 
3,340 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 – AGM Insured 
 
7/24 at 100.00 
   
AA 
     
3,751,187 
 
 
 
 
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 
     
2,189,756 
 
 
3,200 
 
5.000%, 10/01/25 
 
10/22 at 100.00 
   
AAA 
     
3,577,600 
 
 
5,000 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2016B, 5.000%, 10/01/25 
 
No Opt. Call 
   
AAA 
     
5,901,450 
 
 
2,000 
 
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20 
 
No Opt. Call 
   
AAA 
     
2,133,800 
 
 
580 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19 
 
11/18 at 100.00 
   
AAA 
     
581,462 
 
 
170 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19 
 
11/18 at 100.00 
   
AAA 
     
170,428 
 
 
475 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20) 
 
10/20 at 100.00 
   
AAA 
     
506,075 
 
 
90 
 
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23 
 
11/18 at 100.00 
   
AAA 
     
90,227 
 
 
 
 
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007: 
 
 
   
 
     
 
 
 
70 
 
5.000%, 10/01/23 
 
11/18 at 100.00 
   
AAA 
     
70,176 
 
 
225 
 
5.000%, 10/01/24 
 
11/18 at 100.00 
   
AAA 
     
225,545 
 
 
1,000 
 
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24 
 
No Opt. Call 
   
AA 
     
1,139,940 
 
 
 
 
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011: 
 
 
   
 
     
 
 
 
500 
 
5.250%, 10/01/31 
 
10/21 at 100.00 
   
A– 
     
541,950 
 
 
1,500 
 
5.625%, 10/01/40 
 
10/21 at 100.00 
   
A– 
     
1,651,320 
 
 
30

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Water and Sewer (continued) 
 
 
   
 
     
 
 
 
 
 
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016: 
 
 
   
 
     
 
 
 $
210 
 
5.000%, 6/01/26 
 
No Opt. Call 
   
Aa3 
     $
243,203 
 
 
505 
 
5.000%, 6/01/27 
 
6/26 at 100.00 
   
Aa3 
     
579,907 
 
 
550 
 
5.000%, 6/01/28 
 
6/26 at 100.00 
   
Aa3 
     
628,705 
 
 
45,500 
 
Total Water and Sewer 
 
 
   
 
     
51,098,299 
 
 $
449,060 
 
Total-Long Term Investments (cost $469,548,596) 
 
 
   
 
     
487,309,829 
 
 
 
 
Floating Rate Obligations – (4.0)% 
 
 
   
 
     
(12,265,000) 
 
 
 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.3)% (6) 
 
 
   
 
     
(172,989,269) 
 
 
 
 
Other Assets Less Liabilities – 1.8% 
 
 
   
 
     
5,471,213 
 
 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
   
 
     $
307,526,773 
 
 
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6) 
 
Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.5%. 
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. 
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.
31

 

NUO 
Nuveen Ohio Quality Municipal Income Fund 
Portfolio of Investments 
August 31, 2018 (Unaudited) 
 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
LONG-TERM INVESTMENTS – 154.8% (100.0% of Total Investments) 
 
 
   
 
     
 
 
 
 
 
MUNICIPAL BONDS – 154.8% (100.0% of Total Investments) 
 
 
   
 
     
 
 
 
 
 
Consumer Staples – 4.4% (2.9% of Total Investments) 
 
 
   
 
     
 
 
$
13,120 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 
 
10/18 at 100.00 
   
B– 
    $
13,203,180 
 
 
 
 
Education and Civic Organizations – 15.0% (9.7% of Total Investments) 
 
 
   
 
     
 
 
 
 
 
Lorain County Community College District, Ohio, General Receipts Revenue Bonds, Series 2017: 
 
 
   
 
     
 
 
 
1,305 
 
5.000%, 12/01/32 
 
6/27 at 100.00 
   
Aa2 
     
1,497,788 
 
 
1,200 
 
5.000%, 12/01/33 
 
6/27 at 100.00 
   
Aa2 
     
1,372,332 
 
 
505 
 
5.000%, 12/01/34 
 
6/27 at 100.00 
   
Aa2 
     
576,276 
 
 
 
 
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014: 
 
 
   
 
     
 
 
 
4,375 
 
5.000%, 9/01/33 
 
9/24 at 100.00 
   
AA 
     
4,902,275 
 
 
2,500 
 
4.000%, 9/01/39 
 
9/24 at 100.00 
   
AA 
     
2,580,650 
 
 
2,585 
 
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 Miami University of Ohio, General Receipts Bonds, Series 2011: 
 
9/26 at 100.00 
   
AA 
     
2,918,491 
 
 
130 
 
5.000%, 9/01/33 
 
9/21 at 100.00 
   
AA 
     
139,809 
 
 
1,960 
 
5.000%, 9/01/36 
 
9/21 at 100.00 
   
AA 
     
2,100,846 
 
 
 
 
Miami University of Ohio, General Receipts Bonds, Series 2012: 
 
 
   
 
     
 
 
 
480 
 
4.000%, 9/01/32 
 
9/22 at 100.00 
   
AA 
     
498,653 
 
 
1,000 
 
4.000%, 9/01/33 
 
9/22 at 100.00 
   
AA 
     
1,033,520 
 
 
 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012: 
 
 
   
 
     
 
 
 
120 
 
5.000%, 11/01/27 
 
5/22 at 100.00 
   
AA 
     
130,985 
 
 
590 
 
5.000%, 11/01/32 
 
5/22 at 100.00 
   
AA 
     
641,637 
 
 
5,000 
 
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2013, 5.000%, 12/01/43 
 
12/22 at 100.00 
   
A+ 
     
5,419,900 
 
 
1,000 
 
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 
 
12/22 at 100.00 
   
Aa3 
     
1,088,990 
 
 
1,000 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 
 
3/25 at 100.00 
   
N/R 
     
1,016,620 
 
 
1,000 
 
University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C, 5.000%, 6/01/41 
 
12/24 at 100.00 
   
AA– 
     
1,114,190 
 
 
5,175 
 
University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46 
 
6/26 at 100.00 
   
AA– 
     
5,774,990 
 
 
7,580 
 
Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 – BAM Insured 
 
5/21 at 100.00 
   
AA 
     
8,073,761 
 
 
 
 
Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017: 
 
 
   
 
     
 
 
 
1,555 
 
5.000%, 12/15/29 
 
12/26 at 100.00 
   
A+ 
     
1,781,392 
 
 
1,670 
 
5.000%, 12/15/30 
 
12/26 at 100.00 
   
A+ 
     
1,903,950 
 
 
40,730 
 
Total Education and Civic Organizations 
 
 
   
 
     
44,567,055 
 
 
 
 
Health Care – 15.8% (10.3% of Total Investments) 
 
 
   
 
     
 
 
 
3,000 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38 
 
5/23 at 100.00 
   
AA– 
     
3,262,140 
 
 
3,125 
 
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017, 5.000%, 12/01/47 
 
12/27 at 100.00 
   
A– 
     
3,427,469 
 
 
2,400 
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 
 
6/23 at 100.00 
   
Baa2 
     
2,503,296 
 
 
250 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 7.784%, 11/15/41 
 
11/21 at 100.00 
   
AA+ 
     
268,270 
 
 
4,480 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 2016-XL0004, 7.784%, 11/15/41, 144A (IF) (4) 
 
11/21 at 100.00 
   
AA+ 
     
5,134,752 
 
 
1,730 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 5.000%, 12/01/47 
 
12/27 at 100.00 
   
AA– 
     
1,946,337 
 
 
300 
 
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 6.000%, 8/15/29 
 
11/18 at 100.00 
   
A– 
     
300,900 
 
 
32

 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Health Care (continued) 
 
 
   
 
     
 
 
$
820 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41 
 
8/21 at 100.00 
   
A2 
    $
888,798 
 
 
 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A: 
 
 
   
 
     
 
 
 
2,575 
 
5.000%, 5/01/30 
 
11/18 at 100.00 
   
BBB+ 
     
2,601,008 
 
 
2,040 
 
5.000%, 5/01/32 
 
11/18 at 100.00 
   
BBB+ 
     
2,060,237 
 
 
6,105 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44 
 
2/23 at 100.00 
   
BB+ 
     
6,333,571 
 
 
1,100 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38 
 
1/22 at 100.00 
   
AA 
     
1,187,835 
 
 
 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010: 
 
 
   
 
     
 
 
 
555 
 
5.750%, 11/15/40 – AGM Insured 
 
5/20 at 100.00 
   
AA 
     
587,190 
 
 
1,520 
 
5.250%, 11/15/40 – AGM Insured 
 
5/20 at 100.00 
   
AA 
     
1,591,972 
 
 
 
 
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 
     
1,092,270 
 
 
2,000 
 
5.000%, 1/15/29 
 
1/23 at 100.00 
   
A 
     
2,169,980 
 
 
 
 
State of Ohio, Hospital Refunding Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2017A: 
 
 
   
 
     
 
 
 
1,765 
 
5.000%, 1/01/30 
 
1/28 at 100.00 
   
AA 
     
2,081,588 
 
 
1,325 
 
5.000%, 1/01/32 
 
1/28 at 100.00 
   
AA 
     
1,546,090 
 
 
 
 
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 
   
Ba1 
     
2,763,503 
 
 
5,510 
 
5.000%, 12/01/42 
 
12/22 at 100.00 
   
Ba1 
     
5,679,157 
 
 
44,270 
 
Total Health Care 
 
 
   
 
     
47,426,363 
 
 
 
 
Housing/Multifamily – 1.8% (1.1% of Total Investments) 
 
 
   
 
     
 
 
 
205 
 
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax) 
 
11/18 at 100.00 
   
Aaa 
     
205,457 
 
 
1,600 
 
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 – FGIC Insured (Alternative Minimum Tax) 
 
10/18 at 101.00 
   
Aa1 
     
1,649,584 
 
 
3,340 
 
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) 
 
9/19 at 100.00 
   
Aa1 
     
3,376,540 
 
 
5,145 
 
Total Housing/Multifamily 
 
 
   
 
     
5,231,581 
 
 
 
 
Industrials – 1.3% (0.9% of Total Investments) 
 
 
   
 
     
 
 
 
3,495 
 
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21 
 
No Opt. Call 
   
Baa1 
     
3,962,107 
 
 
1,600 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
 
7/19 at 100.00 
   
N/R 
     
16 
 
 
5,095 
 
Total Industrials 
 
 
   
 
     
3,962,123 
 
 
 
 
Long-Term Care – 1.1% (0.7% of Total Investments) 
 
 
   
 
     
 
 
 
895 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
7/20 at 100.00 
   
BBB 
     
935,347 
 
 
2,220 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40 
 
4/20 at 100.00 
   
BBB– 
     
2,350,358 
 
 
3,115 
 
Total Long Term Care 
 
 
   
 
     
3,285,705 
 
 
 
 
Tax Obligation/General – 22.2% (14.3% of Total Investments) 
 
 
   
 
     
 
 
 
2,500 
 
Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54 
 
11/27 at 100.00 
   
AA 
     
2,822,825 
 
 
 
 
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+ 
     
3,249,654 
 
 
5,835 
 
0.000%, 12/01/28 – AGM Insured 
 
No Opt. Call 
   
AA+ 
     
4,228,508 
 
 
33

 
NUO 
Nuveen Ohio Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/General (continued) 
 
 
   
 
     
 
 
$
 2,250 
 
Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-3, 5.000%, 2/15/28 
 
2/27 at 100.00 
   
AAA 
     $
2,681,460 
 
 
 
 
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: 
 
 
   
 
     
 
 
 
725 
 
5.000%, 12/01/26 
 
12/25 at 100.00 
   
Aaa 
     
856,414 
 
 
900 
 
5.000%, 12/01/32 
 
12/25 at 100.00 
   
Aaa 
     
1,045,521 
 
 
1,000 
 
5.000%, 12/01/34 
 
12/25 at 100.00 
   
Aaa 
     
1,154,540 
 
 
1,730 
 
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation 
 
12/23 at 100.00 
   
AAA 
     
1,962,893 
 
 
 
 
Bonds, Refunding School Improvement Series 2014: 
 
 
   
 
     
 
 
 
1,260 
 
5.000%, 11/01/30 
 
11/24 at 100.00 
   
Aa2 
     
1,417,966 
 
 
1,540 
 
5.000%, 11/01/31 
 
11/24 at 100.00 
   
Aa2 
     
1,730,298 
 
 
 
 
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 
     
607,991 
 
 
1,355 
 
5.250%, 1/01/41 
 
1/22 at 100.00 
   
AA 
     
1,483,007 
 
 
1,355 
 
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 5.125%, 12/01/36 
 
12/19 at 100.00 
   
Aa1 
     
1,408,902 
 
 
2,160 
 
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 0.000%, 12/01/21 
 
No Opt. Call 
   
Aa1 
     
2,023,877 
 
 
 
 
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 
     
4,272,715 
 
 
4,500 
 
5.250%, 12/01/31 – AGM Insured 
 
No Opt. Call 
   
A2 
     
5,356,035 
 
 
1,305 
 
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006, 5.500%, 12/01/24 – AMBAC Insured 
 
No Opt. Call 
   
A1 
     
1,509,402 
 
 
725 
 
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
6/22 at 100.00 
   
Aa3 
     
785,240 
 
 
5,000 
 
Ohio State, General Obligation Bonds, Higher Education, Series 2017A, 5.000%, 5/01/36 
 
5/25 at 100.00 
   
AA+ 
     
5,676,550 
 
 
3,000 
 
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29 
 
5/24 at 100.00 
   
AAA 
     
3,416,910 
 
 
5,000 
 
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/42 
 
6/22 at 100.00 
   
Aa2 
     
5,426,600 
 
 
450 
 
South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
6/22 at 100.00 
   
AA 
     
491,418 
 
 
1,800 
 
South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 
 
6/22 at 100.00 
   
N/R 
     
1,996,290 
 
 
1,500 
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/32 
 
No Opt. Call 
   
AA 
     
1,847,310 
 
 
7,500 
 
Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities & Improvement Series 2018A, 5.000%, 12/01/48 
 
12/27 at 100.00 
   
AAA 
     
8,623,800 
 
 
61,880 
 
Total Tax Obligation/General 
 
 
   
 
     
66,076,126 
 
 
 
 
Tax Obligation/Limited – 32.2% (20.8% of Total Investments) 
 
 
   
 
     
 
 
 
8,045 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 
 
10/23 at 100.00 
   
AA+ 
     
8,856,338 
 
 
 
 
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+ 
     
1,460,050 
 
 
1,000 
 
5.000%, 10/01/32 
 
4/28 at 100.00 
   
AA+ 
     
1,164,410 
 
 
3,000 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 2014A-1, 5.000%, 11/15/38 
 
11/23 at 100.00 
   
AA+ 
     
3,306,210 
 
 
 
 
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+ 
     
507,023 
 
 
700 
 
5.000%, 10/01/33 
 
10/27 at 100.00 
   
AA+ 
     
806,855 
 
 
34

 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/Limited (continued) 
 
 
   
 
     
 
 
$
500 
 
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36 
 
12/19 at 100.00 
   
BBB 
    $
505,835 
 
 
6,750 
 
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27 
 
12/20 at 100.00 
   
AA 
     
7,198,673 
 
 
 
 
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 
     
2,068,791 
 
 
1,415 
 
5.000%, 12/01/33 
 
12/24 at 100.00 
   
AAA 
     
1,608,487 
 
 
1,000 
 
5.000%, 12/01/34 
 
12/24 at 100.00 
   
AAA 
     
1,134,280 
 
 
945 
 
5.000%, 12/01/35 
 
12/24 at 100.00 
   
AAA 
     
1,069,570 
 
 
300 
 
Delaware County District Library, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34 
 
12/19 at 100.00 
   
Aa2 
     
311,853 
 
 
1,920 
 
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44 
 
12/25 at 100.00 
   
Aa1 
     
2,148,230 
 
 
10,350 
 
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/35 
 
12/24 at 100.00 
   
Aa1 
     
11,676,248 
 
 
5,535 
 
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/48 
 
6/28 at 100.00 
   
AAA 
     
6,412,962 
 
 
1,000 
 
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34 
 
12/25 at 100.00 
   
AAA 
     
1,141,100 
 
 
1,200 
 
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2016, 5.000%, 12/01/28 
 
12/26 at 100.00 
   
AAA 
     
1,405,512 
 
 
5,565 
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AMBAC Insured 
 
No Opt. Call 
   
AA 
     
4,004,463 
 
 
5,000 
 
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31 
 
12/21 at 100.00 
   
A1 
     
5,407,450 
 
 
20,700 
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 
 
1/23 at 100.00 
   
AA 
     
22,664,632 
 
 
1,000 
 
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/24 
 
10/22 at 100.00 
   
Aa3 
     
1,101,500 
 
 
 
 
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 
     
1,074,576 
 
 
1,345 
 
5.000%, 12/01/32 
 
12/27 at 100.00 
   
AA 
     
1,574,807 
 
 
1,845 
 
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured 
 
12/25 at 100.00 
   
AA 
     
1,905,276 
 
 
400 
 
Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50 
 
12/28 at 100.00 
   
N/R 
     
422,840 
 
 
 
 
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+ 
     
1,841,709 
 
 
1,200 
 
5.000%, 12/01/24 
 
12/22 at 100.00 
   
AA+ 
     
1,340,916 
 
 
 
 
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 
     
814,985 
 
 
805 
 
5.000%, 12/01/25 
 
12/20 at 100.00 
   
Aa3 
     
857,043 
 
 
88,345 
 
Total Tax Obligation/Limited 
 
 
   
 
     
95,792,624 
 
 
 
 
Transportation – 15.2% (9.8% of Total Investments) 
 
 
   
 
     
 
 
 
 
 
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: 
 
 
   
 
     
 
 
 
2,150 
 
5.000%, 1/01/30 
 
1/22 at 100.00 
   
A 
     
2,306,047 
 
 
1,500 
 
5.000%, 1/01/31 – AGM Insured 
 
1/22 at 100.00 
   
AA 
     
1,617,795 
 
 
 
 
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 
     
952,003 
 
 
500 
 
5.000%, 12/01/34 – AGM Insured 
 
12/23 at 100.00 
   
AA 
     
552,465 
 
 
35

NUO 
Nuveen Ohio Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Transportation (continued) 
 
 
   
 
     
 
 
 
 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015: 
 
 
   
 
     
 
 
$
2,500 
 
5.000%, 12/31/35 – AGM Insured (Alternative Minimum Tax) 
 
6/25 at 100.00 
   
AA 
    $
 2,743,125 
 
 
3,000 
 
5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) 
 
6/25 at 100.00 
   
AA 
     
3,266,970 
 
 
4,250 
 
5.000%, 6/30/53 (Alternative Minimum Tax) 
 
6/25 at 100.00 
   
A– 
     
4,628,208 
 
 
2,050 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39 
 
2/23 at 100.00 
   
Aa3 
     
2,265,701 
 
 
 
 
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 
     
2,447,850 
 
 
11,260 
 
0.000%, 2/15/38 
 
No Opt. Call 
   
Aa3 
     
5,252,903 
 
 
5,000 
 
0.000%, 2/15/40 
 
No Opt. Call 
   
Aa3 
     
2,143,050 
 
 
15,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Series 2018A, 5.000%, 2/15/46 (UB) 
 
2/28 at 100.00 
   
Aa3 
     
17,080,500 
 
 
53,070 
 
Total Transportation 
 
 
   
 
     
45,256,617 
 
 
 
 
U.S. Guaranteed – 29.2% (18.8% of Total Investments) (6) 
 
 
   
 
     
 
 
 
1,950 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20) 
 
6/20 at 100.00 
   
AA– 
     
2,065,304 
 
 
 
 
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 
     
1,256,476 
 
 
2,335 
 
5.500%, 11/01/40 (Pre-refunded 11/01/20) 
 
11/20 at 100.00 
   
A 
     
2,515,776 
 
 
 
 
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 
     
121,787 
 
 
1,140 
 
5.000%, 12/01/26 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
Aaa 
     
1,266,494 
 
 
245 
 
5.000%, 12/01/28 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
N/R 
     
271,252 
 
 
2,545 
 
5.000%, 12/01/28 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
Aaa 
     
2,827,393 
 
 
160 
 
5.000%, 12/01/29 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
N/R 
     
177,144 
 
 
1,605 
 
5.000%, 12/01/29 (Pre-refunded 6/01/22) 
 
6/22 at 100.00 
   
Aaa 
     
1,783,091 
 
 
 
 
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 
     
2,099,650 
 
 
875 
 
5.000%, 12/01/32 (Pre-refunded 12/01/20) 
 
12/20 at 100.00 
   
AA 
     
937,344 
 
 
8,150 
 
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 (Pre-refunded 12/01/21) 
 
12/21 at 100.00 
   
AAA 
     
8,955,953 
 
 
2,000 
 
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 (Pre-refunded 12/01/19) 
 
12/19 at 100.00 
   
AA+ 
     
2,081,780 
 
 
 
 
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+ 
     
1,497,561 
 
 
1,520 
 
5.000%, 10/01/30 (Pre-refunded 10/01/23) 
 
10/23 at 100.00 
   
AA+ 
     
1,731,022 
 
 
1,600 
 
5.000%, 10/01/31 (Pre-refunded 10/01/23) 
 
10/23 at 100.00 
   
AA+ 
     
1,822,128 
 
 
2,705 
 
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23) 
 
10/23 at 100.00 
   
N/R 
     
3,080,535 
 
 
 
 
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 
     
2,750,000 
 
 
1,975 
 
5.000%, 1/01/26 (Pre-refunded 1/01/22) 
 
1/22 at 100.00 
   
AA 
     
2,172,500 
 
 
1,140 
 
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured 
 
11/21 at 100.00 
   
A1 
     
1,249,919 
 
 
 
 
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 
     
259,425 
 
 
2,615 
 
5.250%, 11/01/40 (Pre-refunded 11/01/19) 
 
11/19 at 100.00 
   
Aa2 
     
2,721,038 
 
 
2,470 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Series 2008A, 5.000%, 11/01/40 (Pre-refunded 11/01/18) 
 
11/18 at 100.00 
   
Aa2 
     
2,483,091 
 
 
36

 

 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
U.S. Guaranteed (6) (continued) 
 
 
   
 
     
 
 
 
 
 
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 
   
AAA 
    $
 1,117,777 
 
 
1,090 
 
5.250%, 12/01/28 (Pre-refunded 12/01/21) 
 
12/21 at 100.00 
   
AAA 
     
1,206,314 
 
 
760 
 
5.250%, 12/01/30 (Pre-refunded 12/01/21) 
 
12/21 at 100.00 
   
AAA 
     
841,100 
 
 
600 
 
5.000%, 12/01/31 (Pre-refunded 12/01/21) 
 
12/21 at 100.00 
   
AAA 
     
659,334 
 
 
3,225 
 
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21) 
 
6/21 at 100.00 
   
A+ 
     
3,597,552 
 
 
2,620 
 
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 (Pre-refunded 10/01/18) 
 
10/18 at 100.00 
   
AA 
     
2,626,733 
 
 
 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D: 
 
 
   
 
     
 
 
 
90 
 
5.000%, 11/15/38 (Pre-refunded 11/15/18) 
 
11/18 at 100.00 
   
Baa1 
     
90,596 
 
 
40 
 
5.125%, 11/15/40 (Pre-refunded 11/15/18) 
 
11/18 at 100.00 
   
Baa1 
     
40,274 
 
 
3,965 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
11/21 at 100.00 
   
Baa1 
     
4,461,180 
 
 
1,500 
 
Milford Exempted Village School District, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18) 
 
12/18 at 100.00 
   
Aa2 
     
1,513,350 
 
 
2,000 
 
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23) 
 
5/23 at 100.00 
   
AA+ 
     
2,261,760 
 
 
2,300 
 
Northmor Local School District, Morrow County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 11/01/36 (Pre-refunded 11/01/18) 
 
11/18 at 100.00 
   
Aa2 
     
2,312,374 
 
 
945 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured 
 
5/20 at 100.00 
   
AA 
     
1,008,306 
 
 
3,000 
 
Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.750%, 5/01/28 (Pre-refunded 11/01/18) 
 
11/18 at 100.00 
   
A3 
     
3,019,590 
 
 
950 
 
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28 (Pre-refunded 12/01/18) 
 
12/18 at 100.00 
   
Baa1 
     
959,016 
 
 
4,550 
 
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 15.118%, 1/01/39 (Pre-refunded 1/01/19) 
 
1/19 at 100.00 
   
AA 
     
4,608,013 
 
 
5,350 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105, 15.118%, 1/01/39, 144A (Pre-refunded 1/01/19) (IF) 
 
1/19 at 100.00 
   
AA 
     
5,622,797 
 
 
 
 
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008: 
 
 
   
 
     
 
 
 
1,425 
 
5.750%, 12/01/28 (Pre-refunded 12/01/18) 
 
12/18 at 100.00 
   
A– 
     
1,439,207 
 
 
1,385 
 
5.750%, 12/01/35 (Pre-refunded 12/01/18) 
 
12/18 at 100.00 
   
A– 
     
1,398,808 
 
 
1,000 
 
5.750%, 12/01/35 (Pre-refunded 12/01/18) – AGC Insured 
 
12/18 at 100.00 
   
AA 
     
1,009,970 
 
 
 
 
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 
     
702,289 
 
 
315 
 
5.125%, 12/01/37 (Pre-refunded 6/01/19) 
 
6/19 at 100.00 
   
AA– 
     
323,067 
 
 
81,135 
 
Total U.S. Guaranteed 
 
 
   
 
     
86,946,070 
 
 
 
 
Utilities – 4.8% (3.1% of Total Investments) 
 
 
   
 
     
 
 
 
1,500 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42 
 
2/24 at 100.00 
   
A1 
     
1,638,600 
 
 
1,430 
 
American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A, 5.000%, 2/15/41 
 
2/26 at 100.00 
   
A1 
     
1,584,297 
 
 
1,565 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 – NPFG Insured 
 
No Opt. Call 
   
A– 
     
878,059 
 
 
 
 
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2: 
 
 
   
 
     
 
 
 
2,000 
 
0.000%, 11/15/28 – NPFG Insured 
 
No Opt. Call 
   
A– 
     
1,402,740 
 
 
6,895 
 
0.000%, 11/15/32 – NPFG Insured 
 
No Opt. Call 
   
A– 
     
4,052,192 
 
 
2,155 
 
0.000%, 11/15/34 – NPFG Insured 
 
No Opt. Call 
   
A– 
     
1,154,735 
 
 
1,500 
 
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38 
 
12/19 at 100.00 
   
A2 
     
1,561,455 
 
 
37

NUO 
Nuveen Ohio Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Utilities (continued) 
 
 
   
 
     
 
 
$
 2,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) (5) 
 
No Opt. Call 
   
N/R 
    $
 1,200,000 
 
 
950 
 
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured 
 
No Opt. Call 
   
A1 
     
668,031 
 
 
19,995 
 
Total Utilities 
 
 
   
 
     
14,140,109 
 
 
 
 
Water and Sewer – 11.8% (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 
     
9,141,119 
 
 
2,035 
 
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42 
 
1/22 at 100.00 
   
AA+ 
     
2,197,495 
 
 
545 
 
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured 
 
No Opt. Call 
   
Aa1 
     
568,773 
 
 
1,275 
 
Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A, 5.000%, 12/01/31 
 
12/24 at 100.00 
   
AA+ 
     
1,453,283 
 
 
2,025 
 
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured 
 
12/20 at 100.00 
   
A2 
     
2,092,169 
 
 
 
 
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+ 
     
3,309,487 
 
 
1,400 
 
5.000%, 11/15/44 
 
11/24 at 100.00 
   
AA+ 
     
1,561,336 
 
 
 
 
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013: 
 
 
   
 
     
 
 
 
820 
 
5.000%, 11/15/25 
 
11/23 at 100.00 
   
Aa3 
     
918,400 
 
 
605 
 
5.000%, 11/15/26 
 
11/23 at 100.00 
   
Aa3 
     
675,725 
 
 
1,075 
 
5.000%, 11/15/27 
 
11/23 at 100.00 
   
Aa3 
     
1,199,560 
 
 
695 
 
5.000%, 11/15/28 
 
11/23 at 100.00 
   
Aa3 
     
774,459 
 
 
10,000 
 
Toledo, Ohio, Water System Revenue Bonds, Series 2016, 5.000%, 11/15/41 – AMBAC Insured (UB) (4) 
 
11/26 at 100.00 
   
AA– 
     
11,280,300 
 
 
31,425 
 
Total Water and Sewer 
 
 
   
 
     
35,172,106 
 
$
 447,325 
 
Total Long-Term Investments (cost $444,094,891) 
 
 
   
 
     
461,059,659 
 
 
 
 
Floating Obligations – (6.7)% 
 
 
   
 
     
(20,000,000) 
 
 
 
 
Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.6)% (7) 
 
 
   
 
     
(147,754,691) 
 
 
 
 
Other Assets Less Liabilities – 1.5% 
 
 
   
 
     
4,475,415 
 
 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
   
 
    $
 297,780,383 
 
 
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5)
 
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 32.0%. 
144A 
 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. 
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.
38

s
NTX 
Nuveen Texas Quality Municipal Income Fund 
Portfolio of Investments 
August 31, 2018 (Unaudited) 
 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
LONG-TERM INVESTMENTS – 157.6% (100.0% of Total Investments) 
 
 
   
 
     
 
 
 
 
 
MUNICIPAL BONDS – 157.6% (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 Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) 
 
11/18 at 100.00 
   
A3 
    $
4,060,447 
 
 
 
 
Education and Civic Organizations – 11.6% (7.4% of Total Investments) 
 
 
   
 
     
 
 
 
2,500 
 
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series 2015A, 5.000%, 7/01/28 
 
7/24 at 100.00 
   
AAA 
     
2,865,775 
 
 
2,000 
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012B, 5.000%, 8/15/22 
 
No Opt. Call 
   
AAA 
     
2,229,680 
 
 
 
 
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– 
     
1,008,810 
 
 
1,000 
 
4.400%, 12/01/47 
 
12/22 at 100.00 
   
BBB– 
     
1,008,800 
 
 
1,230 
 
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood Jr. Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28 
 
8/23 at 100.00 
   
BBB– 
     
1,352,643 
 
 
1,000 
 
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35 
 
3/21 at 100.00 
   
A– 
     
1,060,460 
 
 
1,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26 
 
11/22 at 100.00 
   
A 
     
1,098,930 
 
 
3,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/38 
 
6/23 at 100.00 
   
Baa3 
     
3,166,590 
 
 
2,000 
 
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue Financing System Bonds, Series 2013, 5.000%, 2/15/36 
 
2/21 at 100.00 
   
AA 
     
2,140,940 
 
 
1,240 
 
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured 
 
5/26 at 100.00 
   
AA 
     
1,418,498 
 
 
15,970 
 
Total Education and Civic Organizations 
 
 
   
 
     
17,351,126 
 
 
 
 
Energy – 1.4% (0.9% of Total Investments) 
 
 
   
 
     
 
 
 
2,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax) 
 
10/22 at 100.00 
   
BB 
     
2,065,100 
 
 
 
 
Health Care – 4.8% (3.0% of Total Investments) 
 
 
   
 
     
 
 
 
1,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35 
 
12/22 at 100.00 
   
A+ 
     
1,085,230 
 
 
1,000 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
6/25 at 100.00 
   
AA 
     
1,101,920 
 
 
1,350 
 
Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28 
 
7/20 at 100.00 
   
A 
     
1,398,060 
 
 
515 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33 
 
9/23 at 100.00 
   
A 
     
558,893 
 
 
1,250 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32 
 
5/26 at 100.00 
   
AA– 
     
1,420,588 
 
 
1,590 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured 
 
1/19 at 100.00 
   
AA 
     
1,613,627 
 
 
6,705 
 
Total Health Care 
 
 
   
 
     
7,178,318 
 
 
 
 
Housing/Multifamily – 2.2% (1.4% of Total Investments) 
 
 
   
 
     
 
 
 
3,000 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured 
 
4/24 at 100.00 
   
AA 
     
3,244,890 
 
 
39

 
NTX 
Nuveen Texas Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/General – 31.9% (20.2% of Total Investments) 
 
 
   
 
     
 
 
$
 500 
 
Austin Community College District, Texas, General Obligation Bonds, Refunding Limited Tax Series 2016, 5.000%, 8/01/23 
 
No Opt. Call 
   
AA+ 
    $
566,495 
 
 
1,620 
 
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012, 5.000%, 2/15/32 – AGM Insured 
 
2/22 at 100.00 
   
AA 
     
1,757,311 
 
 
1,500 
 
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32 
 
2/21 at 100.00 
   
AA+ 
     
1,604,955 
 
 
1,000 
 
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/15/33 
 
8/23 at 100.00 
   
A– 
     
1,060,080 
 
 
1,565 
 
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured 
 
No Opt. Call 
   
AA 
     
1,679,167 
 
 
2,000 
 
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, 5.000%, 3/01/31 
 
3/27 at 100.00 
   
AA 
     
2,317,280 
 
 
3,255 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 0.000%, 8/01/45 
 
8/21 at 100.00 
   
A+ 
     
747,641 
 
 
1,360 
 
Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds, School Building Series 2014, 5.000%, 2/15/39 
 
2/24 at 100.00 
   
Aaa 
     
1,509,369 
 
 
2,000 
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 2/15/39 
 
2/27 at 100.00 
   
AAA 
     
2,286,780 
 
 
10,000 
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (4) 
 
2/27 at 100.00 
   
AAA 
     
10,333,100 
 
 
2,675 
 
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) 
 
8/24 at 100.00 
   
AA– 
     
2,987,039 
 
 
1,350 
 
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School Building Series 2013A, 5.000%, 2/15/43 
 
2/23 at 100.00 
   
AAA 
     
1,480,383 
 
 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 
 
4/21 at 100.00 
   
BBB 
     
1,878,783 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
   
 
     
 
 
 
1,000 
 
5.750%, 12/01/33 
 
12/25 at 100.00 
   
B1 
     
1,050,570 
 
 
1,000 
 
6.125%, 12/01/38 
 
12/25 at 100.00 
   
B1 
     
1,056,970 
 
 
1,425 
 
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35 
 
No Opt. Call 
   
AAA 
     
809,500 
 
 
4,000 
 
Prosper Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015, 5.000%, 2/15/40 
 
2/25 at 100.00 
   
AAA 
     
4,490,478 
 
 
205 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39 
 
2/24 at 100.00 
   
Ba2 
     
211,972 
 
 
2,000 
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42 
 
4/22 at 100.00 
   
AAA 
     
2,177,680 
 
 
2,000 
 
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2014, 5.000%, 4/01/44 
 
4/24 at 100.00 
   
AAA 
     
2,227,700 
 
 
2,000 
 
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014, 5.000%, 10/01/34 
 
4/24 at 100.00 
   
AAA 
     
2,246,360 
 
 
 
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998: 
 
 
   
 
     
 
 
 
45 
 
0.000%, 8/15/22 
 
11/18 at 100.00 
   
AAA 
     
36,366 
 
 
45 
 
0.000%, 8/15/24 
 
11/18 at 100.00 
   
AAA 
     
32,607 
 
 
9,000 
 
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/45 
 
8/25 at 44.15 
   
Aaa 
     
3,032,460 
 
 
53,295 
 
Total Tax Obligation/General 
 
 
   
 
     
47,581,046 
 
 
 
 
Tax Obligation/Limited – 24.8% (15.7% of Total Investments) 
 
 
   
 
     
 
 
 
2,000 
 
Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42 
 
8/27 at 100.00 
   
AA 
     
2,253,860 
 
 
40

 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Tax Obligation/Limited (continued) 
 
 
   
 
     
 
 
$
 1,000 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.250%, 8/15/38 – AGM Insured 
 
8/19 at 100.00 
   
AA 
    $
1,032,150 
 
 
 
 
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 
     
1,177,056 
 
 
1,160 
 
5.000%, 8/15/35 – AGM Insured 
 
8/24 at 100.00 
   
AA 
     
1,286,104 
 
 
1,175 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/36 
 
12/24 at 100.00 
   
AA+ 
     
1,327,010 
 
 
1,680 
 
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/48 
 
12/25 at 100.00 
   
AA+ 
     
1,887,799 
 
 
500 
 
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Series 2014, 6.500%, 9/01/36 
 
9/19 at 103.00 
   
N/R 
     
507,760 
 
 
2,500 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligations Series 2015B, 5.000%, 11/01/25 
 
No Opt. Call 
   
AA+ 
     
2,926,750 
 
 
1,390 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 11/01/41 
 
11/21 at 100.00 
   
AA+ 
     
1,502,243 
 
 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: 
 
 
   
 
     
 
 
 
450 
 
0.000%, 11/15/24 – NPFG Insured 
 
No Opt. Call 
   
Baa2 
     
362,088 
 
 
210 
 
0.000%, 11/15/32 – NPFG Insured 
 
11/31 at 94.05 
   
Baa2 
     
116,063 
 
 
260 
 
0.000%, 11/15/33 
 
11/31 at 88.44 
   
Baa2 
     
134,423 
 
 
2,045 
 
0.000%, 11/15/34 – NPFG Insured 
 
11/31 at 83.17 
   
Baa2 
     
989,146 
 
 
1,130 
 
0.000%, 11/15/36 – NPFG Insured 
 
11/31 at 73.51 
   
Baa2 
     
478,160 
 
 
4,370 
 
0.000%, 11/15/38 – NPFG Insured 
 
11/31 at 64.91 
   
Baa2 
     
1,618,124 
 
 
2,260 
 
0.000%, 11/15/39 – NPFG Insured 
 
11/31 at 60.98 
   
Baa2 
     
783,067 
 
 
400 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/34 
 
11/24 at 100.00 
   
A3 
     
437,560 
 
 
1,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/28 
 
11/24 at 100.00 
   
A2 
     
1,123,670 
 
 
3,440 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 0.000%, 11/15/41 – NPFG Insured 
 
11/31 at 53.78 
   
A2 
     
1,104,171 
 
 
1,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured 
 
11/24 at 59.10 
   
Baa2 
     
467,790 
 
 
1,015 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34 
 
9/24 at 100.00 
   
A2 
     
1,118,500 
 
 
1,470 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured 
 
No Opt. Call 
   
A2 
     
850,513 
 
 
10,000 
 
Texas State Transportation Commission, Highway Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/30 (UB) (4) 
 
10/26 at 100.00 
   
AAA 
     
11,642,300 
 
 
1,735 
 
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38 
 
8/24 at 100.00 
   
AAA 
     
1,961,556 
 
 
43,250 
 
Total Tax Obligation/Limited 
 
 
   
 
     
37,087,863 
 
 
 
 
Transportation – 21.9% (13.9% of Total Investments) 
 
 
   
 
     
 
 
 
3,000 
 
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (Alternative Minimum Tax) 
 
11/24 at 100.00 
   
A1 
     
3,281,700 
 
 
665 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/42 
 
1/23 at 100.00 
   
BBB 
     
707,680 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010: 
 
 
   
 
     
 
 
 
2,945 
 
0.000%, 1/01/36 
 
No Opt. Call 
   
BBB+ 
     
1,472,942 
 
 
2,205 
 
0.000%, 1/01/37 
 
No Opt. Call 
   
BBB+ 
     
1,053,902 
 
 
2,160 
 
0.000%, 1/01/38 
 
No Opt. Call 
   
BBB+ 
     
987,876 
 
 
1,000 
 
0.000%, 1/01/40 
 
No Opt. Call 
   
BBB+ 
     
418,270 
 
 
1,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42 
 
11/20 at 100.00 
   
A+ 
     
1,057,730 
 
 
41

NTX 
Nuveen Texas Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Transportation (continued) 
 
 
   
 
     
 
 
$
 1,165 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35 
 
11/20 at 100.00 
   
A+ 
    $
 1,234,038 
 
 
1,670 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 
 
10/23 at 100.00 
   
A– 
     
1,824,275 
 
 
1,640 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 
 
10/23 at 100.00 
   
AA+ 
     
1,791,618 
 
 
1,165 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 5.000%, 8/15/31 
 
8/22 at 100.00 
   
AA 
     
1,281,558 
 
 
5,150 
 
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 8/15/41 
 
8/26 at 100.00 
   
Aa2 
     
5,807,189 
 
 
2,000 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/31 (Alternative Minimum Tax) 
 
7/22 at 100.00 
   
A+ 
     
2,164,400 
 
 
1,750 
 
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/35 (Alternative Minimum Tax) 
 
11/25 at 100.00 
   
A1 
     
1,940,523 
 
 
3,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40 
 
11/20 at 100.00 
   
A3 
     
3,175,230 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A: 
 
 
   
 
     
 
 
 
20 
 
6.100%, 1/01/28 
 
1/19 at 100.00 
   
A1 
     
20,268 
 
 
375 
 
6.250%, 1/01/39 
 
1/19 at 100.00 
   
A1 
     
380,138 
 
 
2,500 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured 
 
No Opt. Call 
   
AA 
     
1,340,625 
 
 
2,500 
 
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27 (Alternative Minimum Tax) 
 
7/22 at 100.00 
   
A+ 
     
2,703,625 
 
 
35,910 
 
Total Transportation 
 
 
   
 
     
32,643,587 
 
 
 
 
U.S. Guaranteed – 16.8% (10.7% of Total Investments) (5) 
 
 
   
 
     
 
 
 
2,500 
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20) 
 
5/20 at 100.00 
   
AA 
     
2,668,775 
 
 
185 
 
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured (ETM) 
 
No Opt. Call 
   
AA 
     
199,140 
 
 
2,000 
 
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured 
 
8/20 at 100.00 
   
AA 
     
2,127,880 
 
 
4,000 
 
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 5.250%, 3/01/40 (Pre-refunded 3/01/20) 
 
3/20 at 100.00 
   
AA– 
     
4,204,840 
 
 
365 
 
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds, Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19) 
 
8/19 at 100.00 
   
AAA 
     
376,512 
 
 
25 
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29 (Pre-refunded 5/15/22) 
 
5/22 at 100.00 
   
N/R 
     
27,601 
 
 
1,500 
 
Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.250%, 3/01/32 (Pre-refunded 3/01/19) 
 
3/19 at 100.00 
   
Aaa 
     
1,527,075 
 
 
845 
 
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM) 
 
No Opt. Call 
   
Aaa 
     
969,418 
 
 
2,000 
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39 (Pre-refunded 8/15/19) 
 
8/19 at 100.00 
   
Aa2 
     
2,077,080 
 
 
885 
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
8/22 at 100.00 
   
Aa2 
     
985,209 
 
 
3,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21) 
 
9/21 at 100.00 
   
N/R 
     
3,266,220 
 
 
2,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (Pre-refunded 9/01/21) 
 
9/21 at 100.00 
   
N/R 
     
2,206,400 
 
 
42

 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
U.S. Guaranteed (5) (continued) 
 
 
   
 
     
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A: 
 
 
   
 
     
 
 
$
 80 
 
6.100%, 1/01/28 (Pre-refunded 1/01/19) 
 
1/19 at 100.00 
   
N/R 
    $
 81,134 
 
 
1,625 
 
6.250%, 1/01/39 (Pre-refunded 1/01/19) 
 
1/19 at 100.00 
   
N/R 
     
1,648,806 
 
 
 
 
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 
     
101,197 
 
 
1,155 
 
5.250%, 8/15/40 (Pre-refunded 8/15/20) 
 
8/20 at 100.00 
   
AA– 
     
1,232,628 
 
 
410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured 
 
1/19 at 100.00 
   
AA 
     
416,540 
 
 
1,000 
 
Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19) 
 
9/19 at 100.00 
   
BBB 
     
1,036,400 
 
 
23,670 
 
Total U.S. Guaranteed 
 
 
   
 
     
25,152,855 
 
 
 
 
Utilities – 15.6% (9.9% of Total Investments) 
 
 
   
 
     
 
 
 
2,000 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40 
 
11/22 at 100.00 
   
AA 
     
2,192,000 
 
 
3,000 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38 
 
11/25 at 100.00 
   
AA 
     
3,373,140 
 
 
2,560 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6) 
 
11/18 at 100.00 
   
N/R 
     
26 
 
 
2,000 
 
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31 
 
9/25 at 100.00 
   
A+ 
     
2,262,620 
 
 
3,000 
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40 
 
5/20 at 100.00 
   
A 
     
3,133,230 
 
 
1,150 
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36 
 
5/22 at 100.00 
   
A 
     
1,242,368 
 
 
1,975 
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29 
 
5/22 at 100.00 
   
A 
     
2,157,628 
 
 
1,500 
 
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue Refunding Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29 
 
7/19 at 102.00 
   
A– 
     
1,581,675 
 
 
1,000 
 
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/20 
 
No Opt. Call 
   
BBB+ 
     
1,057,030 
 
 
3,000 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 
 
No Opt. Call 
   
A– 
     
3,476,460 
 
 
1,000 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/20 
 
No Opt. Call 
   
A– 
     
1,067,360 
 
 
 
 
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010: 
 
 
   
 
     
 
 
 
640 
 
5.000%, 9/01/34 
 
9/20 at 100.00 
   
A+ 
     
674,810 
 
 
1,000 
 
5.000%, 9/01/40 
 
9/20 at 100.00 
   
A+ 
     
1,051,990 
 
 
23,825 
 
Total Utilities 
 
 
   
 
     
23,270,337 
 
 
 
 
Water and Sewer – 23.9% (15.2% of Total Investments) 
 
 
   
 
     
 
 
 
1,450 
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/41 
 
11/26 at 100.00 
   
AA 
     
1,651,333 
 
 
1,575 
 
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/38 – BAM Insured 
 
7/23 at 100.00 
   
AA 
     
1,722,751 
 
 
2,500 
 
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31 
 
2/21 at 100.00 
   
AA 
     
2,675,550 
 
 
2,000 
 
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 2013, 5.000%, 7/15/43 
 
7/23 at 100.00 
   
A+ 
     
2,191,940 
 
 
5,000 
 
Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/46 
 
10/27 at 100.00 
   
AAA 
     
5,712,148 
 
 
3,000 
 
Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2018D, 5.000%, 11/15/36 
 
11/28 at 100.00 
   
Aa2 
     
3,480,600 
 
 
2,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/42 
 
11/22 at 100.00 
   
AA 
     
2,194,520 
 
 
710 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured 
 
12/21 at 100.00 
   
AA 
     
766,431 
 
 
43

NTX 
Nuveen Texas Quality Municipal Income Fund 
Portfolio of Investments (continued) 
August 31, 2018 (Unaudited) 
 
 
Principal 
Amount (000) 
 
Description (1) 
 
Optional Call 
Provisions (2) 
   
Ratings (3) 
     
Value 
 
 
 
 
Water and Sewer (continued) 
 
 
   
 
     
 
 
$
$ 3,860 
 
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 12/15/33 
 
12/22 at 100.00 
   
AA– 
    $
 4,239,166 
 
 
1,000 
 
Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana Project, Refunding Series 2015, 5.000%, 7/15/26 
 
7/25 at 100.00 
   
AA– 
     
1,157,380 
 
 
2,640 
 
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, 5.000%, 5/15/34 
 
5/25 at 100.00 
   
AA 
     
2,985,312 
 
 
1,000 
 
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A, 5.000%, 5/15/48 
 
5/28 at 100.00 
   
AA 
     
1,144,480 
 
 
5,000 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Taxable Series 2018A, 5.000%, 10/15/43 
 
4/28 at 100.00 
   
AAA 
     
5,770,748 
 
 
31,735 
 
Total Water and Sewer 
 
 
   
 
     
35,692,359 
 
$
 243,420 
 
Total Long-Term Investments (cost $224,164,107) 
 
 
   
 
     
235,327,928 
 
 
 
 
Floating Rate Obligations – (10.7)% 
 
 
   
 
     
(16,000,000) 
 
 
 
 
MuniFund Preferred Shares, net of deferred offering costs – (48.0)% (7) 
 
 
   
 
     
(71,631,666) 
 
 
 
 
Other Assets Less Liabilities – 1.1% 
 
 
   
 
     
1,590,161 
 
 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
   
 
    $
149,286,423 
 
 
(1) 
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. 
(2) 
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. 
(3) 
 
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. 
(4) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. 
(5) 
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 
(6)
 
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. 
(7) 
 
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.4%. 
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.
44

 

Statement of Assets and Liabilities
August 31, 2018 (Unaudited)
                         
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Assets 
                       
Long-term investments, at value (cost $249,151,243, $469,548,596, 
                       
$444,094,891 and $224,164,107, respectively) 
 
$
258,871,485
   
$
487,309,829
   
$
461,059,659
   
$
235,327,928
 
Cash 
   
561,021
     
838,551
     
458,036
     
 
Receivable for: 
                               
Interest 
   
2,362,935
     
6,204,277
     
5,172,804
     
2,438,058
 
Investments sold 
   
1,789,836
     
     
25,000
     
 
Other assets 
   
2,591
     
60,421
     
24,944
     
3,032
 
Total assets 
   
263,587,868
     
494,413,078
     
466,740,443
     
237,769,018
 
Liabilities 
                               
Cash overdraft 
   
     
     
     
236,240
 
Floating rate obligations 
   
9,755,000
     
12,265,000
     
20,000,000
     
16,000,000
 
Payable for: 
                               
Dividends 
   
496,183
     
856,158
     
813,768
     
424,456
 
Interest 
   
179,310
     
351,309
     
     
 
MuniFund Preferred ("MFP") Shares, net of deferred offering costs 
                               
(liquidation preference $—, $—, $— and $72,000,000, respectively) 
   
     
     
     
71,631,666
 
Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred 
                               
offering costs (liquidation preference $88,300,000, $173,000,000, $—, 
                               
and $—, respectively) 
   
88,293,193
     
172,989,269
     
     
 
Variable Rate Demand Preferred ("VRDP") Shares, net of deferred 
                               
offering costs (liquidation preference $—, $—, $148,000,000, 
                               
and $—, respectively) 
   
     
     
147,754,691
     
 
Accrued expenses: 
                               
Management fees 
   
137,573
     
245,950
     
245,247
     
121,571
 
Trustees fees 
   
1,026
     
59,952
     
23,751
     
898
 
 Other 
   
79,930
     
118,667
     
122,603
     
67,764
 
Total liabilities 
   
98,942,215
     
186,886,305
     
168,960,060
     
88,482,595
 
Net assets applicable to common shares outstanding 
 
$
164,645,653
   
$
307,526,773
   
$
297,780,383
   
$
149,286,423
 
Common shares outstanding 
   
11,698,658
     
20,566,204
     
18,493,255
     
10,027,210
 
Net asset value ("NAV") per common share outstanding 
 
$
14.07
   
$
14.95
   
$
16.10
   
$
14.89
 
Net assets applicable to common shares consist of: 
                               
Common shares, $0.01 par value per share 
 
$
116,987
   
$
205,662
   
$
184,933
   
$
100,272
 
Paid-in surplus 
   
158,013,999
     
291,891,200
     
280,503,560
     
141,062,607
 
Undistributed (Over-distribution of) net investment income 
   
(524,057
)
   
(512,326
)
   
(546,528
)
   
(8,910
)
Accumulated net realized gain (loss) 
   
(2,681,518
)
   
(1,818,996
)
   
673,650
     
(3,031,367
)
Net unrealized appreciation (depreciation) 
   
9,720,242
     
17,761,233
     
16,964,768
     
11,163,821
 
Net assets applicable to common shares 
 
$
164,645,653
   
$
307,526,773
   
$
297,780,383
   
$
149,286,423
 
Authorized shares: 
                               
Common 
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
Preferred 
 
Unlimited
   
Unlimited
   
Unlimited
   
Unlimited
 
 
See accompanying notes to financial statements.
45


 
Statement of Operations 
 
 
 
 
Six Months Ended August 31, 2018 (Unaudited) 
 
 
 
 
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Investment Income 
 
$
4,738,249
   
$
9,413,378
   
$
8,566,304
   
$
4,542,287
 
Expenses 
                               
Management fees 
   
807,028
     
1,464,527
     
1,457,913
     
722,495
 
Interest expense and amortization of offering costs 
   
1,081,537
     
2,129,744
     
1,828,572
     
955,544
 
Custodian fees 
   
21,391
     
31,175
     
28,716
     
17,310
 
Trustees fees 
   
3,627
     
6,945
     
6,419
     
3,177
 
Professional fees 
   
16,583
     
17,957
     
64,475
     
17,423
 
Shareholder reporting expenses 
   
12,644
     
21,758
     
22,028
     
13,795
 
Shareholder servicing agent fees 
   
7,551
     
13,149
     
1,714
     
2,088
 
Stock exchange listing fees 
   
3,641
     
3,384
     
3,384
     
3,384
 
Investor relations expenses 
   
7,218
     
13,421
     
12,503
     
6,436
 
Shelf offering expenses 
   
200,208
     
     
     
 
Other 
   
22,178
     
20,369
     
28,692
     
19,930
 
Total expenses 
   
2,183,606
     
3,722,429
     
3,454,416
     
1,761,582
 
Net investment income (loss) 
   
2,554,643
     
5,690,949
     
5,111,888
     
2,780,705
 
Realized and Unrealized Gain(Loss) 
                               
Net realized gain (loss) from investments 
   
79,553
     
(320,754
)
   
65,517
     
60,780
 
Change in net unrealized appreciation (depreciation) of investments 
   
6,288
     
(410,072
)
   
(248,933
)
   
(644,693
)
Net realized and unrealized gain (loss) 
   
85,841
     
(730,826
)
   
(183,416
)
   
(583,913
)
Net increase (decrease) in net assets applicable to 
                               
common shares from operations 
 
$
2,640,484
   
$
4,960,123
   
$
4,928,472
   
$
2,196,792
 
 
See accompanying notes to financial statements.
46

 

Statement of Changes in Net Assets
(Unaudited)
 
        
NAZ 
        
NUM 
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
8/31/18
   
2/28/18
   
8/31/18
   
2/28/18
 
Operations 
                       
Net investment income (loss) 
 
$
2,554,643
   
$
7,342,444
   
$
5,690,949
   
$
12,701,288
 
Net realized gain (loss) from investments 
   
79,553
     
2,324,539
     
(320,754
)
   
111,781
 
Change in net unrealized appreciation (depreciation) of investments 
   
6,288
     
(3,887,305
)
   
(410,072
)
   
(2,895,282
)
Net increase (decrease) in net assets applicable 
                               
to common shares from operations 
   
2,640,484
     
5,779,678
     
4,960,123
     
9,917,787
 
Distributions to Common Shareholders 
                               
From net investment income 
   
(3,088,446
)
   
(7,491,154
)
   
(5,531,849
)
   
(13,015,363
)
Decrease in net assets applicable to common 
                               
shares from distributions to common shareholders 
   
(3,088,446
)
   
(7,491,154
)
   
(5,531,849
)
   
(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 
   
     
     
(2,818,987
)
   
(281,969
)
Net increase (decrease) in net assets applicable to 
                               
common shares from capital share transactions 
   
69,117
     
1,595,236
     
(2,818,987
)
   
(281,969
)
Net increase (decrease) in net assets applicable to 
                               
common shares 
   
(378,845
)
   
(116,240
)
   
(3,390,713
)
   
(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 
 
$
164,645,653
   
$
165,024,498
   
$
307,526,773
   
$
310,917,486
 
Undistributed (Over-distribution of) net 
                               
investment income at the end of period 
 
$
(524,057
)
 
$
9,746
   
$
(512,326
)
 
$
(671,426
)
 
See accompanying notes to financial statements.
47

 

Statement of Changes in Net Assets (Unaudited) (continued)
 
        
NUO
   
NTX
 
 
 
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
8/31/18
   
2/28/18
   
8/31/18
   
2/28/18
 
Operations 
                       
Net investment income (loss) 
 
$
5,111,888
   
$
12,573,364
   
$
2,780,705
   
$
5,744,052
 
Net realized gain (loss) from investments 
   
65,517
     
3,405,401
     
60,780
     
440,616
 
Change in net unrealized appreciation (depreciation) of investments 
   
(248,933
)
   
(6,878,414
)
   
(644,693
)
   
(1,829,092
)
Net increase (decrease) in net assets applicable 
                               
to common shares from operations 
   
4,928,472
     
9,100,351
     
2,196,792
     
4,355,576
 
Distributions to Common Shareholders 
                               
From net investment income 
   
(5,384,758
)
   
(13,161,701
)
   
(2,797,592
)
   
(6,412,401
)
Decrease in net assets applicable to common 
                               
shares from distributions to common shareholders 
   
(5,384,758
)
   
(13,161,701
)
   
(2,797,592
)
   
(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 
   
(392,161
)
   
     
     
 
Net increase (decrease) in net assets applicable to 
                               
common shares from capital share transactions 
   
(392,161
)
   
     
     
 
Net increase (decrease) in net assets applicable to 
                               
common shares 
   
(848,447
)
   
(4,061,350
)
   
(600,800
)
   
(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 
 
$
297,780,383
   
$
298,628,830
   
$
149,286,423
   
$
149,887,223
 
Undistributed (Over-distribution of) net 
                               
investment income at the end of period 
 
$
(546,528
)
 
$
(273,658
)
 
$
(8,910
)
 
$
7,977
 
 
See accompanying notes to financial statements.
48

 

Statement of Cash Flows 
 
 
 
 
Six Months Ended August 31, 2018 (Unaudited) 
 
 
 
 
 
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Cash Flows from Operating Activities: 
                       
Net Increase (Decrease) in Net Assets Applicable to Common Shares 
                       
from Operations 
 
$
2,640,484
   
$
4,960,123
   
$
4,928,472
   
$
2,196,792
 
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 
   
(12,430,139
)
   
(32,386,087
)
   
(10,504,886
)
   
(12,117,068
)
Proceeds from sales and maturities of investments 
   
6,877,793
     
32,968,667
     
9,059,135
     
10,203,475
 
Taxes paid 
   
(439
)
   
(5,365
)
   
(44,065
)
   
(245
)
Amortization (Accretion) of premiums and discounts, net 
   
1,295,968
     
1,814,257
     
1,808,369
     
465,455
 
Amortization of deferred offering costs 
   
135,665
     
7,206
     
4,944
     
6,397
 
(Increase) Decrease in: 
                               
Receivable for interest 
   
(25,037
)
   
208,141
     
(114,716
)
   
(35,357
)
Receivable for investments sold 
   
479,319
     
     
     
2,178,490
 
Other assets 
   
(1,539
)
   
(10,099
)
   
(2,086
)
   
3,118
 
Increase (Decrease) in: 
                               
Payable for interest 
   
46,037
     
90,197
     
     
 
Payable for investments purchased 
   
(2,256,923
)
   
     
     
 
Accrued management fees 
   
15,852
     
21,973
     
22,868
     
11,309
 
Accrued Trustees fees 
   
(1,777
)
   
3,809
     
391
     
(1,555
)
Accrued other expenses 
   
8,295
     
9,978
     
15,537
     
3,739
 
Net realized (gain) loss from investments 
   
(79,553
)
   
320,754
     
(65,517
)
   
(60,780
)
Change in net unrealized appreciation (depreciation) of investments 
   
(6,288
)
   
410,072
     
248,933
     
644,693
 
Net cash provided by (used in) operating activities 
   
(3,302,282
)
   
8,413,626
     
5,357,379
     
3,498,463
 
Cash Flows from Financing Activities 
                               
Proceeds from shelf offering, net of offering costs 
   
69,117
     
     
     
 
Increase (Decrease) in: 
                               
Cash overdraft 
   
(52,223
)
   
     
     
(620,379
)
Floating rate obligations 
   
7,000,000
     
     
     
 
Cash distributions paid to common shareholders 
   
(3,153,591
)
   
(5,605,089
)
   
(5,442,263
)
   
(2,878,084
)
Cost of common shares repurchased and retired 
   
     
(2,818,987
)
   
(392,161
)
   
 
Net cash provided by (used in) financing activities 
   
3,863,303
     
(8,424,076
)
   
(5,834,424
)
   
(3,498,463
)
Net Increase (Decrease) in Cash 
   
561,021
     
(10,450
)
   
(477,045
)
   
 
Cash at beginning of period 
   
     
849,001
     
935,081
     
 
Cash at end of period 
 
$
561,021
   
$
838,551
   
$
458,036
   
$
 
   
Supplemental Disclosures of Cash Flow Information 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Cash paid for interest (excluding amortization of offering costs) 
 
$
1,030,925
   
$
2,032,341
   
$
1,823,628
   
$
949,146
 
 
See accompanying notes to financial statements.
49

 

Financial Highlights (Unaudited)
 
Selected data for a common share outstanding throughout each period: 
 
 
                         
Less Distributions
                               
 
       
Investment Operations
   
to Common Shareholders
    Common Share  
 
 
Beginning
Common
Share
NAV
   
Net
Investment
Income
(Loss)
     
Net
Realized/
Unrealized
Gain (Loss)
     
Total
   
From
Net
Investment
Income
   
From
Accum-
ulated Net
Realized
Gains
      
Total
   
Shelf
Offering
Costs
   
Premium
per
Share
Sold
through
Shelf
Offering
   
Discount
per
Share
Repur-
chased
and
Retired
     
Ending
NAV
   
Ending
Share
Price
 
NAZ 
                                                                       
Year Ended 2/28–2/29: 
                                                                   
2019(e) 
 
$
14.11
   
$
0.22
   
$
(0.01
)
 
$
0.21
   
$
(0.26
)
 
$
   
$
(0.26
)
 
$
0.01
   
$
   
$
   
$
14.07
   
$
12.51
 
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
 
2014 
   
15.47
     
0.55
     
(1.10
)
   
(0.55
)
   
(0.77
)
   
     
(0.77
)
   
     
     
     
14.15
     
12.79
 
   
NUM 
                                                                                               
Year Ended 2/28–2/29: 
                                                                                         
2019(e) 
   
14.96
     
0.27
     
(0.04
)
   
0.23
     
(0.27
)
   
     
(0.27
)
   
     
     
0.03
     
14.95
     
12.66
 
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
 
2014 
   
16.35
     
0.80
     
(1.28
)
   
(0.48
)
   
(0.89
)
   
     
(0.89
)
   
     
     
*
   
14.98
     
13.45
 
 
(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.
 
50
 

 

            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)
 
   
   
 
1.60
%
   
(6.73
)%
 
$
164,646
     
2.51
%**
   
3.19
%**
   
3
%
 
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
 
 
(3.40
)
   
(13.52
)
   
163,635
     
2.47
     
4.93
     
14
 
   
   
   
 
1.73
     
0.70
     
307,527
     
2.38
**
   
3.64
**
   
7
 
 
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
 
 
(2.76
)
   
(8.00
)
   
312,180
     
1.95
     
5.32
     
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(e) 
1.30%** 
 
2019(e) 
1.36%** 
2018 
0.95 
 
2018 
1.06 
2017 
0.87 
 
2017 
0.88 
2016 
0.49 
 
2016 
0.52 
2015 
0.50 
 
2015 
0.53 
2014 
1.32 
 
2014 
0.84 
 
(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.
(e)     
 
For the six months ended August 31, 2018.
*     
 
Rounds to less than $0.01 per share.
**     
 
Annualized.
See accompanying notes to financial statements.
51

 

Financial Highlights (Unaudited) (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
Accum-
ulated Net
Realized
Gains
     
Total
     
Shelf
Offering
Costs
   
Premium
per
Share
Sold
through
Shelf
Offering
   
Discount
per
Share
Repur-
chased
and
Retired
   
Ending
NAV
   
Ending
Share
Price
 
NUO 
                                                                       
Year Ended 2/28–2/29: 
                                                                   
2019(e) 
 
$
16.12
   
$
0.28
   
$
(0.01
)
 
$
0.27
   
$
(0.29
)
 
$
   
$
(0.29
)
 
$
   
$
   
$
*
 
$
16.10
   
$
13.83
 
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
 
2014 
   
17.64
     
0.76
     
(1.39
)
   
(0.63
)
   
(0.99
)
   
     
(0.99
)
   
     
     
     
16.02
     
14.75
 
   
NTX 
                                                                                               
Year Ended 2/28–2/29: 
                                                                                         
2019(e) 
   
14.95
     
0.28
     
(0.06
)
   
0.22
     
(0.28
)
   
     
(0.28
)
   
     
     
     
14.89
     
12.76
 
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
 
2014 
   
15.87
     
0.66
     
(1.01
)
   
(0.35
)
   
(0.70
)
   
     
(0.70
)
   
*
   
*
   
     
14.82
     
13.54
 
 
(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.
 
52

 

                         
            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)
 
   
   
 
1.69
%
   
(0.11
)%
 
$
297,780
     
2.30
%**
   
3.40
%**
   
2
%
 
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
 
 
(3.38
)
   
(11.39
)
   
296,668
     
2.15
     
5.45
     
13
 
   
   
   
 
1.48
     
(3.64
)
   
149,286
     
2.34
**
   
3.69
**
   
5
 
 
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
 
 
(2.11
)
   
(11.03
)
   
148,580
     
2.49
     
4.46
     
13
 
 
(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(e) 
1.22%** 
 
2019(e) 
1.27%** 
2018 
0.90 
 
2018 
1.13 
2017 
0.77 
 
2017 
0.77 
2016 
0.55 
 
2016 
0.77 
2015 
0.57 
 
2015 
1.26 
2014 
1.05 
 
2014 
1.31 
 
(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.
(e)     
 
For the six months ended August 31, 2018.
*     
 
Rounds to less than $0.01 per share.
**     
 
Annualized.
See accompanying notes to financial statements.
53

 

Financial Highlights (Unaudited) (continued) 
 
 
 
 
 
 
 
MTP Shares
at the End of Period (a)
   
VMTP Shares
at the End of Period
 
 
 
Aggregate
   
Asset
   
Aggregate
   
Asset
 
 
 
Amount
   
Coverage
   
Amount
   
Coverage
 
 
 
Outstanding
   
Per $10
   
Outstanding
   
Per $100,000
 
 
   
(000
)
 
Share
     
(000
)
 
Share
 
NAZ 
                           
Year Ended 2/28-2/29: 
                           
2019(b) 
 
$
   
$
   
$
88,300
   
$
286,462
 
2018 
   
     
     
88,300
     
286,891
 
2017 
   
     
     
88,300
     
287,022
 
2016 
   
     
     
79,000
     
319,959
 
2015 
   
     
     
79,000
     
319,808
 
2014 
   
     
     
79,000
     
307,133
 
   
NUM 
                               
Year Ended 2/28-2/29: 
                               
2019(b) 
   
     
     
173,000
     
277,761
 
2018 
   
     
     
173,000
     
279,721
 
2017 
   
     
     
173,000
     
281,675
 
2016 
   
     
     
159,000
     
308,469
 
2015 
   
     
     
159,000
     
307,064
 
2014 
   
     
     
159,000
     
296,340
 
   
(a) The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:  
 
 
 
 
2014
 
NAZ 
     
Series 2015 (NAZ PRC) 
     
Ending Market Value per Share 
$
 
Average Market Value per Share 
10.02
Δ
Series 2016 (NAZ PRD) 
     
Ending Market Value per Share 
 
 
Average Market Value per Share 
10.11
Δ
   
NUM 
     
Series 2015 (NUM PRC) 
     
Ending Market Value per Share 
 
 
Average Market Value per Share 
10.02
ΔΔ
 
(b)     
 
For the six months ended August 31, 2018.
Δ   
 
For the period April 8, 2013 (effective date of the reorganizations) through December 20, 2013.
ΔΔ   
 
For the period March 1, 2013 through December 20, 2013.
See accompanying notes to financial statements.
54

 

                                                 
 
               
 
 
iMTP Shares
at the End of Period
   
MTP Shares
at the End of Period (a)
   
MFP Shares
at the End of Period
   
VRDP Shares
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(b) 
 
$
   
$
   
$
   
$
   
$
   
$
   
$
148,000
   
$
301,203
 
2018 
   
     
     
     
     
     
     
148,000
     
301,776
 
2017 
   
     
     
     
     
     
     
148,000
     
304,520
 
2016 
   
     
     
     
     
     
     
148,000
     
314,768
 
2015 
   
     
     
     
     
     
     
148,000
     
312,934
 
2014 
   
     
     
     
     
     
     
148,000
     
300,451
 
   
NTX 
                                                               
Year Ended 2/28-2/29: 
                                                         
2019(b) 
   
     
     
     
     
72,000
     
307,342
     
     
 
2018 
   
     
     
     
     
72,000
     
308,177
     
     
 
2017 
   
72,000
     
15,552
     
     
     
     
     
     
 
2016 
   
72,000
     
16,012
     
     
     
     
     
     
 
2015 
   
     
     
70,920
     
32.23
     
     
     
     
 
2014 
   
     
     
70,920
     
30.95
     
     
     
     
 
 
(a) The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:
 
 
 
   
2016
     
2015
     
2014
 
NUO 
                       
Series 2014 (NUO PRACL) 
                       
Ending Market Value per Share 
 
$
   
$
   
$
 
Average Market Value per Share 
   
     
     
10.01
Ω
Series 2015 (NUO PRCCL) 
                       
Ending Market Value per Share 
   
     
     
 
Average Market Value per Share 
   
     
     
10.03
Ω
Series 2016 (NUO PRDCL) 
                       
Ending Market Value per Share 
   
     
     
 
Average Market Value per Share 
   
     
     
10.06
Ω
   
NTX 
                       
Series 2015 (NTX PRCCL) 
                       
Ending Market Value per Share 
   
     
10.02
     
10.03
 
Average Market Value per Share 
 
10.01
ΩΩ    
10.04
     
10.04
 
 
(b)     
 
For the six months ended August 31, 2018.
Ω  
 
For the period April 8, 2013 (effective date of the reorganization) through October 7, 2013.
ΩΩ     
 
For the period March 1, 2015 through April 20, 2015.
See accompanying notes to financial statements.
55

 

Notes to
Financial Statements (Unaudited)
 
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, 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 August 31, 2018, and the period covered by these Notes to Financial Statements is the six months ended August 31, 2018 (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.
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.
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.
56

 

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 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, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
57

 

Notes to Financial Statements (Unaudited) (continued)
 
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 
 
$
   
$
258,871,485
   
$
   
$
258,871,485
 
NUM 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
487,309,829
   
$
   
$
487,309,829
 
NUO 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
461,059,659
   
$
   
$
461,059,659
 
NTX 
                               
Long-Term Investments*: 
                               
Municipal Bonds 
 
$
   
$
235,327,928
   
$
   
$
235,327,928
 
* Refer to the Fund's Portfolio of Investments for industry classifications.
         
 
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
58

 

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i) 
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
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
59

 

Notes to Financial Statements (Unaudited) (continued)
 
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
     
20,530,000
     
 
Total 
 
$
16,470,000
   
$
20,695,000
   
$
40,530,000
   
$
16,000,000
 
 
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 
 
$
6,026,739
   
$
12,265,000
   
$
20,000,000
   
$
16,000,000
 
Average annual interest rate and fees 
   
1.85
%
   
1.99
%
   
1.90
%
   
1.92
%
 
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 any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
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
 
 
60

 

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.
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  
 
 
Six Months
   
Year
 
 
 
Ended
   
Ended
 
 
 
8/31/18
   
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
61

 
Notes to Financial Statements (Unaudited) (continued)
 
"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.
Common Share Transactions
Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:
                                     
 
 
NAZ
   
NUM
   
NUO
 
 
 
Six Months
   
Year
   
Six Months
   
Year
   
Six Months
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
8/31/18
   
2/28/18
   
8/31/18
   
2/28/18
   
8/31/18
   
2/28/18
 
Common shares: 
                                   
Issued to shareholders due to reinvestment of distributions 
   
     
7,629
     
     
     
     
 
Sold through shelf offering 
   
     
107,600
     
     
     
     
 
Repurchased and retired 
   
     
     
(223,183
)
   
(21,500
)
   
(28,700
)
   
 
Weighted average common share: 
                                               
Premium to NAV per shelf offering share sold 
   
     
1.64
%    
     
     
     
 
Price per share repurchased and retired 
   
     
   
$
12.61
   
$
13.09
   
$
13.64
     
 
Discount per share repurchased and retired 
   
     
     
15.65
%    
13.90
%    
15.17
%    
 
 
Preferred Shares
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.
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.
62

 

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
   
$
71,631,666
   
$
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 
2.19
%
 
Variable Rate MuniFund Term Preferred Shares
The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.
         
As of the end of the reporting period, details of each Fund's VMTP Shares outstanding were as follows: 
 
 
 
 
 
       
Liquidation
       
 
 
       
Preference,
       
 
  
 
Shares
   
net of deferred
   
Liquidation
 
Fund 
Series 
 
Outstanding
   
offering costs
   
Preference
 
NAZ 
2019 
   
883
   
$
88,293,193
   
$
88,300,000
 
NUM 
2019 
   
1,730
   
$
172,989,269
   
$
173,000,000
 
 
Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year 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. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:
       
 
 
Term 
Premium 
Fund 
Series 
Redemption Date 
Expiration Date 
NAZ 
2019 
June 1, 2019 
May 31, 2017 
NUM 
2019 
June 1, 2019 
May 31, 2017 
 
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 
2.29
% 
2.29
% 
 
63

 

Notes to Financial Statements (Unaudited) (continued)
 
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.
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
   
$
147,754,691
   
$
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 
   
2.19
%
 
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 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
64

 

"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 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 
 
$
12,430,139
   
$
32,386,087
   
$
10,504,886
   
$
12,117,068
 
Sales and maturities 
   
6,877,793
     
32,968,667
     
9,059,135
     
10,203,475
 
 
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 August 31, 2018.
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Tax cost of investments 
 
$
239,224,623
   
$
457,029,705
   
$
423,832,473
   
$
207,849,962
 
Gross unrealized: 
                               
Appreciation 
 
$
10,679,023
   
$
19,865,000
   
$
20,835,467
   
$
12,264,439
 
Depreciation 
   
(787,158
)
   
(1,849,261
)
   
(3,608,201
)
   
(786,553
)
Net unrealized appreciation (depreciation) of investments 
 
$
9,891,865
   
$
18,015,739
   
$
17,227,266
   
$
11,477,886
 
 
65

 
Notes to Financial Statements (Unaudited) (continued)
 
Permanent differences, primarily due to expiration of capital loss carryforwards, federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds' components of common share net assets as of February 28, 2018, the Funds' last tax year end, as follows:
                         
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Paid-in surplus 
 
$
32,721
   
$
36,889
   
$
(62,071
)
 
$
(286,971
)
Undistributed (Over-distribution of) net investment income 
   
(144,625
)
   
(53,187
)
   
59,907
     
286,159
 
Accumulated net realized gain (loss) 
   
111,904
     
16,298
     
2,164
     
812
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2018, the Funds' last tax year end, were as follows:
                         
 
 
NAZ
   
NUM
   
NUO
   
NTX
 
Undistributed net tax-exempt income1 
 
$
126,442
   
$
301,865
   
$
95,858
   
$
218,556
 
Undistributed net ordinary income2 
   
16,271
     
     
317,120
     
4,169
 
Undistributed net long-term capital gains 
   
     
     
600,437
     
 
1
 
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2018, paid on March 1, 2018.
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' last tax year ended February 28, 2018, was designated for purposes of the dividends paid deduction as follows:
 
 
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.
As of February 28, 2018, the Funds' last tax year end, the following 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
   
NTX
 
Capital losses to be carried forward – not subject to expiration 
 
$
2,761,510
   
$
1,455,956
   
$
3,092,392
 
 
During the Funds' last tax year ended February 28, 2018, the following Funds utilized capital loss carryforwards as follows: 
 
 
 
 
 
NAZ
   
NUO
   
NTX
 
Utilized capital loss carryforwards 
 
$
271,128
   
$
1,725,847
   
$
424,045
 
 
As of February 28, 2018, the Funds' last tax year end, $43,720 of NAZ's capital loss carryforward expired. 
 
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.
66

 
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 August 31, 2018, the complex-level fee for each Fund was 0.1588%.
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 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 
 
$
 
Sales 
   
1,864,879
 
 
67

 
Notes to Financial Statements (Unaudited) (continued)
 
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. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. 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, none of the Funds utilized this facility.

Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each 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
FASB Accounting Standards Update ("ASU") 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
68

 

Additional Fund
Information
           
Board of Trustees 
 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
Albin F. Moschner 
John K. Nelson 
William J. Schneider 
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 

Quarterly Form N-Q 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 on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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 
 
223,183 
28,700 
 
 
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.
69

 

Glossary of Terms Used in this Report
 
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.
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.
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.
70

 

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.
71

 
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.
72

 

Annual Investment Management Agreement Approval Process (Unaudited)
 
At a meeting held on May 22-24, 2018 (the "May Meeting"), the Board of Trustees (each, a "Board," and each Trustee, a "Board Member") of each Fund, including the Board Members who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) (the "Independent Board Members"), approved, for its respective Fund, the renewal of the management agreement (the "Investment Management Agreement") with Nuveen Fund Advisors, LLC (the "Adviser") pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser") pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements" and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser."
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. ("Broadridge" or "Lipper"), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the "April Meeting"), in part, to review and discuss the performance of the Nuveen funds and the Adviser's evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board
73

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel's advice.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser's continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:
·
Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
·
Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds ("ETFs") and multi-asset class funds;
·
Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate opera- tional risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
·
Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;
·
Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
74

 

·
with respect specifically to closed-end funds, such initiatives also included:
 
 
··
Leverage Management Services - continuing activities to expand financing relationships and develop new product struc- tures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
 
 
··
Capital Management Services - continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
 
 
··
Data and Market Analytics - continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
 
 
··
Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trad- ing of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
 
 
··
Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.
 
The Board also recognized the Adviser's investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser's analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members' experience and any changes to the team during the year, the team's assets under management, the stability and history of the organization, the team's investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the "Performance Peer Group") and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The Board considered the Adviser's analysis of each Nuveen fund's performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board
75

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds' total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board's Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder's experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser's analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund's performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
For Nuveen Arizona Quality Municipal Income Fund (the "Arizona Fund"), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group in the one-year period and second quartile in the three- and five-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund's overall performance.
For Nuveen Michigan Quality Municipal Income Fund (the "Michigan Fund"), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one-, three- and five-year periods and outperformed its benchmark in such periods. The Board was satisfied with the Fund's overall performance.
For Nuveen Ohio Quality Municipal Income Fund (the "Ohio Fund"), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one-, three- and five-year periods and outperformed its benchmark in such periods. The Board was satisfied with the Fund's overall performance.
76

 
For Nuveen Texas Quality Municipal Income Fund (the "Texas Fund"), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the three-year period, the Fund ranked in the second quartile in the one-year period and third quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund's overall performance.
 
C. Fees, Expenses and Profitability
 
1.  Fees and Expenses
 
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund's gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the "Peer Universe") established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund's operating expense ratio as it more directly reflected the shareholder's costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an "Expense Outlier Fund"). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund's higher relative net expense ratio. In addition, although the Board reviewed a fund's total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund's net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
The Independent Board Members noted that: (a) the Arizona Fund, the Michigan Fund and the Ohio Fund each had a net management fee in line with its respective peer average and a net expense ratio below its respective peer average; and (b) the Texas Fund had a net management fee and a net expense ratio below its peer averages.
Based on their review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
77

 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered Nuveen's level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year's profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board's liaisons to review and discuss any proposed changes to the methodology prior to the full Board's review.
In their review, the Independent Board Members evaluated, among other things, Nuveen's adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen's profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager's organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen's adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen's profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
78

 

In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen's and the Sub-Adviser's level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. Further, the Independent Board Members recognized the Adviser's continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser's reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services ("soft dollar transactions"). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
 
that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
80

 

Notes
 
81

 

Notes
 
82

 

Notes
 
 
83

 

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
ESA-B-0818D 621981-INV-B-10/19
 
 
 




 
ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

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

Not applicable to this filing.

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
  12,000
12.60
0
2,046,500
         
APRIL 1-30, 2018
  41,900
12.54
0
2,004,600
         
MAY 1-31, 2018
  30,800
12.58
0
1,973,800
         
JUNE 1-30, 2018
    1,500
12.65
0
1,972,300
         
JULY 1-31, 2018
  47,800
12.65
0
1,924,500
         
AUGUST 1-31, 2018
  89,183
12.63
0
1,989,417
         
         
TOTAL
223,183
     

* The program was reauthorized for a maximum repurchase amount of 2,065,000 shares on August 7, 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 second fiscal quarter of 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 to this filing.

(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: See 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.

(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: See 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 Michigan Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: November 7, 2018
 
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: November 7, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: November 7, 2018