UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number     811-07278

Nuveen Arizona Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:     February 28

Date of reporting period:     August 31, 2023

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.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

August

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Nuveen

Arizona

Quality

Municipal

Income

Fund

NAZ

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

NXJ

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

NQP

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Fund

Leverage

5

Common

Share

Information

6

About

the

Funds’

Benchmarks

8

Performance

Overview

and

Holding

Summaries

9

Portfolios

of

Investments

15

Statement

of

Assets

and

Liabilities

49

Statement

of

Operations

50

Statement

of

Changes

in

Net

Assets

51

Statement

of

Cash

Flows

53

Financial

Highlights

54

Notes

to

Financial

Statements

59

Risk

Considerations

71

Additional

Fund

Information

72

Glossary

of

Terms

Used

in

this

Report

73

Annual

Investment

Management

Agreement

Approval

Process

74

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

Inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains.

However,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

September

2023,

pausing

briefly

in

June

2023

and

again

in

September

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

leading

to

interest

rates

staying

higher

for

longer

and

a

potentially

deeper

slowdown

in

the

economy.

U.S.

regional

banks

–

after

enduring

the

relatively

contained

collapses

of

Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank

and

major

European

bank

Credit

Suisse

in

March

2023

–

remain

exposed

to

challenges

in

the

commercial

real

estate

sector.

Additionally,

concerns

about

government

funding

and

deficits

persist.

Congress

averted

a

near-term

default

scenario

in

June

2023

and

a

partial

government

shutdown

at

the

end

of

September

2023,

but

funding

will

need

to

be

renegotiated

again

in

November

2023.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

The

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-term

perspective

amid

the

short-term

turbulence.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

October 23,

2023

4

Important

Notices

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

February

28,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Portfolio

Manager

Update

for

NAZ

Effective

October

13,

2023,

Stephen

Candido

has

been

added

as

a

portfolio

manager.

Michael

Hamilton

continues

to

serve

as

a

portfolio

manager

of

the

Fund.

Portfolio

Manager

Update

for

NXJ

and

NQP

Effective

October

13,

2023,

Steven

Hlavin

has

been

added

as

a

portfolio

manager.

Paul

Brennan

continues

to

serve

as

a

portfolio

manager

of

the

Funds.

Updated

Distribution

Policy

On

October

23,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

each

Fund’s

distribution

policy.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

will

erode.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

Fund

Leverage

5

IMPACT

OF

THE

FUNDS’

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

preferred

shares

and/or

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

The

Funds’

use

of

leverage

detracted

from

relative

performance

over

this

reporting

period.

As

of

August

31,

2023

,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

THE

FUNDS’

REGULATORY

LEVERAGE

As

of

August

31,

2023

,

the

following

Funds

have

issued

and

outstanding

preferred

shares

as

shown

in

the

accompanying

table.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

preferred

shares

and

each

Fund’s

respective

transactions.

NAZ

NXJ

NQP

Effective

Leverage

*

40.28%

40.46%

40.85%

Regulatory

Leverage

*

38.46%

36.31%

31.17%

*

Effective

Leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

Variable

Rate

Preferred*

Variable

Rate

Remarketed

Preferred**

Fund

Shares

Issued

at

Liquidation

Preference

Shares

Issued

at

Liquidation

Preference

Total

NAZ

$88,300,000

$  

-

$88,300,000

NXJ

$313,900,000

$  

-

$313,900,000

NQP

$217,500,000

$  

-

$217,500,000

*

Preferred

shares

of

the

Fund

featuring

a

floating

rate

dividend

based

on

a

predetermined

formula

or

spread

to

an

index

rate.

Includes

the  

following

preferred

shares

AMTP,

iMTP

,

MFP-VRM

and

VRDP

in

Special

Rate

Mode,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

**

Preferred

shares

of

the

Fund

featuring

floating

rate

dividends

set

by

a

remarketing

agent

via

a

regular

remarketing.

Includes

the

following  

preferred

shares

VRDP

not

in

Special

Rate

Mode,

MFP-VRRM

and

MFP-VRDM,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

6

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

August

31,

2023.  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.

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to the

Notes

to

Financial Statements for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in the

Notes

to

Financial

Statements

of

this

report.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closed-end-funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

As

of

August

31,

2023

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NAZ

NXJ

NQP

March

$0.0325

$0.0325

$0.0290

April

0.0325

0.0305

0.0290

May

0.0325

0.0305

0.0290

June

0.0325

0.0305

0.0290

July

0.0310

0.0305

0.0290

August

0.0310

0.0305

0.0290

Total

Distributions

from

Net

Investment

Income

$0.1920

$0.1850

$0.1740

Yields

NAZ

NXJ

NQP

Market

Yield

1

3.60%

3.24%

3.17%

Taxable-Equivalent

Yield

1

6.32%

6.68%

5.63%

1

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

43.3%,

51.6%

and

43.9%

for

NAZ,

NXJ

and

NQP,

respectively.

Your

actual

combined

federal

and

state

income

tax

rate

may

differ

from

the

assumed

rate.

The

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

7

During

the

current

reporting

period,

the

following

Funds

repurchased

and

retired

their

common

shares

at

a

weighted

average

price

per

share

and

a

weighted

average

discount

per

share

as

shown

in

the

following

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

August

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

NAZ

NXJ

NQP

Common

shares

repurchased

and

retired

127,500

1,928,692

895,899

Common

shares

authorized

for

repurchase

1,155,000

4,145,000

3,735,000

NXJ

NQP

Common

shares

repurchased

and

retired

218,349

160,999

Weighted

average

price

per

common

share

repurchased

and

retired

$

11.50

$

11.23

Weighted

average

discount

per

common

share

repurchased

and

retired

(16.22)%

(15.95)%

NAZ

NXJ

NQP

Common

share

NAV

$12.19

$13.34

$12.90

Common

share

price

$10.34

$11.31

$10.99

Premium/(Discount)

to

NAV

(15.18)%

(15.22)%

(14.81)%

Average

premium/(discount)

to

NAV

(13.37)%

(15.75)%

(15.47)%

8

About

the

Funds’

Benchmarks

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Arizona

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Arizona

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

New

Jersey

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

New

Jersey

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Pennsylvania

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Pennsylvania

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Nuveen

Arizona

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

August

31,

2023

9

NAZ

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Arizona

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NAZ

at

Common

Share

NAV

11/19/92

0.40%

(0.97)%

0.88%

3.52%

NAZ

at

Common

Share

Price

11/19/92

(6.85)%

(22.65)%

0.18%

3.22%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

Arizona

Index

—

1.00%

1.07%

1.45%

2.74%

10

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

164.5‌%

Short-Term

Municipal

Bonds

2.2‌%

Other

Assets

&

Liabilities,

Net

0.8%

Floating

Rate

Obligations

(5.0)%

AMTP

Shares,

Net

(62.5‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

1.1%

AAA

8.0%

AA

55.9%

A

16.4%

BBB

3.0%

BB

or

Lower

5.0%

N/R

(not

rated)

10.6%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

26.4%

Education

and

Civic

Organizations

19.4%

Utilities

17.9%

Health

Care

14.9%

Tax

Obligation/General

11.1%

Transportation

4.2%

U.S.

Guaranteed

2.6%

Long-Term

Care

2.3%

Other

1.2%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Arizona

94.2%

Puerto

Rico

3.7%

Guam

1.9%

Virgin

Islands

0.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Arizona

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

August

31,

2023

11

NXJ

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

New

Jersey

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NXJ

at

Common

Share

NAV

3/27/01

1.21%

1.48%

1.15%

4.14%

NXJ

at

Common

Share

Price

3/27/01

1.08%

(5.87)%

1.67%

4.31%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

New

Jersey

Index

—

1.61%

2.79%

2.21%

3.50%

12

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

159

.2‌

%

Short-Term

Municipal

Bonds

1

.3‌

%

Other

Assets

&

Liabilities,

Net

3.3%

Floating

Rate

Obligations

(7.0)%

VRDP

Shares,

Net

(

56

.8‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

4.8%

AAA

8.6%

AA

42.9%

A

27.0%

BBB

9.9%

BB

or

Lower

2.8%

N/R

(not

rated)

4.0%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

26.9%

Transportation

18.2%

Education

and

Civic

Organizations

11.9%

Health

Care

11.2%

Tax

Obligation/General

9.7%

Housing/Single

Family

6.9%

U.S.

Guaranteed

4.8%

Other

10.4%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

New

Jersey

89.0%

New

York

4.9%

Pennsylvania

2.8%

Delaware

1.8%

Puerto

Rico

1.5%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

New

Jersey

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

Performance

Overview

and

Holding

Summaries

as

of

August

31,

2023

13

NQP

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Pennsylvania

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NQP

at

Common

Share

NAV

2/21/91

(0.07)%

(1.80)%

1.07%

3.86%

NQP

at

Common

Share

Price

2/21/91

(0.26)%

(7.28)%

1.37%

3.95%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

Pennsylvania

Index

—

1.05%

1.51%

1.64%

3.04%

14

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

155.9‌%

Common

Stocks

9.9‌%

Variable

Rate

Senior

Loan

Interests

0.0‌%

Other

Assets

&

Liabilities,

Net

3.2%

Floating

Rate

Obligations

(23.8)%

VRDP

Shares,

Net

(45.2‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

7.2%

AAA

0.4%

AA

49.1%

A

25.3%

BBB

8.4%

BB

or

Lower

3.7%

N/R

(not

rated)

5.9%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Health

Care

17.8%

Housing/Single

Family

14.1%

Tax

Obligation/General

12.7%

Utilities

11.5%

Education

and

Civic

Organizations

10.2%

Transportation

8.5%

U.S.

Guaranteed

6.7%

Other

12.5%

Common

Stocks

6.0%

Variable

Rate

Senior

Loan

Interests

0.0%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Pennsylvania

98.5%

Puerto

Rico

1.2%

New

Jersey

0.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Pennsylvania

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

15

Nuveen

Arizona

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NAZ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

164.5% (98.7%

of

Total

Investments)  

X

232,419,157

MUNICIPAL

BONDS

-

164.5%  (98.7%

of

Total

Investments)

X

232,419,157

Education

and

Civic

Organizations

-

32.3%

(19.4%

of

Total

Investments)

$

2,175

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Green

Series

2016B,

5.000%,

7/01/47

7/26

at

100.00

$

2,217,717

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

1,525,635

1,500

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2015D,

5.000%,

7/01/41

7/25

at

100.00

1,525,635

2,030

Arizona

Board

of

Regents,

Arizona

State

University

System

Revenue

Bonds,

Series

2020B,

4.000%,

7/01/47

7/30

at

100.00

1,927,099

2,515

Arizona

Board

of

Regents,

Univeristy

of

Arizona,

SPEED

Revenue

Bonds,

Stimulus

Plan

for

Economic

and

Educational

Development,

Series

2014,

5.000%,

8/01/44

8/24

at

100.00

2,529,914

515

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017A,

5.125%,

7/01/37,

144A

7/26

at

100.00

505,215

525

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017C,

5.000%,

7/01/47

7/27

at

100.00

529,368

250

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D,

5.000%,

7/01/47,

144A

7/27

at

100.00

224,033

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017F:

1,700

5.000%,

7/01/37

7/27

at

100.00

1,742,381

1,645

5.000%,

7/01/47

7/27

at

100.00

1,658,686

380

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G,

5.000%,

7/01/47,

144A

7/27

at

100.00

340,529

240

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Montessori

Academy

Projects,

Refunding

Series

2017A,

6.250%,

11/01/50,

144A

11/27

at

100.00

194,599

420

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Somerset

Academy

of

Las

Vegas

?

Aliante

and

Skye

Canyon

Campus

Projects,

Series

2021A,

4.000%,

12/15/41,

144A

12/29

at

100.00

336,680

375

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017B,

5.000%,

3/01/48,

144A

9/27

at

100.00

326,325

190

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2017B,

4.250%,

7/01/27,

144A

No

Opt.

Call

185,989

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2018A:

615

5.000%,

7/01/38

1/28

at

100.00

620,541

1,000

5.000%,

7/01/48

1/28

at

100.00

980,440

455

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

?

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A,

5.750%,

7/15/38,

144A

7/26

at

100.00

459,013

1,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

?

Sloan

Canyon

Campus

Project,

Series

2020A-2,

6.000%,

9/15/38,

144A

9/23

at

105.00

1,025,640

140

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Social

Bonds

?

Pensar

Academy

Project,

Series

2020,

4.000%,

7/01/30,

144A

7/28

at

100.00

127,656

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

16

NAZ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

University

of

Indianapolis

-

Health

Pavilion

Project,

Series

2019A:

$

1,645

4.000%,

10/01/39

10/29

at

100.00

$

1,451,384

1,080

4.000%,

10/01/49

10/29

at

100.00

888,494

1,500

Arizona

Industrial

Development

Authority,

Education

Facility

Revenue

Bonds,

Caurus

Academy

Project,

Series

2018A,

6.375%,

6/01/39,

144A

6/28

at

100.00

1,551,405

Industrial

Development

Authority,

Pima

County,

Arizona,

Education

Revenue

Bonds,

Center

for

Academic

Success

Project,

Refunding

Series

2019:

360

4.000%,

7/01/31

7/29

at

100.00

346,727

340

4.000%,

7/01/33

7/29

at

100.00

324,067

780

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Series

2020A,

5.000%,

7/01/50,

144A

7/29

at

100.00

702,398

195

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Arizona

Autism

Charter

Schools

Project,

Social

Series

2021A,

4.000%,

7/01/51,

144A

7/29

at

100.00

144,645

355

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017A,

5.000%,

7/01/37

7/27

at

100.00

363,978

490

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017C,

5.000%,

7/01/48

7/27

at

100.00

493,523

1,715

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Highland

Prep

Project,

Series

2019,

5.000%,

1/01/50

1/30

at

100.00

1,732,304

700

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2021A,

4.000%,

7/01/41,

144A

7/31

at

100.00

568,533

870

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Paradise

Schools

Projects,

Series

2016,

5.000%,

7/01/47,

144A

7/26

at

100.00

799,582

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Reid

Traditional

School

Projects,

Series

2016:

520

5.000%,

7/01/36

7/26

at

100.00

524,384

300

5.000%,

7/01/47

7/26

at

100.00

293,148

2,500

Maricopa

County

Industrial

Development

Authority,

Arizona,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2020,

5.000%,

7/01/47

1/30

at

100.00

2,585,575

2,095

McAllister

Academic

Village

LLC,

Arizona,

Revenue

Bonds,

Arizona

State

University

Hassayampa

Academic

Village

Project,

Refunding

Series

2016,

5.000%,

7/01/37

7/26

at

100.00

2,148,904

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

1,155

5.000%,

6/01/40

6/24

at

100.00

1,159,747

70

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

63,121

800

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2016A,

5.000%,

7/01/41

7/25

at

100.00

775,328

500

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Project,

Series

2014A,

6.750%,

7/01/44,

144A

7/24

at

100.00

505,265

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2015:

315

5.000%,

7/01/35,

144A

7/25

at

100.00

310,830

300

5.000%,

7/01/45,

144A

7/25

at

100.00

268,770

650

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2016A,

5.000%,

7/01/41,

144A

7/26

at

100.00

600,119

17

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,110

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Northwest

Christian

School

Project,

Series

2020A,

5.000%,

9/01/45,

144A

9/30

at

100.00

$

915,928

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Villa

Montessori,

Inc.

Projects,

Series

2015:

110

3.250%,

7/01/25

No

Opt.

Call

106,717

400

5.000%,

7/01/35

7/25

at

100.00

401,752

900

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Vista

College

Preparatory

Project,

Series

2018A,

4.125%,

7/01/38

7/28

at

100.00

849,276

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

2,051,379

500

Pima

County

Community

College

District,

Arizona,

Revenue

Bonds,

Series

2019,

5.000%,

7/01/36

7/28

at

100.00

533,370

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

202,022

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Champion

Schools

Project,

Series

2017:

120

6.000%,

6/15/37,

144A

6/26

at

100.00

110,380

680

6.125%,

6/15/47,

144A

6/26

at

100.00

587,622

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

195,768

35

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2016,

6.500%,

2/01/48,

144A

2/24

at

100.00

35,063

115

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017,

6.750%,

2/01/50,

144A

2/28

at

100.00

116,910

500

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Noah

Webster

Schools

?

Mesa

Project,

Series

2015A,

5.000%,

12/15/34,

144A

6/25

at

100.00

478,745

730

Pinal

County

Community

College

District,

Arizona,

Revenue

Bonds,

Central

Arizona

College,

Series

2017,

5.000%,

7/01/35

-

BAM

Insured

7/26

at

100.00

754,937

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

785,749

Total

Education

and

Civic

Organizations

45,710,944

Health

Care

-

22.7%

(13.6%

of

Total

Investments)

Arizona

Health

Facilities

Authority,

Revenue

Bonds,

Scottsdale

Lincoln

Hospitals

Project,

Refunding

Series

2014A:

3,005

5.000%,

12/01/39

12/24

at

100.00

3,013,264

2,860

5.000%,

12/01/42

12/24

at

100.00

2,859,885

110

Arizona

Industrial

Development

Authority,

Arizona,

Lease

Revenue

Bonds,

Children's

National

Prince

County

Regional

Medical

Center,

Series

2020A,

4.000%,

9/01/40

9/30

at

100.00

102,274

4,975

Arizona

Industrial

Development

Authority,

Hospital

Revenue

Bonds,

Phoenix

Children's

Hospital,

Series

2020A,

4.000%,

2/01/50

2/30

at

100.00

4,476,853

1,250

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2019A,

5.000%,

9/01/42

9/28

at

100.00

1,268,712

3,275

Maricopa

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

HonorHealth,

Series

2021A,

4.000%,

9/01/51

3/31

at

100.00

2,936,267

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Refunding

Series

2016A:

1,250

5.000%,

1/01/32

1/27

at

100.00

1,304,175

1,000

5.000%,

1/01/35

1/27

at

100.00

1,041,050

2,000

5.000%,

1/01/38

1/27

at

100.00

2,053,820

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

18

NAZ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Series

2017A:

$

2,700

4.000%,

1/01/41

1/28

at

100.00

$

2,606,553

2,000

5.000%,

1/01/41

1/28

at

100.00

2,050,740

2,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Banner

Health,

Series

2019A,

4.000%,

1/01/44

7/29

at

100.00

1,885,960

2,250

Pima

County

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Tucson

Medical

Center,

Series

2021A,

3.000%,

4/01/51

4/31

at

100.00

1,504,395

1,025

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Refunding

Series

2016,

5.000%,

8/01/36

8/26

at

100.00

1,050,707

1,000

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2013A,

5.250%,

8/01/33

9/23

at

100.00

1,000,390

2,100

Yavapai

County

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yavapai

Regional

Medical

Center,

Series

2019,

4.000%,

8/01/43

8/29

at

100.00

1,840,230

1,000

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2014A,

5.250%,

8/01/32

8/24

at

100.00

1,012,320

Total

Health

Care

32,007,595

Housing/Multifamily

-

1.2%

(0.7%

of

Total

Investments)

1,250

Arizona

Industrial

Development

Authority,

Student

Housing

Revenue

Bonds,

Provident

Group

-

NCCU

Properties

LLC-

North

Carolina

Central

University,

Series

2019A,

4.000%,

6/01/44

-

BAM

Insured

6/29

at

100.00

1,144,775

250

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2021A,

0.000%,

10/01/56

(c)

10/29

at

103.00

176,958

500

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Convertible

Capital

Appreciation

Revenue

Bonds,

Series

2022A,

0.000%,

10/01/56

(c)

10/29

at

103.00

437,460

Total

Housing/Multifamily

1,759,193

Housing/Single

Family

-

0.5%

(0.3%

of

Total

Investments)

750

Tucson

and

Pima

County

Industrial

Development

Authority,

Arizona,

Joint

Single

Family

Mortgage

Revenue

Bonds,

Series

2023A,

4.850%,

7/01/48

7/32

at

103.31

756,053

Total

Housing/Single

Family

756,053

Information

Technology

-

0.3%

(0.2%

of

Total

Investments)

410

Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2007,

4.100%,

12/01/37,

(AMT),

(Mandatory

Put

6/15/28)

2/28

at

100.00

408,811

Total

Information

Technology

408,811

Long-Term

Care

-

3.9%

(2.3%

of

Total

Investments)

585

Arizona

Industrial

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Bridgewater

Avondale

Project,

Series

2017,

5.375%,

1/01/38

7/25

at

101.00

432,005

Glendale

Industrial

Development

Authority,

Arizona,

Senior

Living

Revenue

Bonds,

Royal

Oaks

Royal

Oaks

-

Inspirata

Pointe

Project,

Series

2020A:

1,000

5.000%,

5/15/41

5/26

at

103.00

915,240

1,000

5.000%,

5/15/56

5/26

at

103.00

841,170

1,825

Phoenix

Industrial

Development

Authority,

Arizona,

Multi-Family

Housing

Revenue

Bonds,

3rd

and

Indian

Road

Assisted

Living

Project,

Series

2016,

5.400%,

10/01/36

10/25

at

101.00

1,411,090

1,435

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Friendship

Village

of

Tempe

Project,

Refunding

Series

2021A,

4.000%,

12/01/38

12/29

at

102.00

1,183,531

1,080

Tempe

Industrial

Development

Authority,

Arizona,

Revenue

Bonds,

Mirabella

at

ASU

Project,

Series

2017A,

6.125%,

10/01/47,

144A

10/27

at

100.00

669,481

Total

Long-Term

Care

5,452,517

19

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

18.6%

(11.1%

of

Total

Investments)

$

575

Buckeye

Union

High

School

District

201,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project,

Refunding

Series

2017,

5.000%,

7/01/35

-

BAM

Insured

7/27

at

100.00

$

602,703

2,105

Golder

Ranch

Fire

District,

Pima

and

Pinal

Counties,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/01/45

7/30

at

100.00

2,013,138

1,045

Maricopa

County

School

District

14

Creighton

Elementary,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2021C,

4.000%,

7/01/34

7/31

at

100.00

1,092,642

2,315

Maricopa

County

School

District

214

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

1990,

Series

1990A,

5.000%,

7/01/38

7/28

at

100.00

2,454,664

630

Maricopa

County

School

District

214

Tolleson

Union

High,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

2017,

Series

2018A,

5.000%,

7/01/37

7/27

at

100.00

660,738

1,500

Maricopa

County

Special

Health

Care

District,

Arizona,

General

Obligation

Bonds,

Series

2018C,

5.000%,

7/01/36

7/28

at

100.00

1,603,545

1,350

Maricopa

County

Unified

School

District

95

Queen

Creek,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2018,

5.000%,

7/01/36

7/25

at

102.00

1,407,429

1,275

Maricopa

County

Union

High

School

District

210

Phoenix,

Arizona,

General

Obligation

Bonds,

School

Improvement

&

Project

of

2011

Series

2017E,

5.000%,

7/01/33

7/27

at

100.00

1,356,562

Mohave

County

Union

High

School

District

2

Colorado

River,

Arizona,

General

Obligation

Bonds,

School

Improvement

Series

2017:

1,000

5.000%,

7/01/34

7/27

at

100.00

1,052,620

1,000

5.000%,

7/01/36

7/27

at

100.00

1,050,420

690

Northwest

Fire

District

of

Pima

County,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/01/36

7/27

at

100.00

724,748

2,000

Paradise

Valley

Unified

School

District

No.

69,

Maricopa

County,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2019,

Series

2022D,

4.000%,

7/01/41

7/32

at

100.00

1,950,080

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

2,922,763

1,500

Pima

County

Unified

School

District

6

Marana,

Arizona,

General

Obligation

Bonds,

School

Improvement

Project

of

2014,

Series

2017C,

5.000%,

7/01/36

-

BAM

Insured

7/27

at

100.00

1,575,540

Pinal

County

School

District

4

Casa

Grande

Elementary,

Arizona,

General

Obligation

Bonds,

School

improvement

Project

2016,

Series

2017A:

620

5.000%,

7/01/34

-

BAM

Insured

7/27

at

100.00

650,771

1,000

5.000%,

7/01/35

-

BAM

Insured

7/27

at

100.00

1,048,180

2,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/46

7/31

at

103.00

1,664,940

950

Tempe,

Arizona,

General

Obligation

Bonds,

Series

2021,

5.000%,

7/01/39

7/31

at

100.00

1,037,257

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

717,324

665

4.500%,

7/01/34

7/24

at

100.00

666,150

Total

Tax

Obligation/General

26,252,214

Tax

Obligation/Limited

-

43.9%

(26.4%

of

Total

Investments)

100

Arizona

Industrial

Development

Authority,

Arizona,

Economic

Development

Revenue

Bonds,

Linder

Village

Project

in

Meridian,

Ada

County,

Idaho,

Series

2020,

5.000%,

6/01/31,

144A

No

Opt.

Call

99,326

1,250

Arizona

State

Transportation

Board,

Highway

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

7/01/35

7/26

at

100.00

1,306,688

275

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Refunding

Series

2016,

4.000%,

7/01/36

7/26

at

100.00

276,933

1,000

Buckeye,

Arizona,

Excise

Tax

Revenue

Obligations,

Series

2015,

5.000%,

7/01/37

7/25

at

100.00

1,020,970

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

20

NAZ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

1,215

Cadence

Community

Facilities

District,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

3,

Series

2020,

4.000%,

7/01/45

7/30

at

100.00

$

1,033,054

123

Cahava

Springs

Revitalization

District,

Cave

Creek,

Arizona,

Special

Assessment

Bonds,

Series

2017A,

7.000%,

7/01/41,

144A

(d)

7/27

at

100.00

94,597

1,210

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2015,

5.000%,

7/15/39,

144A

7/25

at

100.00

1,182,715

1,810

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

AGM

Insured

7/27

at

100.00

1,889,640

2,445

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2018,

4.375%,

7/15/43

-

BAM

Insured

7/27

at

100.00

2,458,912

650

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2021,

4.000%,

7/15/41

-

BAM

Insured

7/31

at

100.00

639,210

484

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2013,

5.250%,

7/01/38

10/23

at

100.00

464,703

697

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

1,

Series

2019,

5.200%,

7/01/43

7/27

at

100.00

635,915

2,280

Eastmark

Community

Facilities

District

1,

Mesa,

Arizona,

Special

Assessment

Revenue

Bonds,

Assessment

District

12,

Series

2021,

3.750%,

7/01/45

7/30

at

100.00

1,686,425

1,035

Eastmark

Community

Facilities

District

2,

Mesa,

Arizona,

General

Obligation

Bonds,

Series

2020,

3.500%,

7/15/44

7/30

at

100.00

710,662

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

105

5.000%,

7/15/32

-

AGM

Insured

7/27

at

100.00

110,584

1,145

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

Special

Assessment

Revenue

Bonds,

Lucero

Assessment

District

2,

Series

2023,

5.750%,

7/01/46

7/32

at

100.00

1,122,089

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2012:

345

5.000%,

7/15/27

-

BAM

Insured

10/23

at

100.00

345,341

1,085

5.000%,

7/15/31

10/23

at

100.00

1,085,890

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

490,635

1,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/37

-

BAM

Insured

7/27

at

100.00

1,044,150

590

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2018,

5.000%,

7/15/38

-

BAM

Insured

7/27

at

100.00

610,131

1,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2020,

4.000%,

7/15/40

-

BAM

Insured

7/30

at

100.00

940,680

2,000

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2022,

5.000%,

7/15/42

-

AGM

Insured

7/32

at

100.00

2,107,820

331

Festival

Ranch

Community

Facilities

District,

Buckeye,

Arizona,

Special

Assessment

Revenue

Bonds,  Assessment

District

11,

Series

2017,

5.200%,

7/01/37

7/27

at

100.00

312,868

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

545

4.000%,

7/15/32

7/26

at

100.00

552,695

1,500

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D,

5.000%,

11/15/39

11/25

at

100.00

1,467,315

1,250

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A,

5.000%,

12/01/46

12/26

at

100.00

1,171,100

1,425

Marana,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series

2013,

5.000%,

7/01/33

10/23

at

100.00

1,426,083

615

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/39

10/32

at

100.00

611,617

200

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2016,

5.000%,

7/15/31

7/26

at

100.00

206,552

385

Merrill

Ranch

Community

Facilities

District

2,

Florence,

Arizona,

General

Obligation

Bonds,

Series

2017,

5.000%,

7/15/42

-

BAM

Insured

7/27

at

100.00

397,051

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

400

Parkway

Community

Facilities

District

1,

Prescott

Valley,

Arizona,

General

Obligation

Bonds,

Series

2006,

5.350%,

7/15/31

10/23

at

100.00

$

318,372

1,625

Phoenix

Civic

Improvement

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Subordinate

Lien

Series

2020A,

4.000%,

7/01/45

7/30

at

100.00

1,545,245

580

Phoenix

Mesa

Gateway

Airport

Authority,

Arizona,

Special

Facility

Revenue

Bonds,

Mesa

Project,

Series

2012,

5.000%,

7/01/38,

(AMT)

10/23

at

100.00

579,994

1,000

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2014,

5.000%,

8/01/33

8/24

at

100.00

1,010,270

1,500

Pinal

County,

Arizona,

Pledged

Revenue

Obligations,

Series

2019,

4.000%,

8/01/38

8/28

at

100.00

1,486,995

1,000

Puerto

Rico

Highway

and

Transportation

Authority,

Restructured

Toll

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/62

7/32

at

100.00

986,250

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

9,520

0.000%,

7/01/46

7/28

at

41.38

2,651,510

2,440

5.000%,

7/01/58

7/28

at

100.00

2,367,776

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Refunding

Series

2016:

540

4.000%,

8/01/34

8/26

at

100.00

549,795

545

4.000%,

8/01/36

8/26

at

100.00

551,006

1,740

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2018A,

5.000%,

8/01/42

8/28

at

100.00

1,833,716

2,500

Queen

Creek,

Arizona,

Excise

Tax

&

State

Shared

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

8/01/45

8/30

at

100.00

2,393,175

San

Luis,

Arizona,

Pledged

Excise

Tax

Revenue

Bonds,

Refunding

Series2014A:

1,400

5.000%,

7/01/34

-

BAM

Insured

7/24

at

100.00

1,413,314

2,100

5.000%,

7/01/38

-

BAM

Insured

7/24

at

100.00

2,117,934

3,000

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2006,

5.000%,

7/01/24

No

Opt.

Call

3,042,180

1,650

Sundance

Community

Facilities

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2018,

5.000%,

7/15/39

-

BAM

Insured

7/28

at

100.00

1,748,917

694

Superstition

Vistas

Community

Facilities

District

1,

Apache

Junction,

Arizona,

Special

Assessment

Revenue

Bonds,

Series

2023,

6.000%,

7/01/47

7/33

at

100.00

684,444

3,000

Town

of

Queen

Creek,

Arizona,

Excise

Tax

and

State

Shared

Revenue

Obligation

Bonds,

Series

2022,

5.000%,

8/01/47

8/32

at

100.00

3,217,110

500

Verrado

District

1

Community

Faciliites

District,

Buckeye,

Arizona,

General

Obligation

Bonds,

Series

2023,

4.125%,

7/15/41

-

BAM

Insured

,

(WI/

DD)

7/33

at

100.00

486,825

325

Vistancia

West

Community

Facilities

District,

Peoria,

Arizona,

General

Obligation

Bonds,

Series

2016,

3.250%,

7/15/25,

144A

10/23

at

100.00

324,243

4,240

Yavapai

County

Jail

District,

Arizona,

Pleged

Revenue

Obligation

Bonds,

Series

2020,

4.000%,

7/01/40

-

BAM

Insured

7/29

at

100.00

4,125,774

1,160

Yuma

County,

Arizona,

Pledge

Revenue

Obligations,

Series

2022,

4.250%,

7/15/42

-

BAM

Insured

7/32

at

100.00

1,147,727

Total

Tax

Obligation/Limited

62,084,923

Transportation

-

7.0%

(4.2%

of

Total

Investments)

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2015A:

910

5.000%,

7/01/40

7/25

at

100.00

924,223

2,185

5.000%,

7/01/45

7/25

at

100.00

2,209,276

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019B,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

2,036,560

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A:

1,000

5.000%,

7/01/37,

(AMT)

7/27

at

100.00

1,027,060

1,000

5.000%,

7/01/42,

(AMT)

7/27

at

100.00

1,016,260

1,500

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

7/01/43,

(AMT)

7/28

at

100.00

1,537,620

Nuveen

Arizona

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

22

NAZ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

1,045

Phoenix

Civic

Improvement

Corporation,

Arizona,

Rental

Car

Facility

Charge

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/35

7/29

at

100.00

$

1,116,133

Total

Transportation

9,867,132

U.S.

Guaranteed

-

4.3%

(2.6%

of

Total

Investments)

(e)

1,200

Arizona

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Banner

Health

Systems,

Series

2014A,

5.000%,

1/01/44,

(Pre-refunded

1/01/24)

1/24

at

100.00

1,206,180

Estrella

Mountain

Ranch

Community

Facilities

District,

Goodyear,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2017:

550

5.000%,

7/15/32,

(Pre-refunded

7/15/27)

-

AGM

Insured

7/27

at

100.00

588,516

Goodyear

Community

Facilities

Utilities

District

1,

Arizona,

General

Obligation

Bonds,

Refunding

Series

2016:

55

4.000%,

7/15/32,

(Pre-refunded

7/15/26)

7/26

at

100.00

56,227

Northern

Arizona

University,

System

Revenue

Bonds,

Refunding

Series

2014:

720

5.000%,

6/01/40,

(Pre-refunded

6/01/24)

6/24

at

100.00

729,094

2,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2014A,

5.000%,

7/01/39,

(Pre-refunded

7/01/24)

7/24

at

100.00

2,026,500

1,320

Scottsdale

Municipal

Property

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36,

(Pre-refunded

7/01/27)

7/27

at

100.00

1,416,492

Total

U.S.

Guaranteed

6,023,009

Utilities

-

29.8%

(17.9%

of

Total

Investments)

Carefree

Utilities

Community

Facilities

District,

Arizona,

Water

System

Revenue

Bonds,

Series

2021:

30

4.000%,

7/01/41

7/31

at

100.00

28,153

650

4.000%,

7/01/46

7/31

at

100.00

586,638

655

Central

Arizona

Water

Conservation

District,

Arizona,

Water

Delivery

O&M

Revenue

Bonds,

Series

2016,

5.000%,

1/01/36

1/26

at

100.00

672,711

2,615

City

of

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2022C,

5.000%,

7/01/36

No

Opt.

Call

2,969,489

1,250

Gilbert

Water

Resource

Municipal

Property

Corporation,

Arizona,

Utility

System

Revenue

Bonds,

Senior

Lien

Green

Series

2022,

4.000%,

7/15/47

7/32

at

100.00

1,184,638

785

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Refunding

Subordinate

Lien

Series

2016,

5.000%,

7/01/45

-

AGM

Insured

7/26

at

100.00

803,557

875

Goodyear,

Arizona,

Water

and

Sewer

Revenue

Obligations,

Subordinate

Lien

Series

2020,

4.000%,

7/01/49

-

AGM

Insured

7/29

at

100.00

801,080

665

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/36

7/27

at

100.00

676,631

1,100

Guam

Power

Authority,

Revenue

Bonds,

Series

2014A,

5.000%,

10/01/39

10/24

at

100.00

1,116,016

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

1,150,785

8,750

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2018,

5.000%,

7/01/42,

(UB)

(f)

7/28

at

100.00

9,144,800

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

1,149,483

1,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Water

System

Revenue

Bonds,

Junior

Lien

Series

2021A,

4.000%,

7/01/42

7/31

at

100.00

966,750

695

Pinal

County

Electrical

District

3,

Arizona,

Electric

System

Revenue

Bonds,

Refunding  Series

2016,

5.000%,

7/01/35

7/26

at

100.00

725,406

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

5.000%,

7/01/37,

144A

7/31

at

100.00

1,000,270

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

1,534,305

2,500

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A,

5.000%,

1/01/50

1/33

at

100.00

2,674,350

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

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

$

4,752,270

5,665

5.000%,

12/01/37

No

Opt.

Call

5,806,115

Surprise,

Arizona,

Utility  System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2018:

500

5.000%,

7/01/35

7/28

at

100.00

543,610

805

5.000%,

7/01/36

7/28

at

100.00

869,859

3,000

Yuma,

Arizona,

Utilities

System

Revenue

Bonds,

Series

2021,

4.000%,

7/01/40

-

BAM

Insured

7/31

at

100.00

2,939,850

Total

Utilities

42,096,766

Total

Municipal

Bonds

(cost

$242,204,291)

232,419,157

Total

Long-Term

Investments

(cost

$242,204,291)

232,419,157

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 2.2%(1.3%

of

Total

Investments)  

X

3,078,000

MUNICIPAL

BONDS

-

2.2%  (1.3%

of

Total

Investments)

X

3,078,000

Health

Care

-

2.2%

(1.3%

of

Total

Investments)

$

3,078

Phoenix

Industrial

Development

Authority,

Arizona,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2014B,

2.300%,

11/15/52,

(Mandatory

Put

9/08/23)

(g)

9/23

at

100.00

$

3,078,000

Total

Health

Care

3,078,000

Total

Municipal

Bonds

(cost

$3,078,000)

3,078,000

Total

Short-Term

Investments

(cost

$3,078,000)

3,078,000

Total

Investments

(cost

$245,282,291)

-

166.7%

235,497,157

Floating

Rate

Obligations

-

(5.0)%  

(7,000,000)

AMTP

Shares,

Net

-

(62.5)%

(h)

(88,254,347)

Other

Assets

&

Liabilities,

Net

-

0.8%

1,056,720

Net

Assets

Applicable

to

Common

Shares

-

100%

$

141,299,530

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

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.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

(h)

AMTP

Shares,

Net

as

a

percentage

of

Total

Investments

is

37.5%

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

24

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

159.2% (99.2%

of

Total

Investments)  

X

876,520,900

MUNICIPAL

BONDS

-

159.2%  (99.2%

of

Total

Investments)

X

876,520,900

Consumer

Discretionary

-

0.5%

(0.3%

of

Total

Investments)

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A:

$

2,460

5.000%,

1/01/32

(c)

10/23

at

100.00

$

1,613,563

1,485

5.125%,

1/01/37

(c)

10/23

at

100.00

967,493

Total

Consumer

Discretionary

2,581,056

Consumer

Staples

-

5.4%

(3.4%

of

Total

Investments)

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A:

8,525

4.000%,

6/01/37

6/28

at

100.00

8,561,146

13,045

5.000%,

6/01/46

6/28

at

100.00

13,280,593

8,250

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

8,117,175

Total

Consumer

Staples

29,958,914

Education

and

Civic

Organizations

-

19.2%

(11.9%

of

Total

Investments)

1,000

Atlantic

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Stockton

University

Atlantic

City

Campus

Phase

II,

Series

2021A,

4.000%,

7/01/53

-

AGM

Insured

7/31

at

100.00

916,940

1,760

Camden

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Rowan

University

School

of

Osteopathic

Medicine

Project,

Refunding

Series

2013A,

5.000%,

12/01/32

12/23

at

100.00

1,762,059

715

Camden

County

Improvement

Authority,

New

Jersey,

School

Revenue

Bonds,

KIPP:

Cooper

Norcross

Academy

2022

Project,

Social

Series

2022,

6.000%,

6/15/62

12/30

at

100.00

739,145

Essex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Institute

of

Technology

CHF-Newark,

LLC-NJIT

Student

Housing

Project,

Series

2021A:

2,600

4.000%,

8/01/51

-

BAM

Insured

8/31

at

100.00

2,373,254

1,000

4.000%,

8/01/56

-

BAM

Insured

8/31

at

100.00

903,530

1,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Fossil

Park

&

Student

Center

Projects,

Series

2021,

4.000%,

7/01/46

-

BAM

Insured

7/30

at

100.00

945,670

1,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A,

5.000%,

7/01/50

1/28

at

100.00

926,060

175

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52,

144A

9/27

at

100.00

155,606

2,025

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

2,067,646

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017:

820

3.000%,

6/01/32

12/27

at

100.00

763,469

500

5.000%,

6/01/32

12/27

at

100.00

521,870

1,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

958,080

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2015D:

2,395

5.000%,

7/01/31

7/25

at

100.00

2,454,707

1,600

5.000%,

7/01/33

7/25

at

100.00

1,637,872

1,000

5.000%,

7/01/34

7/25

at

100.00

1,023,520

5,950

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

5,971,301

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

5,280

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2021C,

5.000%,

3/01/30

No

Opt.

Call

$

5,979,706

4,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Tender

Option

Bond

Trust

2015-XF0149,

4.980%,

7/01/44,

144A,

(IF)

(d)

7/24

at

100.00

4,084,120

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series   2017F:

330

3.750%,

7/01/37

7/27

at

100.00

252,057

3,830

4.000%,

7/01/42

7/27

at

100.00

2,808,616

3,885

5.000%,

7/01/47

7/27

at

100.00

3,211,924

1,200

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2015C,

5.000%,

7/01/35

7/25

at

100.00

1,221,828

775

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2017D,

3.500%,

7/01/44

7/27

at

100.00

614,242

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D:

685

5.000%,

7/01/38

10/23

at

100.00

685,212

1,935

5.000%,

7/01/43

10/23

at

100.00

1,935,445

1,980

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C,

3.000%,

7/01/46

7/26

at

100.00

1,390,752

860

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology

Issue,

Green

Series

2020A,

4.000%,

7/01/50

7/30

at

100.00

721,230

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

1,060

5.000%,

7/01/37

7/27

at

100.00

1,080,437

2,500

5.000%,

7/01/42

7/27

at

100.00

2,515,375

1,050

4.000%,

7/01/47

7/27

at

100.00

897,225

3,160

5.000%,

7/01/47

7/27

at

100.00

3,164,424

975

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

The

College

of

Saint

Elizabeth,

Series

2016D,

5.000%,

7/01/46

7/26

at

100.00

854,578

4,560

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson

University,

Series

2015C,

5.000%,

7/01/40

7/25

at

100.00

4,598,395

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson

University,

Series

2017B:

2,000

5.000%,

7/01/42

-

AGM

Insured

7/27

at

100.00

2,056,440

2,420

5.000%,

7/01/47

-

AGM

Insured

7/27

at

100.00

2,477,983

410

New

Jersey

Higher

Education

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Tender

Option

Bond

Trust

2015-XF0151,

0.815%,

12/01/27,

(AMT),

144A,

(IF)

12/23

at

100.00

377,663

1,165

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2021B,

2.500%,

12/01/40,

(AMT)

12/29

at

100.00

958,935

11,925

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2022B,

4.000%,

12/01/41,

(AMT)

12/30

at

100.00

11,634,149

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A:

910

3.750%,

12/01/30,

(AMT)

6/28

at

100.00

879,606

925

4.000%,

12/01/32,

(AMT)

6/28

at

100.00

919,736

725

4.000%,

12/01/33,

(AMT)

6/28

at

100.00

720,875

775

4.000%,

12/01/35,

(AMT)

6/28

at

100.00

771,133

1,375

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2023B,

4.000%,

12/01/44,

(AMT)

12/33

at

100.00

1,305,920

1,230

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2021C,

3.250%,

12/01/51,

(AMT)

12/29

at

100.00

842,784

2,500

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2022C,

5.000%,

12/01/52,

(AMT)

12/30

at

100.00

2,511,250

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2016-1A:

1,660

3.500%,

12/01/32,

(AMT)

12/25

at

100.00

1,616,923

380

4.000%,

12/01/39,

(AMT)

12/25

at

100.00

376,284

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

26

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,275

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2019B,

3.250%,

12/01/39,

(AMT)

6/28

at

100.00

$

1,190,812

535

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2020B,

3.500%,

12/01/39,

(AMT)

12/28

at

100.00

506,640

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Series

2015-1A:

1,720

4.000%,

12/01/28,

(AMT)

12/24

at

100.00

1,717,626

950

4.000%,

12/01/30,

(AMT)

12/24

at

100.00

948,661

6,855

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2017-C,

4.250%,

12/01/47,

(AMT)

12/26

at

100.00

6,567,913

4,795

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2019C,

3.625%,

12/01/49,

(AMT)

6/28

at

100.00

3,693,349

2,315

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

2,342,896

1,000

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Arts

&

Science

Charter

School,

Series

2023,

5.500%,

7/01/58

7/31

at

100.00

978,610

Total

Education

and

Civic

Organizations

105,532,483

Financials

-

0.2%

(0.1%

of

Total

Investments)

1,254

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002,

6.500%,

4/01/28

No

Opt.

Call

1,243,062

Total

Financials

1,243,062

Health

Care

-

17.0%

(10.6%

of

Total

Investments)

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021:

2,880

2.375%,

7/01/46

7/31

at

100.00

1,788,451

1,215

3.000%,

7/01/51

7/31

at

100.00

824,985

185

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A,

5.000%,

7/01/27

10/23

at

100.00

185,091

2,175

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

2,062,944

11,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Barnabas

Health,

Refunding

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

11,059,730

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A:

700

5.000%,

7/01/28

7/27

at

100.00

744,961

4,140

5.000%,

7/01/57

7/27

at

100.00

4,214,520

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A:

210

4.000%,

7/01/45

7/24

at

100.00

188,937

12,010

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

12,184,265

1,450

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Meridian

Health

System

Obligated

Group,

Refunding

Series

2013A,

5.000%,

7/01/32

10/23

at

100.00

1,450,261

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A:

830

5.000%,

7/01/32

7/26

at

100.00

866,877

1,055

5.000%,

7/01/33

7/26

at

100.00

1,100,987

1,370

5.000%,

7/01/34

7/26

at

100.00

1,427,540

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital

Issue,

Series

2014A:

4,235

5.000%,

7/01/39

7/24

at

100.00

4,258,081

5,955

5.000%,

7/01/43

7/24

at

100.00

5,977,629

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

3,945

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital,

Series

2013A,

5.500%,

7/01/43

10/23

at

100.00

$

3,947,249

4,155

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

4,224,472

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A:

1,690

4.000%,

7/01/45

7/31

at

100.00

1,616,248

1,000

3.000%,

7/01/51

7/31

at

100.00

719,890

1,960

4.000%,

7/01/51

7/31

at

100.00

1,821,938

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016:

1,600

3.000%,

7/01/32

7/26

at

100.00

1,389,152

1,135

4.000%,

7/01/34

7/26

at

100.00

1,061,043

1,600

5.000%,

7/01/35

7/26

at

100.00

1,611,920

3,700

5.000%,

7/01/36

7/26

at

100.00

3,710,841

2,095

5.000%,

7/01/41

7/26

at

100.00

2,025,677

6,655

4.000%,

7/01/48

7/26

at

100.00

5,436,203

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A:

5,025

4.125%,

7/01/38

-

AGM

Insured

7/25

at

100.00

4,942,590

5,410

5.000%,

7/01/46

-

AGM

Insured

7/25

at

100.00

5,424,228

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

1,740

4.000%,

7/01/44

7/29

at

100.00

1,587,471

8,350

3.000%,

7/01/49

7/29

at

100.00

5,633,077

Total

Health

Care

93,487,258

Housing/Multifamily

-

4.5%

(2.8%

of

Total

Investments)

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A:

450

5.000%,

7/01/47

1/27

at

100.00

416,466

1,400

5.000%,

1/01/50

1/27

at

100.00

1,281,756

1,900

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Rowan

Properties

LLC

-

Rowan

University

Student

Housing

Project,

Series

2015A,

5.000%,

1/01/48

1/25

at

100.00

1,714,427

6,575

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

5,428,978

3,418

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B,

2.375%,

1/01/39

No

Opt.

Call

2,559,639

4,320

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

3,873,139

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2017D:

1,125

3.900%,

11/01/32,

(AMT)

5/26

at

100.00

1,085,287

1,750

4.250%,

11/01/37,

(AMT)

5/26

at

100.00

1,633,345

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A:

1,150

2.300%,

11/01/40

11/29

at

100.00

807,024

500

2.450%,

11/01/45

11/29

at

100.00

332,640

1,000

2.550%,

11/01/50

11/29

at

100.00

636,860

1,000

2.625%,

11/01/56

11/29

at

100.00

611,610

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

28

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A:

$

1,500

2.250%,

11/01/36

11/30

at

100.00

$

1,150,935

1,270

2.650%,

11/01/46

11/30

at

100.00

852,195

1,445

2.700%,

11/01/51

11/30

at

100.00

917,748

1,310

2.750%,

11/01/56

11/30

at

100.00

805,205

750

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023C,

5.000%,

11/01/38,

(AMT)

5/32

at

100.00

756,360

Total

Housing/Multifamily

24,863,614

Housing/Single

Family

-

11.1%

(6.9%

of

Total

Investments)

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A:

5,280

3.600%,

4/01/33

10/27

at

100.00

5,041,291

3,275

3.750%,

10/01/35

10/27

at

100.00

3,137,909

2,840

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

3.800%,

10/01/32,

(AMT)

10/27

at

100.00

2,749,887

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C:

4,585

3.500%,

10/01/34

4/28

at

100.00

4,326,543

4,835

3.850%,

10/01/39,

(UB)

(d)

4/28

at

100.00

4,381,622

3,295

3.950%,

10/01/44,

(UB)

(d)

4/28

at

100.00

2,976,967

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E:

4,810

2.050%,

10/01/35

4/29

at

100.00

3,847,182

6,235

2.250%,

10/01/40

4/29

at

100.00

4,552,797

3,210

2.400%,

10/01/45

4/29

at

100.00

2,363,427

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021H:

5,995

1.900%,

10/01/36

4/30

at

100.00

4,574,845

4,625

2.150%,

10/01/41

4/30

at

100.00

3,236,251

8,070

2.400%,

4/01/52

4/30

at

100.00

5,600,499

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I:

4,040

4.500%,

10/01/42

4/31

at

100.00

3,992,893

3,095

4.600%,

10/01/46

4/31

at

100.00

3,092,679

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023J:

1,000

4.150%,

10/01/38,

(UB)

(d)

4/32

at

100.00

944,710

2,300

4.500%,

10/01/43,

(UB)

(d)

4/32

at

100.00

2,258,554

3,850

4.700%,

10/01/48,

(UB)

(d)

4/32

at

100.00

3,843,494

Total

Housing/Single

Family

60,921,550

Long-Term

Care

-

0.7%

(0.5%

of

Total

Investments)

1,110

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

1/24

at

100.00

1,022,654

2,755

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40,

144A

1/28

at

102.00

1,934,451

1,430

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38,

144A

10/26

at

102.00

1,087,215

Total

Long-Term

Care

4,044,320

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

-

15.2%

(9.5%

of

Total

Investments)

$

440

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2018,

3.125%,

1/15/32

-

BAM

Insured

1/28

at

100.00

$

429,920

2,920

Cumberland

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Correctional

Facility

Project,

Series

2018,

4.000%,

10/01/43

-

BAM

Insured

10/28

at

100.00

2,777,008

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021:

1,470

2.000%,

5/15/30

5/28

at

100.00

1,290,146

1,475

2.000%,

5/15/31

5/28

at

100.00

1,269,414

7,200

Essex

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Essex

County

Family

Court

Building

House

Projects,

County

Guaranteed

Series

2023,

5.000%,

7/03/24

No

Opt.

Call

7,281,144

680

Hamilton

Township,

Mercer

County

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

Series

2017,

3.250%,

12/15/38

12/27

at

100.00

592,681

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018:

1,340

3.125%,

3/01/31

-

BAM

Insured

3/28

at

100.00

1,305,817

1,110

3.250%,

3/01/32

-

BAM

Insured

3/28

at

100.00

1,086,379

1,255

3.500%,

3/01/36

-

BAM

Insured

3/28

at

100.00

1,211,451

1,040

Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Loan

Revenue

Bonds,

Guttenberg

General

Obligation

Bond

Project,

Series

2018,

5.000%,

8/01/42

8/25

at

100.00

1,057,025

1,750

Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Pooled

Notes,

Series

2023B-1,

5.000%,

7/24/24

No

Opt.

Call

1,770,510

2,000

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Courthouse

Project,

Series

2020,

4.000%,

10/01/46

10/30

at

100.00

1,916,920

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016:

4,235

5.000%,

5/01/46

5/26

at

100.00

4,316,481

9,775

5.250%,

5/01/51

5/26

at

100.00

10,014,683

5,000

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A,

3.000%,

2/15/37

2/29

at

100.00

4,327,550

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

Refunding

General

Improvement

Series

2017A:

1,000

5.000%,

11/01/29

11/27

at

100.00

1,074,080

515

5.000%,

11/01/31

11/27

at

100.00

553,254

440

5.000%,

11/01/33

11/27

at

100.00

472,318

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2021A:

2,140

3.000%,

3/01/32

3/31

at

100.00

2,114,299

1,000

3.000%,

3/01/36

3/31

at

100.00

924,260

760

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Parking

Utility

Series

2014A,

5.000%,

1/01/37

1/24

at

100.00

762,516

2,110

New

Brunswick,

New

Jersey,

General

Obligation

Bonds,

Cultural

Center

Project,

Series

2017,

4.000%,

9/15/44

-

AGM

Insured

9/27

at

100.00

2,010,492

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A:

5,530

4.000%,

6/01/31

No

Opt.

Call

5,793,670

4,080

3.000%,

6/01/32

No

Opt.

Call

3,793,503

3,115

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

2.250%,

6/01/35

12/27

at

100.00

2,533,087

Newark

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Series

2021:

750

3.000%,

7/15/38

-

BAM

Insured

7/31

at

100.00

610,770

755

3.000%,

7/15/39

-

BAM

Insured

7/31

at

100.00

603,690

1,000

3.000%,

7/15/40

-

BAM

Insured

7/31

at

100.00

787,210

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

30

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

2,400

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022,

6.000%,

11/15/62

-

AGM

Insured

11/32

at

100.00

$

2,699,136

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

2,879

4.000%,

7/01/33

7/31

at

103.00

2,695,838

1,965

4.000%,

7/01/35

7/31

at

103.00

1,805,933

1,000

Sayreville

School

District,

Middlesex

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2022,

4.000%,

1/15/41

-

BAM

Insured

1/32

at

100.00

977,080

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2020:

400

4.000%,

1/15/25

No

Opt.

Call

403,024

500

4.000%,

1/15/26

No

Opt.

Call

507,705

1,196

South

Orange

Village

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2023,

5.000%,

6/28/24

No

Opt.

Call

1,210,017

5,015

Union

County

Utilities

Authority,

New

Jersey,

Resource

Recovery

Facility

Lease

Revenue

Bonds,

Covantan

Union

Inc.

Lessee,

Refunding

Series

2011B,

5.250%,

12/01/31,

(AMT)

10/23

at

100.00

5,020,115

2,515

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

10/23

at

100.00

2,516,283

1,450

Union

County,

New

Jersey,

General

Obligation

Bonds,

Series

2018,

3.000%,

3/01/27

9/25

at

100.00

1,437,370

1,515

Washington

Township

Board

of

Education,

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Series

2005,

5.250%,

1/01/27

-

AGM

Insured

No

Opt.

Call

1,606,370

Total

Tax

Obligation/General

83,559,149

Tax

Obligation/Limited

-

43.2%

(26.9%

of

Total

Investments)

2,630

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Revenue

Bonds,

Bergen

New

Bridge

Medical

Center

Project,

Series

2022,

5.000%,

8/01/47

8/32

at

100.00

2,855,023

3,775

Bergen

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Administration

Complex

Project,

Series

2005,

5.000%,

11/15/26

No

Opt.

Call

4,002,028

1,000

Bergen

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Boro

Ridgefield

Project,

County

Guaranteed

Series

2020,

4.000%,

10/15/42

10/30

at

100.00

981,190

7,500

Burlington

County

Bridge

Commission,

New

Jersey,

Governmental

Leasing

Program

Revenue

Bonds,

Series

2023C,

4.500%,

8/07/24

No

Opt.

Call

7,564,575

3,000

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2003B,

0.000%,

11/01/25

-

AGM

Insured

No

Opt.

Call

2,774,700

2,230

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

2,380,882

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A:

1,965

5.000%,

8/15/49

8/33

at

100.00

2,133,813

8,000

4.000%,

8/15/53,

(UB)

(d)

8/33

at

100.00

7,520,960

1,990

5.000%,

8/15/53

8/33

at

100.00

2,139,986

7,785

5.000%,

8/15/53,

(UB)

(d)

8/33

at

100.00

8,371,756

5,445

New

Jersey

Economic

Development

Authority,

Lease

Revenue

Bonds,

State

House

Project,

Series

2017B,

4.500%,

6/15/40

12/28

at

100.00

5,519,270

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A:

2,400

5.250%,

11/01/47

11/32

at

100.00

2,568,192

1,685

5.000%,

11/01/52

11/32

at

100.00

1,762,089

5,575

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

5,262,465

6,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

New

Jersey

Transit

Corporation

Projects

Sublease,

Refunding

Series

2017B,

5.000%,

11/01/25

No

Opt.

Call

6,169,620

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

6,385

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2014UU,

5.000%,

6/15/27

6/24

at

100.00

$

6,447,765

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ:

1,300

5.000%,

6/15/31

12/30

at

100.00

1,429,779

1,000

5.000%,

6/15/32

12/30

at

100.00

1,097,430

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1:

1,140

5.000%,

6/15/29

6/26

at

100.00

1,188,108

655

5.000%,

6/15/30

6/26

at

100.00

681,704

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB:

1,250

3.000%,

6/15/50

12/31

at

100.00

907,400

1,500

4.000%,

6/15/50

12/31

at

100.00

1,381,455

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC:

3,750

5.000%,

6/15/42

12/32

at

100.00

3,972,412

6,000

5.000%,

6/15/44

12/32

at

100.00

6,326,220

1,250

5.000%,

6/15/48

12/32

at

100.00

1,308,500

1,610

5.500%,

6/15/50

12/32

at

100.00

1,754,997

1,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA,

4.250%,

6/15/44

6/33

at

100.00

982,090

32,965

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/30

No

Opt.

Call

24,934,067

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C:

37,600

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

26,266,608

39,090

0.000%,

12/15/33

-

AGM

Insured

No

Opt.

Call

26,092,966

5,160

0.000%,

12/15/34

-

AGM

Insured

No

Opt.

Call

3,284,856

7,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2010D,

5.000%,

12/15/24

No

Opt.

Call

7,119,210

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2018A:

1,150

5.000%,

12/15/35

12/28

at

100.00

1,218,586

440

5.000%,

12/15/36

12/28

at

100.00

463,456

4,950

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A,

4.000%,

12/15/39

12/29

at

100.00

4,845,901

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

750

4.000%,

6/15/44

12/28

at

100.00

711,165

6,845

3.500%,

6/15/46

12/28

at

100.00

5,733,030

2,900

4.000%,

6/15/50

12/28

at

100.00

2,670,813

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA:

4,425

5.000%,

6/15/45

12/30

at

100.00

4,614,479

3,435

3.000%,

6/15/50

12/30

at

100.00

2,507,000

1,175

4.000%,

6/15/50

12/30

at

100.00

1,082,140

Newark

Parking

Authority,

Essex

County,

New

Jersey,

Lease

Revenue

Bonds,

Parking

Facility/Office

Project

Series

2023:

600

5.250%,

2/01/43

-

AGM

Insured

2/33

at

100.00

628,758

1,250

5.500%,

2/01/51

-

AGM

Insured

2/33

at

100.00

1,315,975

3,860

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Refunding

Series

2015,

3.750%,

5/01/36

5/25

at

100.00

3,840,082

4,005

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012,

3.500%,

5/01/35

10/23

at

100.00

3,975,123

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

732

4.750%,

7/01/53

7/28

at

100.00

686,228

2,355

5.000%,

7/01/58

7/28

at

100.00

2,285,292

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

32

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

$

2,874

4.329%,

7/01/40

7/28

at

100.00

$

2,729,150

1,012

4.784%,

7/01/58

7/28

at

100.00

948,639

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Bonds,

Juvenile

Detention

Center

Facility

Project,

Refunding

Series

2015A:

1,420

5.500%,

5/01/28

No

Opt.

Call

1,571,457

1,425

5.500%,

5/01/29

No

Opt.

Call

1,606,944

1,000

5.500%,

5/01/30

No

Opt.

Call

1,148,270

1,830

5.500%,

5/01/31

No

Opt.

Call

2,139,746

1,915

5.500%,

5/01/32

No

Opt.

Call

2,275,020

1,990

5.500%,

5/01/33

No

Opt.

Call

2,397,532

2,075

5.500%,

5/01/34

No

Opt.

Call

2,534,779

3,975

Union

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Plainfield

-

Park

Madison

Redevelopment

Project,

Tender

Option

Trust

2016-XG0057,

5.309%,

3/01/34,

144A,

(IF)

(d)

No

Opt.

Call

6,764,456

Total

Tax

Obligation/Limited

237,876,137

Transportation

-

29.2%

(18.2%

of

Total

Investments)

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2014A:

1,285

5.000%,

1/01/34

1/24

at

100.00

1,291,155

5,890

4.125%,

1/01/39

1/24

at

100.00

5,813,960

7,800

5.000%,

1/01/44

1/24

at

100.00

7,821,996

1,000

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019,

4.000%,

1/01/44

1/29

at

100.00

940,820

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015:

1,000

4.000%,

7/01/34

-

BAM

Insured

7/25

at

100.00

1,009,520

2,820

4.000%,

7/01/35

-

BAM

Insured

7/25

at

100.00

2,838,584

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2019B:

2,005

5.000%,

7/01/28

No

Opt.

Call

2,163,756

1,520

5.000%,

7/01/29

No

Opt.

Call

1,659,612

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017:

2,820

5.000%,

7/01/42

7/27

at

100.00

2,916,867

10,210

5.000%,

7/01/47

7/27

at

100.00

10,493,838

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A:

1,050

5.000%,

7/01/28

No

Opt.

Call

1,133,139

1,350

5.000%,

7/01/29

No

Opt.

Call

1,473,998

1,015

5.000%,

7/01/30

7/29

at

100.00

1,109,293

10,035

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,  Series

2013,

5.000%,

1/01/40

1/24

at

100.00

10,059,987

2,325

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/37

1/29

at

100.00

2,495,051

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013:

6,255

5.375%,

1/01/43,

(AMT)

1/24

at

100.00

6,263,444

5,555

5.625%,

1/01/52,

(AMT)

1/24

at

100.00

5,565,110

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999:

1,040

5.125%,

9/15/23,

(AMT)

9/23

at

100.50

1,040,031

2,800

5.250%,

9/15/29,

(AMT)

10/23

at

100.50

2,807,952

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

2,250

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

5.625%,

11/15/30,

(AMT)

3/24

at

101.00

$

2,279,205

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017:

5,660

5.000%,

10/01/37,

(AMT)

10/27

at

100.00

5,791,482

7,910

5.000%,

10/01/47,

(AMT)

10/27

at

100.00

7,958,805

6,570

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2015E,

5.000%,

1/01/45

1/25

at

100.00

6,649,103

3,065

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A,

5.250%,

1/01/29

-

AGM

Insured

No

Opt.

Call

3,397,215

1,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2021A,

4.000%,

1/01/42

1/31

at

100.00

986,020

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A:

1,250

4.000%,

1/01/42

7/32

at

100.00

1,232,525

2,500

4.000%,

1/01/43

7/32

at

100.00

2,463,950

7,500

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B,

5.250%,

1/01/52,

(UB)

(d)

1/33

at

100.00

8,211,150

2,750

Passaic

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Paterson

Parking

Deck

Facility,

Series

2005,

5.000%,

4/15/35

-

AGM

Insured

10/23

at

100.00

2,753,190

7,235

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Ninth

Series

2013,

5.000%,

12/01/43

12/23

at

100.00

7,250,049

3,080

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Seventh

Series

2013,

4.000%,

1/15/43,

(AMT)

10/23

at

100.00

2,899,173

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019:

8,000

4.000%,

11/01/41,

(AMT)

11/29

at

100.00

7,622,880

4,000

4.000%,

11/01/47,

(AMT)

11/29

at

100.00

3,695,360

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fouteen

Series

2019:

4,500

4.000%,

9/01/38,

(AMT)

9/29

at

100.00

4,368,780

2,500

4.000%,

9/01/39,

(AMT)

9/29

at

100.00

2,411,050

1,265

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Eighth

Series

2023,

5.000%,

7/15/38,

(AMT)

7/33

at

100.00

1,367,718

2,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Four

Series

2022,

5.500%,

8/01/52,

(AMT)

8/32

at

100.00

2,162,460

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022:

6,000

5.000%,

1/15/47,

(AMT),

(UB)

(d)

1/33

at

100.00

6,260,700

4,660

5.000%,

1/15/52,

(AMT),

(UB)

(d)

1/33

at

100.00

4,840,622

3,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2014A,

5.000%,

11/01/39

11/24

at

100.00

2,999,790

1,040

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/45

11/30

at

100.00

1,058,356

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A:

2,240

4.625%,

11/01/47

11/32

at

100.00

2,207,094

1,000

5.250%,

11/01/52

-

BAM

Insured

11/32

at

100.00

1,068,280

Total

Transportation

160,833,070

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

34

NXJ

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

-

7.8%

(4.8%

of

Total

Investments)

(e)

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A:

$

175

5.000%,

2/15/25,

(Pre-refunded

2/15/24)

2/24

at

100.00

$

176,178

220

5.000%,

2/15/26,

(Pre-refunded

2/15/24)

2/24

at

100.00

221,481

1,320

5.000%,

2/15/27,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,328,884

1,385

5.000%,

2/15/28,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,394,321

1,385

5.000%,

2/15/29,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,394,321

2,500

5.000%,

2/15/32,

(Pre-refunded

2/15/24)

2/24

at

100.00

2,516,825

3,040

5.000%,

2/15/33,

(Pre-refunded

2/15/24)

2/24

at

100.00

3,060,459

1,000

5.000%,

2/15/34,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,006,730

1,950

5.000%,

2/15/35,

(Pre-refunded

2/15/24)

2/24

at

100.00

1,963,123

2,225

Cumberland

County

Improvement

Authority,

New

Jersey,

County

General

Obligation

Revenue

Bonds,

Technical

High

School

Project,

Series

2014,

5.000%,

9/01/39,

(Pre-refunded

9/01/24)

-

AGM

Insured

9/24

at

100.00

2,262,781

1,410

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

1,428,104

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2015WW:

660

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

684,242

11,455

5.250%,

6/15/40,

(Pre-refunded

6/15/25)

6/25

at

100.00

11,875,742

5,020

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Financing

Program

Bonds,

Refunding

Series

2014PP,

5.000%,

6/15/26,

(Pre-refunded

6/15/24)

6/24

at

100.00

5,084,758

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A:

2,055

5.000%,

7/01/45,

(Pre-refunded

7/01/24)

7/24

at

100.00

2,081,386

3,390

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Kennedy

Health

System

Obligated

Group

Issue,

Refunding

Series

2012,

3.750%,

7/01/27,

(ETM)

No

Opt.

Call

3,406,441

405

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Pollution

Control

Revenue

Bonds,

Chambers

Project,

Refunding

Series

2014A,

5.000%,

12/01/23,

(AMT),

(ETM)

No

Opt.

Call

406,341

Sparta

Township

Board

of

Education,

Sussex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2015:

1,000

5.000%,

2/15/34,

(Pre-refunded

2/15/25)

2/25

at

100.00

1,024,750

1,395

5.000%,

2/15/35,

(Pre-refunded

2/15/25)

2/25

at

100.00

1,429,526

Total

U.S.

Guaranteed

42,746,393

Utilities

-

5.2%

(3.3%

of

Total

Investments)

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A:

1,000

4.750%,

6/15/32,

(AMT)

10/23

at

100.00

1,000,080

1,225

5.125%,

6/15/43,

(AMT)

10/23

at

100.00

1,217,307

1,950

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

1,534,065

1,495

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011C,

3.000%,

8/01/41,

(AMT)

8/24

at

100.00

1,146,261

2,355

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

Middlesex

Water

Company,

Series

2019,

4.000%,

8/01/59,

(AMT)

8/29

at

100.00

2,011,853

5,220

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2021A-1,

3.000%,

9/01/34

9/30

at

100.00

4,943,079

2,700

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018,

5.000%,

3/01/37

No

Opt.

Call

3,020,544

1,500

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/30,

144A

No

Opt.

Call

1,539,105

1,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B,

4.000%,

7/01/42,

144A

7/31

at

100.00

858,060

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

13,000

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

$

11,603,540

Total

Utilities

28,873,894

Total

Municipal

Bonds

(cost

$907,754,445)

876,520,900

Total

Long-Term

Investments

(cost

$907,754,445)

876,520,900

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 1.3%(0.8%

of

Total

Investments)  

X

7,000,000

MUNICIPAL

BONDS

-

1.3%  (0.8%

of

Total

Investments)

X

7,000,000

Health

Care

-

0.9%

(0.6%

of

Total

Investments)

$

5,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Virtua

Health,

Series

2009E,

2.620%,

7/01/43,

(Mandatory

Put

9/15/23)

(f)

9/23

at

100.00

$

5,000,000

Total

Health

Care

5,000,000

Tax

Obligation/General

-

0.4%

(0.2%

of

Total

Investments)

$

2,000

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Tender

Option

Bond

Floater

Series

2023-005,

4.100%,

4/04/24,

(Mandatory

Put

9/08/23),

144A

(f)

No

Opt.

Call

2,000,000

Total

Tax

Obligation/General

2,000,000

Total

Municipal

Bonds

(cost

$7,000,000)

7,000,000

Total

Short-Term

Investments

(cost

$7,000,000)

7,000,000

Total

Investments

(cost

$914,754,445)

-

160.5%

883,520,900

Floating

Rate

Obligations

-

(7.0)%  

(

38,595,000

)

VRDP

Shares,

Net

-

(56.8)%

(g)

(

312,711,751

)

Other

Assets

&

Liabilities,

Net

-

3.3%

18,398,943

Net

Assets

Applicable

to

Common

Shares

-

100%

$

550,613,092

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(e)

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.

(f)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

(g)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

35.4%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

Notes

to

Financial

Statements

36

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

165.8% (100.0%

of

Total

Investments)  

X

748,437,569

MUNICIPAL

BONDS

-

155.9%  (94.0%

of

Total

Investments)

X

748,437,569

Consumer

Staples

-

0.5%

(0.3%

of

Total

Investments)

$

2,000

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

&

Gamble

Paper

Project,

Series

2001,

5.375%,

3/01/31,

(AMT)

No

Opt.

Call

$

2,236,740

Total

Consumer

Staples

2,236,740

Education

and

Civic

Organizations

-

16.9%

(10.2%

of

Total

Investments)

715

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

College

Revenue

Refunding

Bonds,

Robert

Morris

College,

Series

1998A,

6.000%,

5/01/28

No

Opt.

Call

743,250

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2016:

735

3.000%,

10/15/30

10/26

at

100.00

645,646

1,000

5.000%,

10/15/38

10/26

at

100.00

958,470

1,625

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017,

5.000%,

10/15/47

10/27

at

100.00

1,473,404

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,  Alvernia

University

Project,

Series

2020:

590

5.000%,

10/01/39

10/29

at

100.00

553,373

20

5.000%,

10/01/49

10/29

at

100.00

17,522

3,215

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00

3,247,118

835

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00

780,708

1,000

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Collegium

Charter

School

Project,

Series

2022,

6.000%,

10/15/52,

144A

10/32

at

100.00

1,000,610

2,200

Crawford

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

Allegheny

College,

Series

2016,

3.000%,

5/01/34

5/26

at

100.00

1,863,356

1,000

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Dickinson

College

Project,

Second

Series

2017A,

5.000%,

11/01/39

11/27

at

100.00

1,042,950

1,230

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University

Project,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

1,110,641

1,020

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00

999,090

4,595

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00

3,601,469

2,395

General

Authority

of

Southcentral

Pennsylvania,

Revenue

Bonds,

AICUP

Financing

Program-York

College

of

Pennsylvania,

Series

2017

PP4,

3.375%,

11/01/37

10/27

at

100.00

2,043,079

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2:

590

3.250%,

5/01/36

5/26

at

100.00

493,948

1,555

3.500%,

5/01/41

5/26

at

100.00

1,215,606

2,000

Indiana

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Foundation

for

Indiana

University

of

Pennsylvania

Project,

Refunding

Series

2022,

4.000%,

5/01/54

-

BAM

Insured

5/32

at

100.00

1,837,460

Lackawanna

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2017:

350

3.375%,

11/01/33

11/27

at

100.00

323,988

2,925

4.000%,

11/01/40

11/27

at

100.00

2,623,432

2,000

McCandless

Industrial

Development

Authority,

Pennsylvania,

La

Roche

University

Revenue

Bonds,

Series

A

and

B

of

2022,

6.750%,

12/01/46

12/32

at

100.00

1,856,460

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

1,490

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2021A,

2.625%,

6/01/42,

(AMT)

6/30

at

100.00

$

1,240,723

2,755

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2022A,

4.500%,

6/01/43,

(AMT)

6/31

at

100.00

2,715,052

1,545

Pennsylvania

Higher

Education

Assistance

Agency,

Education

Loan

Revenue

Bonds,

Senior

Series

2023A,

4.000%,

6/01/44,

(AMT)

6/32

at

100.00

1,486,475

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Bryn

Mawr

College,

Refunding

Series

2014:

2,545

5.000%,

12/01/38

12/24

at

100.00

2,569,076

2,080

5.000%,

12/01/44

12/24

at

100.00

2,096,161

360

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

LaSalle

University,

Series

2012,

4.000%,

5/01/32

10/23

at

100.00

315,914

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012:

1,030

4.000%,

11/01/39

10/23

at

100.00

884,801

4,300

5.000%,

11/01/42

10/23

at

100.00

4,051,933

1,310

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2015A,

5.000%,

11/01/36

11/25

at

100.00

1,324,253

1,440

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Widener

University,

Series

2021A,

4.000%,

7/15/46

7/31

at

100.00

1,181,448

8,335

Pennsylvania

State

University,

Revenue

Bonds,

Series

2022A,

5.000%,

9/01/47

9/32

at

100.00

8,941,288

3,000

Pennsylvania

State

University,

Revenue

Bonds,

Series

2023,

5.250%,

9/01/48

9/33

at

100.00

3,293,370

1,255

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

3.625%,

5/01/35

11/27

at

100.00

1,002,105

500

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Richard

Allen

Preparatory

Charter

School,

Series

2006,

6.250%,

5/01/33

10/23

at

100.00

456,255

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Joseph?s

University

Project,

Refunding

Series

2020C.

Forward

Delivery:

1,500

4.000%,

11/01/36

11/29

at

100.00

1,428,795

1,400

4.000%,

11/01/37

11/29

at

100.00

1,307,152

3,000

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

Saint

Joseph?s

University

Project,

Series

2022,

5.500%,

11/01/60

11/32

at

100.00

3,153,810

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017:

2,280

5.000%,

3/15/45,

144A

3/28

at

100.00

1,905,031

2,320

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2016,

5.000%,

11/01/37

5/26

at

100.00

2,365,472

5,250

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00

4,567,447

3,555

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00

3,054,954

Wilkes-Barre

Finance

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Scranton,

Series

2015A:

1,890

5.000%,

11/01/32

11/25

at

100.00

1,940,822

740

5.000%,

11/01/33

11/25

at

100.00

759,699

675

4.000%,

11/01/35

11/25

at

100.00

650,275

Total

Education

and

Civic

Organizations

81,123,891

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

38

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

-

29.5%

(17.8%

of

Total

Investments)

$

17,075

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00

$

14,782,169

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2019A:

210

4.000%,

7/15/35

7/29

at

100.00

209,145

2,300

4.000%,

7/15/36

7/29

at

100.00

2,252,988

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017:

1,260

3.750%,

11/01/42

11/27

at

100.00

723,139

4,100

5.000%,

11/01/50,

(UB)

(c)

11/27

at

100.00

2,554,136

7,335

5.000%,

11/01/50

11/27

at

100.00

4,569,412

10,170

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00

6,391,438

2,000

Butler

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Butler

Health

System

Project,

Series

2015A,

5.000%,

7/01/39

7/25

at

100.00

1,827,860

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A:

2,470

4.000%,

10/01/36

10/27

at

100.00

2,430,134

1,580

4.000%,

10/01/37

10/27

at

100.00

1,531,226

6,900

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00

6,154,317

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A:

1,375

5.000%,

6/01/34

6/26

at

100.00

1,415,122

375

5.000%,

6/01/35

6/26

at

100.00

385,073

2,275

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/41

7/26

at

100.00

2,005,140

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A:

1,225

4.000%,

7/01/45

7/29

at

100.00

897,864

1,500

5.000%,

7/01/49

7/29

at

100.00

1,256,055

5,000

Dubois

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Penn

Highlands

Healthcare,

Series

2018,

5.000%,

7/15/48

1/28

at

100.00

5,041,150

4,555

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2014A,

5.000%,

6/01/41

6/24

at

100.00

4,569,439

9,505

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2020A,

4.000%,

4/01/50

4/30

at

100.00

8,546,991

1,650

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

5.000%,

11/01/51

11/29

at

100.00

1,684,254

2,200

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46,

(UB)

(c)

8/26

at

100.00

2,221,384

3,000

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42,

(UB)

(c)

8/26

at

100.00

3,052,620

1,530

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2012B,

4.000%,

7/01/43

9/23

at

100.00

1,395,467

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016:

1,265

3.000%,

11/01/36

5/26

at

100.00

997,136

2,850

4.000%,

11/01/41,

(UB)

(c)

5/26

at

100.00

2,499,336

4,955

4.000%,

11/01/46,

(UB)

(c)

5/26

at

100.00

4,124,245

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

Monroe

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Pocono

Medical

Center,

Series

2016:

$

1,020

3.375%,

7/01/32

7/26

at

100.00

$

984,218

2,650

5.000%,

7/01/41

7/26

at

100.00

2,653,260

1,855

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00

1,866,371

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019:

3,310

4.000%,

9/01/44

9/29

at

100.00

3,047,417

395

4.000%,

9/01/49

9/29

at

100.00

352,838

3,820

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B,

4.000%,

5/01/52

5/32

at

100.00

3,328,633

200

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Fixed

Rate

Series

2023A-2,

4.000%,

5/15/48

5/33

at

100.00

180,928

7,125

Pennsylvania

HIgher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Refunding

Series

2015A,

5.250%,

9/01/50,

(UB)

(c)

3/25

at

100.00

7,135,830

14,445

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016C,

4.000%,

8/15/41

8/26

at

100.00

13,756,551

11,775

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2019,

4.000%,

8/15/49

8/29

at

100.00

10,601,739

1,800

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00

1,840,644

Pocono

Mountains

Industrial

Park

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

Hospital

-Monroe

Project,

Series

2015A:

3,000

5.000%,

8/15/40

2/25

at

100.00

3,000,060

1,170

4.000%,

8/15/45

2/25

at

100.00

1,024,452

5,660

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00

5,659,434

Saint

Mary

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019PA:

665

5.000%,

12/01/48

12/28

at

100.00

675,228

1,305

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

1,332,784

705

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00

628,444

Total

Health

Care

141,586,071

Housing/Multifamily

-

0.7%

(0.4%

of

Total

Investments)

160

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Student

Housing

Revenue

Bonds,

University

Student

Housing,

LLC

Project

at

West

Chester

University

Series

2013A,

5.000%,

8/01/45

10/23

at

100.00

148,336

1,650

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00

1,655,742

270

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/31

7/26

at

100.00

270,543

1,350

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Multifamily

Housing

Revenue

Bonds,

Presbyterian

Homes

Germantown

-

Morrisville

Project,

Series

2005A,

5.625%,

7/01/35

10/23

at

100.00

1,374,205

Total

Housing/Multifamily

3,448,826

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

40

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Single

Family

-

23.3%

(14.1%

of

Total

Investments)

$

3,060

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2015-117B,

3.900%,

10/01/35,

(UB)

(c)

10/24

at

100.00

$

3,002,105

2,105

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00

2,037,072

4,890

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00

4,297,381

4,790

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41,

(UB)

(c)

10/25

at

100.00

3,951,415

15,545

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41

10/25

at

100.00

12,823,537

1,080

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-122,

3.650%,

10/01/32

4/26

at

100.00

1,049,317

3,895

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00

3,770,827

5,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-124B,

3.500%,

10/01/37,

(UB)

(c)

10/26

at

100.00

4,679,300

1,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-130A,

3.000%,

10/01/46

10/28

at

100.00

718,570

3,880

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-131A,

3.000%,

10/01/39

4/29

at

100.00

3,131,470

2,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-132A,

2.550%,

10/01/41

10/29

at

100.00

1,456,680

10,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-132A,

2.550%,

10/01/41,

(UB)

(c)

10/29

at

100.00

7,283,400

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133:

1,500

2.350%,

10/01/40

10/29

at

100.00

1,082,460

1,350

2.500%,

10/01/45

10/29

at

100.00

923,616

1,565

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2021-136,

2.550%,

10/01/51

10/30

at

100.00

1,011,569

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2023-141A:

4,105

4.600%,

10/01/43,

(UB)

(c)

10/32

at

100.00

4,078,974

5,000

4.700%,

10/01/46,

(UB)

(c)

10/32

at

100.00

5,034,700

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-134A:

5,000

1.850%,

4/01/36

10/29

at

100.00

3,698,500

3,650

2.050%,

4/01/41

10/29

at

100.00

2,434,331

2,505

2.100%,

10/01/43

10/29

at

100.00

1,728,525

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-135A:

5,295

2.250%,

10/01/41

10/30

at

100.00

3,601,130

6,855

2.375%,

10/01/46

10/30

at

100.00

4,349,840

7,705

2.500%,

10/01/50

10/30

at

100.00

4,772,092

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2021-137:

5,240

2.450%,

10/01/41

4/31

at

100.00

3,687,965

6,545

2.600%,

4/01/46

4/31

at

100.00

4,343,851

3,335

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-138A,

3.000%,

4/01/42

10/31

at

100.00

2,554,243

8,500

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-1394A,

4.150%,

10/01/42

4/32

at

100.00

7,802,405

2,480

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2022-140A,

4.450%,

10/01/47

4/32

at

100.00

2,419,339

10,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2023-142A,

4.900%,

10/01/46,

(UB)

(c)

10/32

at

100.00

10,193,400

Total

Housing/Single

Family

111,918,014

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Industrials

-

1.3%

(0.8%

of

Total

Investments)

$

500

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-1,

10.000%,

12/01/40,

144A

(d),(e)

6/30

at

100.00

$

8,900

500

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

KDC

Agribusiness

Fairless

Hills

LLC

Project,

Series

2020A-2,

10.000%,

12/01/40,

(AMT),

144A

(d),(e)

6/30

at

100.00

8,900

6,455

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

National

Gypsum

Company,

Refunding

Series

2014,

5.500%,

11/01/44,

(AMT)

11/24

at

100.00

6,465,909

Total

Industrials

6,483,709

Long-Term

Care

-

7.8%

(4.7%

of

Total

Investments)

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A:

940

5.000%,

5/15/37

5/27

at

100.00

909,159

1,160

5.000%,

5/15/47

5/27

at

100.00

1,035,706

230

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2015A,

5.000%,

12/01/35

12/25

at

100.00

207,460

1,760

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00

1,414,618

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2021A:

3,910

4.000%,

12/01/40

12/28

at

103.00

2,891,875

2,000

4.000%,

12/01/51

12/28

at

103.00

1,318,580

3,005

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group,  Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00

2,543,642

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

1,585

4.000%,

1/01/33

1/25

at

100.00

1,484,828

2,850

5.000%,

1/01/38

1/25

at

100.00

2,849,772

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

985

5.000%,

1/01/28

1/26

at

100.00

994,594

1,815

5.000%,

1/01/29

1/26

at

100.00

1,830,700

735

5.000%,

1/01/30

1/26

at

100.00

740,549

300

3.250%,

1/01/36

1/26

at

100.00

249,669

1,405

3.250%,

1/01/39

1/26

at

100.00

1,114,165

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

690

4.125%,

1/01/38

1/29

at

100.00

622,173

200

5.000%,

1/01/39

1/29

at

100.00

196,210

650

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00

656,123

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020:

975

5.000%,

3/01/40

3/27

at

102.00

828,350

715

5.000%,

3/01/50

3/27

at

102.00

560,103

1,250

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

1,122,712

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

42

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Long-Term

Care

(continued)

Lancaster

Industrial

Development

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Landis

Homes

Retirement

Community

Project,

Refunding

Series

2021:

$

875

4.000%,

7/01/51

7/26

at

103.00

$

637,709

1,400

4.000%,

7/01/56

7/26

at

103.00

989,534

5,000

Maxatawny

Township

Municipal

Authority

Revenue

Bonds,

Pennsylvania,

Diakon

Lutheran

Social

Ministries

Project,  Series

2022A,

4.500%,

1/01/45

1/32

at

100.00

4,303,250

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019:

1,845

5.000%,

11/01/44

11/26

at

103.00

1,572,364

1,000

5.000%,

11/01/49

11/26

at

103.00

826,550

Pennsylvania

Economic

Development

Finance

Authority,

Revenue

Bonds,

Presbyterian

Senior

Living

Project,

Series

2023B-2:

500

5.000%,

7/01/42

7/29

at

103.00

491,580

1,250

5.250%,

7/01/46

7/29

at

103.00

1,251,650

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Retirement

Community

Revenue

Bonds,

Redstone

Presbyterian

SeniorCare

Obligated

Group,

Refunding

Bonds,

Series

2021:

2,215

4.000%,

5/15/41

5/28

at

103.00

1,695,671

2,785

4.000%,

5/15/47

5/28

at

103.00

1,969,858

Total

Long-Term

Care

37,309,154

Tax

Obligation/General

-

21.1%

(12.7%

of

Total

Investments)

840

Adams

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2017B,

2.500%,

11/15/29

11/25

at

100.00

782,250

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014C-74:

1,750

5.000%,

12/01/32

12/24

at

100.00

1,773,957

1,285

5.000%,

12/01/34

12/24

at

100.00

1,298,544

2,440

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018C-

77,

5.000%,

11/01/43

11/28

at

100.00

2,552,313

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016:

1,500

4.000%,

8/01/31

8/26

at

100.00

1,527,165

1,255

4.000%,

8/01/33

8/26

at

100.00

1,275,745

1,950

Boyertown

Area

School

District,

Berks

and

Montgomery

Counties,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/38

4/24

at

100.00

1,964,138

1,000

Bristol

Township

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023,

4.125%,

6/01/40

-

BAM

Insured

6/31

at

100.00

998,040

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D:

4,200

5.000%,

12/15/37

12/24

at

100.00

4,237,884

1,100

5.000%,

12/15/39

12/24

at

100.00

1,108,965

2,900

Colonial

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

5.000%,

2/15/44

2/27

at

100.00

3,014,318

2,235

Cumberland

Valley

School

District,

Cumberland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A,

5.000%,

11/15/47

-

AGM

Insured

11/32

at

100.00

2,387,293

7,465

Erie

City

School

District,

Erie

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2000,

0.000%,

9/01/30

-

AMBAC

Insured

No

Opt.

Call

5,664,666

Gateway

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021:

1,010

3.000%,

10/15/33

-

BAM

Insured

10/31

at

100.00

935,027

425

3.000%,

10/15/35

-

BAM

Insured

10/31

at

100.00

376,087

5,750

Hempfield

Area

School

District,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2022A,

5.000%,

3/15/48

-

AGM

Insured

3/32

at

100.00

6,089,652

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

6,225

Lehighton

Area

School

District,

Carbon

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2015A,

5.000%,

11/15/43

-

BAM

Insured

11/23

at

100.00

$

6,244,111

North

Allegheny

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2015:

5,000

5.000%,

5/01/31

5/25

at

100.00

5,121,000

4,000

5.000%,

5/01/32

5/25

at

100.00

4,094,200

2,875

5.000%,

5/01/33

5/25

at

100.00

2,942,246

Penn

Manor

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2019A:

1,000

4.000%,

3/01/35

9/27

at

100.00

1,022,390

1,000

4.000%,

3/01/36

9/27

at

100.00

1,017,810

2,620

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Junior

Insured

Series

2013C,

5.500%,

1/01/30

-

AGM

Insured

1/24

at

100.00

2,633,231

3,925

Philadelphia

School

District,

Pennsylvania,

General

Obligation

Bonds,

Series

2007A,

5.000%,

6/01/34

-

NPFG

Insured

No

Opt.

Call

4,417,313

195

Philadelphia,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

5/01/42

5/31

at

100.00

185,305

2,875

Pittsburgh,

Pennsylvania,

General

Obligation

Bonds,

Series

2022,

5.000%,

9/01/39

9/30

at

100.00

3,077,688

11,440

Reading

School

District,

Berks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2003B,

0.000%,

1/15/32

-

NPFG

Insured

No

Opt.

Call

8,088,309

Scranton,

Lackawanna

County,

Pennsylvania,

General

Obligation

Notes,

Series

2016:

230

5.000%,

11/15/26

5/24

at

100.00

228,312

2,925

5.000%,

11/15/32

5/24

at

100.00

2,879,662

21,000

State

Public

School

Building

Authority,

Pennsylvania,

Lease

Revenue

Bonds,

Philadelphia

School

District,

Series

2003,

5.500%,

6/01/28

-

AGM

Insured,

(UB)

(c)

No

Opt.

Call

23,156,280

150

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00

147,168

Total

Tax

Obligation/General

101,241,069

Tax

Obligation/Limited

-

10.5%

(6.3%

of

Total

Investments)

749

Allegheny

County

Redevelopment

Authority,

Pennsylvania,

TIF

Revenue

Bonds,

Pittsburg

Mills

Project,

Series

2004,

5.600%,

7/01/23

2005

1

(d)

6/23

at

100.00

674,376

190

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

615

Waterfront

Project,

Senior

Series

2021,

6.000%,

5/01/42,

144A

5/31

at

100.00

194,305

155

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018,

5.000%,

5/01/33,

144A

5/28

at

100.00

158,221

1,115

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42,

144A

5/27

at

100.00

1,104,251

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018:

1,500

5.000%,

6/01/31

6/28

at

100.00

1,592,250

2,815

4.000%,

6/01/39

-

AGM

Insured

6/28

at

100.00

2,681,766

7,215

4.000%,

6/01/39

-

AGM

Insured,

(UB)

(c)

6/28

at

100.00

6,873,514

1,363

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33,

144A

7/24

at

100.00

1,336,776

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-

Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A:

2,650

4.750%,

12/01/37

12/26

at

100.00

2,712,355

4,000

4.900%,

12/01/44

12/26

at

100.00

4,070,240

2,160

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00

2,218,471

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

44

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

5,530

Philadelphia

Authority

For

Industrial

Development,

Pennsylvania,

City

Agreement

Revenue

Bonds,

Cultural

and

Commercial

Corridors

Program,

Refunding

Series

2016A,

5.000%,

12/01/30

12/25

at

100.00

$

5,686,057

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

1,137

4.750%,

7/01/53

7/28

at

100.00

1,065,903

1,982

5.000%,

7/01/58

7/28

at

100.00

1,923,333

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

2,350

4.329%,

7/01/40

7/28

at

100.00

2,231,560

901

4.329%,

7/01/40

7/28

at

100.00

854,635

3,419

4.784%,

7/01/58

7/28

at

100.00

3,204,936

10,000

Southeastern

Pennsylvania

Transportation

Authority,

Revenue

Bonds,

Asset

Improvement

Series

2022,

5.250%,

6/01/52,

(UB)

(c)

6/32

at

100.00

10,818,000

825

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00

802,692

Total

Tax

Obligation/Limited

50,203,641

Transportation

-

14.0%

(8.5%

of

Total

Investments)

1,760

Allegheny

County

Airport

Authority,

Pennsylvania,

Airport

Revenue

Bonds,

Pittsburgh

International

Airport,

Series

2021A,

5.000%,

1/01/51,

(AMT)

1/31

at

100.00

1,784,042

1,900

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/39

1/29

at

100.00

2,011,302

4,000

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

1/24

at

100.00

4,012,280

12,170

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Capital

Appreciation

Series

2009E,

6.375%,

12/01/38

12/27

at

100.00

13,263,474

820

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

Subordinate

Second

Series

2016B-2,

5.000%,

6/01/39

6/26

at

100.00

836,031

3,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2014C,

5.000%,

12/01/44

12/24

at

100.00

3,033,960

10,470

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B,

5.000%,

12/01/45,

(UB)

(c)

12/25

at

100.00

10,648,199

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B:

1,215

5.250%,

12/01/47,

(UB)

(c)

12/32

at

100.00

1,315,359

2,365

5.250%,

12/01/52,

(UB)

(c)

12/32

at

100.00

2,543,841

12,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2023A,

5.000%,

12/01/53,

(UB)

,

(WI/DD)

12/33

at

100.00

12,678,120

2,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2009C,

6.250%,

6/01/33

-

AGM

Insured

6/26

at

100.00

2,160,960

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2017B-1:

1,435

5.000%,

6/01/31

6/27

at

100.00

1,518,574

1,430

5.000%,

6/01/33

6/27

at

100.00

1,511,696

530

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

485,242

1,100

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00

1,003,178

585

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

3.000%,

7/01/34

-

AGM

Insured

7/27

at

100.00

542,880

1,490

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

7/01/47,

(AMT)

7/27

at

100.00

1,501,369

1,725

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020A,

4.000%,

7/01/35

7/30

at

100.00

1,733,901

1,470

Philadelphia,

Pennsylvania,

Airport

Revenue

Bonds,

Refunding

Series

2020C,

4.000%,

7/01/50,

(AMT)

7/30

at

100.00

1,293,247

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

Pittsburgh

and

Allegheny

County

Sports

and

Exhibition

Authority,

Pennsylvania,

Parking

Revenue

Bonds,

Series

2017:

$

1,000

5.000%,

12/15/30

12/27

at

100.00

$

1,061,830

500

5.000%,

12/15/33

12/27

at

100.00

530,540

550

5.000%,

12/15/34

12/27

at

100.00

584,040

1,000

5.000%,

12/15/36

12/27

at

100.00

1,052,770

250

5.000%,

12/15/37

12/27

at

100.00

262,435

Total

Transportation

67,369,270

U.S.

Guaranteed

-

11.2%

(6.7%

of

Total

Investments)

(f)

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2013C-72:

2,780

5.250%,

12/01/32,

(Pre-refunded

12/01/23)

12/23

at

100.00

2,792,844

2,000

5.250%,

12/01/33,

(Pre-refunded

12/01/23)

12/23

at

100.00

2,009,240

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

The

Highlands

at

Wyomissing,

Series

2018:

1,000

5.000%,

5/15/43,

(Pre-refunded

5/15/25)

5/25

at

102.00

1,044,740

400

5.000%,

5/15/48,

(Pre-refunded

5/15/25)

5/25

at

102.00

417,896

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A:

805

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

834,310

2,985

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

3,093,684

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

2,170

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

2,186,969

625

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

629,888

2,330

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

2,378,091

560

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

571,559

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016:

610

3.250%,

1/01/39,

(Pre-refunded

1/01/26)

1/26

at

100.00

608,896

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

1,075

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

1,175,631

135

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

147,637

1,235

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00

1,250,351

1,900

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2015,

5.000%,

7/01/47,

(Pre-refunded

7/01/25)

7/25

at

100.00

1,954,834

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

6,685

5.125%,

12/01/47,

(Pre-refunded

12/01/23)

12/23

at

100.00

6,713,879

9,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00

9,214,740

Pennsbury

School

District,

Bucks

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2016A:

1,000

5.000%,

10/01/33,

(Pre-refunded

4/01/25)

4/25

at

100.00

1,027,060

1,860

5.000%,

10/01/34,

(Pre-refunded

4/01/25)

4/25

at

100.00

1,910,331

2,045

5.000%,

10/01/35,

(Pre-refunded

4/01/25)

4/25

at

100.00

2,100,338

7,000

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2013B-1,

5.250%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

7,031,500

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

46

NQP

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(f)

(continued)

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017:

$

140

5.000%,

3/15/45,

(Pre-refunded

3/15/28),

144A

3/28

at

100.00

$

150,802

Saint

Mary

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Trinity

Health

Credit

Group,

Refunding

Series

2019PA:

1,335

5.000%,

12/01/48,

(Pre-refunded

12/01/28)

12/28

at

100.00

1,472,385

3,000

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

WellSpan

Health

Obligated

Group,

Series

2014A,

5.000%,

6/01/44,

(Pre-refunded

6/01/24)

6/24

at

100.00

3,034,590

Total

U.S.

Guaranteed

53,752,195

Utilities

-

19.1%

(11.5%

of

Total

Investments)

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2015:

3,325

5.000%,

12/01/40

12/25

at

100.00

3,392,464

3,320

5.000%,

12/01/45

12/25

at

100.00

3,383,080

4,165

Allegheny

County

Sanitary

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2022,

5.000%,

6/01/53,

(UB)

(c)

6/32

at

100.00

4,373,001

6,500

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

4.750%,

1/01/35,

(Mandatory

Put

7/01/33)

No

Opt.

Call

6,500,000

2,540

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35

(d)

No

Opt.

Call

25

9,855

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2008A,

2.700%,

4/01/35

(d)

No

Opt.

Call

99

6,210

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35

(d)

No

Opt.

Call

62

2,000

Bethel

Park

Municipal

Authority,

Pennsylvania,

Guaranteed

Sewer

Revenue

Bonds,

Series

2020B,

3.000%,

9/01/47

9/30

at

100.00

1,449,040

7,000

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Sewer

System

Revenue

Bonds,

Series

2022A,

4.250%,

12/01/47

-

AGM

Insured,

(UB)

(c)

12/32

at

100.00

6,800,360

Delaware

County

Regional

Water

Quality

Control

Authority,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2015:

1,110

5.000%,

5/01/40

5/25

at

100.00

1,127,194

855

4.000%,

5/01/45

5/25

at

100.00

816,952

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Capital

Appreciation

Series

2013B:

7,295

0.000%,

12/01/34

No

Opt.

Call

4,522,827

4,420

0.000%,

12/01/35

No

Opt.

Call

2,581,722

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

5,815

5.125%,

12/01/47

12/23

at

100.00

5,825,176

295

Luzerne

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Pennsylvania-American

Water

Company

Project,

Refunding

Series

2019,

2.450%,

12/01/39,

(AMT),

(Mandatory

Put

12/03/29)

12/29

at

100.00

265,066

3,475

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019A,

3.000%,

10/01/36,

(AMT)

10/29

at

100.00

2,974,114

3,400

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

York

Water

Company

Project,

Refunding

Series

2019B,

3.100%,

11/01/38,

(AMT)

11/29

at

100.00

2,828,970

10,500

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00

8,471,610

5,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/47

8/27

at

100.00

5,069,600

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

2,915

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Sixteenth

Series

2020A,

5.000%,

8/01/50

-

AGM

Insured

8/30

at

100.00

$

3,025,012

2,735

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/29

8/25

at

100.00

2,806,302

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2018A:

5,000

5.000%,

10/01/48,

(UB)

(c)

10/28

at

100.00

5,139,150

7,000

5.000%,

10/01/53,

(UB)

(c)

10/28

at

100.00

7,172,690

5,000

Philadelphia,

Pennsylvania,

Water

and

Wastewater

Revenue

Bonds,

Series

2022C,

5.500%,

6/01/52

6/32

at

100.00

5,400,850

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

First

Lien

Series

2023A:

3,250

5.000%,

9/01/48

-

AGM

Insured

9/33

at

100.00

3,471,293

2,680

4.250%,

9/01/53

-

AGM

Insured

9/33

at

100.00

2,570,120

Westmoreland

County

Municipal

Authority,

Pennsylvania,

Municipal

Service

Revenue

Bonds,

Refunding

Series

2020:

1,000

4.000%,

8/15/24

-

AGM

Insured

No

Opt.

Call

1,004,930

1,000

2.450%,

8/15/37

-

AGM

Insured

8/28

at

100.00

793,280

Total

Utilities

91,764,989

Total

Municipal

Bonds

(cost

$809,971,457)

748,437,569

Shares

Description

(a)

Value

X

47,721,349

COMMON

STOCKS

-

9.9%  (6.0%

of

Total

Investments)

X

47,721,349

Electric

Utilities

-

0.0%

(0.0%

of

Total

Investments)

2,024

Talen

Energy

Corp

(g)

$

106,641

Total

Electric

Utilities

106,641

Independent

Power

and

Renewable

Electricity

Producers

-

9.9%

(6.0%

of

Total

Investments)

601,606

Energy

Harbor

Corp

(g),(h)

47,614,708

Total

Independent

Power

and

Renewable

Electricity

Producers

47,614,708

Total

Common

Stocks

(cost

$16,928,491)

47,721,349

Principal

Amount

(000)

Description

Coupon

(i)

Reference

Rate

(j)

Spread

(i)

Maturity

(j)

Value

100,000

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.0%  (0.0%

of

Total

Investments)

X

100,000

Trading

Companies

&

Distributors

-

0.0%

(0.0%

of

Total

Investments)

$

100

KDC

Agribusiness

Fairless

Hills

LLC

(d),(e)

12.000%

N/A

N/A

09/17/23

$

100,000

Total

Trading

Companies

&

Distributors

100,000

Total

Variable

Rate

Senior

Loan

Interests

(cost

$100,000)

100,000

Total

Long-Term

Investments

(cost

$826,999,948)

796,258,918

Floating

Rate

Obligations

-

(23.8)%  

(

114,075,000

)

VRDP

Shares,

Net

-

(45.2)%

(k)

(

216,837,278

)

Other

Assets

&

Liabilities,

Net

-

3.2%

14,862,416

Net

Assets

Applicable

to

Common

Shares

-

100%

$

480,209,056

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

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.

(g)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

48

NQP

(h)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35;

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006A,

4.375%,

1/01/35;

and

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not  currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra.  The

companies

anticipate

closing

the

transaction

in

the

fourth

quarter

of

2023.  In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.  The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(i)

Senior

loans

generally

pay

interest

at

rates

which

are

periodically

adjusted

by

reference

to

a

base

short-term,

floating

lending

rate

(Reference

Rate)

plus

an

assigned

fixed

rate

(Spread).

These

floating

lending

rates

are

generally

(i)

the

lending

rate

referenced

by

the

London

Inter-Bank

Offered

Rate

("LIBOR"),

or

(ii)

the

prime

rate

offered

by

one

or

more

major

United

States

banks.

Senior

loans

may

be

considered

restricted

in

that

the

Fund

ordinarily

is

contractually

obligated

to

receive

approval

from

the

agent

bank

and/or

borrower

prior

to

the

disposition

of

a

senior

loan.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(j)

Senior

loans

generally

are

subject

to

mandatory

and/or

optional

prepayment.

Because

of

these

mandatory

prepayment

conditions

and

because

there

may

be

significant

economic

incentives

for

a

borrower

to

prepay,

prepayments

of

senior

loans

may

occur.

As

a

result,

the

actual

remaining

maturity

of

senior

loans

held

may

be

substantially

less

than

the

stated

maturities

shown.

(k)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

27.2%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

N/A

Not

Applicable.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements.

49

August

31,

2023

(Unaudited)

NAZ

NXJ

NQP

ASSETS

Long-term

investments,

at

value

†

$

232,419,157‌

$

876,520,900‌

$

796,258,918‌

Short-term

investments,

at

value

◊

3,078,000‌

7,000,000‌

–‌

Cash

–‌

5,298,924‌

4,387,655‌

Receivables:

Interest

2,166,285‌

9,212,244‌

11,046,389‌

Investments

sold

–‌

6,138,255‌

19,056,176‌

Other

17,190‌

233,810‌

217,218‌

Total

assets

237,680,632‌

904,404,133‌

830,966,356‌

LIABILITIES

Cash

overdraft

13,932‌

–‌

–‌

Floating

rate

obligations

7,000,000‌

38,595,000‌

114,075,000‌

AMTP

Shares,

Net

*

88,254,347‌

–‌

–‌

VRDP

Shares,

Net

***

–‌

312,711,751‌

216,837,278‌

Payables:

Dividends

347,026‌

1,138,083‌

970,167‌

Interest

92,687‌

547,600‌

2,673,555‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

486,720‌

–‌

15,473,760‌

Accrued

expenses:

Custodian

fees

20,728‌

60,014‌

48,953‌

Investor

relations

3,126‌

10,813‌

9,389‌

Management

fees

121,335‌

449,033‌

402,224‌

Trustees

fees

4,372‌

202,599‌

189,619‌

Professional

fees

18,412‌

19,767‌

17,041‌

Shareholder

reporting

expenses

6,582‌

24,034‌

24,134‌

Shareholder

servicing

agent

fees

2,430‌

2,283‌

3,174‌

Other

9,405‌

30,064‌

33,006‌

Total

liabilities

96,381,102‌

353,791,041‌

350,757,300‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

141,299,530‌

$

550,613,092‌

$

480,209,056‌

Common

shares

outstanding

11,595,866‌

41,264,587‌

37,222,342‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.19‌

$

13

.34‌

$

12

.90‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

115,959‌

$

412,646‌

$

372,223‌

Paid-in

capital

156,642,895‌

589,279,679‌

526,914,425‌

Total

distributable

earnings

(loss)

(

15,459,324‌

)

(

39,079,233‌

)

(

47,077,592‌

)

Net

assets

applicable

to

common

shares

$

141,299,530‌

$

550,613,092‌

$

480,209,056‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

242,204,291‌

$

907,754,445‌

$

826,999,948‌

◊

Short-term

investments,

cost

$

3,078,000‌

$

7,000,000‌

$

—‌

*

AMTP

Shares,

liquidation

preference

88,300,000‌

—‌

—‌

***

    VRDP

Shares,

liquidation

preference

—‌

313,900,000‌

217,500,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements.

50

Six

Months

Ended

August

31,

2023

(Unaudited)

NAZ

NXJ

NQP

INVESTMENT

INCOME

Interest

$

4,807,603‌

$

17,987,769‌

$

15,702,483‌

Total

investment

income

4,807,603‌

17,987,769‌

15,702,483‌

EXPENSES

–

–

–

Management

fees

727,489‌

2,694,999‌

2,420,458‌

Shareholder

servicing

agent

fees

7,299‌

7,844‌

9,862‌

Interest

expense

and

amortization

of

offering

costs

1,983,415‌

7,439,237‌

6,736,472‌

Trustees

fees

4,377‌

16,511‌

13,372‌

Custodian

expenses

14,614‌

36,292‌

31,174‌

Excise

tax

liability

expense

—‌

1,568‌

—‌

Investor

relations

expenses

5,369‌

20,044‌

16,634‌

Professional

fees

26,607‌

59,750‌

56,577‌

Shareholder

reporting

expenses

7,496‌

21,404‌

22,975‌

Stock

exchange

listing

fees

3,734‌

6,353‌

5,724‌

Other

13,340‌

36,686‌

32,286‌

Total

expenses

2,793,740‌

10,340,688‌

9,345,534‌

Net

investment

income

(loss)

2,013,863‌

7,647,081‌

6,356,949‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

520,710‌

)

(

1,685,382‌

)

(

5,007,206‌

)

Net

realized

gain

(loss)

(

520,710‌

)

(

1,685,382‌

)

(

5,007,206‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(

980,648‌

)

627,532‌

(

1,820,108‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

980,648‌

)

627,532‌

(

1,820,108‌

)

Net

realized

and

unrealized

gain

(loss)

(

1,501,358‌

)

(

1,057,850‌

)

(

6,827,314‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

512,505‌

$

6,589,231‌

$

(

470,365‌

)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements.

51

NAZ

NXJ

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

2,013,863‌

$

5,425,472‌

$

7,647,081‌

$

21,733,403‌

Net

realized

gain

(loss)

(

520,710‌

)

(

3,063,982‌

)

(

1,685,382‌

)

(

5,591,822‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

980,648‌

)

(

21,339,972‌

)

627,532‌

(

81,281,533‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

512,505‌

(

18,978,482‌

)

6,589,231‌

(

65,139,952‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

2,226,406‌

)

(

6,080,179‌

)

(

7,652,926‌

)

(

23,105,996‌

)

Total

distributions

(

2,226,406‌

)

(

6,080,179‌

)

(

7,652,926‌

)

(

23,105,996‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Reinvestments

of

distributions

—‌

99,790‌

—‌

—‌

Cost

of

shares

repurchased

and

retired

–‌

–‌

(

2,515,143‌

)

–‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

99,790‌

(

2,515,143‌

)

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

1,713,901‌

)

(

24,958,871‌

)

(

3,578,838‌

)

(

88,245,948‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

143,013,431‌

167,972,302‌

554,191,930‌

642,437,878‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

141,299,530‌

$

143,013,431‌

$

550,613,092‌

$

554,191,930‌

See

Notes

to

Financial

Statements.

52

NQP

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

6,356,949‌

$

17,682,061‌

Net

realized

gain

(loss)

(

5,007,206‌

)

(

6,002,823‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

1,820,108‌

)

(

75,961,063‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(

470,365‌

)

(

64,281,825‌

)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

6,489,780‌

)

(

18,635,597‌

)

Total

distributions

(

6,489,780‌

)

(

18,635,597‌

)

Common

shares:

Cost

of

shares

repurchased

and

retired

(

1,810,756‌

)

–‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

(

1,810,756‌

)

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(

8,770,901‌

)

(

82,917,422‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

488,979,957‌

571,897,379‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

480,209,056‌

$

488,979,957‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements.

53

Six

Months

Ended

August

31,

2023

(Unaudited)

NAZ

NXJ

NQP

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

512,505‌

$

6,589,231‌

$

(470,365‌)

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

(9,568,922‌)

(81,875,692‌)

(51,515,672‌)

Proceeds

from

sale

and

maturities

of

investments

11,190,125‌

90,169,030‌

48,814,741‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

(3,078,000‌)

(7,000,000‌)

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

794,922‌

(41,542‌)

1,480,805‌

Amortization

of

deferred

offering

costs

4,381‌

30,389‌

17,340‌

(Increase)

Decrease

in:

Receivable

for

interest

(16,707‌)

46,088‌

(1,041,837‌)

Receivable

for

investments

sold

1,876,297‌

(6,138,255‌)

(18,116,176‌)

Other

assets

(5,866‌)

(14,801‌)

(13,672‌)

Increase

(Decrease)

in:

Payable

for

interest

30,928‌

148,226‌

1,373,869‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

486,720‌

(984,590‌)

14,497,290‌

Accrued

custodian

fees

(4,227‌)

(17,461‌)

(14,034‌)

Accrued

investor

relations

fees

(992‌)

(3,666‌)

(2,900‌)

Accrued

management

fees

9,630‌

36,337‌

29,149‌

Accrued

Trustees

fees

1,260‌

11,577‌

10,934‌

Accrued

professional

fees

(13,542‌)

(11,433‌)

(13,142‌)

Accrued

shareholder

reporting

expenses

534‌

3,535‌

4,810‌

Accrued

shareholder

servicing

agent

fees

(3‌)

(361‌)

(168‌)

Accrued

other

expenses

4,249‌

24,078‌

26,865‌

Net

realized

(gain)

loss

from

investments

520,710‌

1,685,382‌

5,007,206‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

980,648‌

(627,532‌)

1,820,108‌

Net

cash

provided

by

(used

in)

operating

activities

3,724,650‌

2,028,540‌

1,895,151‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

floating

rate

obligations

—‌

17,985,000‌

17,600,000‌

(Repayments

of)

floating

rate

obligations

—‌

(12,625,000‌)

(10,795,000‌)

Increase

(Decrease)

in:

Cash

overdraft

(1,481,721‌)

—‌

—‌

Cash

distributions

paid

to

common

shareholders

(2,242,929‌)

(7,730,629‌)

(6,490,963‌)

Cost

of

common

shares

repurchased

and

retired

—‌

(2,515,143‌)

(1,810,756‌)

Net

cash

provided

by

(used

in)

financing

activities

(3,724,650‌)

(4,885,772‌)

(1,496,719‌)

Net

increase

(decrease)

in

Cash

and

Cash

collateral

at

brokers

—‌

(2,857,232‌)

398,432‌

Cash

and

Cash

collateral

at

brokers

at

the

beginning

of

period

—‌

8,156,156‌

3,989,223‌

Cash

and

Cash

collateral

at

brokers

at

the

end

of

period

$

—‌

$

5,298,924‌

$

4,387,655‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NAZ

NXJ

NQP

Cash

paid

for

interest

$

1,947,910‌

$

7,259,870‌

$

5,344,592‌

Financial

Highlights

54

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NAZ

8/31/23(c)

2.72

%

(d)

2/28/23

1.57

2/28/22

0.48

2/28/21

0.68

2/29/20

1.25

2/28/19

1.39

NXJ

8/31/23(c

)

2.62

(d) 

2/28/23

1.50

2/28/22

0.45

2/28/21

0.60

2/29/20

1.11

2/28/19

1.13

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Shelf

Offering

Costs

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NAZ

8/31/23(c)

$

12.33

$

0.17

$

(0.12)

$

0.05

$

(0.19)

$

—

$

(0.19)

$

—

$

—

$

12.19

$

10.34

2/28/23

14.50

0.47

(2.12)

(1.65)

(0.52)

—

(0.52)

—

—

12.33

11.30

2/28/22

15.07

0.61

(0.58)

0.03

(0.60)

—

(0.60)

—

—

14.50

13.78

2/28/21

15.56

0.61

(0.53)

0.08

(0.57)

—

(0.57)

—

—

15.07

15.17

2/29/20

14.18

0.56

1.34

1.90

(0.52)

—

(0.52)

—

—

15.56

13.89

2/28/19

14.11

0.52

0.04

0.56

(0.52)

—

(0.52)

0.02

0.01

14.18

12.46

NXJ

8/31/23(c)

13.36

0.18

—

0.18

(0.19)

—

(0.19)

(0.01)

—

13.34

11.31

2/28/23

15.49

0.52

(2.09)

(1.57)

(0.56)

—

(0.56)

—

—

13.36

11.37

2/28/22

16.44

0.68

(0.93)

(0.25)

(0.70)

—

(0.70)

—

—

15.49

13.52

2/28/21

17.12

0.71

(0.72)

(0.01)

(0.67)

—

(0.67)

—

—

16.44

14.09

2/29/20

15.49

0.64

1.65

2.29

(0.65)

(0.01)

(0.66)

—

—

17.12

14.73

2/28/19

15.37

0.66

0.14

0.80

(0.66)

(0.08)

(0.74)

0.06

—

15.49

13.47

(a)

Percentage

is

not

annualized.

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

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

Notes

to

Financial

Statements),

where

applicable,

as

follows:

See

Notes

to

Financial

Statements.

55

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(a)

Based

on

Share

Price(a)

Net

Assets,

End

of

Period

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate

0.40‌

%

(6.85‌)

%

$

141,300

3.84‌

%

(d)

2.76‌

%

(d)

4‌

%

(11.40‌)

(14.48‌)

143,013

2.68‌

3.65‌

25‌

0.09‌

(5.49‌)

167,972

1.52‌

3.98‌

7‌

0.62‌

13.67‌

174,401

1.75‌

4.06‌

13‌

13.60‌

15.89‌

180,024

2.32‌

3.76‌

6‌

4.29‌

(5.09‌)

164,080

2.61‌

3.73‌

11‌

1.21‌

1.08‌

550,613

3.64‌

(d)

2.69‌

(d)

9‌

(10.16‌)

(11.96‌)

554,192

2.53‌

3.82‌

17‌

(1.68‌)

0.53‌

642,438

1.39‌

4.10‌

9‌

0.08‌

0.42‌

681,846

1.55‌

4.36‌

12‌

15.02‌

14.43‌

710,437

2.07‌

3.94‌

8‌

5.77‌

8.86‌

642,961

2.13‌

4.30‌

16‌

(c)

Unaudited.

(d)

Annualized.

56

Financial

Highlights

(continuted)

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NQP

8/31/23(c

)

2.71

%

(d)

2/28/23

1.53

2/28/22

0.43

2/28/21

0.64

2/29/20

1.26

2/28/19

1.43

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NQP

8/31/23(c)

$

13.08

$

0.17

$

(0.17)

$

—

$

(0.17)

$

—

$

(0.17)

$

(0.01)

$

12.90

$

10.99

2/28/23

15.30

0.47

(2.19)

(1.72)

(0.50)

—

(0.50)

—

13.08

11.19

2/28/22

15.68

0.64

(0.36)

0.28

(0.66)

—

(0.66)

—

15.30

14.16

2/28/21

16.37

0.67

(0.71)

(0.04)

(0.65)

—

(0.65)

—

15.68

14.15

2/29/20

14.99

0.62

1.37

1.99

(0.61)

—

(0.61)

—

16.37

14.46

2/28/19

14.71

0.62

0.27

0.89

(0.59)

(0.04)

(0.63)

0.02

14.99

13.02

(a)

Percentage

is

not

annualized.

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

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

Notes

to

Financial

Statements),

where

applicable,

as

follows:

See

Notes

to

Financial

Statements.

57

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(a)

Based

on

Share

Price(a)

Net

Assets,

End

of

Period

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate

(0.07‌)

%

(0.26‌)

%

$

480,209

3.76‌

%

(d)

2.55‌

%

(d)

6‌

%

(11.31‌)

(17.61‌)

488,980

2.57‌

3.48‌

15‌

1.72‌

4.65‌

571,897

1.39‌

3.99‌

12‌

(0.29‌)

2.56‌

586,028

1.62‌

4.28‌

10‌

13.62‌

15.97‌

612,020

2.24‌

3.95‌

11‌

6.40‌

9.41‌

560,395

2.44‌

4.19‌

8‌

(c)

Unaudited.

(d)

Annualized.

58

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

AMTP

Shares

VRDP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

NAZ

8/31/23(c)

$

88,300

$

260,022

$

—

$

—

2/28/23

88,300

261,963

—

—

2/28/22

88,300

290,229

—

—

2/28/21

88,300

297,509

—

—

2/29/20

88,300

303,878

—

—

2/28/19

88,300

285,822

—

—

NXJ

8/31/23(c)

—

—

313,900

275,410

2/28/23

—

—

313,900

276,550

2/28/22

—

—

313,900

304,663

2/28/21

—

—

313,900

317,218

2/29/20

—

—

313,900

326,326

2/28/19

—

—

313,900

304,830

NQP

8/31/23(c)

—

—

217,500

320,786

2/28/23

—

—

217,500

324,818

2/28/22

—

—

217,500

362,941

2/28/21

—

—

217,500

369,438

2/29/20

—

—

217,500

381,388

2/28/19

—

—

217,500

357,653

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

(c)

Unaudited.

Notes

to

Financial

Statements

(Unaudited)

59

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

NAZ,

NXJ

and

NQP

were

organized

as

Massachusetts

business

trusts

on

April

8,

2013,

June

1,

1999

and

December

20,

1990,

respectively

(NAZ

previously

organized

as

Minnesota

trusts

on

January

23,

1991).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

August

31,

2023

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Developments

Regarding

the

Funds’

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of 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.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

60

Notes

to

Financial

Statements

(Unaudited)

(continued)

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

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

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement: 

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

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.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

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

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Fund

Gross

Custodian

Fee

Credits

NAZ

$

—

NXJ

—

NQP

—

61

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

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.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

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.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

NAZ

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

232,419,157

$

–

$

232,419,157

Short-Term

Investments:

Municipal

Bonds

–

3,078,000

–

3,078,000

Total

$

–

$

235,497,157

$

–

$

235,497,157

NXJ

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

876,520,900

$

–

$

876,520,900

Short-Term

Investments:

Municipal

Bonds

–

7,000,000

–

7,000,000

Total

$

–

$

883,520,900

$

–

$

883,520,900

NQP

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

748,419,769

$

17,800*

$

748,437,569

Common

Stocks

–

47,721,349

–

47,721,349

Variable

Rate

Senior

Loan

Interests

–

–

100,000*

100,000

Total

$

–

$

796,141,118

$

117,800

$

796,258,918

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

62

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

hold

liabilities

in

floating

rate

obligations

and

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

4.

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

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.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

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:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NAZ

$

7,000,000

$

—

$

7,000,000

NXJ

38,595,000

21,660,000

60,255,000

NQP

114,075,000

—

114,075,000

63

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

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

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

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.

Purchases

and

Sales:

Long-term

purchases

and

sales during

the

current fiscal

period

were

as

follows:

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NAZ

$

7,000,000

4.33

%

NXJ

34,659,890

3.96

NQP

105,805,877

3.90

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NAZ

$

7,000,000

$

—

$

7,000,000

NXJ

38,595,000

21,660,000

60,255,000

NQP

114,075,000

—

114,075,000

Fund

Purchases

Sales

and

Maturities

NAZ

$

9,568,922

$

11,190,125

NXJ

81,875,692

90,169,030

NQP

51,515,672

48,814,741

64

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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.

6.

Fund

Shares

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Preferred

Shares

Adjustable

Rate

MuniFund

Term

Preferred

Shares:

The

following

Fund

has

issued

and

has

outstanding

Adjustable

Rate

MuniFund

Term

Preferred

(“AMTP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

AMTP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

The

details

of

the

Fund’s

AMTP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

NAZ

NXJ

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

7,827

—

—

Repurchased

and

retired

—

—

(218,349)

—

Total

—

7,827

(218,349)

—

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

–

–

11.50

–

Discount

per

share

repurchased

and

retired

–%

–%

(16.22)%

–%

NQP

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Common

Shares:

Repurchased

and

retired

(160,999)

—

Total

(160,999)

—

Weighted

average

common

share:

Price

per

share

repurchased

and

retired

11.23

–

Discount

per

share

repurchased

and

retired

(15.95)%

–%

65

The

Fund

is

obligated

to

redeem

its

AMTP

Shares

by

the

date

as

specified

in

its

offering

document

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

AMTP

Shares

are

subject

to

optional

and

mandatory

redemption

in

certain

circumstances.

The

AMTP

Shares

may

be

redeemed

at

the

option

of

the

Fund,

subject

to

payment

of

premium

for

approximately

six

months

following

the

date

of

issuance

(“Premium

Expiration

Date”),

and

at

the

redemption

price

per

share

thereafter.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

AMTP

Shares

are

short-term

or

short/intermediate-term

instruments

that

pay

a

variable

dividend

rate

tied

to

a

short-term

index,

plus

an

additional

fixed

“spread”

amount

which

is

initially

established

at

the

time

of

issuance

and

may

be

adjusted

in

the

future

based

upon

a

mutual

agreement

between

the

majority

owner

and

the

Fund.

From

time-to-time

the

majority

owner

may

propose

to

the

Fund

an

adjustment

to

the

dividend

rate.

Should

the

majority

owner

and

the

Fund

fails

to

agree

upon

an

adjusted

dividend

rate,

and

such

proposed

dividend

rate

adjustment

is

not

withdrawn,

the

Fund

will

be

required

to

redeem

all

outstanding

shares

upon

the

end

of

a

notice

period.

In

addition,

the

Fund

may

be

obligated

to

redeem

a

certain

amount

of

the

AMTP

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

the

Fund’s

AMTP

Shares

are

as

follows:

The

average

liquidation

preference

of

AMTP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

AMTP

Shares

are

subject

to

restrictions

on

transfer,

generally

do

not

trade,

and

market

quotations

are

generally

not

available.

The

fair

value

of

AMTP

Shares

is

expected

to

be

approximately

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

AMTP

Shares

remains

roughly

in

line

with

the

“spread”

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market

environment.

In

present

market

conditions,

the

Funds’

Adviser

has

determined

that

the

fair

value

of

AMTP

Shares

is

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

For

financial

reporting

purposes,

the

liquidation

preference

of

AMTP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“AMTP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

AMTP

Share

dividends

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

AMTP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

AMTP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

in

connection

with

the

Fund’s

offering

of

AMTP

Shares

were

recorded

as

deferred

charges,

which

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

components

of

“AMTP

Shares,

Net”

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

Funds

have

issued

and

have

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,

NXJ

and

NQP

had

$312,711,751

and

$216,837,278

VRDP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

the

Funds’

VRDP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

NAZ

2028

883

$88,300,000

$88,254,347

Fund

Notice

Period

Series

Term

Redemption

Date

Premium

Expiration

Date

NAZ

540-day

2028

December

1,

2028*

February

13,

2019

*

Subject

to

early

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

AMTP

Shares

Outstanding

Annualized

Dividend

Rate

NAZ

$

88,300,000

4.10

%

66

Notes

to

Financial

Statements

(Unaudited)

(continued)

VRDP

Shares

include

a

liquidity

feature

that

allows

VRDP

shareholders

to

have

their

shares

purchased

by

a

liquidity

provider

with

whom

each

Fund

has

contracted

in

the

event

that

the

VRDP

Shares

are

not

able

to

be

successfully

remarketed.

Each

Fund

is

required

to

redeem

any

VRDP

Shares

that

are

still

owned

by

the

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

Each

Fund

pays

an

annual

remarketing

fee

on

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding.

Each

Fund’s

VRDP

Shares

have

successfully

remarketed

since

issuance.

All

series

of

NXJ’s

and

NQP’s

VRDP

Shares

are

considered

to

be

Special

Rate

Period

VRDP,

which

are

sold

to

institutional

investors.

During

the

special

rate

period,

the

VRDP

Shares

will

not

be

remarketed

by

a

remarketing

agent,

be

subject

to

optional

or

mandatory

tender

events,

or

be

supported

by

a

liquidity

provider

and

are

not

subject

to

remarking

fees

or

liquidity

fees.

During

the

special

rate

period,

VRDP

dividends

will

be

set

monthly

as

a

floating

rate

based

on

the

predetermined

formula.

Following

the

initial

special

rate

period,

Special

Rate

Period

VRDP

Shares

may

transition

to

traditional

VRDP

Shares

with

dividends

set

at

weekly

remarketings,

and

be

supported

by

a

designated

liquidity

provider,

or

the

Board

may

approve

a

subsequent

special

rate

period.

Dividends

on

the

VRDP

Shares

(which

are

treated

as

interest

payments

for

financial

reporting

purposes)

are

set

at

a

rate

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

VRDP

Shares

is

expected

to

approximate

its

liquidation

preference.

In

the

event

that

VRDP

Shares

are

unable

to

be

successfully

remarketed,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

VRDP

Shares.

Subject

to

certain

conditions,

VRDP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

each

Fund.

Each

Fund

may

also

redeem

certain

of

the

VRDP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

The

average

liquidation

preference

of

VRDP

Shares

outstanding

and

annualized

dividend

rate

for

each

Fund

during

the

current

fiscal

period

were

as

follows:

For

financial

reporting

purposes,

the

liquidation

preference

of

VRDP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Unpaid

dividends

on

VRDP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

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

Funds

in

connection

with

their

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

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

In

addition

to

interest

expense,

each

Fund

may

also

pay

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:

The

Funds

did

not

have

any

transactions

in

preferred

shares

during

the

current

or

prior

fiscal

period.

7.

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

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.

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.

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Special

Rate

Period

Expiration

Maturity

NXJ

1

810

N/A**

$81,000,000

July

17,

2024

August

3,

2043

2

1,443

N/A**

$144,300,000

April

1,

2043***

April

1,

2043

3

886

N/A**

$88,600,000

April

1,

2043***

April

1,

2043

NQP

2

1,125

N/A**

$112,500,000

December

1,

2042***

December

1,

2042

3

1,050

N/A**

$105,000,000

December

1,

2042***

December

1,

2042

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

**

Not

applicable.

Series

is

considered

to

be

Special

Rate

VRDP

and

therefore

does

not

pay

a

remarketing

fee.

***

Subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NXJ

$

313,900,000

4.24

%

NQP

217,500,000

4.23

67

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

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

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule: 

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NAZ

$

238,179,411

$

1,032,503

$

(10,714,705)

$

(9,682,202)

NXJ

874,371,355

17,094,810

(46,540,025)

(29,445,215)

NQP

712,668,754

38,963,239

(69,447,582)

(30,484,343)

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NAZ

$

406,335

$

7,179

$

—

$

(8,716,787)

$

(5,065,284)

$

—

$

(376,866)

$

(13,745,423)

NXJ

25,661

2,474

—

(30,226,657)

(6,468,821)

—

(1,348,195)

(38,015,538)

NQP

—

4,389

—

(28,757,830)

(10,279,889)

—

(1,084,117)

(40,117,447)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

on

February

1,

2023

and

paid

on

March

1,

2023.

Fund

Short-Term

Long-Term

Total

NAZ

$

2,930,140

$

2,135,144

$

5,065,284

NXJ

1,166,586

5,302,235

6,468,821

NQP

4,620,885

5,659,004

10,279,889

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.4500

%

For

the

next

$125

million

0.4375

For

the

next

$250

million

0.4250

For

the

next

$500

million

0.4125

For

the

next

$1

billion

0.4000

For

the

next

$3

billion

0.3750

For

managed

assets

over

$5

billion

0.3675

68

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

August

31,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

NAZ

0.1600%

NXJ

0.1600%

NQP

0.1600%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NAZ

$

1,049,741

$

—

$

—

NXJ

—

—

—

NQP

—

—

—

69

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-

day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

Fund

Maximum

Outstanding

Balance

NAZ

$

722,793

NXJ

4

51,017

NQP

660,198

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NAZ

3

$

722,793

6.28

%

NXJ

3

451,017

6.28

NQP

3

660,198

6.28

70

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund

may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Risk

Considerations

(Unaudited)

71

Fund

Shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

Arizona

Quality

Municipal

Income

Fund

(NAZ)

Nuveen

New

Jersey

Quality

Municipal

Income

Fund

(NXJ)

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(NQP)

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/

NXJ

and

www.nuveen.com/NQP.

72

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

The

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.

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.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NAZ

NXJ

NQP

Common

Shares

Repurchased

0

218,349

160,999

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

73

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

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

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,

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940.

Tax

Obligation/General

Bonds

:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back

.

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.

74

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-

Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

75

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

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

76

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

77

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Arizona

Quality

Municipal

Income

Fund

(the

“Arizona

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022

and

the

first

quartile

for

the

three-

and

five-year

periods

ended

December 31,

2022.

The

Fund

also

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Jersey

Quality

Municipal

Income

Fund

(the

“New

Jersey

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

and

second

quartile

for

the

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Pennsylvania

Quality

Municipal

Income

Fund

(the

“Pennsylvania

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

such

periods.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

three-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

five-year

period

ended

March

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

March 31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

78

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Arizona

Fund

and

the

New

Jersey

Fund

each

had

an

actual

management

fee

that

was

in

line

with

the

respective

peer

average

and

a

net

total

expense

ratio

that

was

below

the

respective

peer

average;

and

(b)

the

Pennsylvania

Fund

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

in

line

with

the

respective

peer

averages.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts,

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

79

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

80

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

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

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-B-0823P

3131568-INV-B-10/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

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

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section  13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: 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 Arizona Quality Municipal Income Fund

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer

Date: November 3, 2023

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/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer
	(principal executive officer)

Date: November 3, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham
	Vice President and Funds Controller
	(principal financial officer)

Date: November 3, 2023