N-CSRS 1 ntx.htm NTX

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 811-06384

Nuveen Texas Quality Income Municipal 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)

Kevin J. McCarthy
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 29

Date of reporting period: August 31, 2016

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
9
   
Common Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Portfolios of Investments
18
   
Statement of Assets and Liabilities
48
   
Statement of Operations
49
   
Statement of Changes in Net Assets
50
   
Statement of Cash Flows
52
   
Financial Highlights
54
   
Notes to Financial Statements
60
   
Additional Fund Information
74
   
Glossary of Terms Used in this Report
75
   
Reinvest Automatically, Easily and Conveniently
77
   
Annual Investment Management Agreement Approval Process
78

NUVEEN
  
3


Chairman's Letter to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level and wages have grown, a surprisingly weak jobs growth report in May cast doubt over the future strength of the labor market. Subsequent employment reports have been stronger, however, easing fears that a significant downtrend was emerging. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including weaker commodity prices, have kept inflation much lower for longer than many expected.
The U.S.'s modest expansion and positive employment trends led the U.S. Federal Reserve (Fed) to begin its path toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. However, since then, the Fed has remained on hold for reasons ranging from domestic to international, which helped continue to prop up asset prices despite bouts of short-term volatility.
Outside the U.S., optimism has been harder to come by. Investors continue to adjust to the idea of a slower Chinese economy. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook with the November presidential election in the U.S. followed by key elections across Europe next year, we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
 October 24, 2016

4
  
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Portfolio Managers' Comments
Nuveen Arizona Premium Income Municipal Fund (NAZ)
Nuveen Michigan Quality Income Municipal Fund (NUM)
Nuveen Ohio Quality Income Municipal Fund (NUO)
Nuveen Texas Quality Income Municipal Fund (NTX)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. 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, 2016?
A backdrop of supportive factors boosted the performance of the broad municipal bond market during this reporting period. The municipal yield curve flattened, with rates falling on the long end and rising slightly on the short end. Demand for municipal bonds remained robust, with strong and accelerating flows into municipal bond mutual funds and the elevated pace of refunding deals compelling investors to reinvest proceeds from called bonds back into the municipal market. In general, the municipal market returns of Arizona, Michigan and Texas trailed the national market's performance, while Ohio's market outpaced the national market over this reporting period.
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. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations. We've also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
To keep the Funds fully invested, we continued to focus on purchasing bonds in areas of the market that we expected to perform well as the economy continued to improve. We emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as
 
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 (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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
 
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.

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5


Portfolio Managers' Comments (continued)
selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity. For some of the Funds, we also invested the proceeds from incremental preferred share offerings that were conducted as part of the overall management of the Fund's leverage.
For NAZ's portfolio, we bought bonds dated 12 years and longer from a range of sectors and subsectors, including excise tax revenue, charter schools, water and sewer, higher education and local general obligation (GO). The purchases were mainly funded from the proceeds of called bonds, as well as the sale of some U.S. territory paper and a cash inflow from the Fund's participation in a relevering program during this reporting period. Our sale of NAZ's uninsured Virgin Islands bonds in March proved timely, as these bonds' prices continued to fall through the remainder of the reporting period. As a result, the Fund's Virgin Islands exposure ended the reporting period below 1%, composed of insured structures and revenue bonds. We also sold NAZ's remaining Puerto Rico-related holdings, which were bonds issued for the Children's Trust Fund Puerto Rico Tobacco Settlement. The Arizona Fund ended the reporting period with no exposure to Puerto Rico.
Trading activity in NUM was fairly active during this reporting period, focusing on higher rated, intermediate term bonds across a diverse group of sectors. We continued to try to diversify away from exposure to the City of Detroit and Wayne County, buying four local GOs that included the Grand Rapids School District, Kent County and Lansing School District, as well as selling holdings in Detroit/Wayne County Stadium bonds. Additionally, the Michigan Fund bought a state GO, two water and sewer bonds, and two public higher education credits. To invest in these new opportunities, we primarily used the proceeds from called bonds, as well as the sale of the Detroit/Wayne County Stadium credits and some short-dated, high quality bonds. Like NAZ, NUM also reinvested the proceeds from relevering during this reporting period.
NUO's purchases during this reporting period included two dedicated tax bonds, two water and sewer issues and one electric utility bond. Call proceeds provided most of the cash to buy these bonds, supplemented by the sale of some pre-refunded issues. NTX was the least active of the four Funds during this reporting period, reinvesting the proceeds from called bonds and one sale into three new positions: a health care issue, a dedicated tax bond and a public higher education credit. For both the Ohio Fund and the Texas Fund, our buys emphasized the intermediate and longer-intermediate range and a mix of credit qualities.
As of August 31, 2016, NAZ, NUM and NUO 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, 2016?
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, 2016. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market index and Lipper classification average.
For the six months ended August 31, 2016, the total returns on common share NAV for all four Funds outperformed the returns for their respective state's S&P Municipal Bond Index, the national S&P Municipal Bond Index and the average return for the Lipper Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from ten states with a wide variety of municipal market conditions, making direct comparisons less meaningful.
The main contributor to the Funds' relative performance during this reporting period was yield curve and duration positioning. We continued to overweight the longer parts of the yield curve with corresponding underweights to the shorter end of the curve, which resulted in longer durations than the municipal market in general. This positioning was advantageous in this reporting period as intermediate- and longer-dated bonds generally outperformed shorter-dated bonds across all four states.
The Funds' credit quality exposures helped relative performance for NAZ and NTX but were an overall detractor from NUM's and NUO's relative results. Specifically, NAZ benefited from its underweight exposures to AA and AAA rated credits and its overweight allocations to A rated bonds and lower. In fact, non-rated bonds were an especially strong contributor to the Arizona Fund's performance, driven by several charter school issues that were advance refunded during the reporting period, including bonds

6
  
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issued for Phoenix Industrial Development Authority (IDA) for Painted Rock Academy. Another strong performer for NAZ was a non-rated credit issued for Yuma County IDA Far West Water and Sewer that experienced some price volatility but its longer duration and lower credit quality helped it perform well in the reporting period overall. In NTX, an underweight allocation to AAA rated issues and an overweight to BBB rated bonds aided relative performance. In contrast, NUM's overweight allocation to AAA rated credits was detrimental to relative performance, while NUO's underweight exposure to B rated bonds was particularly disadvantageous. The tobacco sector, which dominates the B rated category within the Ohio municipal market, performed strongly during this reporting period. The Fund's tobacco sector limits preclude it from owning as much as the Ohio benchmark's weighting and therefore NUO holds an underweight allocation relative to the Ohio index.
Sector allocation strategies added value to NAZ's and NUO's relative returns during this reporting period, but modestly detracted from NUM and NTX. Due to the elevated level of call activity still present in the marketplace, the Funds continued to carry overweight allocations to the pre-refunded sector, which generally dampened relative performance because the sector was the market's weakest performing group during this reporting period. For NAZ and NUO, however, relative gains from other sector weightings outweighed the negative impact of the pre-refunded sector overweights. Although the pre-refunded group overall struggled during the reporting period, NAZ's allocation was favorable to relative performance when several holdings in other sectors were advance refunded (for example, the Phoenix IDA for Painted Rock Academy described earlier). As the bonds moved from their originally issued sector to the pre-refunded sector, the refunded bonds' prices experienced a short-term boost, which resulted in a positive contribution to the Fund's relative performance. NAZ also benefited from an underweight allocation to the utility sector and particularly a substantial underweight to the public power subsector, a group which lagged the broader Arizona market during this reporting period. Moreover, NAZ owned three longer duration public power bonds that performed well: Salt River, Guam Power Authority and Pinal County Electric. In NUO, an overweight allocation to the health care sector drove positive relative performance. Conversely, NUM's overweight exposure to the pre-refunded sector was the main sector level drag on performance, while NTX's overweight allocation to the water and sewer subsector was another detractor.
In terms of individual credit selection, longer-dated credits tended to be strong contributors to the Funds' performance, particularly for NUM, NUO and NTX, with allocations to zero coupon bonds, which typically have very long maturities. At the same time, our selections in short-dated and high quality bonds tended to be unfavorable to performance. We would also note that bonds bought in late June and early July, when market volatility was heightened in the aftermath of the Brexit vote, were generally underperform-ers as of the end of August. However, we don't consider this short timeframe indicative of these bonds' long-term performance potential. Tender option bonds (TOBs), used as part of the Funds' leverage strategy, were beneficial to NAZ, NUM and NUO. (NTX does not hold any TOBs.)
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that NUM, NUO and NTX had no exposure to Puerto Rico debt during this reporting period, and NAZ sold its remaining exposure during the reporting period. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

NUVEEN
  
7


Portfolio Managers' Comments (continued)
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016 (subsequent to the close of this reporting period), the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

8
  
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Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE
One important factor impacting the returns of the Funds 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 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 also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage had a positive impact on the performance of the Funds over this reporting period.
As of August 31, 2016, the Funds' percentages of leverage are shown in the accompanying table.

     
NAZ
    
NUM
    
NUO
    
NTX
  
Effective Leverage*
    
37.08
%
  
37.05
%
  
35.36
%
  
30.46
%
Regulatory Leverage*
    
33.08
%
  
33.70
%
  
31.12
%
  
30.46
%

*
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. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

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9


Fund Leverage (continued)
THE FUNDS' REGULATORY LEVERAGE
As of August 31, 2016, the Funds have issued and outstanding Institutional MuniFund Term Preferred (iMTP) Shares, Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

   
iMTP Shares
  
VMTP Shares
  
VRDP Shares
  
         
Shares Issued
        
Shares Issued
        
Shares Issued
  
           
at Liquidation
          
at Liquidation
          
at Liquidation
  
Fund
    
Series
    
Preference
    
Series
    
Preference
    
Series
    
Preference
  
NAZ
    
—
  
$
—
    
2019
  
$
88,300,000
    
—
  
$
—
  
NUM
    
—
  
$
—
    
2019
  
$
173,000,000
    
—
  
$
—
  
NUO
    
—
  
$
—
    
—
  
$
—
    
1
  
$
148,000,000
  
NTX
    
2018
  
$
72,000,000
    
—
  
$
—
    
—
  
$
—
  
During the current reporting period, NAZ and NUM each refinanced all of its outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing, NAZ and NUM issued an additional $9,300,000 and $14,000,000 Series 2019 VMTP Shares at liquidation preference, respectively, to be invested in accordance with each Fund's investment policies.
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on iMTP, VMTP and VRDP Shares and each Funds' respective transactions.

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Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of August 31, 2016. 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 2016
  
$
0.0665
  
$
0.0620
  
$
0.0670
  
$
0.0545
  
April
    
0.0665
    
0.0620
    
0.0670
    
0.0545
  
May
    
0.0665
    
0.0620
    
0.0670
    
0.0545
  
June
    
0.0665
    
0.0620
    
0.0650
    
0.0545
  
July
    
0.0665
    
0.0620
    
0.0650
    
0.0545
  
August 2016
    
0.0665
    
0.0620
    
0.0650
    
0.0545
  
Total Distributions from Net Investment Income
  
$
0.3990
  
$
0.3720
  
$
0.3960
  
$
0.3270
  
                           
Yields
                          
Market Yield*
    
4.74
%
  
4.91
%
  
4.71
%
  
4.17
%
Taxable-Equivalent Yield*
    
6.90
%
  
7.13
%
  
6.91
%
  
5.79
%
 
*
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 31.3%, 31.1% and 31.3% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 28.0%. 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, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. NAZ and NTX had positive UNII balances, while NUM and NUO 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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. 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.

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11


Common Share Information (continued)
COMMON SHARE REPURCHASES
During August 2016, 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, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired common shares as shown in the accompanying table.

 
NAZ
NUM
NUO
NTX
  
Common shares cumulatively repurchased and retired
—
207,500
—
—
  
Common shares authorized for repurchase
1,160,000
2,080,000
1,850,000
1,005,000
  
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
COMMON SHARE EQUITY SHELF PROGRAM
During the current reporting period, NAZ filed an initial registration statement with the Securities and Exchange Commission to issue additional common shares through an equity shelf program, which is not yet effective. 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.
OTHER COMMON SHARE INFORMATION
As of August 31, 2016, 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
  
$
15.43
    
$
16.35
    
$
17.68
    
$
16.39
  
Common share price
  
$
16.85
    
$
15.15
    
$
16.56
    
$
15.68
  
Premium/(Discount) to NAV
    
9.20
%
    
(7.34
)%
    
(6.33
)%
    
(4.33
)%
6-month average premium/(discount) to NAV
    
7.01
%
    
(8.26
)%
    
(7.04
)%
    
(5.43
)%

12
  
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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 Premium Income Municipal Fund (NAZ)
Nuveen Michigan Quality Income Municipal Fund (NUM)
Nuveen Ohio Quality Income Municipal Fund (NUO)
 Nuveen Texas Quality Income Municipal 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.

NUVEEN
  
13


NAZ
  
 
Nuveen Arizona Premium Income Municipal Fund
 
Performance Overview and Holding Summaries as of August 31, 2016

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, 2016

 
Cumulative
  
Average Annual
  
 
6-Month
  
1-Year
5-Year
10-Year
  
NAZ at Common Share NAV
5.50%
  
11.03%
7.58%
6.01%
  
NAZ at Common Share Price
9.79%
  
20.50%
11.28%
7.67%
  
S&P Municipal Bond Arizona Index
2.69%
  
6.17%
4.98%
4.90%
  
S&P Municipal Bond Index
3.35%
  
7.03%
4.99%
4.79%
  
Lipper Other States Municipal Debt Funds Classification Average
4.91%
  
10.53%
7.26%
5.75%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
150.4%
Other Assets Less Liabilities
0.5%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
150.9%
Floating Rate Obligations
(1.5)%
VMTP Shares, at Liquidation Preference
(49.4)%
Net Assets
100%
   
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
22.7%
Education and Civic Organizations
19.6%
Health Care
13.1%
Utilities
12.0%
Tax Obligation/General
11.2%
Water and Sewer
8.8%
U.S. Guaranteed
8.7%
Other
3.9%
Total
100%
   
Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
18.5%
AA
41.6%
A
22.8%
BBB
8.7%
BB or Lower
2.4%
N/R (not rated)
6.0%
Total
100%

14
  
NUVEEN


NUM
  
 
Nuveen Michigan Quality Income Municipal Fund
 
Performance Overview and Holding Summaries as of August 31, 2016

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, 2016

 
Cumulative
  
Average Annual
  
 
6-Month
  
1-Year
5-Year
10-Year
  
NUM at Common Share NAV
5.01%
  
10.45%
7.28%
6.09%
  
NUM at Common Share Price
10.85%
  
20.96%
8.17%
6.27%
  
S&P Municipal Bond Michigan Index
3.19%
  
6.90%
5.42%
4.96%
  
S&P Municipal Bond Index
3.35%
  
7.03%
4.99%
4.79%
  
Lipper Other States Municipal Debt Funds Classification Average
4.91%
  
10.53%
7.26%
5.75%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
154.7%
Other Assets Less Liabilities
1.7%
Net Assets Plus Floating Rate Obligations & VMTP Shares, at Liquidation Preference
156.4%
Floating Rate Obligations
(5.6)%
VMTP Shares, at Liquidation Preference
(50.8)%
Net Assets
100%
   
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/General
20.2%
U.S. Guaranteed
16.3%
Education and Civic Organizations
15.0%
Health Care
14.9%
Utilities
9.4%
Water and Sewer
8.2%
Tax Obligation/Limited
8.1%
Consumer Staples
3.1%
Other
4.8%
Total
100%
   
Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
29.3%
AA
51.4%
A
14.5%
BB or Lower
3.5%
N/R (not rated)
1.3%
Total
100%

NUVEEN
  
15



NUO
  
 
Nuveen Ohio Quality Income Municipal Fund
 
Performance Overview and Holding Summaries as of August 31, 2016

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, 2016
 
Cumulative
  
Average Annual
  
 
6-Month
  
1-Year
5-Year
10-Year
  
NUO at Common Share NAV
5.37%
  
11.16%
7.38%
6.29%
  
NUO at Common Share Price
9.88%
  
20.46%
7.43%
6.00%
  
S&P Municipal Bond Ohio Index
4.11%
  
8.78%
6.06%
5.01%
  
S&P Municipal Bond Index
3.35%
  
7.03%
4.99%
4.79%
  
Lipper Other States Municipal Debt Funds Classification Average
4.91%
  
10.53%
7.26%
5.75%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
145.9%
Other Assets Less Liabilities
1.7%
Net Assets Plus Floating Rate Obligations & VRDP Shares, at Liquidation Preference
147.6%
Floating Rate Obligations
(2.4)%
VRDP Shares, at Liquidation Preference
(45.2)%
Net Assets
100%
   
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
21.0%
Health Care
19.9%
Tax Obligation/General
14.4%
U.S. Guaranteed
11.5%
Water and Sewer
10.7%
Transportation
7.1%
Education and Civic Organizations
5.1%
Other
10.3%
Total
100%
   
Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
21.8%
AA
50.7%
A
17.1%
BBB
5.0%
BB or Lower
4.9%
N/R (not rated)
0.5%
Total
100%

16
  
NUVEEN



NTX
  
 
Nuveen Texas Quality Income Municipal Fund
 
Performance Overview and Holding Summaries as of August 31, 2016


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, 2016
 
Cumulative
  
Average Annual
  
 
6-Month
  
1-Year
5-Year
10-Year
  
NTX at Common Share NAV
5.77%
  
11.10%
6.90%
5.94%
  
NTX at Common Share Price
9.24%
  
21.57%
4.59%
5.92%
  
S&P Municipal Bond Texas Index
3.27%
  
6.71%
5.11%
5.03%
  
S&P Municipal Bond Index
3.35%
  
7.03%
4.99%
4.79%
  
Lipper Other States Municipal Debt Funds Classification Average
4.91%
  
10.53%
7.26%
5.75%
  
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 and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
142.5%
Other Assets Less Liabilities
1.3%
Net Assets Plus iMTP Shares, at Liquidation Preference
143.8%
iMTP Shares, at Liquidation Preference
(43.8)%
Net Assets
100%
   
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/General
16.6%
Tax Obligation/Limited
16.3%
U.S. Guaranteed
13.2%
Utilities
11.9%
Transportation
11.4%
Water and Sewer
8.3%
Education and Civic Organizations
8.8%
Health Care
8.1%
Other
5.4%
Total
100%
   
Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
26.6%
AA
37.2%
A
18.1%
BBB
15.1%
BB or Lower
2.7%
N/R (not rated)
0.3%
Total
100%

NUVEEN
  
17



NAZ
    
 
Nuveen Arizona Premium Income Municipal Fund
  
 
Portfolio of Investments
August 31, 2016 (Unaudited)


 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 150.4% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 150.4% (100.0% of Total Investments)
            
     
Education and Civic Organizations – 29.5% (19.6% of Total Investments)
            
$
3,000
  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/42 (WI/DD, Settling 9/14/16)
7/26 at 100.00
  
AA
$
3,677,280
  
 
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
  
1,824,705
  
 
3,480
  
Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43
No Opt. Call
  
AA
  
4,144,924
  
 
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
  
1,824,705
  
 
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
  
3,024,036
  
 
2,240
  
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 16.229%, 6/01/42 (IF)
6/22 at 100.00
  
AA–
  
3,868,189
  
 
1,400
  
Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2013, 5.000%, 8/01/21
No Opt. Call
  
Aa3
  
1,659,490
  
 
3,210
  
Arizona Board of Regents, University of Arizona, System Revenue Bonds, Refunding Series 2016, 5.000%, 6/01/33
6/26 at 100.00
  
Aa2
  
4,049,383
  
 
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–
  
2,317,260
  
 
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+
  
4,258,993
  
     
McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016:
            
 
1,085
  
5.000%, 7/01/38
7/26 at 100.00
  
AA–
  
1,326,499
  
 
725
  
5.000%, 7/01/39
7/26 at 100.00
  
AA–
  
886,371
  
 
1,875
  
Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40
6/24 at 100.00
  
A+
  
2,245,669
  
 
910
  
Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
6/21 at 100.00
  
A+
  
1,044,817
  
 
70
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46
7/25 at 100.00
  
BB
  
76,378
  
 
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+
  
974,340
  
 
750
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo Brighter Choice Foundation Charter Middle Schools Project, Albany, New York, Series 2012, 7.500%, 7/01/42
7/22 at 100.00
  
N/R
  
307,418
  
 
585
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42
7/21 at 100.00
  
BB
  
653,966
  
 
500
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44
7/24 at 100.00
  
N/R
  
605,370
  
     
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015:
            
 
315
  
5.000%, 7/01/35
No Opt. Call
  
BB–
  
340,509
  
 
300
  
5.000%, 7/01/45
No Opt. Call
  
BB–
  
322,206
  
 
440
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25
No Opt. Call
  
BBB–
  
457,965
  
 
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
  
2,380,135
  

18
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Education and Civic Organizations (continued)
            
$
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
$
4,178,843
  
 
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
  
222,386
  
 
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
  
202,128
  
 
35
  
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48
2/24 at 100.00
  
N/R
  
35,693
  
 
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
  
735,740
  
 
500
  
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34
No Opt. Call
  
BB
  
515,155
  
     
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010:
            
 
745
  
6.000%, 6/01/40
6/19 at 100.00
  
BB+
  
780,812
  
 
550
  
6.100%, 6/01/45
6/19 at 100.00
  
BB+
  
577,121
  
 
655
  
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36
10/16 at 100.00
  
BB+
  
655,930
  
 
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
  
927,467
  
 
250
  
Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22
No Opt. Call
  
AA–
  
298,083
  
 
300
  
The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47
7/26 at 100.00
  
Baa3
  
333,471
  
 
825
  
Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42
3/21 at 100.00
  
BB+
  
971,165
  
 
44,530
  
Total Education and Civic Organizations
        
52,704,602
  
     
Health Care – 19.7% (13.1% of Total Investments)
            
 
7,730
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
1/18 at 100.00
  
AA–
  
8,205,468
  
 
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–
  
1,420,128
  
 
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
  
BBB+
  
5,751,677
  
     
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A:
            
 
3,000
  
5.000%, 12/01/39
12/24 at 100.00
  
A2
  
3,586,740
  
 
2,860
  
5.000%, 12/01/42
12/24 at 100.00
  
A2
  
3,421,733
  
 
7,560
  
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
7/17 at 100.00
  
A
  
7,782,263
  
 
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
  
1,256,338
  
     
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A:
            
 
210
  
5.000%, 8/01/19
No Opt. Call
  
Baa1
  
227,375
  
 
1,000
  
5.250%, 8/01/33
8/23 at 100.00
  
Baa1
  
1,160,910
  
     
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–
  
1,185,310
  
 
1,000
  
5.250%, 8/01/32
8/24 at 100.00
  
A–
  
1,203,950
  
 
31,780
  
Total Health Care
        
35,201,892
  

NUVEEN
19
 
NAZ
Nuveen Arizona Premium Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Long-Term Care – 0.7% (0.5% of Total Investments)
            
$
435
  
Arizona Health Facilities Authority, Health Care Facilities Revenue Bonds, The Beatitudes Campus Project, Series 2006, 5.100%, 10/01/22
10/16 at 100.00
  
N/R
$
435,526
  
 
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
  
866,018
  
 
1,215
  
Total Long-Term Care
        
1,301,544
  
     
Tax Obligation/General – 16.9% (11.2% of Total Investments)
            
     
Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B:
            
 
1,190
  
4.000%, 8/01/33
8/26 at 100.00
  
AA
  
1,358,242
  
 
620
  
4.000%, 8/01/34
8/26 at 100.00
  
AA
  
704,140
  
 
885
  
Casa Grande, Arizona, General Obligation Bonds, Series 2016A, 3.000%, 8/01/36
8/26 at 100.00
  
AA
  
906,868
  
 
2,500
  
Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24
No Opt. Call
  
AAA
  
3,197,475
  
     
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
  
AA–
  
1,238,170
  
 
525
  
5.000%, 7/01/27
7/24 at 100.00
  
AA–
  
647,656
  
 
2,140
  
El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%,
7/01/42 – AGM Insured
7/22 at 100.00
  
AA
  
2,437,374
  
 
1,500
  
Glendale Union High School District 205, Maricopa County, Arizona, General Obligation Bonds, School Improvement, Project 2015, Series 2016A, 4.000%, 7/01/33 – BAM Insured
7/26 at 100.00
  
AA
  
1,688,070
  
 
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
  
1,177,440
  
 
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
  
916,492
  
 
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
  
340,128
  
 
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
  
1,653,522
  
 
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
  
3,475,274
  
 
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+
  
2,022,143
  
 
1,440
  
Pima County, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/01/26
No Opt. Call
  
AA
  
1,738,757
  
     
Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition Series 1999:
            
 
1,310
  
5.000%, 7/01/32
7/21 at 100.00
  
AAA
  
1,531,639
  
 
1,360
  
5.000%, 7/01/33
7/21 at 100.00
  
AAA
  
1,586,630
  
 
1,705
  
5.000%, 7/01/34
7/21 at 100.00
  
AAA
  
1,985,660
  
     
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–
  
836,643
  
 
665
  
4.500%, 7/01/34
7/24 at 100.00
  
AA–
  
775,530
  
 
25,645
  
Total Tax Obligation/General
        
30,217,853
  
     
Tax Obligation/Limited – 34.2% (22.7% 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
  
2,597,549
  
 
1,025
  
Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/36
7/21 at 100.00
  
AA+
  
1,193,725
  
 
275
  
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36
7/26 at 100.00
  
AA–
  
304,684
  
 
1,000
  
Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37
7/25 at 100.00
  
AA–
  
1,194,390
  
 
558
  
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29
11/16 at 100.00
  
N/R
  
558,636
  
 
1,210
  
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39
7/25 at 100.00
  
N/R
  
1,273,089
  

20
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/Limited (continued)
            
$
494
  
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
$
534,414
  
     
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007:
            
 
422
  
5.700%, 7/01/27
1/17 at 100.00
  
N/R
  
428,647
  
 
453
  
5.800%, 7/01/32
1/17 at 100.00
  
N/R
  
459,256
  
 
525
  
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25
11/16 at 100.00
  
N/R
  
526,995
  
     
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
  
388,077
  
 
1,085
  
5.000%, 7/15/31 – BAM Insured
7/22 at 100.00
  
AA
  
1,202,234
  
 
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
  
550,065
  
 
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
  
674,376
  
 
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–
  
1,759,275
  
     
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
            
 
510
  
5.000%, 1/01/31
1/22 at 100.00
  
A
  
569,497
  
 
200
  
5.125%, 1/01/42
1/22 at 100.00
  
A
  
220,536
  
 
1,500
  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
1/22 at 100.00
  
A
  
1,645,230
  
 
215
  
Greater Arizona Development Authority, Infrastructure Revenue Bonds, Series 2006A, 5.000%, 8/01/23 – NPFG Insured
10/16 at 100.00
  
AA–
  
215,800
  
 
1,425
  
Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33
7/23 at 100.00
  
AA
  
1,680,788
  
 
2,637
  
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
1/17 at 100.00
  
A2
  
2,666,851
  
 
680
  
Marley Park Community Facilities District, City of Surprise, Arizona, Limited Tax General Obligation Bonds, Series 2008 (Bank Qualified), 6.100%, 7/15/32
7/17 at 100.00
  
N/R
  
691,546
  
 
1,125
  
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33
7/18 at 100.00
  
BBB–
  
1,201,556
  
 
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–
  
225,742
  
 
300
  
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
7/21 at 100.00
  
AA–
  
347,940
  
 
1,500
  
Palm Valley Community Facility District 3, Goodyear, Arizona, General Obligation Bonds, Series 2006, 5.300%, 7/15/31
12/16 at 100.00
  
N/R
  
1,501,710
  
 
1,000
  
Palm Valley Community Facility District 3, Goodyear, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.800%, 7/15/32
7/17 at 100.00
  
N/R
  
1,014,440
  
 
400
  
Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31
11/16 at 100.00
  
N/R
  
400,016
  
 
1,010
  
Phoenix Civic Improvement Corporation, Arizona, Transit Excise Tax Revenue Refunding Bonds, Light Rail Project, Series 2013, 5.000%, 7/01/20
No Opt. Call
  
AA
  
1,166,914
  
 
2,500
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
No Opt. Call
  
A
  
2,820,875
  
 
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+
  
652,198
  
 
1,610
  
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured
11/16 at 100.00
  
BBB–
  
1,612,866
  
 
1,000
  
Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33
8/24 at 100.00
  
AA–
  
1,206,430
  
 
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+
  
1,231,320
  

NUVEEN
21


NAZ
Nuveen Arizona Premium Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/Limited (continued)
            
     
San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A:
            
$
1,400
  
5.000%, 7/01/34 – BAM Insured
7/24 at 100.00
  
AA
$
1,680,616
  
 
2,100
  
5.000%, 7/01/38 – BAM Insured
7/24 at 100.00
  
AA
  
2,499,273
  
 
3,000
  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24
No Opt. Call
  
AAA
  
3,817,740
  
 
5,000
  
Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36
7/20 at 100.00
  
AAA
  
5,690,550
  
 
1,570
  
Tartesso West Community Facility District, Buckeye, Arizona, Limited Tax General Obligation Bonds, Series 2007, 5.900%, 7/15/32
7/17 at 100.00
  
N/R
  
1,594,147
  
     
Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016:
            
 
310
  
5.000%, 7/01/28
7/26 at 100.00
  
AAA
  
398,062
  
 
600
  
5.000%, 7/01/31
7/26 at 100.00
  
AAA
  
761,784
  
 
4,000
  
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37
7/22 at 100.00
  
AAA
  
4,786,480
  
 
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
  
1,865,990
  
 
750
  
Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25
7/21 at 100.00
  
N/R
  
751,635
  
 
1,442
  
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
11/16 at 100.00
  
N/R
  
1,444,192
  
 
1,000
  
Westpark Community Facilities District, Buckeye, Arizona, General Obligation Tax Increment Bonds Series 2006, 5.250%, 7/15/31
11/16 at 100.00
  
N/R
  
1,001,190
  
 
54,616
  
Total Tax Obligation/Limited
        
61,009,326
  
     
Transportation – 5.1% (3.4% of Total Investments)
            
 
180
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
  
A+
  
202,914
  
     
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A:
            
 
910
  
5.000%, 7/01/40
7/25 at 100.00
  
A+
  
1,093,283
  
 
2,185
  
5.000%, 7/01/45
7/25 at 100.00
  
A+
  
2,611,665
  
     
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–
  
2,109,138
  
 
2,215
  
5.000%, 7/01/32 (Alternative Minimum Tax)
7/23 at 100.00
  
AA–
  
2,598,749
  
 
395
  
Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014B, 5.000%, 9/01/44
9/24 at 100.00
  
BBB+
  
452,935
  
 
7,670
  
Total Transportation
        
9,068,684
  
     
U.S. Guaranteed – 13.0% (8.7% of Total Investments) (5)
            
 
3,500
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25 (Pre-refunded 1/01/17)
1/17 at 100.00
  
AA– (5)
  
3,552,290
  
 
1,265
  
Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 2006, Series 2008B, 5.750%, 7/01/28 (Pre-refunded 7/01/18)
7/18 at 100.00
  
Aa3 (5)
  
1,382,493
  
 
2,965
  
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42 (Pre-refunded 12/01/17)
12/17 at 100.00
  
N/R (5)
  
3,127,838
  
 
250
  
La Paz County, Arizona, Excise Tax Revenue Bonds, Judgement Series 2011A, 4.750%, 7/01/36 (Pre-refunded 7/01/17)
7/17 at 100.00
  
AA (5)
  
258,748
  
 
175
  
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – NPFG Insured (ETM)
No Opt. Call
  
N/R (5)
  
177,837
  
 
1,200
  
Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, Series 2008, 5.000%, 7/01/27
(Pre-refunded 7/01/18) – AGM Insured
7/18 at 100.00
  
Aa3 (5)
  
1,295,088
  
 
630
  
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured (ETM)
No Opt. Call
  
Aa2 (5)
  
654,822
  

22
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
U.S. Guaranteed (5) (continued)
            
$
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 (5)
$
1,298,684
  
 
1,000
  
Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38 (Pre-refunded 7/01/18)
7/18 at 100.00
  
Baa3 (5)
  
1,103,420
  
 
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+ (5)
  
1,172,980
  
 
4,530
  
Pinal County Unified School District 1, Florence, Arizona, General Obligation Bonds, Series 2008C, 5.250%, 7/01/28 (Pre-refunded 7/01/18)
7/18 at 100.00
  
A (5)
  
4,909,523
  
 
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 (5)
  
3,202,298
  
     
University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013:
            
 
200
  
5.000%, 7/01/19 (ETM)
No Opt. Call
  
N/R (5)
  
223,814
  
 
800
  
5.000%, 7/01/20 (ETM)
No Opt. Call
  
N/R (5)
  
925,112
  
 
21,145
  
Total U.S. Guaranteed
        
23,284,947
  
     
Utilities – 18.0% (12.0% 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
  
A3
  
1,673,443
  
 
1,500
  
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project, Series 2001, 5.250%, 10/01/17
No Opt. Call
  
AA
  
1,574,775
  
 
1,000
  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39
10/24 at 100.00
  
AA
  
1,188,370
  
 
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
  
4,865,430
  
 
370
  
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC Insured
No Opt. Call
  
Aa2
  
384,404
  
 
1,800
  
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36
7/21 at 100.00
  
A
  
2,098,908
  
 
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
  
1,847,355
  
 
2,500
  
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Tender Option Bond Trust 2016-XL0016, 16.400%, 1/01/38 (IF) (4)
1/18 at 100.00
  
Aa1
  
3,058,600
  
     
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+
  
5,813,909
  
 
5,665
  
5.000%, 12/01/37
No Opt. Call
  
BBB+
  
7,299,918
  
 
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)
12/17 at 100.00
  
N/R
  
2,354,714
  
 
27,010
  
Total Utilities
        
32,159,826
  
     
Water and Sewer – 13.3% (8.8% of Total Investments)
            
     
Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016:
            
 
1,285
  
5.000%, 1/01/35
1/26 at 100.00
  
AA+
  
1,595,623
  
 
345
  
5.000%, 1/01/36
1/26 at 100.00
  
AA+
  
427,407
  
 
500
  
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28
7/22 at 100.00
  
AA
  
603,905
  
 
450
  
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
  
549,279
  
 
2,855
  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39
7/20 at 100.00
  
A+
  
3,334,497
  
 
500
  
Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 5.500%, 7/01/41
7/21 at 100.00
  
AA
  
590,340
  
 
500
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33
7/23 at 100.00
  
A–
  
581,765
  

NUVEEN
23
 
NAZ
Nuveen Arizona Premium Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)
 
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Water and Sewer (continued)
            
$
1,460
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46
7/26 at 100.00
  
A–
$
1,712,434
  
 
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
  
1,365,525
  
 
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+
  
1,400,159
  
 
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
  
2,413,660
  
     
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
  
1,518,700
  
 
1,040
  
5.500%, 7/01/22 – FGIC Insured
No Opt. Call
  
AAA
  
1,296,537
  
 
1,500
  
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26
No Opt. Call
  
AA
  
1,806,120
  
 
1,000
  
Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22
No Opt. Call
  
AA
  
1,218,510
  
     
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
            
 
740
  
4.700%, 4/01/22
4/17 at 100.00
  
A
  
742,531
  
 
1,970
  
4.900%, 4/01/32
4/17 at 100.00
  
A
  
1,994,881
  
 
500
  
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23
No Opt. Call
  
AA
  
623,185
  
 
20,155
  
Total Water and Sewer
        
23,775,058
  
$
233,766
  
Total Investments (cost $242,135,727)
        
268,723,732
  
     
Floating Rate Obligations – (1.5)%
        
(2,755,000
 ) 
     
Variable Rate MuniFund Tem Preferred Shares, at Liquidation Preference – (49.4)% (6)
        
(88,300,000
 ) 
     
Other Assets Less Liabilities – 0.5%
        
970,425
  
     
Net Assets Applicable to Common Shares – 100%
      
$
178,639,157
  

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 32.9%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(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.

24
NUVEEN


NUM
    
 
Nuveen Michigan Quality Income Municipal Fund
  
 
Portfolio of Investments
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 154.7% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 154.7% (100.0% of Total Investments)
            
     
Consumer Staples – 4.7% (3.1% of Total Investments)
            
$
7,100
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
6/17 at 100.00
  
B–
$
7,145,014
  
 
8,650
  
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42
6/18 at 100.00
  
B2
  
8,916,506
  
 
15,750
  
Total Consumer Staples
        
16,061,520
  
     
Education and Civic Organizations – 23.2% (15.0% 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
  
1,461,694
  
 
1,000
  
Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36
11/16 at 100.00
  
B
  
752,700
  
 
1,255
  
Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30
11/16 at 100.00
  
B–
  
836,269
  
 
500
  
Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28
12/24 at 100.00
  
A+
  
615,500
  
 
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
  
BB–
  
1,015,562
  
     
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001:
            
 
865
  
5.500%, 9/01/17 – AMBAC Insured
9/16 at 100.00
  
N/R
  
866,168
  
 
1,170
  
5.000%, 9/01/26 – AMBAC Insured
9/16 at 100.00
  
N/R
  
1,170,819
  
 
240
  
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37
12/17 at 100.00
  
N/R
  
245,690
  
 
5,000
  
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40
2/20 at 100.00
  
AA+
  
5,599,050
  
 
7,790
  
Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41
8/23 at 100.00
  
AA+
  
9,407,125
  
 
3,445
  
Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34
10/21 at 100.00
  
A1
  
4,009,119
  
 
4,170
  
Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/41
3/26 at 100.00
  
A1
  
5,011,548
  
 
810
  
Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35
7/26 at 100.00
  
A1
  
982,392
  
 
4,000
  
University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44
4/24 at 100.00
  
AAA
  
4,818,560
  
     
University of Michigan, General Revenue Bonds, Series 2015:
            
 
5,735
  
5.000%, 4/01/40 (UB) (4)
4/26 at 100.00
  
AAA
  
7,154,872
  
 
9,600
  
5.000%, 4/01/46 (UB) (4)
4/26 at 100.00
  
AAA
  
11,920,320
  
 
2,780
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/35 – AGM Insured
11/18 at 100.00
  
Aa3
  
3,016,300
  
 
5,160
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32
5/26 at 100.00
  
Aa3
  
6,325,283
  
 
3,700
  
Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40
11/23 at 100.00
  
Aa3
  
4,343,652
  
 
525
  
Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31
11/21 at 100.00
  
A1
  
608,255
  
     
Western Michigan University, General Revenue Bonds, Refunding Series 2013:
            
 
750
  
5.250%, 11/15/33 – AGM Insured
11/23 at 100.00
  
AA
  
905,520
  
 
4,250
  
5.000%, 11/15/39 – AGM Insured
11/23 at 100.00
  
AA
  
4,992,390
  

NUVEEN
25
 
NUM
Nuveen Michigan Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Education and Civic Organizations (continued)
            
     
Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
            
$
1,500
  
5.000%, 11/15/40
5/25 at 100.00
  
A1
$
1,778,790
  
 
850
  
5.000%, 11/15/45
5/25 at 100.00
  
A1
  
1,004,352
  
 
67,305
  
Total Education and Civic Organizations
        
78,841,930
  
     
Health Care – 23.1% (14.9% of Total Investments)
            
 
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–
  
4,565,000
  
 
1,800
  
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured
6/20 at 100.00
  
AA
  
1,994,796
  
     
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, Refunding Series 2011C:
            
 
5,500
  
5.000%, 1/15/31
1/22 at 100.00
  
AA
  
6,267,195
  
 
2,000
  
5.000%, 1/15/42
1/22 at 100.00
  
AA
  
2,238,100
  
 
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
  
A1
  
2,130,980
  
 
4,015
  
Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39
6/24 at 100.00
  
A+
  
4,719,592
  
 
3,930
  
Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31
8/23 at 100.00
  
A1
  
4,645,810
  
 
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+
  
7,183,706
  
 
3,000
  
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42
11/22 at 100.00
  
A+
  
3,407,280
  
 
5,000
  
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016 MI, 5.000%, 12/01/45
6/26 at 100.00
  
AA
  
6,041,800
  
     
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
            
 
1,000
  
5.000%, 11/01/25
11/22 at 100.00
  
A1
  
1,185,200
  
 
1,000
  
5.000%, 11/01/26
No Opt. Call
  
A1
  
1,179,550
  
 
3,750
  
5.000%, 11/01/42
11/22 at 100.00
  
A1
  
4,274,513
  
 
9,615
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
  
AA–
  
11,409,158
  
     
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:
            
 
150
  
5.000%, 11/15/20
11/19 at 100.00
  
A
  
167,505
  
 
7,300
  
5.750%, 11/15/39
11/19 at 100.00
  
A
  
8,319,007
  
 
2,000
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2006A, 5.250%, 11/15/46
11/16 at 100.00
  
A
  
2,018,380
  
 
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
  
1,128,510
  
 
4,880
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
3/24 at 100.00
  
A1
  
5,682,418
  
 
67,780
  
Total Health Care
        
78,558,500
  
     
Housing/Multifamily – 3.8% (2.5% of Total Investments)
            
 
2,675
  
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
  
2,974,279
  
     
Michigan Housing Development Authority, Multifamily Housing Revenue Bonds, Series 1988A:
            
 
1,395
  
3.375%, 11/01/16 (Alternative Minimum Tax)
10/16 at 100.00
  
AA
  
1,397,720
  
 
1,405
  
3.875%, 11/01/17 (Alternative Minimum Tax)
11/16 at 100.00
  
AA
  
1,407,979
  
 
2,300
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 – AGM Insured (Alternative Minimum Tax)
10/16 at 100.00
  
AA
  
2,304,278
  
 
1,825
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35
10/20 at 100.00
  
AA
  
1,981,804
  

26
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Housing/Multifamily (continued)
            
$
1,725
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41
4/22 at 100.00
  
AA
$
1,843,352
  
 
1,000
  
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42
No Opt. Call
  
AA
  
1,043,710
  
 
12,325
  
Total Housing/Multifamily
        
12,953,122
  
     
Housing/Single Family – 0.6% (0.4% of Total Investments)
            
 
1,830
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 2010C, 5.500%, 12/01/28 (Alternative Minimum Tax)
6/20 at 100.00
  
AA+
  
1,969,464
  
 
135
  
Michigan Housing Development Authority, Single Family Homeownership Revenue Bonds, Series 2011A, 4.600%, 12/01/26
6/21 at 100.00
  
AA+
  
138,734
  
 
1,965
  
Total Housing/Single Family
        
2,108,198
  
     
Tax Obligation/General – 31.3% (20.2% 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
  
2,770,314
  
 
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
  
1,050,328
  
 
2,200
  
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38
5/18 at 100.00
  
AA+
  
2,348,478
  
     
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–
  
1,067,930
  
 
500
  
4.000%, 5/01/33
5/21 at 100.00
  
AA–
  
533,055
  
 
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–
  
1,337,007
  
 
875
  
Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20
No Opt. Call
  
AA–
  
1,001,823
  
     
Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site, Series 2011B:
            
 
1,200
  
5.500%, 5/01/36
5/21 at 100.00
  
AA–
  
1,405,884
  
 
2,190
  
5.500%, 5/01/41
5/21 at 100.00
  
AA–
  
2,565,738
  
     
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
  
7,628,101
  
 
3,000
  
0.000%, 12/01/26
No Opt. Call
  
AAA
  
2,516,550
  
 
100
  
0.000%, 12/01/27
No Opt. Call
  
AAA
  
82,253
  
 
4,305
  
0.000%, 12/01/29
No Opt. Call
  
AAA
  
3,385,108
  
     
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
  
654,982
  
 
500
  
5.000%, 10/01/30
10/21 at 100.00
  
AA
  
581,875
  
 
500
  
5.000%, 10/01/31
10/21 at 100.00
  
AA
  
581,875
  
     
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016:
            
 
4,205
  
5.000%, 5/01/28 – AGM Insured
5/26 at 100.00
  
AA
  
5,312,975
  
 
1,000
  
5.000%, 5/01/38 – AGM Insured
5/26 at 100.00
  
AA
  
1,218,270
  
     
Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:
            
 
1,305
  
5.000%, 6/01/32
6/26 at 100.00
  
AAA
  
1,648,881
  
 
1,275
  
5.000%, 6/01/33
6/26 at 100.00
  
AAA
  
1,604,549
  
 
1,000
  
5.000%, 6/01/35
6/26 at 100.00
  
AAA
  
1,246,460
  
 
1,025
  
Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34
1/25 at 100.00
  
AAA
  
1,251,136
  
 
3,440
  
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31
1/25 at 100.00
  
AAA
  
4,243,309
  

NUVEEN
27

 
NUM
Nuveen Michigan Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/General (continued)
            
     
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+
$
1,219,330
  
 
1,020
  
5.000%, 10/01/26
10/23 at 100.00
  
AA+
  
1,236,138
  
 
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–
  
1,216,540
  
     
Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:
            
 
1,345
  
5.000%, 5/01/26
No Opt. Call
  
AA–
  
1,704,841
  
 
2,245
  
5.000%, 5/01/33
5/26 at 100.00
  
AA–
  
2,735,016
  
 
1,045
  
5.000%, 5/01/38
5/26 at 100.00
  
AA–
  
1,256,142
  
 
1,000
  
5.000%, 5/01/39
5/26 at 100.00
  
AA–
  
1,201,100
  
 
2,200
  
5.000%, 5/01/40
5/26 at 100.00
  
AA–
  
2,640,352
  
 
425
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/30 – SYNCORA GTY Insured
5/17 at 100.00
  
AA–
  
436,050
  
 
4,000
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22
12/21 at 100.00
  
Aa1
  
4,773,280
  
 
1,950
  
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28
12/25 at 100.00
  
Aa1
  
2,481,687
  
 
1,000
  
Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28
12/24 at 100.00
  
Aa1
  
1,255,760
  
 
2,500
  
Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22 – NPFG Insured
No Opt. Call
  
Aa2
  
2,897,175
  
 
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
  
3,473,657
  
     
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
  
1,640,952
  
 
1,730
  
5.000%, 11/01/36
11/25 at 100.00
  
AA
  
2,074,460
  
     
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007:
            
 
4,330
  
5.000%, 8/01/26 – NPFG Insured (UB)
8/17 at 100.00
  
AAA
  
4,508,916
  
 
5,620
  
5.000%, 8/01/30 – NPFG Insured (UB)
8/17 at 100.00
  
AAA
  
5,852,218
  
 
750
  
Plainwell Community Schools, Allegan County, Michigan, General Obligation Bonds, School Building & Site, Series 2008, 5.000%, 5/01/28 – AGC Insured
5/18 at 100.00
  
Aa1
  
797,775
  
     
Port Huron, Michigan, General Obligation Bonds, Refunding & Capital Improvement Series 2011:
            
 
1,585
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
  
AA
  
1,864,008
  
 
640
  
5.250%, 10/01/37 – AGM Insured
10/21 at 100.00
  
AA
  
753,600
  
     
Port Huron, Michigan, General Obligation Bonds, Series 2011B:
            
 
530
  
5.000%, 10/01/31 – AGM Insured
10/21 at 100.00
  
AA
  
615,102
  
 
800
  
5.250%, 10/01/40 – AGM Insured
10/21 at 100.00
  
AA
  
941,144
  
 
500
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19
No Opt. Call
  
AA–
  
552,590
  
 
625
  
Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20
No Opt. Call
  
Aa2
  
716,813
  
 
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
  
1,698,107
  
 
350
  
South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 – AGC Insured
12/19 at 100.00
  
AA
  
394,968
  
 
550
  
Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26
5/25 at 100.00
  
AA
  
686,807
  
     
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building & Site, Series 2008:
            
 
1,110
  
5.000%, 5/01/31 – AGM Insured
5/18 at 100.00
  
Aa1
  
1,178,753
  
 
2,150
  
5.000%, 5/01/38 – AGM Insured
5/18 at 100.00
  
Aa1
  
2,288,826
  

28
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
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
$
1,875,808
  
 
1,560
  
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
No Opt. Call
  
Aa2
  
1,822,080
  
 
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
  
1,667,768
  
 
95,730
  
Total Tax Obligation/General
        
106,494,644
  
     
Tax Obligation/Limited – 12.5% (8.1% 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
  
2,552,242
  
     
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–
  
1,382,588
  
 
2,000
  
5.000%, 10/01/24
10/23 at 100.00
  
AA–
  
2,416,040
  
 
2,000
  
5.000%, 10/01/25
10/24 at 100.00
  
AA–
  
2,448,660
  
 
11,025
  
5.000%, 10/01/39
10/24 at 100.00
  
AA–
  
12,837,730
  
 
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
  
4,840,080
  
 
1,500
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I, 5.000%, 4/15/41
10/26 at 100.00
  
Aa2
  
1,833,495
  
     
Michigan State Trunk Line Fund Bonds, Series 2011:
            
 
1,100
  
5.000%, 11/15/24
11/21 at 100.00
  
AA+
  
1,299,034
  
 
1,750
  
5.000%, 11/15/29
11/21 at 100.00
  
AA+
  
2,058,945
  
 
1,605
  
5.000%, 11/15/31
11/21 at 100.00
  
AA+
  
1,893,627
  
 
1,160
  
4.000%, 11/15/32
11/21 at 100.00
  
AA+
  
1,265,119
  
 
1,970
  
5.000%, 11/15/36
11/21 at 100.00
  
AA+
  
2,309,136
  
 
1,370
  
Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22
No Opt. Call
  
AA+
  
1,680,880
  
     
Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015:
            
 
1,065
  
5.000%, 11/15/19
No Opt. Call
  
AA+
  
1,208,445
  
 
1,950
  
5.000%, 11/15/29
11/24 at 100.00
  
AA+
  
2,422,719
  
 
35,935
  
Total Tax Obligation/Limited
        
42,448,740
  
     
Transportation – 2.9% (1.9% 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
  
5,230,935
  
 
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
  
4,660,680
  
 
8,500
  
Total Transportation
        
9,891,615
  
     
U.S. Guaranteed – 25.3% (16.3% of Total Investments) (5)
            
 
100
  
Battle Creek School District, Calhoun County, Michigan, General Obligation Bonds, School Building & Site Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured
5/17 at 100.00
  
Aa1 (5)
  
102,996
  
 
6,740
  
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
5/17 at 100.00
  
Aa1 (5)
  
6,930,742
  
     
Grand Rapids, Michigan, General Obligation Bonds, Capital Improvement Series 2007:
            
 
860
  
5.000%, 9/01/24 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
  
AA (5)
  
898,571
  
 
2,000
  
5.000%, 9/01/27 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
  
AA (5)
  
2,089,700
  
 
1,190
  
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008, 5.000%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
  
Aa1 (5)
  
1,260,162
  
 
230
  
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32 (Pre-refunded 1/01/17)
1/17 at 100.00
  
AAA
  
233,328
  
 
2,160
  
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 (Pre-refunded 5/01/17) – AGM Insured
5/17 at 100.00
  
Aa1 (5)
  
2,224,714
  

NUVEEN
29


NUM
Nuveen Michigan Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
U.S. Guaranteed (5) (continued)
            
$
1,500
  
Marshall Public Schools, Calhoun County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/30 (Pre-refunded 5/01/17) – SYNCORA GTY Insured
5/17 at 100.00
  
N/R (5)
$
1,544,940
  
 
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 (5)
  
6,684,061
  
 
35
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
12/21 at 100.00
  
N/R (5)
  
42,305
  
     
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
            
 
430
  
5.000%, 10/01/23 (Pre-refunded 10/01/17)
10/17 at 100.00
  
N/R (5)
  
450,687
  
 
1,775
  
5.000%, 10/01/24 (Pre-refunded 10/01/17)
10/17 at 100.00
  
N/R (5)
  
1,860,395
  
     
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
            
 
7,000
  
0.000%, 10/15/27 (Pre-refunded 10/15/16) – AGM Insured
10/16 at 58.27
  
AA (5)
  
4,076,310
  
 
7,720
  
0.000%, 10/15/28 (Pre-refunded 10/15/16) – AGM Insured
10/16 at 55.35
  
AA (5)
  
4,270,241
  
 
635
  
0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 50.02
  
Aa2 (5)
  
317,411
  
 
865
  
0.000%, 10/15/30 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 50.02
  
Aa2 (5)
  
432,370
  
 
6,140
  
5.000%, 10/15/36 (Pre-refunded 10/15/16) – NPFG Insured
10/16 at 100.00
  
Aa2 (5)
  
6,173,954
  
 
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+ (5)
  
4,558,080
  
 
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)
11/16 at 100.00
  
Aaa
  
3,427,875
  
 
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 (5)
  
1,127,300
  
 
8,245
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Series 2006, 5.000%, 11/01/31 (Pre-refunded 11/01/16) – NPFG Insured
11/16 at 100.00
  
AA (5)
  
8,307,992
  
 
6,820
  
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/36
(Pre-refunded 5/01/17) – AGM Insured
5/17 at 100.00
  
Aaa
  
7,024,327
  
 
5,785
  
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/36 (Pre-refunded 5/01/17) – AGM Insured
5/17 at 100.00
  
Aa1 (5)
  
5,948,716
  
 
2,100
  
Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/33
(Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
  
Aa1 (5)
  
2,253,657
  
 
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 (5)
  
4,197,866
  
 
1,500
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
  
Aaa
  
1,727,835
  
 
1,535
  
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – NPFG Insured
5/17 at 100.00
  
Aa1 (5)
  
1,581,096
  
 
3,600
  
Trenton Public Schools District, Michigan, General Obligation Bonds, School Building & Site Series 2008, 5.000%, 5/01/34 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
  
Aa1 (5)
  
3,861,540
  
 
2,220
  
Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008, 5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured
11/18 at 100.00
  
Aa3 (5)
  
2,433,031
  
 
88,745
  
Total U.S. Guaranteed
        
86,042,202
  
     
Utilities – 14.6% (9.4% 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
  
3,198,470
  
 
6,020
  
5.000%, 7/01/39
No Opt. Call
  
AA
  
7,001,742
  
     
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A:
            
 
390
  
5.000%, 7/01/28
7/18 at 100.00
  
AA–
  
417,487
  
 
8,250
  
5.000%, 7/01/32
7/18 at 100.00
  
AA–
  
8,819,003
  
     
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394:
            
 
1,110
  
16.400%, 7/01/37 (IF) (4)
7/21 at 100.00
  
AA–
  
1,804,904
  
 
1,700
  
16.585%, 7/01/37 (IF) (4)
7/21 at 100.00
  
AA–
  
2,764,268
  

30
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Utilities (continued)
            
     
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
            
$
1,000
  
5.000%, 7/01/30
7/26 at 100.00
  
A
$
1,243,350
  
 
1,000
  
5.000%, 7/01/31
7/26 at 100.00
  
A
  
1,238,360
  
 
75
  
5.000%, 7/01/32
7/26 at 100.00
  
A
  
92,579
  
 
1,000
  
5.000%, 7/01/33
7/26 at 100.00
  
A
  
1,231,430
  
     
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
            
 
1,900
  
5.000%, 1/01/27
1/22 at 100.00
  
A2
  
2,161,155
  
 
4,530
  
5.000%, 1/01/43
1/22 at 100.00
  
A2
  
4,999,127
  
     
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
  
2,024,669
  
 
1,990
  
5.000%, 1/01/25 – AGM Insured
1/21 at 100.00
  
AA
  
2,282,013
  
 
2,180
  
5.000%, 1/01/26 – AGM Insured
1/21 at 100.00
  
AA
  
2,491,021
  
 
290
  
5.000%, 1/01/27 – AGM Insured
1/21 at 100.00
  
AA
  
325,548
  
 
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
  
4,564,560
  
 
2,700
  
Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – BAM Insured
10/25 at 100.00
  
AA
  
3,037,338
  
 
42,285
  
Total Utilities
        
49,697,024
  
     
Water and Sewer – 12.7% (8.2% of Total Investments)
            
 
425
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
  
AA+
  
454,257
  
 
10,100
  
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.000%, 7/01/34 – AGM Insured
11/16 at 100.00
  
AA
  
10,141,510
  
 
190
  
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
  
AA
  
190,756
  
     
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
  
1,212,010
  
 
1,000
  
5.000%, 1/01/33
1/24 at 100.00
  
Aa1
  
1,208,200
  
 
1,000
  
5.000%, 1/01/34
1/24 at 100.00
  
Aa1
  
1,204,410
  
 
1,855
  
5.000%, 1/01/44
1/24 at 100.00
  
Aa1
  
2,210,474
  
 
2,605
  
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – AGC Insured
1/19 at 100.00
  
AA
  
2,843,722
  
     
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
  
1,766,400
  
 
1,220
  
5.000%, 7/01/37 – AGM Insured
7/24 at 100.00
  
AA
  
1,430,975
  
     
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
            
 
2,000
  
5.000%, 10/01/31
10/22 at 100.00
  
AAA
  
2,419,740
  
 
1,135
  
5.000%, 10/01/32
10/22 at 100.00
  
AAA
  
1,370,989
  
     
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
  
2,395,989
  
 
3,200
  
5.000%, 10/01/25
10/22 at 100.00
  
AAA
  
3,907,104
  
 
2,000
  
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20
No Opt. Call
  
AAA
  
2,336,340
  
 
580
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19
11/16 at 100.00
  
AAA
  
582,181
  
 
170
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19
11/16 at 100.00
  
AAA
  
171,178
  
     
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010:
            
 
390
  
5.000%, 10/01/26
No Opt. Call
  
AAA
  
450,902
  
 
475
  
5.000%, 10/01/30
No Opt. Call
  
AAA
  
548,611
  

NUVEEN
31



NUM
Nuveen Michigan Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Water and Sewer (continued)
            
$
90
  
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23
11/16 at 100.00
  
AAA
$
90,338
  
     
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:
            
 
70
  
5.000%, 10/01/23
10/17 at 100.00
  
AAA
  
73,284
  
 
225
  
5.000%, 10/01/24
10/17 at 100.00
  
AAA
  
235,580
  
 
1,000
  
North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24
No Opt. Call
  
AA
  
1,250,020
  
     
Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
            
 
500
  
5.250%, 10/01/31
10/21 at 100.00
  
A
  
561,685
  
 
1,500
  
5.625%, 10/01/40
10/21 at 100.00
  
A
  
1,732,500
  
 
700
  
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – NPFG Insured
7/18 at 100.00
  
AA–
  
748,664
  
     
Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:
            
 
210
  
5.000%, 6/01/26
No Opt. Call
  
Aa2
  
267,616
  
 
505
  
5.000%, 6/01/27
6/26 at 100.00
  
Aa2
  
637,310
  
 
550
  
5.000%, 6/01/28
6/26 at 100.00
  
Aa2
  
689,348
  
 
38,150
  
Total Water and Sewer
        
43,132,093
  
$
474,470
  
Total Investments (cost $481,575,440)
        
526,229,588
  
     
Floating Rate Obligations – (5.6)%
        
(18,890,000
 ) 
     
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (50.8)% (6)
        
(173,000,000
 ) 
     
Other Assets Less Liabilities – 1.7%
        
5,953,837
  
     
Net Assets Applicable to Common Shares – 100%
      
$
340,293,425
  

(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 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 32.9%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(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.

32
NUVEEN


NUO
    
 
Nuveen Ohio Quality Income Municipal Fund
  
 
Portfolio of Investments
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 145.9% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 145.9% (100.0% of Total Investments)
            
     
Consumer Staples – 4.8% (3.3% of Total Investments)
            
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
$
15,035
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
$
14,763,467
  
 
1,085
  
5.875%, 6/01/47
6/17 at 100.00
  
B–
  
1,084,967
  
 
16,120
  
Total Consumer Staples
        
15,848,434
  
     
Education and Civic Organizations – 7.4% (5.1% of Total Investments)
            
 
4,375
  
Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/33
9/24 at 100.00
  
AA
  
5,315,625
  
     
Miami University of Ohio, General Receipts Bonds, Series 2011:
            
 
130
  
5.000%, 9/01/33
No Opt. Call
  
AA
  
151,862
  
 
1,960
  
5.000%, 9/01/36
9/21 at 100.00
  
AA
  
2,289,613
  
     
Miami University of Ohio, General Receipts Bonds, Series 2012:
            
 
480
  
4.000%, 9/01/32
9/22 at 100.00
  
AA
  
530,021
  
 
1,000
  
4.000%, 9/01/33
9/22 at 100.00
  
AA
  
1,100,660
  
 
370
  
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41
11/16 at 100.00
  
A+
  
371,203
  
 
2,280
  
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 2006 Project, Series 2006, 5.000%, 12/01/30 – AMBAC Insured
12/16 at 100.00
  
A+
  
2,302,868
  
     
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:
            
 
120
  
5.000%, 11/01/27
5/22 at 100.00
  
AA
  
144,590
  
 
590
  
5.000%, 11/01/32
5/22 at 100.00
  
AA
  
704,956
  
 
5,000
  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 2013, 5.000%, 12/01/43
12/22 at 100.00
  
A+
  
5,832,250
  
 
2,250
  
Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 – NPFG Insured
12/16 at 100.00
  
AA–
  
2,273,985
  
 
950
  
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28
12/18 at 100.00
  
A3
  
1,033,135
  
 
1,000
  
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
12/22 at 100.00
  
Aa3
  
1,192,620
  
 
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
  
1,053,000
  
 
21,505
  
Total Education and Civic Organizations
        
24,296,388
  
     
Health Care – 29.0% (19.9% 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
  
A1
  
3,415,590
  
 
1,950
  
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A, 5.250%, 6/01/38
6/20 at 100.00
  
AA–
  
2,201,160
  
 
3,500
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.500%, 11/01/40
11/20 at 100.00
  
A
  
4,112,150
  
 
6,575
  
Butler County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children's Medical Center Project, Series 2006K, 5.000%, 5/15/31 – FGIC Insured
11/16 at 100.00
  
A3
  
6,598,999
  
 
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
  
2,693,520
  
     
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2009:
            
 
250
  
5.000%, 11/01/34
11/19 at 100.00
  
Aa2
  
277,778
  
 
2,615
  
5.250%, 11/01/40
11/19 at 100.00
  
Aa2
  
2,927,466
  

NUVEEN
33


NUO
Nuveen Ohio Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
  
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Health Care (continued)
            
$
2,470
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Series 2008A, 5.000%, 11/01/40
11/18 at 100.00
  
Aa2
$
2,654,657
  
 
250
  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
11/21 at 100.00
  
AA+
  
285,300
  
 
4,480
  
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 2016-XL0004, 8.794%, 11/15/41 (IF) (4)
11/21 at 100.00
  
AA+
  
5,745,152
  
 
3,225
  
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34
6/21 at 100.00
  
A2
  
3,847,038
  
     
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:
            
 
90
  
5.000%, 11/15/38
11/18 at 100.00
  
AA
  
96,889
  
 
40
  
5.125%, 11/15/40
11/18 at 100.00
  
AA
  
43,152
  
 
3,965
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
  
AA
  
4,848,481
  
 
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
  
925,116
  
     
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A:
            
 
3,530
  
5.000%, 5/01/30
11/16 at 100.00
  
A–
  
3,541,014
  
 
2,500
  
5.000%, 5/01/32
11/16 at 100.00
  
A–
  
2,507,975
  
 
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+
  
6,663,119
  
     
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2008A:
            
 
3,000
  
5.000%, 1/01/25
1/18 at 100.00
  
Aa2
  
3,174,600
  
 
240
  
5.250%, 1/01/33
1/18 at 100.00
  
Aa2
  
254,698
  
 
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
  
Aa2
  
1,281,863
  
     
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010:
            
 
1,500
  
5.750%, 11/15/40 – AGM Insured
5/20 at 100.00
  
AA
  
1,721,310
  
 
1,520
  
5.250%, 11/15/40 – AGM Insured
5/20 at 100.00
  
AA
  
1,709,453
  
 
8,050
  
Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39
1/19 at 100.00
  
Aa2
  
8,912,880
  
     
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105:
            
 
5,350
  
18.400%, 1/01/39 (IF)
1/19 at 100.00
  
AA–
  
7,643,866
  
 
875
  
18.118%, 1/01/43 (IF)
1/18 at 100.00
  
AA–
  
1,100,435
  
     
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
  
1,178,150
  
 
2,000
  
5.000%, 1/15/29
1/23 at 100.00
  
A
  
2,344,600
  
     
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:
            
 
1,425
  
5.750%, 12/01/28
12/18 at 100.00
  
A–
  
1,572,260
  
 
1,385
  
5.750%, 12/01/35
12/18 at 100.00
  
A–
  
1,523,805
  
 
1,000
  
5.750%, 12/01/35 – AGC Insured
12/18 at 100.00
  
AA
  
1,100,220
  
     
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:
            
 
2,635
  
5.000%, 12/01/37
No Opt. Call
  
Baa2
  
2,871,228
  
 
4,920
  
5.000%, 12/01/42
No Opt. Call
  
Baa2
  
5,361,078
  
 
83,765
  
Total Health Care
        
95,135,002
  
     
Housing/Multifamily – 2.5% (1.7% of Total Investments)
            
 
1,235
  
Clermont County, Ohio, GNMA Collateralized Mortgage Revenue Bonds, S.E.M. Villa II Project, Series 1994A, 5.950%, 2/20/30
2/17 at 100.00
  
N/R
  
1,238,223
  
 
400
  
Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax)
11/16 at 100.00
  
Aaa
  
401,140
  

34
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Housing/Multifamily (continued)
            
$
1,600
  
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax)
10/18 at 101.00
  
Aa1
$
1,684,832
  
 
1,155
  
Ohio Housing Finance Agency, FHA-Insured Multifamily Housing Mortgage Revenue Bonds, Madonna Homes, Series 2006M, 4.900%, 6/20/48 (Alternative Minimum Tax)
6/18 at 100.00
  
A1
  
1,179,394
  
 
3,390
  
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)
9/17 at 102.00
  
Aa1
  
3,524,922
  
 
7,780
  
Total Housing/Multifamily
        
8,028,511
  
     
Industrials – 2.0% (1.3% of Total Investments)
            
 
1,985
  
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22
11/16 at 100.00
  
BBB+
  
1,994,468
  
 
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
  
4,372,629
  
 
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)
7/17 at 102.00
  
N/R
  
39,952
  
 
7,080
  
Total Industrials
        
6,407,049
  
     
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
7/21 at 100.00
  
BBB–
  
991,937
  
 
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–
  
2,491,417
  
 
3,115
  
Total Long-Term Care
        
3,483,354
  
     
Tax Obligation/General – 20.9% (14.4% of Total Investments)
            
     
Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, Series 2012:
            
 
1,140
  
5.000%, 12/01/26
6/22 at 100.00
  
Aaa
  
1,379,446
  
 
2,545
  
5.000%, 12/01/28
6/22 at 100.00
  
Aaa
  
3,066,852
  
 
1,605
  
5.000%, 12/01/29
6/22 at 100.00
  
Aaa
  
1,930,157
  
 
1,140
  
Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School Facilities Improvement Series 2011, 5.000%, 11/01/39 – AGM Insured
11/21 at 100.00
  
A2
  
1,289,101
  
     
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+
  
3,317,795
  
 
5,835
  
0.000%, 12/01/28 – AGM Insured
No Opt. Call
  
AA+
  
4,345,733
  
     
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
            
 
725
  
5.000%, 12/01/26
12/25 at 100.00
  
Aaa
  
948,974
  
 
900
  
5.000%, 12/01/32
12/25 at 100.00
  
Aaa
  
1,147,005
  
 
1,000
  
5.000%, 12/01/34
12/25 at 100.00
  
Aaa
  
1,264,710
  
 
1,730
  
Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31
12/23 at 100.00
  
AAA
  
2,157,916
  
     
Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation Bonds, Refunding School Improvement Series 2014:
            
 
1,260
  
5.000%, 11/01/30
11/24 at 100.00
  
Aa2
  
1,542,404
  
 
1,540
  
5.000%, 11/01/31
11/24 at 100.00
  
Aa2
  
1,878,677
  
     
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
  
645,498
  
 
1,355
  
5.250%, 1/01/41
1/22 at 100.00
  
AA
  
1,572,965
  
 
1,355
  
Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 5.125%, 12/01/36
12/19 at 100.00
  
Aa1
  
1,515,703
  
 
6,580
  
Indian Lake Local School District, Logan and Auglaize Counties, Ohio, School Facilities Improvement and Refunding Bonds, Series 2007, 5.000%, 12/01/34 – NPFG Insured
6/17 at 100.00
  
AA–
  
6,784,967
  
 
2,160
  
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 0.000%, 12/01/21
No Opt. Call
  
Aa1
  
2,012,148
  

NUVEEN
35
 
NUO
Nuveen Ohio Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/General (continued)
            
$
2,620
  
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40
10/18 at 100.00
  
AA
$
2,835,652
  
 
4,500
  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
No Opt. Call
  
A2
  
6,020,190
  
 
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
  
1,628,979
  
 
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
  
840,855
  
 
2,300
  
Northmor Local School District, Morrow County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 11/01/36
11/18 at 100.00
  
Aa2
  
2,493,292
  
 
3,000
  
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29
5/24 at 100.00
  
AAA
  
3,707,130
  
 
3,055
  
Ohio State, General Obligation Bonds, Refunding Common Schools Series 2015B, 5.000%, 6/15/32
6/22 at 100.00
  
AA+
  
3,673,515
  
 
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
  
5,757,950
  
 
2,250
  
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
  
2,684,970
  
 
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
  
2,043,210
  
 
70
  
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21
11/16 at 100.00
  
Aaa
  
70,319
  
 
62,060
  
Total Tax Obligation/General
        
68,556,113
  
     
Tax Obligation/Limited – 30.7% (21.0% of Total Investments)
            
     
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:
            
 
1,315
  
5.000%, 10/01/27
10/23 at 100.00
  
AA
  
1,625,419
  
 
1,520
  
5.000%, 10/01/30
10/23 at 100.00
  
AA
  
1,869,342
  
 
1,600
  
5.000%, 10/01/31
10/23 at 100.00
  
AA
  
1,965,312
  
 
10,750
  
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
  
13,059,852
  
 
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
  
3,554,610
  
 
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
  
536,660
  
 
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
  
Aa2
  
7,700,063
  
     
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
  
2,255,228
  
 
1,415
  
5.000%, 12/01/33
12/24 at 100.00
  
AAA
  
1,752,095
  
 
1,000
  
5.000%, 12/01/34
12/24 at 100.00
  
AAA
  
1,233,930
  
 
945
  
5.000%, 12/01/35
12/24 at 100.00
  
AAA
  
1,162,019
  
 
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
  
326,790
  
 
1,920
  
Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44
12/25 at 100.00
  
Aa1
  
2,324,736
  
 
10,350
  
Franklin County Convention Facilities Authority, Ohio, Tax and Lease Revenue Anticipation and Refunding Bonds, Columbus City & Franklin County Lessees, Series 2014, 5.000%, 12/01/35
12/24 at 100.00
  
Aaa
  
12,673,885
  
 
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
  
1,238,820
  
 
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
  
1,554,228
  
 
2,250
  
Hamilton County, Ohio, Sales Tax Bonds, Refunding Series 2016A, 5.000%, 12/01/30 (WI/DD, Settling 9/07/16)
12/26 at 100.00
  
A1
  
2,836,148
  

36
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/Limited (continued)
            
$
5,565
  
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AGM Insured
No Opt. Call
  
AA
$
4,118,434
  
 
5,000
  
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31
12/21 at 100.00
  
A1
  
5,792,550
  
 
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
  
24,282,132
  
 
1,000
  
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/24
10/22 at 100.00
  
A1
  
1,173,200
  
 
2,000
  
Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
No Opt. Call
  
AA
  
2,192,080
  
     
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+
  
2,002,376
  
 
1,200
  
5.000%, 12/01/24
12/22 at 100.00
  
AA+
  
1,456,500
  
     
Vermilion Local School District, East and Lorain Counties, Ohio, Certificates of Participation, Series 2012:
            
 
765
  
5.000%, 12/01/24
No Opt. Call
  
Aa3
  
882,558
  
 
805
  
5.000%, 12/01/25
12/20 at 100.00
  
Aa3
  
926,185
  
 
86,310
  
Total Tax Obligation/Limited
        
100,495,152
  
     
Transportation – 10.3% (7.1% of Total Investments)
            
     
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
            
 
2,150
  
5.000%, 1/01/30
1/22 at 100.00
  
A–
  
2,478,219
  
 
1,500
  
5.000%, 1/01/31 – AGM Insured
1/22 at 100.00
  
AA
  
1,730,640
  
     
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
  
1,024,974
  
 
500
  
5.000%, 12/01/34 – AGM Insured
12/23 at 100.00
  
AA
  
594,435
  
     
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
  
2,936,225
  
 
3,000
  
5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)
6/25 at 100.00
  
AA
  
3,508,110
  
 
4,250
  
5.000%, 6/30/53 (Alternative Minimum Tax)
6/25 at 100.00
  
A–
  
4,813,253
  
 
3,550
  
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/18 – FGIC Insured
No Opt. Call
  
AA
  
3,802,796
  
 
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
  
A+
  
2,457,089
  
     
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
  
A+
  
2,567,500
  
 
11,260
  
0.000%, 2/15/38
No Opt. Call
  
A+
  
5,584,847
  
 
5,000
  
0.000%, 2/15/40
No Opt. Call
  
A+
  
2,312,350
  
 
41,620
  
Total Transportation
        
33,810,438
  
     
U.S. Guaranteed – 16.7% (11.5% of Total Investments) (6)
            
 
4,705
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
2/18 at 100.00
  
N/R (6)
  
5,020,517
  
 
125
  
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/31 (Pre-refunded 6/01/18)
6/18 at 100.00
  
AA (6)
  
135,151
  
     
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 (6)
  
134,452
  
 
245
  
5.000%, 12/01/28 (Pre-refunded 6/01/22)
6/22 at 100.00
  
N/R (6)
  
299,461
  
 
160
  
5.000%, 12/01/29 (Pre-refunded 6/01/22)
6/22 at 100.00
  
N/R (6)
  
195,566
  

NUVEEN
37


NUO
Nuveen Ohio Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
U.S. Guaranteed (6) (continued)
            
     
Cincinnati City School District, Ohio, Certificates of Participation, School Improvement Project, Series 2006:
            
$
95
  
5.000%, 12/15/32 (Pre-refunded 12/15/16) – AGM Insured
12/16 at 100.00
  
AA (6)
$
96,256
  
 
30
  
5.000%, 12/15/32 (Pre-refunded 12/15/16) – AGM Insured
12/16 at 100.00
  
AA (6)
  
30,397
  
     
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
  
Aa2 (6)
  
2,300,119
  
 
875
  
5.000%, 12/01/32 (Pre-refunded 12/01/20)
12/20 at 100.00
  
Aa2 (6)
  
1,026,839
  
 
2,000
  
Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 (Pre-refunded12/01/19)
12/19 at 100.00
  
AA (6)
  
2,273,980
  
     
Franklin County, Ohio, General Obligation Bonds, Various Purpose Series 2007:
            
 
3,355
  
5.000%, 12/01/27 (Pre-refunded 12/01/17)
12/17 at 100.00
  
AAA
  
3,542,712
  
 
1,840
  
5.000%, 12/01/28 (Pre-refunded 12/01/17)
12/17 at 100.00
  
AAA
  
1,942,948
  
     
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
  
1,233,715
  
 
1,090
  
5.250%, 12/01/28 (Pre-refunded 12/01/21)
12/21 at 100.00
  
AAA
  
1,331,435
  
 
760
  
5.250%, 12/01/30 (Pre-refunded 12/01/21)
12/21 at 100.00
  
AAA
  
928,340
  
 
600
  
5.000%, 12/01/31 (Pre-refunded 12/01/21)
12/21 at 100.00
  
AAA
  
725,232
  
 
12,750
  
Hamilton City School District, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/34 (Pre-refunded 6/01/17) – AGM Insured
6/17 at 100.00
  
AA (6)
  
13,179,802
  
 
1,220
  
Hamilton, Ohio, Wastewater System Revenue Bonds, Series 2005, 5.250%, 10/01/22 (Pre-refunded 10/11/16) – AGM Insured
10/16 at 100.00
  
A1 (6)
  
1,224,782
  
     
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C:
            
 
1,565
  
6.000%, 8/15/29 (Pre-refunded 8/15/18)
8/18 at 100.00
  
N/R (6)
  
1,729,450
  
 
300
  
6.000%, 8/15/29 (Pre-refunded 8/15/18)
8/18 at 100.00
  
A3 (6)
  
327,564
  
     
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007:
            
 
1,010
  
5.000%, 12/01/25 (Pre-refunded 12/01/17) – FGIC Insured
12/17 at 100.00
  
Aa2 (6)
  
1,066,510
  
 
775
  
5.000%, 12/01/30 (Pre-refunded 12/01/17) – FGIC Insured
12/17 at 100.00
  
Aa2 (6)
  
818,361
  
 
1,195
  
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/24 (Pre-refunded 12/01/16) – SYNCORA GTY Insured
12/16 at 100.00
  
N/R (6)
  
1,209,244
  
 
475
  
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/24 (Pre-refunded 12/01/16) – SYNCORA GTY Insured
12/16 at 100.00
  
A (6)
  
480,591
  
 
225
  
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 5.000%, 12/01/37 (Pre-refunded 12/01/17) – SYNCORA GTY Insured
12/17 at 100.00
  
A (6)
  
237,474
  
 
865
  
Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 (Pre-refunded 12/01/17) – AMBAC Insured
12/17 at 100.00
  
Aa3 (6)
  
913,172
  
 
1,000
  
Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2007, 5.000%, 12/01/31 (Pre-refunded 6/01/17)
6/17 at 100.00
  
Aa1 (6)
  
1,033,710
  
 
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
  
Aa3 (6)
  
1,655,880
  
 
95
  
Ohio Higher Educational Facilities Commission, Revenue Bonds, University Hospitals Health System Inc., Series 2007A, 5.250%, 1/15/46 (Pre-refunded 1/15/17) – BHAC Insured
1/17 at 100.00
  
AA+ (6)
  
96,687
  
 
140
  
Ohio Higher Educational Facilities Commission, General Revenue Bonds, University of Dayton, 2006 Project, Series 2006, 5.000%, 12/01/30 (Pre-refunded 12/01/16) – AMBAC Insured
12/16 at 100.00
  
A2 (6)
  
141,607
  
 
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 (6)
  
3,332,640
  
 
1,220
  
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured
6/18 at 100.00
  
AAA
  
1,313,781
  
 
500
  
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/36 (Pre-refunded 6/01/18)
6/18 at 100.00
  
AAA
  
538,435
  
 
2,300
  
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
N/R (6)
  
2,322,402
  

38
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
U.S. Guaranteed (6) (continued)
            
$
700
  
Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School Improvement Series 1995, 5.250%, 12/01/36 (Pre-refunded 6/01/17) – AGC Insured
6/17 at 100.00
  
AA (6)
$
724,479
  
     
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 (6)
  
768,008
  
 
315
  
5.125%, 12/01/37 (Pre-refunded 6/01/19)
6/19 at 100.00
  
Aa3 (6)
  
353,172
  
 
50,795
  
Total U.S. Guaranteed
        
54,684,871
  
     
Utilities – 4.8% (3.3% of Total Investments)
            
     
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A:
            
 
50
  
5.000%, 2/15/38 – AGC Insured
2/18 at 100.00
  
AA
  
52,830
  
 
295
  
5.250%, 2/15/43
2/18 at 100.00
  
A1
  
312,491
  
 
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
  
1,770,375
  
     
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B:
            
 
2,000
  
0.000%, 11/15/28 – NPFG Insured
No Opt. Call
  
AA–
  
1,464,200
  
 
6,895
  
0.000%, 11/15/32 – NPFG Insured
No Opt. Call
  
AA–
  
4,279,451
  
 
2,155
  
0.000%, 11/15/34 – NPFG Insured
No Opt. Call
  
AA–
  
1,256,559
  
 
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
  
Baa1
  
1,686,780
  
 
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)
No Opt. Call
  
Ba2
  
1,986,720
  
 
2,025
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
  
BBB–
  
2,245,968
  
 
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
  
AA–
  
702,212
  
 
19,370
  
Total Utilities
        
15,757,586
  
     
Water and Sewer – 15.7% (10.7% of Total Investments)
            
 
8,150
  
Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37
12/21 at 100.00
  
AAA
  
9,658,647
  
     
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:
            
 
2,500
  
5.000%, 1/01/25
1/22 at 100.00
  
Aa2
  
2,972,250
  
 
1,975
  
5.000%, 1/01/26
1/22 at 100.00
  
Aa2
  
2,335,773
  
 
2,035
  
Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42
1/22 at 100.00
  
Aa1
  
2,396,436
  
 
865
  
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured
No Opt. Call
  
Aa1
  
954,683
  
 
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+
  
1,583,155
  
 
2,025
  
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured
12/20 at 100.00
  
A2
  
2,263,748
  
 
3,000
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
AA+
  
3,637,410
  
 
2,000
  
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38
5/23 at 100.00
  
AA+
  
2,416,560
  
     
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2016B:
            
 
2,220
  
5.000%, 12/01/33
12/26 at 100.00
  
AAA
  
2,841,489
  
 
3,105
  
5.000%, 12/01/34
12/26 at 100.00
  
AAA
  
3,957,695
  
     
Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
            
 
820
  
5.000%, 11/15/25
11/23 at 100.00
  
Aa3
  
1,004,016
  
 
605
  
5.000%, 11/15/26
11/23 at 100.00
  
Aa3
  
736,182
  
 
1,075
  
5.000%, 11/15/27
11/23 at 100.00
  
Aa3
  
1,303,040
  
 
695
  
5.000%, 11/15/28
11/23 at 100.00
  
Aa3
  
838,323
  

NUVEEN
39


NUO
Nuveen Ohio Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Water and Sewer (continued)
            
$
10,000
  
Toledo, Ohio, Water System Revenue Bonds, Series 2016, 5.000%, 11/15/41 (WI/DD, Settling 9/08/16) (UB)
11/26 at 100.00
  
AA–
$
12,388,400
  
 
42,345
  
Total Water and Sewer
        
51,287,807
  
$
441,865
  
Total Investments (cost $420,751,187)
        
477,790,705
  
     
Floating Rate Obligations – (2.4)%
        
(8,000,000
 ) 
     
Variable Rate Demand Preferred Shares, at Liquidation Preference – (45.2)% (7)
        
(148,000,000
 ) 
     
Other Assets Less Liabilities – 1.7%
        
5,752,881
  
     
Net Assets Applicable to Common Shares – 100%
      
$
327,543,586
  

(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 31.0%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(IF)
Inverse floating rate investment.
(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.

40
NUVEEN


NTX
    
 
Nuveen Texas Quality Income Municipal Fund
  
 
Portfolio of Investments
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 142.5% (100.0% of Total Investments)
            
     
MUNICIPAL BONDS – 142.5% (100.0% of Total Investments)
            
     
Consumer Discretionary – 3.5% (2.4% of Total Investments)
            
     
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A:
            
$
1,450
  
5.250%, 1/01/18 – SYNCORA GTY Insured
1/17 at 100.00
  
BBB–
$
1,468,212
  
 
1,000
  
5.250%, 1/01/24 – SYNCORA GTY Insured
1/17 at 100.00
  
BBB–
  
1,011,020
  
 
1,000
  
5.000%, 1/01/34 – SYNCORA GTY Insured
1/17 at 100.00
  
BBB–
  
1,008,590
  
 
2,200
  
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)
11/16 at 100.00
  
A3
  
2,207,986
  
 
5,650
  
Total Consumer Discretionary
        
5,695,808
  
     
Education and Civic Organizations – 12.6% (8.8% 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
  
3,150,700
  
 
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
  
2,445,760
  
     
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–
  
1,038,260
  
 
1,000
  
4.400%, 12/01/47
12/22 at 100.00
  
BBB–
  
1,038,200
  
 
1,000
  
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–
  
1,156,480
  
 
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–
  
1,128,650
  
 
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
  
1,177,990
  
 
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
  
3,358,200
  
 
2,000
  
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 2010, 5.250%, 8/01/35 – AGM Insured
8/20 at 100.00
  
AA
  
2,302,840
  
 
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
  
2,323,560
  
 
1,240
  
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Refunding Series 2016, 5.000%, 5/01/27 (WI/DD, Settling 9/15/16) – BAM Insured
5/26 at 100.00
  
AA
  
1,523,662
  
 
17,740
  
Total Education and Civic Organizations
        
20,644,302
  
     
Energy – 1.3% (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
  
2,146,840
  
     
Health Care – 11.5% (8.1% 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+
  
1,170,590
  
 
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
  
1,192,750
  
 
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
  
B–
  
1,462,982
  

NUVEEN
41


NTX
Nuveen Texas Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Health Care (continued)
            
$
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
8/19 at 100.00
  
Aa2
$
2,267,200
  
 
885
  
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
8/22 at 100.00
  
Aa2
  
1,041,512
  
 
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
  
602,941
  
 
1,250
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/29
5/26 at 100.00
  
AA–
  
1,566,288
  
 
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
  
1,778,606
  
 
2,510
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/42
11/17 at 100.00
  
AA
  
2,627,493
  
 
2,210
  
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas Medical Center Regional Healthcare System, Series 2007A, 5.375%, 11/01/37
11/17 at 100.00
  
BBB–
  
2,263,106
  
 
700
  
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007B, 5.000%, 7/01/37
7/17 at 100.00
  
A3
  
715,169
  
 
2,250
  
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33
7/17 at 100.00
  
A3
  
2,301,210
  
 
17,260
  
Total Health Care
        
18,989,847
  
     
Housing/Multifamily – 2.1% (1.5% 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
  
3,421,650
  
     
Long-Term Care – 0.8% (0.6% of Total Investments)
            
     
Bexar County, Texas, Health Facilities Development Corporation Revenue Bonds, Army Retirement Residence, Series 2007:
            
 
765
  
5.000%, 7/01/27
7/17 at 100.00
  
BBB
  
782,572
  
 
600
  
5.000%, 7/01/37
7/17 at 100.00
  
BBB
  
611,700
  
 
1,365
  
Total Long-Term Care
        
1,394,272
  
     
Tax Obligation/General – 23.6% (16.6% of Total Investments)
            
 
400
  
Calallen Independent School District, Nueces County, Texas, General Obligation Bonds, School Building Series 2008, 5.000%, 2/15/38
2/18 at 100.00
  
AAA
  
424,556
  
 
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
  
1,881,808
  
 
1,500
  
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32
2/21 at 100.00
  
AA+
  
1,714,320
  
 
1,000
  
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/15/33
8/23 at 100.00
  
AA–
  
1,157,650
  
 
1,565
  
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured
No Opt. Call
  
AA
  
1,837,138
  
 
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
  
668,544
  
 
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
  
1,611,274
  
 
2,675
  
Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014, 5.000%, 8/01/34
8/24 at 100.00
  
AA–
  
3,216,420
  
 
40
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/36
8/17 at 33.01
  
AAA
  
13,063
  

42
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/General (continued)
            
$
1,350
  
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School Building Series 2013A, 5.000%, 2/15/43
No Opt. Call
  
AAA
$
1,602,207
  
 
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
  
1,988,700
  
     
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
            
 
1,000
  
5.750%, 12/01/33
12/25 at 100.00
  
Ba2
  
1,168,680
  
 
1,000
  
6.125%, 12/01/38
12/25 at 100.00
  
Ba2
  
1,173,440
  
 
1,425
  
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35
No Opt. Call
  
AAA
  
871,231
  
 
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
  
4,828,959
  
 
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
  
225,816
  
 
2,000
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42
No Opt. Call
  
AAA
  
2,377,080
  
 
2,000
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2014, 5.000%, 4/01/44
4/24 at 100.00
  
AAA
  
2,403,060
  
 
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
  
2,432,760
  
 
910
  
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, 5.000%, 4/01/30
4/18 at 100.00
  
AAA
  
973,190
  
 
3,025
  
Victoria Independent School District, Victoria County, Texas, General Obligation Bonds, School Building Series 2007, 5.000%, 2/15/32
2/17 at 100.00
  
AAA
  
3,086,529
  
     
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998:
            
 
45
  
0.000%, 8/15/22
11/16 at 100.00
  
AAA
  
32,642
  
 
45
  
0.000%, 8/15/24
11/16 at 100.00
  
AAA
  
29,268
  
 
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
  
3,091,230
  
 
43,170
  
Total Tax Obligation/General
        
38,809,565
  
     
Tax Obligation/Limited – 23.3% (16.3% of Total Investments)
            
     
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
  
1,267,824
  
 
1,160
  
5.000%, 8/15/35 – AGM Insured
8/24 at 100.00
  
AA
  
1,381,862
  
 
1,000
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.250%, 8/15/38 – AGM Insured
8/19 at 100.00
  
AA
  
1,112,440
  
 
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+
  
1,435,827
  
 
5,000
  
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/41
12/25 at 100.00
  
AA+
  
6,142,296
  
 
3,315
  
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Refunding Series 2007, 5.000%, 12/01/36 – AMBAC Insured
12/16 at 100.00
  
AA+
  
3,352,592
  
 
500
  
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Series 2014, 6.500%, 9/01/36
No Opt. Call
  
N/R
  
535,140
  
 
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+
  
3,273,750
  

NUVEEN
43


NTX
Nuveen Texas Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Tax Obligation/Limited (continued)
            
$
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+
$
1,630,706
  
     
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
            
 
300
  
0.000%, 11/15/24 – NPFG Insured
No Opt. Call
  
AA–
  
232,137
  
 
210
  
0.000%, 11/15/32 – NPFG Insured
11/31 at 94.05
  
AA–
  
115,664
  
 
260
  
0.000%, 11/15/33
11/31 at 88.44
  
AA–
  
134,654
  
 
2,045
  
0.000%, 11/15/34 – NPFG Insured
11/31 at 83.17
  
AA–
  
995,997
  
 
1,130
  
0.000%, 11/15/36 – NPFG Insured
11/31 at 73.51
  
AA–
  
479,267
  
 
4,370
  
0.000%, 11/15/38 – NPFG Insured
11/31 at 64.91
  
AA–
  
1,624,373
  
 
2,260
  
0.000%, 11/15/39 – NPFG Insured
11/31 at 60.98
  
AA–
  
783,293
  
 
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
  
470,836
  
 
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
  
AA–
  
1,133,962
  
 
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
  
AA–
  
442,770
  
 
210
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2011B, 5.000%, 9/01/30
9/16 at 100.00
  
A2
  
210,718
  
 
1,015
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
No Opt. Call
  
A2
  
1,213,392
  
 
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
  
876,914
  
 
250
  
Little Elm. Texas, Valencia Public Improvement District Phase I Special Assessment Revenue Bonds, Series 2014, 7.150%, 9/01/37
3/18 at 103.00
  
N/R
  
262,480
  
 
3,000
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/31
9/21 at 100.00
  
AA+
  
3,531,420
  
 
2,000
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41
9/21 at 100.00
  
AA+
  
2,386,460
  
 
1,000
  
Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29
9/19 at 100.00
  
BBB
  
1,103,470
  
 
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
  
2,108,650
  
 
43,195
  
Total Tax Obligation/Limited
        
38,238,894
  
     
Transportation – 16.3% (11.4% 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
  
3,507,090
  
 
665
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/42
1/23 at 100.00
  
BBB
  
744,833
  
     
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
            
 
2,945
  
0.000%, 1/01/36
No Opt. Call
  
BBB+
  
1,509,519
  
 
2,205
  
0.000%, 1/01/37
No Opt. Call
  
BBB+
  
1,094,011
  
 
2,160
  
0.000%, 1/01/38
No Opt. Call
  
BBB+
  
1,035,396
  
 
1,000
  
0.000%, 1/01/40
No Opt. Call
  
BBB+
  
439,310
  
 
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+
  
1,141,190
  
 
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+
  
1,339,156
  

44
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Transportation (continued)
            
$
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
  
BBB+
$
1,907,491
  
 
1,165
  
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 5.000%, /15/31
No Opt. Call
  
AA
  
1,397,942
  
 
2,000
  
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series 2012A, 5.000%, 7/01/31 (Alternative Minimum Tax)
7/22 at 100.00
  
A+
  
2,282,600
  
 
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
  
2,079,543
  
 
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
  
Baa1
  
3,410,490
  
     
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
            
 
20
  
6.100%, 1/01/28
1/19 at 100.00
  
A1
  
22,411
  
 
375
  
6.250%, 1/01/39
1/19 at 100.00
  
A1
  
418,253
  
 
50
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40
1/18 at 100.00
  
A1
  
53,075
  
 
40
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B, 5.750%, 1/01/40
1/18 at 100.00
  
A1
  
42,460
  
 
35
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B, 5.750%, 1/01/40
1/18 at 100.00
  
AA–
  
37,225
  
 
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
  
1,450,700
  
 
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+
  
2,916,975
  
 
29,245
  
Total Transportation
        
26,829,670
  
     
U.S. Guaranteed – 18.8% (13.2% of Total Investments) (4)
            
 
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 (4)
  
2,957,700
  
 
4,670
  
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Senior Lien Refunding Series 2007, 5.000%, 12/01/36 (Pre-refunded 12/01/16) – AMBAC Insured
12/16 at 100.00
  
Aa2 (4)
  
4,723,704
  
 
185
  
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured (ETM)
No Opt. Call
  
AA (4)
  
218,609
  
 
1,000
  
El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2008C, 5.375%, 3/01/29 (Pre-refunded 3/01/18)
3/18 at 100.00
  
AA+ (4)
  
1,071,220
  
 
8,500
  
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Capital Appreciation Refunding Series 2009, 0.000%, 8/15/39 (Pre-refunded 8/15/18)
8/18 at 22.64
  
AA (4)
  
1,889,720
  
 
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)
  
4,576,599
  
 
960
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 0.000%, 8/15/36 (Pre-refunded 8/15/17)
8/17 at 33.01
  
N/R (4)
  
313,872
  
 
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
  
410,862
  
 
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 (4)
  
30,415
  
 
1,000
  
Lufkin Health Facilities Development Corporation, Texas, Health System Revenue Bonds, Memorial Health System of East Texas, Series 2007, 5.500%, 2/15/32 (Pre-refunded 2/15/17)
2/17 at 100.00
  
N/R (4)
  
1,022,570
  
 
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
  
AA+ (4)
  
1,670,250
  
 
1,000
  
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
  
1,233,510
  

NUVEEN
45
 
NTX
Nuveen Texas Quality Income Municipal Fund
  
 
Portfolio of Investments (continued)
August 31, 2016 (Unaudited)

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
U.S. Guaranteed (4) (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 (4)
$
90,010
  
 
1,625
  
6.250%, 1/01/39 (Pre-refunded 1/01/19)
1/19 at 100.00
  
N/R (4)
  
1,833,959
  
 
195
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
  
N/R (4)
  
208,274
  
 
150
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
  
A1 (4)
  
160,211
  
     
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B:
            
 
285
  
5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
  
A1 (4)
  
304,400
  
 
190
  
5.750%, 1/01/40 (Pre-refunded 1/01/18)
1/18 at 100.00
  
AA– (4)
  
202,933
  
 
950
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
  
A2 (4)
  
1,014,667
  
 
2,000
  
Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/34 (Pre-refunded 2/15/18)
2/18 at 100.00
  
Aaa
  
2,135,260
  
 
2,500
  
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/17)
12/17 at 100.00
  
Aaa
  
2,762,100
  
     
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 (4)
  
111,307
  
 
1,155
  
5.250%, 8/15/40 (Pre-refunded 8/15/20)
8/20 at 100.00
  
AA– (4)
  
1,353,256
  
 
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 (4)
  
463,759
  
 
90
  
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008, 5.000%, 4/01/30 (Pre-refunded 4/01/18)
4/18 at 100.00
  
N/R (4)
  
96,231
  
 
35,430
  
Total U.S. Guaranteed
        
30,855,398
  
     
Utilities – 16.9% (11.9% of Total Investments)
            
 
2,000
  
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40
No Opt. Call
  
AA–
  
2,337,020
  
 
3,000
  
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38
11/25 at 100.00
  
AA–
  
3,643,470
  
 
2,560
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (5)
11/16 at 100.00
  
C
  
89,600
  
 
2,000
  
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31
9/25 at 100.00
  
A+
  
2,445,840
  
 
2,000
  
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
7/17 at 100.00
  
A+
  
2,068,160
  
 
3,000
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40
5/20 at 100.00
  
A
  
3,381,570
  
 
1,150
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36
5/22 at 100.00
  
A
  
1,341,866
  
 
1,975
  
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29
5/22 at 100.00
  
A
  
2,339,901
  
 
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
  
Baa1
  
1,702,350
  
 
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+
  
1,146,660
  
     
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D:
            
 
530
  
5.625%, 12/15/17
No Opt. Call
  
BBB+
  
548,142
  
 
3,000
  
6.250%, 12/15/26
No Opt. Call
  
BBB+
  
3,802,620
  
 
1,000
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/20
No Opt. Call
  
BBB+
  
1,148,000
  
     
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:
            
 
640
  
5.000%, 9/01/34
9/20 at 100.00
  
A+
  
728,960
  
 
1,000
  
5.000%, 9/01/40
9/20 at 100.00
  
A+
  
1,139,000
  
 
26,355
  
Total Utilities
        
27,863,159
  

46
NUVEEN

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Water and Sewer – 11.8% (8.3% of Total Investments)
            
$
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
$
1,840,073
  
 
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
  
2,864,700
  
 
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+
  
2,342,780
  
 
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
  
2,391,000
  
 
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
  
814,839
  
 
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–
  
4,652,380
  
 
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–
  
1,283,260
  
 
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
  
3,241,418
  
 
16,285
  
Total Water and Sewer
        
19,430,450
  
$
240,695
  
Total Investments (cost $210,604,105)
        
234,319,855
  
     
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (43.8)% (6)
        
(72,000,000
 ) 
     
Other Assets Less Liabilities – 1.3%
        
2,072,040
  
     
Net Assets Applicable to Common Shares – 100%
      
$
164,391,895
  

(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)
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(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)
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total Investments is 30.7%.
(WI/DD)
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)
Escrowed to maturity.
See accompanying notes to financial statements.

NUVEEN
47
Statement of
    
 
Assets and Liabilities
August 31, 2016 (Unaudited)

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Assets
                          
Long-term investments, at value (cost $242,135,727, $481,575,440, $428,751,187 and $210,604,105, respectively)
  
$
268,723,732
  
$
526,229,588
  
$
477,790,705
  
$
234,319,855
  
Cash
    
3,176,260
    
—
    
1,565,822
    
731,906
  
Receivable for:
                          
Interest
    
2,458,205
    
6,297,838
    
5,027,614
    
2,393,556
  
Investments sold
    
190,000
    
1,864,005
    
7,417,612
    
1,290,000
  
Deferred offering costs
    
24,954
    
39,318
    
264,924
    
366,775
  
Other assets
    
2,899
    
45,788
    
129,444
    
7,531
  
Total assets
    
274,576,050
    
534,476,537
    
492,196,121
    
239,109,623
  
Liabilities
                          
Cash overdraft
    
—
    
418,265
    
—
    
—
  
Floating rate obligations
    
2,755,000
    
18,890,000
    
8,000,000
    
—
  
Payable for:
                          
Dividends
    
747,753
    
1,209,305
    
1,087,367
    
517,589
  
Interest
    
105,670
    
207,033
    
—
    
—
  
Investments purchased
    
3,677,280
    
—
    
7,201,909
    
2,035,080
  
Offering costs
    
132,896
    
78,670
    
—
    
—
  
Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference
    
—
    
—
    
—
    
72,000,000
  
Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference
    
88,300,000
    
173,000,000
    
—
    
—
  
Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference
    
—
    
—
    
148,000,000
    
—
  
Accrued expenses:
                          
Management fees
    
142,898
    
262,183
    
252,835
    
121,316
  
Trustees fees
    
1,001
    
42,904
    
14,758
    
897
  
Other
    
74,395
    
74,752
    
95,666
    
42,846
  
Total liabilities
    
95,936,893
    
194,183,112
    
164,652,535
    
74,717,728
  
Net assets applicable to common shares
  
$
178,639,157
  
$
340,293,425
  
$
327,543,586
  
$
164,391,895
  
Common shares outstanding
    
11,580,106
    
20,810,887
    
18,521,955
    
10,027,210
  
Net asset value ("NAV") per common share outstanding
  
$
15.43
  
$
16.35
  
$
17.68
  
$
16.39
  
Net assets applicable to common shares consist of:
                          
Common shares, $0.01 par value per share
  
$
115,801
  
$
208,109
  
$
185,220
  
$
100,272
  
Paid-in surplus
    
157,281,700
    
295,172,050
    
281,326,920
    
141,518,858
  
Undistributed (Over-distribution of) net investment income
    
283,492
    
(143,822
)
  
(206,553
)
  
434,583
  
Accumulated net realized gain (loss)
    
(5,629,841
)
  
402,940
    
(2,801,519
)
  
(1,377,568
)
Net unrealized appreciation (depreciation)
    
26,588,005
    
44,654,148
    
49,039,518
    
23,715,750
  
Net assets applicable to common shares
  
$
178,639,157
  
$
340,293,425
  
$
327,543,586
  
$
164,391,895
  
Authorized shares:
                          
Common
    
Unlimited
    
Unlimited
    
Unlimited
    
Unlimited
  
Preferred
    
Unlimited
    
Unlimited
    
Unlimited
    
Unlimited
  
See accompanying notes to financial statements.
48
NUVEEN

Statement of 
  
 
Operations
Six Months Ended August 31, 2016 (Unaudited)

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Investment Income
  
$
5,580,322
  
$
10,385,048
  
$
9,772,562
  
$
4,620,930
  
Expenses
                          
Management fees
    
831,228
    
1,529,806
    
1,490,402
    
715,672
  
Interest expense and amortization of offering costs
    
779,158
    
1,410,850
    
364,115
    
544,874
  
Liquidity fees
    
—
    
—
    
695,070
    
—
  
Remarketing fees
    
—
    
—
    
75,644
    
—
  
Custodian fees
    
20,505
    
31,267
    
31,017
    
18,060
  
Trustees fees
    
3,417
    
6,575
    
6,207
    
3,081
  
Professional fees
    
16,561
    
19,310
    
19,072
    
16,516
  
Shareholder reporting expenses
    
9,711
    
20,080
    
19,737
    
10,590
  
Shareholder servicing agent fees
    
9,424
    
18,678
    
7,745
    
3,324
  
Stock exchange listing fees
    
3,934
    
3,919
    
3,919
    
3,919
  
Investor relations expenses
    
1,180
    
1,262
    
1,497
    
3,398
  
Other
    
22,806
    
24,638
    
26,455
    
23,928
  
Total expenses
    
1,697,924
    
3,066,385
    
2,740,880
    
1,343,362
  
Net investment income (loss)
    
3,882,398
    
7,318,663
    
7,031,682
    
3,277,568
  
Realized and Unrealized Gain (Loss)
                          
Net realized gain (loss) from investments
    
293,730
    
838,183
    
118,721
    
243,113
  
Change in net unrealized appreciation (depreciation) of investments
    
5,204,216
    
8,412,505
    
9,871,897
    
5,579,236
  
Net realized and unrealized gain (loss)
    
5,497,946
    
9,250,688
    
9,990,618
    
5,822,349
  
Net increase (decrease) in net assets applicable to common shares from operations
  
$
9,380,344
  
$
16,569,351
  
$
17,022,300
  
$
9,099,917
  
See accompanying notes to financial statements.
NUVEEN
49

Statement of 
  
 
Changes in Net Assets
(Unaudited)

   
Arizona
  
Michigan
  
   
Premium Income (NAZ)
  
Quality Income (NUM)
  
     
Six Months
    
Year
    
Six Months
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
8/31/16
    
2/29/16
    
8/31/16
    
2/29/16
  
Operations
                          
Net investment income (loss)
  
$
3,882,398
  
$
8,742,912
  
$
7,318,663
  
$
15,739,213
  
Net realized gain (loss) from:
                          
Investments
    
293,730
    
403,719
    
838,183
    
1,050,322
  
Swaps
    
—
    
—
    
—
    
45,681
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
5,204,216
    
69,115
    
8,412,505
    
2,143,164
  
Swaps
    
—
    
—
    
—
    
(187,352
)
Net increase (decrease) in net assets applicable to common shares from operations
    
9,380,344
    
9,215,746
    
16,569,351
    
18,791,028
  
Distributions to Common Shareholders
                          
From net investment income
    
(4,619,269
)
  
(9,230,917
)
  
(7,741,650
)
  
(16,161,393
)
From accumulated net realized gains
    
—
    
—
    
—
    
(97,893
)
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(4,619,269
)
  
(9,230,917
)
  
(7,741,650
)
  
(16,259,286
)
Capital Share Transactions
                          
Common shares:
                          
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    
110,836
    
134,274
    
—
    
—
  
Cost of shares repurchased and retired
    
—
    
—
    
—
    
(297,904
)
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
110,836
    
134,274
    
—
    
(297,904
)
Net increase (decrease) in net assets applicable to common shares
    
4,871,911
    
119,103
    
8,827,701
    
2,233,838
  
Net assets applicable to common shares at the beginning of period
    
173,767,246
    
173,648,143
    
331,465,724
    
329,231,886
  
Net assets applicable to common shares at the end of period
  
$
178,639,157
  
$
173,767,246
  
$
340,293,425
  
$
331,465,724
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
283,492
  
$
1,020,363
  
$
(143,822
)
$
279,165
  
See accompanying notes to financial statements.

50
NUVEEN


 
   
Ohio
  
Texas
   
Quality Income (NUO)
  
Quality Income (NTX)
     
Six Months
    
Year
    
Six Months
    
Year
  
     
Ended
    
Ended
    
Ended
    
Ended
  
     
8/31/16
    
2/29/16
    
8/31/16
    
2/29/16
  
Operations
                          
Net investment income (loss)
  
$
7,031,682
  
$
14,987,163
  
$
3,277,568
  
$
6,606,313
  
Net realized gain (loss) from:
                          
Investments
    
118,721
    
476,198
    
243,113
    
388,027
  
Swaps
    
—
    
20,171
    
—
    
53,624
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
9,871,897
    
2,727,310
    
5,579,236
    
531,074
  
Swaps
    
—
    
(197,460
)
  
—
    
(94,558
)
Net increase (decrease) in net assets applicable to common shares from operations
    
17,022,300
    
18,013,382
    
9,099,917
    
7,484,480
  
Distributions to Common Shareholders
                          
From net investment income
    
(7,334,695
)
  
(15,299,135
)
  
(3,278,898
)
  
(6,557,796
)
From accumulated net realized gains
    
—
    
—
    
—
    
—
  
Decrease in net assets applicable to common shares from distributions to common shareholders
    
(7,334,695
)
  
(15,299,135
)
  
(3,278,898
)
  
(6,557,796
)
Capital Share Transactions
                          
Common shares:
                          
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    
—
    
—
    
—
    
—
  
Cost of shares repurchased and retired
    
—
    
—
    
—
    
—
  
Net increase (decrease) in net assets applicable to common shares from capital share transactions
    
—
    
—
    
—
    
—
  
Net increase (decrease) in net assets applicable to common shares
    
9,687,605
    
2,714,247
    
5,821,019
    
926,684
  
Net assets applicable to common shares at the beginning of period
    
317,855,981
    
315,141,734
    
158,570,876
    
157,644,192
  
Net assets applicable to common shares at the end of period
  
$
327,543,586
  
$
317,855,981
  
$
164,391,895
  
$
158,570,876
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
(206,553
)
$
96,460
  
$
434,583
  
$
435,913
  
See accompanying notes to financial statements.

NUVEEN
51

Statement of
    
 
Cash Flows
Six Months Ended August 31, 2016 (Unaudited)

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Cash Flows from Operating Activities:
                          
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
  
$
9,380,344
  
$
16,569,351
  
$
17,022,300
  
$
9,099,917
  
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
    
(24,738,205
)
  
(45,606,582
)
  
(25,515,242
)
  
(4,794,448
)
Proceeds from sales and maturities of investments
    
14,191,366
    
32,033,453
    
15,429,445
    
2,636,500
  
Taxes paid
    
—
    
(5,113
)
  
—
    
—
  
Amortization (Accretion) of premiums and discounts, net
    
618,087
    
949,756
    
620,625
    
259,801
  
Amortization of deferred offering costs
    
14,053
    
22,143
    
4,944
    
85,215
  
(Increase) Decrease in:
                          
Receivable for interest
    
(30,427
)
  
(41,739
)
  
154,407
    
(69,960
)
Receivable for investments sold
    
(190,000
)
  
(1,864,005
)
  
(7,417,612
)
  
(1,290,000
)
Other assets
    
(1,742
)
  
(3,266
)
  
3,897
    
(5,386
)
Increase (Decrease) in:
                          
Payable for interest
    
105,670
    
207,033
    
—
    
—
  
Payable for investments purchased
    
3,677,280
    
—
    
7,201,909
    
2,035,080
  
Accrued management fees
    
14,953
    
25,678
    
19,932
    
9,723
  
Accrued Trustees fees
    
(79
)
  
(95
)
  
1,928
    
(89
)
Accrued other expenses
    
(14,439
)
  
(14,962
)
  
(14,717
)
  
(4,334
)
Net realized (gain) loss from investments
    
(293,730
)
  
(838,183
)
  
(118,721
)
  
(243,113
)
Change in net unrealized appreciation (depreciation) of investments
    
(5,204,216
)
  
(8,412,505
)
  
(9,871,897
)
  
(5,579,236
)
Net cash provided by (used in) operating activities
    
(2,471,085
)
  
(6,979,036
)
  
(2,478,802
)
  
2,139,670
  
Cash Flows from Financing Activities:
                          
Increase (Decrease) in:
                          
Cash overdraft
    
—
    
418,265
    
—
    
—
  
Floating rate obligations
    
—
    
—
    
8,000,000
    
—
  
Payable for offering costs
    
132,896
    
78,670
    
—
    
—
  
VMTP Shares, at liquidation preference
    
9,300,000
    
14,000,000
    
—
    
—
  
Cash distributions paid to common shareholders
    
(4,508,704
)
  
(7,740,557
)
  
(7,369,884
)
  
(3,275,592
)
Net cash provided by (used in) financing activities
    
4,924,192
    
6,756,378
    
630,116
    
(3,275,592
)
Net Increase (Decrease) in Cash
    
2,453,107
    
(222,658
)
  
(1,848,686
)
  
(1,135,922
)
Cash at the beginning of period
    
723,153
    
222,658
    
3,414,508
    
1,867,828
  
Cash at the end of period
  
$
3,176,260
  
$
—
  
$
1,565,822
  
$
731,906
  
                           
     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
Supplemental Disclosures of Cash Flow Information
    
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Cash paid for interest (excluding amortization of offering costs)
  
$
459,435
  
$
981,675
  
$
359,171
  
$
459,659
  
Non-cash financing activities not included herein consists of reinvestments of common share distributions
    
110,836
    
—
    
—
    
—
  
See accompanying notes to financial statements.

52
NUVEEN

THIS PAGE INTENTIONALLY LEFT BLANK

NUVEEN
53

Financial
  
 
Highlights (Unaudited)
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
)
  
Distributions
from Net
Investment
Income to
ARPS
Share-
 holders
(a)
Distributions
from Accum-
ulated Net
Realized
Gains to
ARPS
Share-
 holders
(a)
  
Total
    
From
Net
Investment
 Income
    
From
Accum-
ulated Net
Realized
 Gains
    
Total
  
Discount
per
Share
Repur-
chased
and
 Retired
    
Ending
 NAV
    
Ending
Share
 Price
  
Arizona Premium Income (NAZ)
Year Ended 2/28–2/29:
2017(f)
  
$
15.01
  
$
0.34
  
$
0.48
  
$
—
  
$
—
  
$
0.82
  
$
(0.40
)
$
—
  
$
(0.40
)
$
—
  
$
15.43
  
$
16.85
  
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
  
2013
    
14.82
    
0.75
    
0.67
    
—
    
—
    
1.42
    
(0.77
)
  
—
    
(0.77
)
  
—
    
15.47
    
15.70
  
2012
    
13.25
    
0.80
    
1.54
    
(0.01
)
  
—
    
2.33
    
(0.76
)
  
—
    
(0.76
)
  
—
    
14.82
    
14.61
  
                                                                           
Michigan Quality Income (NUM)
Year Ended 2/28–2/29:
2017(f)     15.93    
0.35
    
0.44
    
—
    
—
    
0.79
    
(0.37
 )  
—
    
(0.37
)
  
—
    
16.35
    
15.15
  
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
  
2013
    
15.95
    
0.74
    
0.55
    
—
    
—
    
1.29
    
(0.89
)
  
—
    
(0.89
)
  
—
    
16.35
    
15.62
  
2012
    
14.18
    
0.89
    
1.75
    
(0.01
)
  
—
    
2.63
    
(0.86
)
  
—
    
(0.86
)
  
—
*
  
15.95
    
15.40
  

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
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.
*
Rounds to less than $0.01 per share.

54
NUVEEN


               
Common Share Supplemental Data/
 Ratios Applicable to Common Shares
     
Common Share
 Total Returns
          
Ratios to Average Net Assets(c)
        
     
Based
on
 NAV
 (b)   
Based
on
Share
 Price
 (b)   
Ending
Net
 Assets (000)
    
Expenses
 (d)   
Net
Investment
Income
 (Loss)
    
Portfolio
Turnover
 Rate
 (e) 
                                       
                                       
     
5.50
%
  
9.79
%
$
178,639
    
1.90
%**
  
4.35
%**
  
5
%
     
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
  
     
9.77
    
13.02
    
69,236
    
1.80
    
4.94
    
10
  
     
18.08
    
25.48
    
66,268
    
1.52
    
5.73
    
7
  
                                       
                                       
     
5.01
    
10.85
    
340,293
    
1.81
**
  
4.31
**
  
6
  
     
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
  
     
8.27
    
7.30
    
341,057
    
1.84
    
5.09
    
12
  
     
19.11
    
28.44
    
184,270
    
1.56
    
5.97
    
14
  

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
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:

Arizona Premium Income (NAZ)
        
Year Ended 2/28–2/29:
        
2017(f)
    
0.87
%**
2016
    
0.49
  
2015
    
0.50
  
2014
    
1.32
  
2013
    
0.57
  
2012
    
0.35
  

Michigan Quality Income (NUM)
        
Year Ended 2/28–2/29:
        
2017(f)
    
0.83
%**
2016
    
0.52
  
2015
    
0.53
  
2014
    
0.84
  
2013
    
0.70
  
2012
    
0.46
  

(e)
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.
(f)
For the six months ended August 31, 2016.
**
Annualized.
See accompanying notes to financial statements.

NUVEEN
55

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)
    
Distributions
from Net
Investment
Income to
ARPS
Share-
 holders
 (a)  Distributions
from Accum-
ulated Net
Realized
Gains to
ARPS
Share-
holders		 (a)   
Total
    
From
Net
Investment
 Income
  
From
Accum-
ulated Net
Realized
 Gains
    
Total
    
Shelf
Offering
 Costs
    
Premium
from
Share
Sold
through
Shelf
 Offering
    
Ending
 NAV
    
Ending
Share
 Price
  
Ohio Quality Income (NUO)                
                                                
Year Ended 2/28–2/29:               
                                                  
2017(f)
  
$
17.16
  
$
0.38
  
$
0.54
  
$
—
  
$
—
  
$
0.92
  
$
(0.40
)
$
—
  
$
(0.40
)
$
—
  
$
—
  
$
17.68
  
$
16.56
  
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
  
2013
    
17.17
    
0.89
    
0.54
    
—
    
—
    
1.43
    
(0.96
)
  
—
    
(0.96
)
  
—
    
—
    
17.64
    
17.79
  
2012
    
15.44
    
0.99
    
1.68
    
(0.01
)
  
—
    
2.66
    
(0.93
)
  
—
    
(0.93
)
  
—
    
—
    
17.17
    
16.88
  
                                                                                 
Texas Quality Income (NTX)               
                                                  
Year Ended 2/28–2/29:
                                                      
2017(f)
    
15.81
    
0.33
    
0.58
    
—
    
—
    
0.91
    
(0.33
)
  
—
    
(0.33
)
  
—
    
—
    
16.39
    
15.68
  
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
  
2013
    
15.46
    
0.68
    
0.47
    
—
    
—
    
1.15
    
(0.77
)
  
—
    
(0.77
)
  
(0.01
)
  
0.04
    
15.87
    
16.00
  
2012
    
14.12
    
0.75
    
1.48
    
—
    
—
    
2.23
    
(0.86
)
  
(.03
)
  
(0.89
)
  
—
    
—
    
15.46
    
16.31
  

(a)
The amounts shown for Auction Rate Preferred Shares ("ARPS") are based on common share equivalents.
(b)
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.
*
Rounds to less than $0.01 per share.

56
NUVEEN


           
Common Share Supplemental Data/
 Ratios Applicable to Common Shares
     
Common Share
 Total Returns
          
Ratios to Average Net Assets(c)
        
     
Based
on
 NAV
 (b)   
Based
on
Share
 Price
 (b)   
Ending
Net
 Assets (000)
    
Expenses
 (d)   
Net
Investment
Income
 (Loss)
    
Portfolio
Turnover
 Rate
 (e) 
                                       
                                       
     
5.37
%
  
9.88
%
$
327,544
    
1.67
%**
  
4.30
%**
  
3
%
     
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
  
     
8.53
    
11.27
    
172,898
    
1.76
    
5.14
    
13
  
     
17.73
    
20.55
    
167,709
    
1.50
    
6.10
    
10
  
                                       
                                       
     
5.77
    
9.24
    
164,392
    
1.64
**
  
4.01
**
  
1
  
     
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
  
     
7.80
    
2.97
    
158,920
    
2.38
    
4.33
    
12
  
     
16.23
    
13.81
    
148,222
    
2.48
    
5.10
    
9
  

(c)
Ratios do not reflect the effect of dividend payments to ARPS shareholders, during periods when ARPS were outstanding; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and other subsequent forms of preferred shares issued by the Fund, where applicable.
(d)
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:

Ohio Quality Income (NUO)
        
Year Ended 2/28–2/29:
        
2017(f)
    
0.69
%**
2016
    
0.55
  
2015
    
0.57
  
2014
    
1.05
  
2013
    
0.61
  
2012
    
0.40
  

         
Texas Quality Income (NTX)
        
Year Ended 2/28–2/29:
        
2017(f)
    
0.67
%**
2016
    
0.77
  
2015
    
1.26
  
2014
    
1.31
  
2013
    
1.27
  
2012
    
1.37
  

(e)
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.
(f)
For the six months ended August 31, 2016.
**
Annualized.
See accompanying notes to financial statements.

NUVEEN
57

Financial Highlights (Unaudited) (continued)

     
MTP Shares
 at the End of Period (a)
    
VMTP Shares
 at the End of Period
    
MTP and VMTP
Shares at the
 End of Period
  
     
Aggregate
Amount
Outstanding
 (000)
    
Asset
Coverage
Per $10
 Share
    
Aggregate
Amount
Outstanding
 (000)
    
Asset
Coverage
Per $100,000
 Share
    
Asset
Coverage
Per $1
Liquidation
 Preference
  
Arizona Premium Income (NAZ)
                                
Year Ended 2/28–2/29:
                                
2017(b)
  
$
—
  
$
—
  
$
88,300
  
$
302,309
  
$
—
  
2016
    
—
    
—
    
79,000
    
319,959
    
—
  
2015
    
—
    
—
    
79,000
    
319,808
    
—
  
2014
    
—
    
—
    
79,000
    
307,133
    
—
  
2013
    
—
    
—
    
28,000
    
347,271
    
—
  
2012
    
—
    
—
    
28,000
    
336,672
    
—
  
                                 
Michigan Quality Income (NUM)
                                
Year Ended 2/28–2/29:
                                
2017(b)
    
—
    
—
    
173,000
    
296,701
    
—
  
2016
    
—
    
—
    
159,000
    
308,469
    
—
  
2015
    
—
    
—
    
159,000
    
307,064
    
—
  
2014
    
—
    
—
    
159,000
    
296,340
    
—
  
2013
    
16,313
    
31.57
    
141,800
    
315,704
    
3.16
  
2012
    
—
    
—
    
87,900
    
309,636
    
—
  

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2014
    
2013
  
Arizona Premium Income (NAZ)
              
Series 2015 (NAZ PRC)
              
Ending Market Value per Share
  
$
—
  
$
—
  
Average Market Value per Share
    
10.02
∆
  
—
  
Series 2016 (NAZ PRD)
              
Ending Market Value per Share
    
—
    
—
  
Average Market Value per Share
    
10.11
∆
  
—
  
               
Michigan Quality Income (NUM)
              
Series 2015 (NUM PRC)
              
Ending Market Value per Share
    
—
    
10.08
  
Average Market Value per Share
    
10.02
∆∆∆
  
10.06
∆∆

(b)
For the six months ended August 31, 2016.
∆
For the period April 8, 2013 (effective date of the reorganizations) through December 20, 2013.
∆∆
For the period January 7, 2013 (effective date of the reorganizations) through February 28, 2013.
∆∆∆
For the period March 1, 2013 through December 20, 2013.
See accompanying notes to financial statements.

58
NUVEEN


     
iMTP Shares
 at the End of Period
    
MTP Shares
 at the End of Period (a)
    
VMTP Shares
 at the End of Period
    
VRDP Shares
 at the End of Period
  
     
Aggregate
Amount
Outstanding
 (000)
  
Asset
Coverage
Per $5,000
 Share
    
Aggregate
Amount
Outstanding
 (000)
    
Asset
Coverage
Per $10
 Share
    
Aggregate
Amount
Outstanding
 (000)
  
Asset
Coverage
Per $100,000
 Share
  
Aggregate
Amount
Outstanding
 (000)
  
Asset
Coverage
Per $100,000
 Share
  
Ohio Quality Income (NUO)         
                                
Year Ended 2/28–2/29:
                                      
2017(b)
  
$
—
  
$
—
  
$
—
  
$
—
  
$
—
  
$
—
  
$
148,000
  
$
321,313
  
2016
    
—
    
—
    
—
    
—
    
—
    
—
    
148,000
    
314,768
  
2015
    
—
    
—
    
—
    
—
    
—
    
—
    
148,000
    
312,934
  
2014
    
—
    
—
    
—
    
—
    
—
    
—
    
148,000
    
300,451
  
2013
    
—
    
—
    
—
    
—
    
73,500
    
335,236
    
—
    
—
  
2012
    
—
    
—
    
—
    
—
    
73,500
    
328,176
    
—
    
—
  
                                                   
Texas Quality Income (NTX)
                                      
Year Ended 2/28–2/29:      
                                      
2017(b)
    
72,000
    
16,416
    
—
    
—
    
—
    
—
    
—
    
—
  
2016
    
72,000
    
16,012
    
—
    
—
    
—
    
—
    
—
    
—
  
2015
    
—
    
—
    
70,920
    
32.23
    
—
    
—
    
—
    
—
  
2014
    
—
    
—
    
70,920
    
30.95
    
—
    
—
    
—
    
—
  
2013
    
—
    
—
    
70,920
    
32.41
    
—
    
—
    
—
    
—
  
2012
    
—
    
—
    
70,920
    
30.90
    
—
    
—
    
—
    
—
  

(a)
The Ending and Average Market Value Per Share for each Series of the Fund's MTP Shares were as follows:

     
2016
    
2015
    
2014
    
2013
    
2012
  
Ohio Quality Income (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   
—
    
—
  
                                 
Texas Quality Income (NTX)
                                
Series 2015 (NTX PRCCL)
                                
Ending Market Value per Share
    
—
    
10.02
    
10.03
    
10.04
    
10.05
  
Average Market Value per Share
    
10.01
ΩΩ 
  
10.04
    
10.04
    
10.06
    
9.97
  

(b)
For the six months ended August 31, 2016.
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.

NUVEEN
59
 
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 Premium Income Municipal Fund (NAZ) ("Arizona Premium Income (NAZ)")
 
•
  
Nuveen Michigan Quality Income Municipal Fund (NUM) ("Michigan Quality Income (NUM)")
 
•
  
Nuveen Ohio Quality Income Municipal Fund (NUO) ("Ohio Quality Income (NUO)")
 
•
  
Nuveen Texas Quality Income Municipal Fund (NTX) ("Texas Quality Income (NTX)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Arizona Premium Income (NAZ), Michigan Quality Income (NUM) and Ohio Quality Income (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). Texas Quality Income (NTX) was organized as a Massachusetts business trust on July 26, 1991.
The end of the reporting period for the Funds is August 31, 2016, and the period covered by these Notes to Financial Statements is the six months ended August 31, 2016 (the "current fiscal period").
Investment Adviser
 The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. 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.
Effective August 5, 2016, Arizona Premium Income (NAZ) changed its investment policy to limit the amount of securities subject to the alternative minimum tax ("AMT") to no more than 20% (30% prior to August 5, 2016) of the Fund's managed assets (as defined in Note 7 – Management Fees and Other Transactions with Affiliates). In addition, effective August 5, 2016, Michigan Quality Income (NUM), Ohio Quality Income (NUO) and Texas Quality Income (NTX) have each added an investment policy to limit the amount of securities subject to AMT to no more than 20% of each Fund's managed assets.
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.

60
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As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

     
Arizona
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUO
)
  
(NTX
)
Outstanding when-issued/delayed delivery purchase commitments
  
$
3,677,280
  
$
7,201,909
  
$
1,526,428
  
Investment Income
 Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
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 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.
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 Derivative 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 reporting 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

NUVEEN
61

Notes to Financial Statements (Unaudited) (continued)
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).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Trustees (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:

Arizona Premium Income (NAZ)
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
268,723,732
  
$
—
  
$
268,723,732
  
Michigan Quality Income (NUM)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
526,229,588
  
$
—
  
$
526,229,588
  
Ohio Quality Income (NUO)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
477,790,705
  
$
—
  
$
477,790,705
  
Texas Quality Income (NTX)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
234,319,855
  
$
—
  
$
234,319,855
  

*
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

62
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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.
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

NUVEEN
63

Notes to Financial Statements (Unaudited) (continued)
borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
Floating Rate Obligations Outstanding
    
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Floating rate obligations: self-deposited Inverse Floaters
  
$
2,755,000
  
$
18,890,000
  
$
8,000,000
  
$
—
  
Floating rate obligations: externally-deposited Inverse Floaters
    
14,215,000
    
8,430,000
    
23,155,000
    
—
  
Total
  
$
16,970,000
  
$
27,320,000
  
$
31,155,000
  
$
—
  

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:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
Self-Deposited Inverse Floaters
    
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Average floating rate obligations outstanding
  
$
2,755,000
  
$
18,890,000
  
$
304,348
  
$
—
  
Average annual interest rate and fees
    
0.94
%
  
0.98
%
  
0.56
%
  
—
%
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" or "credit recovery swap") (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

64
NUVEEN

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:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
Floating Rate Obligations – Recourse Trusts
    
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
  
$
2,755,000
  
$
12,265,000
  
$
—
  
$
—
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
    
7,500,000
    
8,430,000
    
4,480,000
    
—
  
Total
  
$
10,255,000
  
$
20,695,000
  
$
4,480,000
  
$
—
  
Zero Coupon Securities
 A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
 In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
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.

NUVEEN
65

Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Common Shares
Common Shares Equity Shelf Program
 During the current reporting period, Arizona Premium Income (NAZ) filed an initial registration statement with the Securities and Exchange Commission to issue additional common shares through an equity shelf program, which is not yet effective. Under this program the Fund, 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.
Common Share Transactions
 Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:

     
Arizona Premium
 Income (NAZ)
    
Michigan Quality
 Income (NUM)
       
     
Six Months
Ended
 8/31/16
    
Year
Ended
 2/29/16
    
Six Months
Ended
 8/31/16
    
Year
Ended
 2/29/16
  
                   
                   
Common shares:
                          
Issued to shareholders due to reinvestment of distributions
    
7,143
    
9,077
    
—
    
—
  
Repurchased and retired
    
—
    
—
    
—
    
(22,500
)
Weighted average common share:
                          
Price per share repurchased and retired
  
$
—
  
$
—
  
$
—
  
$
13.22
  
Discount per share repurchased and retired
    
—
    
—
    
—
    
14.99
%
Preferred Shares
Institutional MuniFund Term Preferred Shares
 The following Fund has issued and has outstanding Institutional MuniFund Term Preferred ("iMTP") Shares, with a $5,000 liquidation preference per share. iMTP Shares are issued via private placement and are not publicly available.
As of the end of the reporting period, details of iMTP Shares outstanding were as follows:

           
Shares
    
Liquidation
  
Fund
    
Series
    
Outstanding
    
Preference
  
Texas Quality Income (NTX)
    
2018
    
14,400
  
$
72,000,000
  
The Fund is obligated to redeem its iMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. iMTP Shares are subject to optional and mandatory redemption in certain circumstances. The iMTP Shares are not subject to redemption at the option of the Fund for approximately one year following the date of issuance, at which point the Fund may redeem at its option ("Optional Redemption Date") and any date thereafter. The Fund may be obligated to redeem a certain amount of iMTP 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 redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. The Term Redemption Date and Optional Redemption Date for the Fund's iMTP Shares are as follows:

           
Term
    
Optional
  
Fund
    
Series
  
Redemption Date
  
Redemption Date
  
Texas Quality Income (NTX)
    
2018
  
November 1, 2018
    
May 1, 2016
  
The average liquidation preference of iMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period, were as follows:

     
Texas
  
     
Quality
  
     
Income
  
     
(NTX
)
Average liquidation preference of iMTP Shares outstanding
  
$
72,000,000
  
Annualized dividend rate
    
1.27
%

66
NUVEEN

iMTP Shares are subject to restrictions on transfer and may only be sold or transferred to "qualified institutional buyers." iMTP 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 iMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the iMTP 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 Fund's Adviser has determined that the fair value of iMTP 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 iMTP Shares is recorded as a liability and recognized as "Institutional MuniFund Term Preferred ("iMTP") Shares, at liquidation preference" on the Statement of Assets and Liabilities.
Dividends on the iMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on iMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on iMTP 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 offering of iMTP Shares were recorded as a deferred charge, which are amortized over the life of the shares and recognized as components 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 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, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:

           
Shares
    
Liquidation
  
Fund
    
Series
    
Outstanding
    
Preference
  
Arizona Premium Income (NAZ)
    
2019
    
883
  
$
88,300,000
  
Michigan Quality Income (NUM)
    
2019
    
1,730
  
$
173,000,000
  

During the current reporting period, Arizona Premium Income (NAZ) and Michigan Quality Income (NUM) refinanced all of their outstanding Series 2016 VMTP Shares with the issuance of new Series 2019 VMTP Shares. In conjunction with this refinancing Arizona Premium Income (NAZ) and Michigan Quality Income (NUM) issued an additional $9,300,000 and $14,000,000 Series 2019 VMTP Shares at liquidation preference, respectively, to be invested in accordance with each Fund's investment policies.
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 series of VMTP Shares are as follows:

           
Term
    
Premium
  
Fund
    
Series
  
Redemption Date
  
Expiration Date
  
Arizona Premium Income (NAZ)
    
2019
    
June 1, 2019
    
May 31, 2017
  
Michigan Quality Income (NUM)
    
2019
    
June 1, 2019
    
May 31, 2017
  

NUVEEN
67

Notes to Financial Statements (Unaudited) (continued)
The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

     
Arizona
    
Michigan
  
     
Premium
    
Quality
  
     
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
Average liquidation preference of VMTP Shares outstanding
  
$
83,650,000
  
$
166,000,000
  
Annualized dividend rate
    
1.31
%
  
1.31
%

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 "Variable Rate MuniFund Term Preferred ("VMTP") Shares, at liquidation preference" 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.
The Funds incurred offering costs of $200,000 in connection with its issuance of Series 2019 VMTP Shares, which was recorded as a deferred charge and is being amortized over the life of the shares. These offering costs are recognized as components 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:

           
Shares
    
Liquidation
        
Fund
    
Series
    
Outstanding
    
Preference
    
Maturity
  
Ohio Quality Income (NUO)
    
1
    
1,480
  
$
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.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly 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.

68
NUVEEN

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as follows:

     
Ohio
  
     
Quality
  
     
Income
  
     
(NUO
)
Average liquidation preference of VRDP Shares outstanding
  
$
148,000,000
  
Annualized dividend rate
    
0.48
%
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as "Variable Rate Demand Preferred ("VRDP") Shares, at liquidation preference" 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 "Deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations.
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 29, 2016
     
Texas Quality Income (NTX)
    
Series
    
Shares
    
Amount
  
iMTP Shares issued
    
2018
    
14,400
  
$
72,000,000
  
Transactions in MTP Shares for the Funds, where applicable, were as follows:

     
Year Ended
 February 29, 2016
     
     
 
    
NYSE
              
Texas Quality Income (NTX)
    
Series
    
Ticker
    
Shares
    
Amount
  
MTP Shares redeemed
    
2015
    
NTX PRCCL
    
(7,092,000
)
$
(70,920,000
)

     
Six Months Ended
 August 31, 2016
     
Arizona Premium Income (NAZ)
    
Series
    
Shares
    
Amount
  
VMTP Shares issued
    
2019
    
883
  
$
88,300,000
  
VMTP Shares exchanged
    
2016
    
(790
)
  
(79,000,000
)
Net increase (decrease)
          
93
  
$
9,300,000
  
                     
Michigan Quality Income (NUM)
                    
VMTP Shares issued
    
2019
    
1,730
  
$
173,000,000
  
VMTP Shares exchanged
    
2016
    
(1,590
)
  
(159,000,000
)
Net increase (decrease)
          
140
  
$
14,000,000
  
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Purchases
  
$
24,738,205
  
$
45,606,582
  
$
25,515,242
  
$
4,794,448
  
Sales and maturities
    
14,191,366
    
32,033,453
    
15,429,445
    
2,636,500
  

NUVEEN
69

Notes to Financial Statements (Unaudited) (continued)
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.
As of August 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Cost of investments
  
$
240,857,563
  
$
462,768,558
  
$
420,640,455
  
$
211,147,285
  
Gross unrealized:
                          
Appreciation
  
$
27,675,342
  
$
45,220,002
  
$
51,437,423
  
$
26,549,134
  
Depreciation
    
(2,564,178
)
  
(647,724
)
  
(2,287,173
)
  
(3,376,564
)
Net unrealized appreciation (depreciation) of investments
  
$
25,111,164
  
$
44,572,278
  
$
49,150,250
  
$
23,172,570
  
Permanent differences, primarily due to expiration of capital loss carryforwards, treatment of notional principal contracts, nondeductible reorganization expenses, 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 29, 2016, the Funds' last tax year end, as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Paid-in surplus
  
$
(632,286
)
$
(129,623
)
$
(65,213
)
$
(365,479
)
Undistributed (Over-distribution of) net investment income
    
15,235
    
(30,247
)
  
(87,556
)
  
307,220
  
Accumulated net realized gain (loss)
    
617,051
    
159,870
    
152,769
    
58,259
  
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 29, 2016, the Funds' last tax year end, were as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Undistributed net tax-exempt income 1
  
$
1,144,852
  
$
1,180,362
  
$
308,123
  
$
650,529
  
Undistributed net ordinary income 2
    
50,129
    
12,786
    
4,771
    
—
  
Undistributed net long-term capital gains
    
—
    
135,404
    
—
    
—
  

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2016, paid on March 1, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

70
NUVEEN

The tax character of distributions paid during the Funds' last tax year ended February 29, 2016, was designated for purposes of the dividends paid deduction as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Distributions from net tax-exempt income
  
$
10,066,290
  
$
17,887,009
  
$
15,534,992
  
$
7,515,079
  
Distributions from net ordinary income2
    
—
    
72,899
    
74,088
    
324
  
Distributions from net long-term capital gains
    
—
    
97,893
    
—
    
—
  

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
As of February 29, 2016, the Funds' last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)3
  
(NUO
)3
  
(NTX
)
Expiration:
                          
February 28, 2017
  
$
828,959
  
$
84,900
  
$
—
  
$
—
  
February 28, 2018
    
43,720
    
—
    
381,898
    
—
  
February 28, 2019
    
—
    
—
    
1,468,286
    
—
  
Not subject to expiration
    
2,923,709
    
—
    
—
    
717,282
  
Total
  
$
3,796,388
  
$
84,900
  
$
1,850,184
  
$
717,282
  

3
A portion of Michigan Quality Income's (NUM) and Ohio Quality Income's (NUO) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.
During the Funds' last tax year ended February 29, 2016, the Funds utilized capital loss carryforwards as follows:

     
Arizona
    
Michigan
    
Ohio
    
Texas
  
     
Premium
    
Quality
    
Quality
    
Quality
  
     
Income
    
Income
    
Income
    
Income
  
     
(NAZ
)
  
(NUM
)
  
(NUO
)
  
(NTX
)
Utilized capital loss carryforwards
  
$
404,885
  
$
1,022,576
  
$
649,138
  
$
432,321
  
As of February 29, 2016, the Funds' last tax year end, $615,885 of Arizona Premium Income's (NAZ) 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.
For the period March 1, 2016 through July 31, 2016, the annual Fund-level fee, payable monthly, for each Fund was calculated according to the following schedule:

Average Daily Managed Assets*
    
Fund-Level Fee
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
    
0.3875
  
For managed assets over $5 billion
    
0.3750
  

NUVEEN
71

Notes to Financial Statements (Unaudited) (continued)
Effective August 1, 2016, the annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Average Daily Managed Assets*
    
Fund-Level Fee
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 rated, determined according to the following schedule by the Fund's daily managed assets:

Complex-Level Managed Asset Breakpoint Level*
    
Effective 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 funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds and 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, 2016, the complex-level fee rate for the Funds was 0.1607%.
Other Transactions with Affiliates
 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 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.
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.

72
NUVEEN

During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:

     
Arizona
  
     
Premium
  
     
Income
  
     
(NAZ
)
Purchases
  
$
345,030
  
Sales
    
—
  
8. Borrowing Arrangements
Uncommitted Line of Credit
 During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
 The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, approximately $2.5 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 remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 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 1.25% per annum or (b) the Fed Funds rate plus 1.25% 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.

NUVEEN
73
Additional Fund Information

Board of Trustees
            
William Adams IV*
John K. Nelson
  
Margo Cook*
William J. Schneider
Jack B. Evans
Judith M. Stockdale
William C. Hunter
Carole E. Stone
David J. Kundert
Terence J. Toth
Albin F. Moschner
Margaret L. Wolff
             
* Interested Board Member.
            
             
             
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
  
Custodian
State Street Bank
& Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Independent Registered
Public Accounting Firm
KPMG LLP
200 East Randolph Drive
Chicago, IL 60601
Transfer Agent and
Shareholder Services
State Street Bank
& Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(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
    
—
      
—
      
—
      
—
  
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.

74
NUVEEN

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.
   
■
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.
   
■
Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from ten states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
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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.
   
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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.
   

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Glossary of Terms Used in this Report (continued)

■
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.
   
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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 financial 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.

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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 as -set 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 imme -diately 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.

NUVEEN
77

Annual Investment Management Agreement Approval Process (Unaudited) 
The Board of Trustees of each Fund (the "Board," and each Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board Members

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did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of 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 initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
   
 
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
   
 
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
   
 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B.
The Investment Performance of the Funds and Fund Advisers
 
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
   
 
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:

 
• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
   
 
• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
   
 
• Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
   
 
• The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds. The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.

 
In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the

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premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
   
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
   
 
For Nuveen Arizona Premium Income Municipal Fund, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the one- and three-year periods and the second quartile in the five-year period and outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
   
 
For Nuveen Michigan Quality Income Municipal Fund, the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the three- and five-year periods and the first quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been favorable.
   
 
For Nuveen Ohio Quality Income Municipal Fund, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the five-year period, second quartile in the three-year period and first quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been favorable.
   
 
For Nuveen Texas Quality Income Municipal Fund, the Board noted that, although the Fund ranked in the fourth quartile in the one-year period, the Fund ranked in the third quartile in its Performance Peer Group in the three- and five-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.

C.
Fees, Expenses and Profitability

 
1. Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
   
 
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the Funds.
   
 
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
fee waivers; the timing of information used; the differences in the type and use of leverage; differences in services provided; and differences in the states reflected in the Peer Universe can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees 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. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
   
 
The Independent Board Members noted that each Fund had a net management fee in line with its peer average and a net expense ratio below its peer average.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members 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
 
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
   
 
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
   
 
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax)

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for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
   
 
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
   
 
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
   
 
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.
   
 
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. 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, 2015. The Independent Board Members also reviewed 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, 2015.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
   
 
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's levels of profitability were reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted


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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. 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. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
   
 
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
   
 
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
   
 
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
   
E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
   
 
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
   
 
Based on their review, the Independent Board Members 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 Independent 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.

84
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Notes

NUVEEN
85

Notes

86
NUVEEN

Notes

NUVEEN
87

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 equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $244 billion in assets as of September 30, 2016.
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/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
ESA-B-0816D 19881-INV-B-10/17


 
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.

Not applicable.

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. 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 Texas Quality Income Municipal Fund

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

Date: November 4, 2016
 
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 4, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: November 4, 2016