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Table of Contents

Dear Shareholders,

In recent months, economic pessimism has been rising. An escalation in U.S.-China trade tensions and an unpredictable Brexit outcome top the list of geopolitical concerns. Global macroeconomic data shows a further moderation in growth as a result of weaker export and manufacturing activity across the U.S., Europe and Asia. Notably, in the U.S., some of the more historically reliable leading economic indicators have turned more downbeat and economic growth forecasts and corporate earnings outlooks continue to be downgraded. In this environment, equity market volatility has increased while safe-haven assets, including government bonds and gold, have rallied.

While these conditions have contributed to the market’s anxiety and certainly merit watching, it appears the likelihood of a near-term recession remains low. Consumer spending, buoyed by historically low unemployment and modest wage growth, has powered the economic recovery, even as business investment has been lackluster. Additionally, the sectors directly hit by trade, namely manufacturing and commodity-related businesses, represent a much smaller share of the overall economy than in the past. Central bank efforts to extend the economic cycle with lower interest rates encourages business and consumers to borrow at lower rates while markets have been encouraged by the expectation of easier financial conditions. Recession is not necessarily imminent if these factors can provide the economy with a measure of resilience, sustaining growth at a more subdued pace.

Outside the U.S., central banks and governments have been easing monetary conditions and rolling out fiscal spending programs to buffer slowing growth. The European Central Bank recently announced a stimulus plan, and China’s authorities remain committed to keeping economic growth rates steady with fiscal and monetary policy. Until there is more clarity on trade, however, the markets may experience bouts of risk-on, risk-off sentiment.

The opportunity set may be muted, but there may still be scope for gains in this environment. Patience and maintaining perspective can help you weather periodic market volatility. We encourage you to work with your financial advisor to assess short-term market movements in the context of 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.

Sincerely,

Terence J. Toth
Chair of the Board
October 25, 2019

4

Portfolio Managers’ Comments

Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen Texas Quality Municipal Income Fund (NTX)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Michael S. Hamilton and Daniel J. Close, CFA, review key investment strategies and the six-month reporting period performance of these four Nuveen Funds. Michael assumed portfolio management responsibility for NAZ in 2011, while Dan has managed NUM, NUO and NTX since 2007.

During May 2019, the Board of Trustees approved the merger of the Nuveen Texas Quality Municipal Income Fund (NTX) to the acquiring Fund, the Nuveen Quality Municipal Income Fund (NAD). In order for the reorganization to occur, it must be approved by shareholders.

What key strategies were used to manage these Funds during the six-month reporting period ended August 31, 2019?

Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal personal income tax and a single state’s personal income tax. Each Fund may invest up to 20% in municipal securities that are exempt from regular federal income tax, but not from that single state’s income tax if, in the Sub-Adviser’s judgement, such purchases are expected to enhance the Fund’s after-tax total return potential. To the extent that the Funds invest in bonds of municipal issuers located in other states, each Fund may have income that is not exempt from state personal income tax.

A significant decline in interest rates led to strong gains in municipal bonds during the six-month reporting period. Concerns about slowing economic growth and central banks’ potential responses drove risk-off sentiment in the markets, prompting an equity market sell-off and a flight to assets perceived to be safer, such as U.S. Treasury bonds. Municipal bond valuations benefited from the falling interest rate environment, as well as favorable technical supply-demand conditions. The municipal bond market continued

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This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

5

Portfolio Managers’ Comments (continued)

to experience historically robust demand that has exceeded the currently moderate pace of issuance. The Michigan and Ohio municipal markets performed nearly in line with the national market, while the Arizona and Texas municipal market lagged the national market in this reporting period.

We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds’ investment objectives.

In the Arizona Fund, our buying continued to emphasize maturities of 20 years and longer, with a small addition of charter schools offering 4% coupons in the 15-year maturity segment. We also bought some health care credits and initiated a small position in Puerto Rico sales tax bonds, known as COFINAs. The COFINA bonds were the first major credit to emerge from the island’s bankruptcy-like restructuring process, and although notable risks remain, we believe the fundamental credit story has improved and the yields being offered were attractive. To fund our buying, we mainly used the proceeds from selling short bonds, e.g. bonds maturing in less than a year, pre-refunded bonds and bonds with shorter call structures. In some cases we sold depreciated bonds, which provided certain tax advantages to NAZ, to invest in new opportunities with better long-term total return prospects.

In the Michigan and Ohio Funds, we worked to embed a higher yield in the overall portfolios and move the Funds’ duration profiles closer to that of their benchmark indexes. We accomplished this by selling some shorter-dated, high quality (and lower yielding) instate paper and using the proceeds to buy higher yielding out-of-state bonds. NUM and NUO each bought out-of-state issues during this reporting period. The two Funds also continued to invest within their respective states. NUM maintained its emphasis on non-Detroit-related bonds, adding three general obligation (GO) bonds for Grand Rapids, Lansing and Walled Lake, a Lansing water and sewer credit and a higher education bond for Michigan State University. NUO’s Ohio purchases included a longer-dated local GO. We note that both Funds added the restructured COFINA bonds, as described in the NAZ discussion. Called and maturing bonds also provided some of the cash to make new purchases for the two Funds.

Trading activity in the Texas Fund was muted by comparison. NTX focused on in-state paper, including Lower Colorado River Authority public utility bonds, North Texas Tollway credits and Austin Airports bonds. The Fund also bought the restructured COFINA bonds, as explained earlier. We used the proceeds from called and maturing bonds and the sale of shorter-dated bonds with lower embedded yields to buy these new opportunities.

As of August 31, 2019, NAZ, NUM, NUO and NTX continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Funds perform for the six-month reporting period ended August 31, 2019?

The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the six-month, one-year, five-year and ten-year periods ended August 31, 2019. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of a corresponding market index.

For the six months ended August 31, 2019, the total returns on common share NAV for the four Funds outperformed their respective state’s S&P Municipal Bond Index and the national S&P Municipal Bond Index.

The factors driving performance in this reporting period included yield curve and duration positioning, credit ratings exposure, sector allocation and individual credit selection. Given the substantial decline in interest rates, duration and yield curve positioning was a large contributor to the Funds’ relative outperformance in the reporting period. The Funds’ longer overall durations and overweight allocations to longer maturity bonds were advantageous as yields on the long end of the yield curve fell by a larger magnitude than yields on the shorter end. NAZ, NUM and NUO were also aided by their underweight allocations to the shortest duration bonds, especially the zero to 2-year range.

Broadly speaking, the highest credit quality (AAA and AA rated) bonds underperformed in this reporting period and lower rated, higher yielding bonds tended to outperform, due to strong investor demand for yield in an environment of low interest rates and a positive credit backdrop. On a relative performance basis, the contribution of the Funds’ credit ratings allocations varied by state. For NAZ, the credit quality positioning had an overall neutral impact on relative performance. We maintained the Arizona Fund’s underweight allocations to the highest quality (AA and AAA rated) paper and overweight allocations to bonds rated BBB and lower. In NUM, the positive contribution from an overweight exposure to the single-B rated category offset a slight detractor from the underweight to BBB rated credits, which were Michigan’s best performing credit segment in this reporting period. NUO’s credit quality positioning was an overall detractor from relative performance due to underweight allocations to BBB and single-B rated bonds. We note that Ohio’s tobacco settlement bonds are heavily represented in the state’s single-B rated issuance. Given our assessment of the tobacco sector’s risk-reward characteristics, NUO’s maximum exposure to the sector is considerably lower than the benchmark index’s weighting, which detracts from performance when the sector performs well, as it did during this reporting period. Relative to the Texas benchmark index, NTX benefited from its underweight allocation to AAA rated paper and overweight exposure to non-rated bonds.

Sector positioning neither contributed nor detracted from NAZ’s relative performance. NAZ’s overweight allocation to the “other utilities” sector, primarily in Salt Verde Prepay Gas bonds, was a strong performer in this reporting period. However, an overweight allocation to hospitals and exposure to shorter-duration higher education bonds were a drag on NAZ’s relative performance. For NUM, sector allocations detracted, driven by the underperformance of our overweight allocations to the pre-refunded and public power sectors. NUO, however, benefited strongly from its sector positioning. Although an overweight allocation to pre-refunded bonds hurt performance, NUO’s overweight to toll road bonds was a large positive contributor. The toll road sector is largely composed of longer-dated, lower-rated bonds, which outperformed in this reporting period. NTX’s sector allocations were advantageous to relative results. The overweight to the dedicated tax sector, which includes bonds with moderately lower credit qualities and longer durations, performed well, more than compensating for the underperformance of an overweight to pre-refunded bonds.

Across all four Funds, the best performing individual credits in this reporting period were those with long effective durations and lower credit ratings. In NAZ, these holdings included Salt Verde Prepay Gas bonds, non-rated charter schools, tax increment bonds (also known as dirt bonds) and health care names such as Maricopa County Banner Health Systems. NUM, NUO and NTX also benefited from tender option bonds, which have long maturity structures. Short-dated, high quality bonds were generally the weakest performers.

Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGY ON PERFORMANCE

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.

Leverage from issuance of preferred shares had a positive impact on the total return performance of the Funds over the reporting period. The use of leverage through inverse floating rate securities was additive on the total return performance of the Funds over the reporting period.

As of August 31, 2019, the Funds’ percentages of leverage are as shown in the accompanying table.

 

 

THE FUNDS’ REGULATORY LEVERAGE

As of August 31, 2019, the Funds have issued and outstanding preferred shares as shown in the accompanying table.

 

 

Refer to Notes to Financial Statements, Note 5 – Fund Shares, Preferred Shares for further details on preferred shares and each Fund’s respective transactions.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of August 31, 2019. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.

During the current reporting period, each Fund’s distributions to common shareholders were as shown in the accompanying table.

 

 

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.

All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.

CHANGE IN METHOD OF PUBLISHING NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

Beginning on or about November 1, 2019, the Nuveen Closed-End Funds will be discontinuing the practice of announcing Fund distribution amounts and timing via press release. Instead, information about the Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders will be posted and can be found on Nuveen’s enhanced closed-end fund resource page, which is at www.nuveen.com/closed-end-fund-distributions, along with other Nuveen closed-end fund product updates.

9

Common Share Information (continued)

Shareholders can expect regular distribution information to be posted on www.nuveen.com on the first business day of each month. To ensure that our shareholders have timely access to the latest information, a subscribe function can be activated at this link here, or at this web page (www.nuveen.com/en-us/people/about-nuveen/for-the-media).

COMMON SHARE REPURCHASES

During August 2019, the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of August 31, 2019, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.

 

During the current reporting period, the Funds did not repurchase any of their outstanding common shares.

OTHER COMMON SHARE INFORMATION

As of August 31, 2019, and during the current reporting period, the Funds’ common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.

 

10

Risk Considerations

Fund Shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen Michigan Quality Municipal Income Fund (NUM)
Nuveen Ohio Quality Municipal Income Fund (NUO)
Nuveen Texas Quality Municipal Income Fund (NTX)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. State concentration makes the Fund more susceptible to local adverse economic, political, or regulatory changes affecting municipal bond issuers. These and other risk considerations such as inverse floater risk and tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NAZ, www.nuveen.com/NUM, www.nuveen.com/NUO and www.nuveen.com/NTX.

 

 

Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Common Share Price Performance — Weekly Closing Price

12

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	154.8%
Other Assets Less Liabilities	0.7%
Net Assets Plus Floating Rate
Obligations & AMTP Shares,
net of deferred offering costs	155.5%
Floating Rate Obligations	(5.5)%
AMTP Shares, net of deferred
offering costs	(50.0)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Arizona	95.7%
Guam	2.9%
Puerto Rico	1.0%
Virgin Islands	0.4%
Total	100%

Portfolio Composition
(% of total investments)
Education and Civic Organizations	21.9%
Tax Obligation/Limited	20.8%
Utilities	13.5%
Health Care	12.6%
Tax Obligation/General	11.0%
U.S. Guaranteed	8.2%
Water and Sewer	5.8%
Other	6.2%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	5.4%
AAA	8.4%
AA	46.7%
A	25.6%
BBB	2.1%
BB or Lower	5.6%
N/R (not rated)	6.2%
Total	100%

NUM	Nuveen Michigan Quality Municipal Income Fund Performance Overview and Holding Summaries as of August 31, 2019

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2019

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NUM at Common Share NAV	8.05%	11.25%	5.06%	6.31%
NUM at Common Share Price	11.86%	17.24%	5.39%	6.95%
S&P Municipal Bond Michigan Index	5.94%	8.48%	4.27%	5.24%
S&P Municipal Bond Index	5.92%	8.26%	3.79%	4.72%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	155.4%
Other Assets Less Liabilities	1.6%
Net Assets Plus Floating Rate
Obligations & AMTP Shares,
net of deferred offering costs	157.0%
Floating Rate Obligations	(3.8)%
AMTP Shares, net of deferred
offering costs	(53.2)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Michigan	93.6%
Puerto Rico	1.6%
Texas	1.2%
Colorado	1.0%
North Carolina	1.0%
Missouri	0.5%
Florida	0.4%
Kentucky	0.3%
Georgia	0.2%
Washington	0.1%
Oregon	0.1%
Total	100%

Portfolio Composition
(% of total investments)
Education and Civic Organizations	22.8%
Tax Obligation/General	19.7%
Health Care	16.7%
Tax Obligation/Limited	10.9%
Water and Sewer	8.8%
Utilities	8.5%
U.S. Guaranteed	5.6%
Other	7.0%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	4.3%
AAA	15.3%
AA	57.8%
A	15.9%
BBB	0.9%
BB or Lower	3.4%
N/R (not rated)	2.4%
Total	100%

NUO	Nuveen Ohio Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2019

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2019

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NUO at Common Share NAV	9.12%	12.29%	5.21%	6.37%
NUO at Common Share Price	13.62%	19.59%	5.09%	6.42%
S&P Municipal Bond Ohio Index	5.95%	7.92%	4.51%	5.20%
S&P Municipal Bond Index	5.92%	8.26%	3.79%	4.72%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	151.9%
Other Assets Less Liabilities	0.6%
Net Assets Plus Floating Rate
Obligations & VRDP Shares,
net of deferred offering costs	152.5%
Floating Rate Obligations	(6.3)%
VRDP Shares, net of deferred
offering costs	(46.2)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Ohio	90.3%
Puerto Rico	2.6%
Texas	1.6%
Michigan	1.4%
Colorado	1.1%
North Carolina	1.1%
Florida	0.8%
Missouri	0.5%
Kentucky	0.3%
Oregon	0.2%
Washington	0.1%
Total	100%

Portfolio Composition
(% of total investments)
Tax Obligation/Limited	26.7%
Transportation	14.5%
Tax Obligation/General	11.8%
Health Care	11.1%
U.S. Guaranteed	10.7%
Water and Sewer	8.5%
Education and Civic Organizations	7.7%
Other	9.0%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	7.9%
AAA	12.6%
AA	54.4%
A	14.3%
BBB	1.8%
BB or Lower	5.8%
N/R (not rated)	3.2%
Total	100%

NTX	Nuveen Texas Quality Municipal Income Fund
	Performance Overview and Holding Summaries as of August 31, 2019

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Average Annual Total Returns as of August 31, 2019

	Cumulative	Average Annual
	6-Month	1-Year	5-Year	10-Year
NTX at Common Share NAV	8.72%	11.44%	4.75%	6.05%
NTX at Common Share Price	12.20%	17.03%	4.27%	4.68%
S&P Municipal Bond Texas Index	5.73%	8.22%	3.65%	4.78%
S&P Municipal Bond Index	5.92%	8.26%	3.79%	4.72%

Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	153.7%
Other Assets Less Liabilities	1.2%
Net Assets Plus Floating Rate
Obligations & MFP Shares,
net of deferred offering costs	154.9%
Floating Rate Obligations	(10.0)%
MFP Shares, net of deferred
offering costs	(44.9)%
Net Assets	100%

States and Territories
(% of total municipal bonds)
Texas	99.1%
Puerto Rico	0.9%
Total	100%

Portfolio Composition
(% of total investments)
Water and Sewer	19.0%
Transportation	18.7%
Tax Obligation/Limited	15.8%
Tax Obligation/General	15.8%
Utilities	9.4%
U.S. Guaranteed	9.1%
Education and Civic Organizations	6.6%
Other	5.6%
Total	100%

Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	8.7%
AAA	25.6%
AA	27.4%
A	26.6%
BBB	8.7%
BB or Lower	1.8%
N/R (not rated)	1.2%
Total	100%

NAZ	Nuveen Arizona Quality Municipal
	Income Fund
	Portfolio of Investments
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 154.8% (100.0% of Total Investments)
		MUNICIPAL BONDS – 154.8% (100.0% of Total Investments)
		Education and Civic Organizations – 34.0% (21.9% of Total Investments)
$ 2,175		Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series	7/26 at 100.00	AA	$ 2,601,778
		2016B, 5.000%, 7/01/47
1,500		Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green	7/25 at 100.00	AA	1,761,570
		Series 2015A, 5.000%, 7/01/41
1,500		Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D,	7/25 at 100.00	AA	1,761,570
		5.000%, 7/01/41
2,515		Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for	8/24 at 100.00	Aa3	2,880,480
		Economic and Educational Development, Series 2014, 5.000%, 8/01/44
2,240		Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option	6/22 at 100.00	Aa2	2,983,882
		Bond Trust 2015-XF0053, 13.861%, 6/01/42, 144A (IF)
515		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	BB	570,666
		Basis Schools, Inc Projects, Series 2017A, 5.125%, 7/01/37, 144A
525		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	AA–	612,523
		Basis Schools, Inc Projects, Series 2017C, 5.000%, 7/01/47
150		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	BB	164,417
		Basis Schools, Inc Projects, Series 2017D, 5.000%, 7/01/47, 144A
		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
		Basis Schools, Inc Projects, Series 2017F:
1,700		5.000%, 7/01/37	7/27 at 100.00	AA–	2,011,474
1,645		5.000%, 7/01/47	7/27 at 100.00	AA–	1,919,238
315		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/27 at 100.00	BB	345,275
		Basis Schools, Inc Projects, Series 2017G, 5.000%, 7/01/47, 144A
240		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	11/27 at 100.00	N/R	248,179
		Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A
1,000		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/23 at 105.00	BB+	1,082,460
		Pinecrest Academy of Nevada-Sloan Canyon Project, Refunding Series 2018A, 6.000%,
		9/15/38, 144A
375		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona	9/27 at 100.00	BB+	408,461
		Agribusiness and Equine Center, Inc Project, Series 2017B, 5.000%, 3/01/48, 144A
345		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of	No Opt. Call	BB	362,281
		Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A
		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
		Math & Science Projects, Series 2018A:
615		5.000%, 7/01/38	1/28 at 100.00	AA–	730,362
1,000		5.000%, 7/01/48	1/28 at 100.00	AA–	1,170,720
165		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy	9/19 at 101.00	N/R	166,074
		Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A
455		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest	7/26 at 100.00	BB+	521,744
		Academy of Nevada Horizon, Inspirada, and St Rose Campus Projects, Series 2018A, 5.750%,
		7/15/38, 144A
		Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of
		Indianapolis – Health Pavilion Project, Series 2019A:
1,000		4.000%, 10/01/39	10/29 at 100.00	BBB+	1,099,030
1,000		4.000%, 10/01/49	10/29 at 100.00	BBB+	1,081,130
1,500		Arizona Industrial Development Authority, Education Facility Revenue Bonds, Caurus	6/28 at 100.00	N/R	1,607,700
		Academy Project, Series 2018A, 6.375%, 6/01/39, 144A

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Education and Civic Organizations (continued)
$ 2,000		Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern	5/22 at 100.00	A	$ 2,180,660
		University, Refunding Series 2007, 5.000%, 5/15/31
3,775		Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern	5/20 at 100.00	A+	3,866,279
		University, Refunding Series 2010, 5.125%, 5/15/40
		Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center
		for Academic Success Project, Refunding Series 2019:
360		4.000%, 7/01/31 (WI/DD, Settling 9/10/19)	7/29 at 100.00	BBB	402,433
340		4.000%, 7/01/33 (WI/DD, Settling 9/10/19)	7/29 at 100.00	BBB	377,172
355		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/27 at 100.00	AA–	427,622
		Great Hearts Academies Projects, Series 2017A, 5.000%, 7/01/37
490		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/27 at 100.00	AA–	581,292
		Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48
870		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds,	7/26 at 100.00	BB+	961,359
		Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A
2,095		McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University	7/26 at 100.00	AA–	2,534,824
		Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37
1,875		Northern Arizona University, System Revenue Bonds, Refunding Series 2014,	6/24 at 100.00	A+	2,143,462
		5.000%, 6/01/40
910		Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41	6/21 at 100.00	A+	960,678
70		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/25 at 100.00	BB	75,219
		Basis Schools, Inc Projects, Series 2016A, 5.000%, 7/01/46, 144A
900		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/22 at 100.00	BB	945,252
		Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42
1,400		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/22 at 100.00	BB+	1,448,706
		Eagle College Prep Project, Series 2013A, 5.000%, 7/01/43
800		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/25 at 100.00	BBB–	891,688
		Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41
250		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/19 at 101.00	N/R	250,738
		Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%,
		7/01/22, 144A
165		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	9/19 at 101.00	N/R	165,219
		Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B,
		4.000%, 7/01/22, 144A
500		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/24 at 100.00	Ba1	577,055
		Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A
		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
		Legacy Traditional Schools Projects, Series 2015:
315		5.000%, 7/01/35, 144A	7/25 at 100.00	Ba1	342,109
300		5.000%, 7/01/45, 144A	7/25 at 100.00	Ba1	320,739
650		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	Ba1	704,600
		Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A
		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
		Villa Montessori, Inc Projects, Series 2015:
310		3.250%, 7/01/25	No Opt. Call	BBB–	319,052
400		5.000%, 7/01/35	7/25 at 100.00	BBB–	446,180
500		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/28 at 100.00	AA–	558,485
		Vista College Preparatory Project, Series 2018A, 4.125%, 7/01/38
1,995		Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky	10/26 at 100.00	A3	2,335,965
		University Project, Series 2016, 5.000%, 10/01/36
3,675		Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University	6/22 at 100.00	A	3,945,553
		Project, Series 2012, 5.000%, 6/01/42 (UB) (4)
500		Pima County Community College District, Arizona, Revenue Bonds, Series 2019,	7/28 at 100.00	Aa3	627,570
		5.000%, 7/01/36

NAZ	Nuveen Arizona Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Education and Civic Organizations (continued)
$ 200		Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds,	5/24 at 100.00	N/R	$ 223,488
		Desert Heights Charter School, Series 2014, 7.250%, 5/01/44
		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
		Champion Schools Project, Series 2017:
120		6.000%, 6/15/37, 144A	6/26 at 100.00	N/R	126,818
680		6.125%, 6/15/47, 144A	6/26 at 100.00	N/R	717,876
200		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/26 at 100.00	BB–	192,170
		Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36
35		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	2/24 at 100.00	N/R	36,784
		San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A
115		Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	2/28 at 100.00	N/R	126,681
		San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A
745		Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden	1/22 at 100.00	B	735,360
		Traditional Schools Project, Series 2012, 7.500%, 1/01/42
500		Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah	6/25 at 100.00	BB	538,105
		Webster Schools Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A
730		Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona	7/26 at 100.00	AA	878,592
		College, Series 2017, 5.000%, 7/01/35 – BAM Insured
780		Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona	6/24 at 100.00	AA	892,531
		University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured
		The Industrial Development Authority of the County of Maricopa, Arizona, Education
		Revenue Bonds, Reid Traditional School Projects, Series 2016:
520		5.000%, 7/01/36	7/26 at 100.00	Baa3	597,132
300		5.000%, 7/01/47	7/26 at 100.00	Baa3	338,970
53,200		Total Education and Civic Organizations			59,885,432
		Health Care – 19.5% (12.6% of Total Investments)
1,200		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems,	1/24 at 100.00	AA–	1,350,180
		Series 2014A, 5.000%, 1/01/44
5,100		Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s	2/22 at 100.00	A1	5,472,453
		Hospital, Refunding Series 2012A, 5.000%, 2/01/42
		Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals
		Project, Refunding Series 2014A:
3,005		5.000%, 12/01/39	12/24 at 100.00	A2	3,455,149
2,860		5.000%, 12/01/42	12/24 at 100.00	A2	3,269,066
1,250		Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	9/28 at 100.00	A2	1,522,387
		HonorHealth, Series 2019A, 5.000%, 9/01/37
		Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
		Refunding Series 2016A:
1,250		5.000%, 1/01/32	1/27 at 100.00	AA–	1,540,462
1,000		5.000%, 1/01/35	1/27 at 100.00	AA–	1,220,570
2,000		5.000%, 1/01/38	1/27 at 100.00	AA–	2,415,340
		Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,
		Series 2017A:
2,700		4.000%, 1/01/41	1/28 at 100.00	AA–	3,039,660
2,000		5.000%, 1/01/41	1/28 at 100.00	AA–	2,446,200
1,000		Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health,	7/29 at 100.00	AA–	1,137,700
		Series 2019A, 4.000%, 1/01/44
1,120		Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale	9/20 at 100.00	AA	1,159,346
		Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGM Insured
1,025		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/26 at 100.00	A+	1,222,067
		Yavapai Regional Medical Center, Refunding Series 2016, 5.000%, 8/01/36
1,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/23 at 100.00	A+	1,144,500
		Yavapai Regional Medical Center, Series 2013A, 5.250%, 8/01/33

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Health Care (continued)
$ 1,450		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds,	8/29 at 100.00	A+	$ 1,622,332
		Yavapai Regional Medical Center, Series 2019, 4.000%, 8/01/43
		Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional
		Medical Center, Series 2014A:
1,000		5.000%, 8/01/22	No Opt. Call	A	1,100,210
1,000		5.250%, 8/01/32	8/24 at 100.00	A	1,168,860
29,960		Total Health Care			34,286,482
		Housing/Multifamily – 0.8% (0.5% of Total Investments)
1,250		Arizona Industrial Development Authority, Student Housing Revenue Bonds, Provident Group –	6/29 at 100.00	AA	1,367,775
		NCCU Properties LLC – North Carolina Central University, Series 2019A, 4.000%, 6/01/44 –
		BAM Insured
		Long-Term Care – 1.8% (1.2% of Total Investments)
285		Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater	7/25 at 101.00	N/R	297,962
		Avondale Project, Series 2017, 5.375%, 1/01/38
1,885		Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds,	10/25 at 101.00	N/R	1,989,090
		3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36
780		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of	12/21 at 100.00	N/R	827,705
		Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32
80		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU	10/27 at 100.00	N/R	92,226
		Project, Series 2017A, 6.125%, 10/01/47, 144A
3,030		Total Long-Term Care			3,206,983
		Tax Obligation/General – 17.1% (11.0% of Total Investments)
575		Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation	7/27 at 100.00	AA	700,983
		Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured
2,140		El Mirage, Arizona, General Obligation Bonds, Series 2012, 5.000%, 7/01/42 – AGM Insured	7/22 at 100.00	AA	2,325,474
1,000		Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation	7/21 at 100.00	AA	1,071,360
		Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured
630		Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation	7/27 at 100.00	Aa1	779,329
		Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37
775		Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation	7/21 at 100.00	Aa2	829,746
		Bonds, Series 2011, 5.000%, 7/01/23
1,500		Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series	7/28 at 100.00	AAA	1,875,795
		2018C, 5.000%, 7/01/36
1,350		Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation	7/25 at 102.00	Aa2	1,624,495
		Bonds, School Improvement Series 2018, 5.000%, 7/01/36
1,275		Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation	7/27 at 100.00	AAA	1,595,586
		Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33
		Mohave County Union High School District 2 Colorado River, Arizona, General Obligation
		Bonds, School Improvement Series 2017:
1,000		5.000%, 7/01/34	7/27 at 100.00	Aa3	1,231,390
1,000		5.000%, 7/01/36	7/27 at 100.00	Aa3	1,220,940
690		Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017,	7/27 at 100.00	AA–	853,171
		5.000%, 7/01/36
1,370		Pima County Continental Elementary School District 39, Arizona, General Obligation	7/21 at 100.00	AA	1,483,148
		Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured
2,895		Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds,	7/24 at 100.00	AA	3,346,678
		School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured
1,750		Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School	7/21 at 100.00	A	1,864,415
		Improvement Project 2010 Series 2011A, 5.000%, 7/01/25
1,500		Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School	7/27 at 100.00	AA	1,848,555
		Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured

NAZ	Nuveen Arizona Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/General (continued)
$ 1,000		Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds,	7/20 at 100.00	A+	$ 1,035,330
		School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29
		Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation
		Bonds, School improvement Project 2016, Series 2017A:
620		5.000%, 7/01/34 – BAM Insured	7/27 at 100.00	AA	762,953
1,000		5.000%, 7/01/35 – BAM Insured	7/27 at 100.00	AA	1,227,230
2,315		Tolleson Union High School District 214 of Maricopa County, Arizona, School Improvement	7/28 at 100.00	Aa1	2,914,631
		Bonds, Project of 1990, Series 1990A, 5.000%, 7/01/38
		Western Maricopa Education Center District 402, Maricopa County, Arizona, General
		Obligation Bonds, School Improvement Project 2012, Series2014B:
715		4.500%, 7/01/33	7/24 at 100.00	AA–	806,213
665		4.500%, 7/01/34	7/24 at 100.00	AA–	748,777
25,765		Total Tax Obligation/General			30,146,199
		Tax Obligation/Limited – 32.1% (20.8% of Total Investments)
2,310		Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility	7/22 at 100.00	A1	2,460,843
		Project, Refunding Senior Series 2012A, 5.000%, 7/01/36
1,250		Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016,	7/26 at 100.00	AA+	1,526,875
		5.000%, 7/01/35
275		Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36	7/26 at 100.00	AA	307,084
1,000		Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37	7/25 at 100.00	AA	1,179,480
130		Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds,	7/27 at 100.00	N/R	134,664
		Series 2017A, 7.000%, 7/01/41, 144A
1,210		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/25 at 100.00	N/R	1,304,453
		Series 2015, 5.000%, 7/15/39, 144A
1,810		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/27 at 100.00	AA	2,160,525
		Series 2017, 5.000%, 7/15/42 – AGM Insured
2,445		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds,	7/27 at 100.00	AA	2,720,820
		Series 2018, 4.375%, 7/15/43 – BAM Insured
488		Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue	7/23 at 100.00	N/R	508,003
		Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38
700		Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue	7/27 at 100.00	N/R	745,822
		Bonds, Assessment District 1, Series 2019, 5.200%, 7/01/43
655		Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General	7/27 at 100.00	AA	786,648
		Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured
		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
		Bonds, Series 2012:
345		5.000%, 7/15/27 – BAM Insured	7/22 at 100.00	AA	374,798
1,085		5.000%, 7/15/31	7/22 at 100.00	AA	1,174,914
500		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/26 at 100.00	AA	555,555
		Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured
1,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation	7/27 at 100.00	AA	1,216,670
		Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured
400		Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment	7/27 at 100.00	N/R	426,144
		Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37
590		Festival Ranch Community Facilities District, City of Buckeye, Arizona, General	7/27 at 100.00	AA	716,183
		Obligation Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured
600		Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds,	7/26 at 100.00	A1	676,512
		Refunding Series 2016, 4.000%, 7/15/32
1,500		Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation	No Opt. Call	A–	1,630,455
		Refunding Bonds, Series 2013, 5.000%, 7/15/23
1,500		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D,	11/25 at 100.00	BB	1,680,570
		5.000%, 11/15/39

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/Limited (continued)
		Government of Guam, Business Privilege Tax Bonds, Series 2011A:
$ 510		5.000%, 1/01/31	1/22 at 100.00	BB	$ 539,279
200		5.125%, 1/01/42	1/22 at 100.00	BB	210,474
1,500		Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37	1/22 at 100.00	BB	1,578,105
1,250		Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A,	12/26 at 100.00	BB	1,409,850
		5.000%, 12/01/46
1,425		Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013,	7/23 at 100.00	AA	1,610,193
		5.000%, 7/01/33
50		Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation	9/19 at 100.00	N/R	50,193
		Bonds, Series 2008A, 7.400%, 7/15/33
200		Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation	7/26 at 100.00	BBB	233,392
		Bonds, Series 2016, 5.000%, 7/15/31
385		Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation	7/27 at 100.00	AA	455,605
		Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured
300		Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26	7/21 at 100.00	AA–	320,007
400		Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation	9/19 at 100.00	N/R	354,148
		Bonds, Series 2006, 5.350%, 7/15/31
2,500		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	12/22 at 100.00	A	2,724,425
		JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36
580		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa	7/22 at 100.00	AA+	625,443
		Project, Series 2012, 5.000%, 7/01/38 (AMT)
1,000		Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33	8/24 at 100.00	AA	1,165,800
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds,
		Restructured 2018A-1:
1,550		4.550%, 7/01/40	7/28 at 100.00	N/R	1,599,895
1,040		5.000%, 7/01/58	7/28 at 100.00	N/R	1,086,966
		Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding
		Series 2016:
540		4.000%, 8/01/34	8/26 at 100.00	AA	610,173
545		4.000%, 8/01/36	8/26 at 100.00	AA	612,918
1,740		Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A,	8/28 at 100.00	AA	2,169,589
		5.000%, 8/01/42
2,100		San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2014A, 5.000%,	7/24 at 100.00	AA	2,421,699
		7/01/38 – BAM Insured
1,400		San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A, 5.000%,	7/24 at 100.00	AA	1,621,956
		7/01/34 – BAM Insured
3,000		Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding	No Opt. Call	AAA	3,555,510
		Series 2006, 5.000%, 7/01/24
1,320		Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding	7/27 at 100.00	AAA	1,643,070
		Series 2017, 5.000%, 7/01/36
1,650		Sundance Community Facilities District, City of Buckeye, Arizona, General Obligation	7/28 at 100.00	AA	2,049,514
		Bonds, Refunding Series 2018, 5.000%, 7/15/39 – BAM Insured
2,505		Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,	7/22 at 100.00	AAA	2,744,603
		5.000%, 7/01/37
985		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding	No Opt. Call	AA	997,766
		Series 2012A, 4.000%, 10/01/22 – AGM Insured
750		Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds,	7/21 at 100.00	N/R	755,715
		Series 2016, 3.250%, 7/15/25, 144A
1,213		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds,	9/19 at 100.00	N/R	1,212,976
		Series 2005, 6.000%, 7/01/30
50,431		Total Tax Obligation/Limited			56,646,282

NAZ	Nuveen Arizona Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Transportation – 7.0% (4.5% of Total Investments)
		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien
		Series 2015A:
$ 910		5.000%, 7/01/40	7/25 at 100.00	A+	$ 1,068,367
2,185		5.000%, 7/01/45	7/25 at 100.00	A+	2,551,315
		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior
		Lien Series 2013:
1,785		5.000%, 7/01/30 (AMT)	7/23 at 100.00	AA–	2,016,979
2,215		5.000%, 7/01/32 (AMT)	7/23 at 100.00	AA–	2,493,182
2,000		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien	7/27 at 100.00	AA–	2,392,780
		Series 2017A, 5.000%, 7/01/47 (AMT)
1,500		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien	7/28 at 100.00	AA–	1,838,220
		Series 2018, 5.000%, 7/01/43 (AMT)
10,595		Total Transportation			12,360,843
		U.S. Guaranteed – 12.6% (8.2% of Total Investments) (5)
3,480		Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding	7/22 at 100.00	AA	3,860,538
		Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)
1,025		Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series	7/21 at 100.00	AA+	1,097,785
		2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21)
180		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien	7/20 at 100.00	A+	185,807
		Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)
585		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/21 at 100.00	N/R	639,692
		Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21)
1,045		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,	7/20 at 100.00	N/R	1,099,215
		Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42
		(Pre-refunded 7/01/20)
1,800		Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding	7/21 at 100.00	A+	1,935,936
		Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21)
2,500		Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water &	7/20 at 100.00	AAA	2,580,650
		Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20)
		Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004
		Series 2011:
1,310		5.000%, 7/01/32 (Pre-refunded 7/01/21)	7/21 at 100.00	AAA	1,403,023
1,360		5.000%, 7/01/33 (Pre-refunded 7/01/21)	7/21 at 100.00	AAA	1,456,574
1,705		5.000%, 7/01/34 (Pre-refunded 7/01/21)	7/21 at 100.00	AAA	1,826,072
1,495		Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012,	7/22 at 100.00	N/R	1,656,280
		5.000%, 7/01/37 (Pre-refunded 7/01/22)
2,585		University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series	7/21 at 100.00	N/R	2,810,231
		2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)
800		University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series	No Opt. Call	N/R	825,136
		2013, 5.000%, 7/01/20 (ETM)
825		Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds,	3/21 at 100.00	BB+	906,691
		Arizona Agribusiness and Equine Center, Inc Project, Series 2011, 7.875%, 3/01/42
		(Pre-refunded 3/01/21)
20,695		Total U.S. Guaranteed			22,283,630
		Utilities – 21.0% (13.5% of Total Investments)
1,495		Apache County Industrial Development Authority, Arizona, Pollution Control Revenue	3/22 at 100.00	A–	1,582,398
		Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
1,100		Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39	10/24 at 100.00	AA	1,258,983
4,310		Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue	6/20 at 100.00	A–	4,409,431
		Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35
8,750		Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)	7/28 at 100.00	Aa2	10,933,475

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Utilities (continued)
$ 695		Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding	7/26 at 100.00	A+	$ 834,000
		Series 2016, 5.000%, 7/01/35
1,500		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System	6/25 at 100.00	Aa1	1,789,605
		Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36
		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
		Inc Prepay Contract Obligations, Series 2007:
4,500		5.500%, 12/01/29	No Opt. Call	A3	5,979,780
5,665		5.000%, 12/01/37	No Opt. Call	A3	7,859,564
2,310		Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West	10/19 at 100.00	N/R	2,293,761
		Water & Sewer Inc Refunding, Series 2007A, 6.375%, 12/01/37 (AMT)
30,325		Total Utilities			36,940,997
		Water and Sewer – 8.9% (5.8% of Total Investments)
655		Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds,	1/26 at 100.00	AA+	786,085
		Series 2016, 5.000%, 1/01/36
785		Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien	7/26 at 100.00	AA	933,333
		Series 2016, 5.000%, 7/01/45 – AGM Insured
2,855		Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39	7/20 at 100.00	Aa3	2,955,696
500		Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011,	7/21 at 100.00	AA	537,650
		5.500%, 7/01/41
665		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,	7/27 at 100.00	A–	780,278
		Refunding Series 2017, 5.000%, 7/01/36
545		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series	7/23 at 100.00	A–	602,645
		2013, 5.250%, 7/01/33
1,125		Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series	7/25 at 100.00	AA	1,323,720
		2015A, 5.000%, 7/01/36 – AGM Insured
1,135		Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds,	7/24 at 100.00	AA+	1,335,793
		Refunding Junior Lien Series 2014, 5.000%, 7/01/29
2,000		Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien	7/24 at 100.00	AAA	2,324,280
		Series 2014A, 5.000%, 7/01/39
		Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding
		Junior Lien Series 2001:
1,250		5.500%, 7/01/21 – FGIC Insured	No Opt. Call	AAA	1,351,450
1,040		5.500%, 7/01/22 – FGIC Insured	No Opt. Call	AAA	1,169,189
		Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018:
500		5.000%, 7/01/35	7/28 at 100.00	AA+	634,900
805		5.000%, 7/01/36	7/28 at 100.00	AA+	1,020,885
13,860		Total Water and Sewer			15,755,904
$ 239,111		Total Long-Term Investments (cost $250,583,662)			272,880,527
		Floating Rate Obligations – (5.5)%			(9,755,000)
		Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (50.0)% (6)			(88,151,474)
		Other Assets Less Liabilities – 0.7%			1,266,690
		Net Asset Applicable to Common Shares – 100%			$ 176,240,743

NAZ	Nuveen Arizona Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)	Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 32.3%.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
AMT	Alternative Minimum Tax.
ETM	Escrowed to maturity.
IF	Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
WI/DD	Purchased on a when-issued or delayed delivery basis.
	See accompanying notes to financial statements.

NUM	Nuveen Michigan Quality Municipal
	Income Fund
	Portfolio of Investments
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 155.4% (100.0% of Total Investments)
		MUNICIPAL BONDS – 155.4% (100.0% of Total Investments)
		Consumer Staples – 4.5% (2.9% of Total Investments)
$ 6,000		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue	9/19 at 100.00	B–	$ 6,030,120
		Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34
8,650		Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue	9/19 at 100.00	B2	8,735,722
		Bonds, Series 2008A, 6.875%, 6/01/42
14,650		Total Consumer Staples			14,765,842
		Education and Civic Organizations – 35.4% (22.8% of Total Investments)
1,220		Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series	10/24 at 100.00	Aa3	1,437,611
		2014, 5.000%, 10/01/39
1,000		Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007,	9/19 at 100.00	B	931,390
		5.250%, 11/01/36
1,255		Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series	9/19 at 100.00	B–	1,007,640
		2005, 5.750%, 11/01/30
		Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:
1,100		5.000%, 3/01/33 – BAM Insured	3/27 at 100.00	AA	1,344,640
2,270		5.000%, 3/01/36 – BAM Insured	3/27 at 100.00	AA	2,753,896
7,665		Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 –	3/28 at 100.00	AA	8,621,285
		AGM Insured
500		Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B,	12/24 at 100.00	A+	589,425
		5.000%, 12/01/28
		Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds,
		Series 2018:
2,395		5.000%, 1/15/38 – AGM Insured	1/28 at 100.00	AA	2,887,340
4,000		5.000%, 1/15/43 – AGM Insured	1/28 at 100.00	AA	4,785,000
3,500		Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo	12/28 at 100.00	A1	4,297,195
		College Project, Refunding Series 2018, 5.000%, 12/01/43
990		Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service	10/21 at 100.00	B	974,130
		Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31
1,170		Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding	9/19 at 100.00	N/R	1,171,193
		Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured
235		Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American	9/19 at 100.00	N/R	235,167
		Montessori Academy, Series 2007, 6.500%, 12/01/37
5,000		Michigan State University, General Revenue Bonds, Refunding Series 2010C,	2/20 at 100.00	AA	5,076,750
		5.000%, 2/15/40
7,790		Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41	8/23 at 100.00	AA	8,669,024
3,665		Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48	2/29 at 100.00	AA	4,571,611
3,690		Michigan Technological University, General Revenue Bonds, Refunding Series 2012A,	10/21 at 100.00	A1	3,965,016
		5.000%, 10/01/34
		Northern Michigan University, General Revenue Bonds, Series 2018A:
400		5.000%, 12/01/33	6/28 at 100.00	A1	501,684
650		5.000%, 12/01/35	6/28 at 100.00	A1	807,963
5,400		Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47	3/26 at 100.00	A1	6,344,406
810		Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series	7/26 at 100.00	A1	963,422
		2016A, 5.000%, 7/01/35
1,380		University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking	5/29 at 100.00	AA–	1,558,889
		Project, Series 2019A, 4.000%, 5/01/44

NUM	Nuveen Michigan Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Education and Civic Organizations (continued)
		University of Michigan, General Revenue Bonds, Refunding Series 2017A:
$ 2,000		5.000%, 4/01/34	4/27 at 100.00	AAA	$ 2,498,920
2,000		5.000%, 4/01/35	4/27 at 100.00	AAA	2,492,120
1,065		5.000%, 4/01/36	4/27 at 100.00	AAA	1,323,774
2,000		5.000%, 4/01/42	4/27 at 100.00	AAA	2,454,880
5,000		5.000%, 4/01/47	4/27 at 100.00	AAA	6,110,450
7,200		5.000%, 4/01/47 (UB) (4)	4/27 at 100.00	AAA	8,799,048
4,000		University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44	4/24 at 100.00	AAA	4,643,520
		University of Michigan, General Revenue Bonds, Series 2015:
5,735		5.000%, 4/01/40 (UB) (4)	4/26 at 100.00	AAA	6,932,296
2,400		5.000%, 4/01/46 (UB) (4)	4/26 at 100.00	AAA	2,879,592
3,700		Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40	11/23 at 100.00	Aa3	4,200,203
525		Western Michigan University, General Revenue Bonds, Refunding Series 2011,	11/21 at 100.00	Aa3	566,543
		5.000%, 11/15/31
		Western Michigan University, General Revenue Bonds, Refunding Series 2013:
750		5.250%, 11/15/33 – AGM Insured	11/23 at 100.00	AA	870,398
4,250		5.000%, 11/15/39 – AGM Insured	11/23 at 100.00	AA	4,877,937
		Western Michigan University, General Revenue Bonds, Refunding Series 2015A:
1,500		5.000%, 11/15/40	5/25 at 100.00	Aa3	1,762,710
850		5.000%, 11/15/45	5/25 at 100.00	Aa3	995,682
99,060		Total Education and Civic Organizations			114,902,750
		Health Care – 25.9% (16.7% of Total Investments)
2,945		Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated	11/29 at 100.00	AA	3,373,262
		Group, Series 2019A, 4.000%, 11/15/43
1,660		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,	8/29 at 100.00	BBB+	1,839,479
		Series 2019A-1, 4.000%, 8/01/44
2,000		County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn	2/27 at 100.00	BBB–	2,221,020
		Hospital, Refunding Series 2016, 5.000%, 2/15/47
4,000		Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson	7/21 at 100.00	AA–	4,279,560
		Healthcare, Refunding Series 2011A, 5.000%, 7/01/29
		Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson
		Healthcare, Series 2019A:
1,720		5.000%, 7/01/36	7/28 at 100.00	AA–	2,079,411
1,995		5.000%, 7/01/39	7/28 at 100.00	AA–	2,383,666
		Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System,
		Refunding Series 2011C:
5,500		5.000%, 1/15/31	1/22 at 100.00	AA	5,886,375
2,000		5.000%, 1/15/42	1/22 at 100.00	AA	2,122,360
1,780		Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group,	8/24 at 100.00	A+	2,065,156
		Refunding Series 2015A, 5.000%, 8/01/32
4,850		Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group,	6/24 at 100.00	A+	5,495,389
		Refunding Series 2014, 5.000%, 6/01/39
3,930		Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding	8/23 at 100.00	A+	4,425,966
		Series 2013, 5.000%, 8/15/31
6,060		Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding	5/25 at 100.00	A+	6,946,578
		Series 2015, 5.000%, 11/15/45
3,000		Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series	11/22 at 100.00	A+	3,253,170
		2012, 5.000%, 11/15/42
5,000		Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,	6/26 at 100.00	AA–	5,886,300
		Refunding Series 2016MI, 5.000%, 12/01/45
1,900		Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,	6/27 at 100.00	AA–	2,375,228
		Refunding Series 2017MI, 5.000%, 12/01/30

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Health Care (continued)
		Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group,
		Refunding Series 2012:
$ 1,000		5.000%, 11/01/25	11/22 at 100.00	A+	$ 1,113,500
1,000		5.000%, 11/01/26	11/22 at 100.00	A+	1,112,520
3,750		5.000%, 11/01/42	11/22 at 100.00	A+	4,092,750
9,615		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series	12/21 at 100.00	AA–	10,328,914
		2011MI, 5.000%, 12/01/39
1,000		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,	6/22 at 100.00	AA–	1,081,670
		Series 2009C, 5.000%, 12/01/48
4,500		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant	11/29 at 100.00	AA–	5,146,020
		Health Obligated Group, Series 2019A, 4.000%, 11/01/49
5,380		Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont	3/24 at 100.00	A+	6,102,588
		Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39
555		Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series	8/29 at 100.00	BBB+	615,007
		2019A-1, 4.000%, 8/01/44
75,140		Total Health Care			84,225,889
		Housing/Multifamily – 1.5% (0.9% of Total Investments)
1,825		Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A,	10/20 at 100.00	AA	1,887,963
		5.000%, 10/01/35
1,725		Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2,	4/22 at 100.00	AA	1,807,662
		4.625%, 10/01/41
1,000		Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D,	4/22 at 100.00	AA	1,033,650
		4.000%, 10/01/42
4,550		Total Housing/Multifamily			4,729,275
		Tax Obligation/General – 30.6% (19.7% of Total Investments)
2,310		Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,	5/22 at 100.00	Aa1	2,529,034
		Refunding Series 2012, 5.000%, 5/01/29
840		Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds,	No Opt. Call	Aa2	989,890
		School Building & Site Series 2015, 5.000%, 5/01/24
895		Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016,	5/26 at 100.00	AAA	1,103,875
		5.000%, 5/01/28
4,445		Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School	5/27 at 100.00	AA	5,322,487
		Building & Site Series 2017I, 5.000%, 5/01/47
		Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds,
		Series 2012:
1,000		4.000%, 5/01/32	5/21 at 100.00	AA	1,028,070
500		4.000%, 5/01/33	5/21 at 100.00	AA	513,105
1,135		Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General	5/24 at 100.00	AA	1,292,867
		Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39
		Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
		Obligation Bonds, Devos Place Project, Series 2001:
8,900		0.000%, 12/01/25	No Opt. Call	AAA	8,162,101
3,000		0.000%, 12/01/26	No Opt. Call	AAA	2,701,560
100		0.000%, 12/01/27	No Opt. Call	AAA	87,991
4,305		0.000%, 12/01/29	No Opt. Call	AAA	3,625,929
		Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds,
		Refunding Series 2011:
560		5.000%, 10/01/28	10/21 at 100.00	AA	601,894
500		5.000%, 10/01/30	10/21 at 100.00	AA	537,300
500		5.000%, 10/01/31	10/21 at 100.00	AA	536,980

NUM	Nuveen Michigan Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/General (continued)
		Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding
		School Building & Site Series 2016:
$ 4,205		5.000%, 5/01/28 – AGM Insured	5/26 at 100.00	AA	$ 5,165,338
1,000		5.000%, 5/01/38 – AGM Insured	5/26 at 100.00	AA	1,194,720
		Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School
		Building & Site Series 2019:
1,000		5.000%, 11/01/36 – AGM Insured	5/29 at 100.00	AA	1,269,710
1,850		5.000%, 11/01/43 – AGM Insured	5/29 at 100.00	AA	2,299,532
1,265		Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017,	5/27 at 100.00	Aa3	1,574,356
		5.000%, 5/01/30
		Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities
		Series 2017:
300		5.000%, 4/01/27	No Opt. Call	AA+	379,026
1,675		5.000%, 4/01/30	4/27 at 100.00	AA+	2,093,482
		Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement
		Series 2016:
1,000		5.000%, 6/01/31	6/26 at 100.00	AAA	1,227,010
1,445		5.000%, 6/01/34	6/26 at 100.00	AAA	1,759,764
		Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement
		Series 2017A:
1,570		5.000%, 6/01/36	6/27 at 100.00	AAA	1,950,804
1,650		5.000%, 6/01/37	6/27 at 100.00	AAA	2,043,096
1,025		Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015,	1/25 at 100.00	AAA	1,211,837
		5.000%, 1/01/34
3,440		Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015,	1/25 at 100.00	AAA	4,092,052
		5.000%, 1/01/31
		Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General
		Obligation Bonds, Series 2013:
1,000		5.000%, 10/01/25	10/23 at 100.00	AA+	1,145,000
1,020		5.000%, 10/01/26	10/23 at 100.00	AA+	1,166,594
		Lansing School District, Ingham County, Michigan, General Obligation Bonds,
		Series 2016I:
2,085		5.000%, 5/01/38	5/26 at 100.00	AA	2,483,798
2,200		5.000%, 5/01/41	5/26 at 100.00	AA	2,604,052
		Lansing School District, Ingham County, Michigan, General Obligation Bonds, Unlimited
		Tax, Series 2019:
1,325		5.000%, 5/01/40	5/29 at 100.00	AA	1,663,206
1,000		5.000%, 5/01/41	5/29 at 100.00	AA	1,251,690
1,500		Michigan Finance Authority, Senior Lien Distributable State Aid Revenue Bonds, Charter	11/28 at 100.00	Aa3	1,848,840
		County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43
4,000		Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A,	12/21 at 100.00	Aa1	4,354,400
		5.000%, 12/01/22
1,500		Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%,	No Opt. Call	Aa2	1,616,145
		5/01/22 – NPFG Insured
2,945		Muskegon Community College District, Michigan, General Obligation Bonds, Community	5/24 at 100.00	AA	3,377,974
		Facility Series 2013I, 5.000%, 5/01/38
		Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1,
		Refunding Series 2015:
1,350		5.000%, 11/01/33	11/25 at 100.00	AA	1,615,113
1,730		5.000%, 11/01/36	11/25 at 100.00	AA	2,062,869
		Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital
		Improvement Series 2011:
1,585		5.000%, 10/01/31 – AGM Insured	10/21 at 100.00	AA	1,704,557
640		5.250%, 10/01/37 – AGM Insured	10/21 at 100.00	AA	692,326

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/General (continued)
		Port Huron, Michigan, General Obligation Bonds, Series 2011B:
$ 530		5.000%, 10/01/31 – AGM Insured	10/21 at 100.00	AA	$ 569,978
800		5.250%, 10/01/40 – AGM Insured	10/21 at 100.00	AA	865,112
1,510		Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax	4/28 at 100.00	AA+	1,857,119
		Series 2018, 5.000%, 4/01/43
1,435		South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School	5/24 at 100.00	AA	1,657,612
		Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured
550		Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding	5/25 at 100.00	AA	663,146
		Series 2015, 5.000%, 5/01/26
675		Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation	10/29 at 100.00	Aa2	779,699
		Certificates, Refunding Series 2019A, 4.000%, 10/01/38
1,600		Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation	11/23 at 100.00	Aa1	1,819,344
		Bonds, School Building & Site Series 2014, 5.000%, 5/01/40
2,000		Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation	5/29 at 100.00	Aa1	2,490,480
		Bonds, School Building & Site Series 2019, 5.000%, 5/01/49
2,590		West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds,	5/27 at 100.00	AA	3,154,257
		School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured
1,050		Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF	No Opt. Call	Aa2	1,188,957
		Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured
1,475		Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds,	5/21 at 100.00	AA	1,549,502
		Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured
88,510		Total Tax Obligation/General			99,475,580
		Tax Obligation/Limited – 17.0% (10.9% of Total Investments)
4,400		Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst	7/24 at 100.00	AA	4,942,388
		Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured
2,200		Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment	2/24 at 103.00	N/R	2,440,900
		Bonds, Series 2013A, 5.950%, 2/01/42
		Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit
		Regional Convention Facility Authority Local Project, Series 2014H-1:
2,000		5.000%, 10/01/24	10/23 at 100.00	AA–	2,281,460
2,000		5.000%, 10/01/25	10/24 at 100.00	AA–	2,344,660
11,025		5.000%, 10/01/39	10/24 at 100.00	AA–	12,756,807
1,845		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/23 at 100.00	Aa2	2,116,473
		2013-I-A, 5.000%, 10/15/29
4,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/25 at 100.00	Aa2	4,749,600
		2015-I, 5.000%, 4/15/38
		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding
		Series 2016-I:
1,500		5.000%, 4/15/41	10/26 at 100.00	Aa2	1,800,825
2,500		5.000%, 10/15/46	10/26 at 100.00	Aa2	2,964,350
		Michigan State Trunk Line Fund Bonds, Series 2011:
1,100		5.000%, 11/15/24	11/21 at 100.00	AA+	1,193,038
1,750		5.000%, 11/15/29	11/21 at 100.00	AA+	1,890,455
1,605		5.000%, 11/15/31	11/21 at 100.00	AA+	1,732,357
1,160		4.000%, 11/15/32	11/21 at 100.00	AA+	1,213,105
1,970		5.000%, 11/15/36	11/21 at 100.00	AA+	2,118,321
1,950		Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015,	11/24 at 100.00	AA+	2,323,308
		5.000%, 11/15/29
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
		2018A-1:
3,000		4.500%, 7/01/34	7/25 at 100.00	N/R	3,211,380
4,900		4.550%, 7/01/40	7/28 at 100.00	N/R	5,057,731
48,905		Total Tax Obligation/Limited			55,137,158

NUM	Nuveen Michigan Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Transportation – 5.0% (3.2% of Total Investments)
$ 5,110		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,	1/29 at 100.00	A+	$ 5,804,551
		4.000%, 1/01/44
4,500		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport,	No Opt. Call	A	4,860,000
		Refunding Series 2011A, 5.000%, 12/01/21 (AMT)
1,000		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne	12/27 at 100.00	A	1,210,540
		County Airport, Senior Series 2017A, 5.000%, 12/01/42
4,000		Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne	12/22 at 100.00	AA	4,413,320
		County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured
14,610		Total Transportation			16,288,411
		U.S. Guaranteed – 8.7% (5.6% of Total Investments) (5)
		Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School
		Building & Site, Series 2011B:
1,200		5.500%, 5/01/36 (Pre-refunded 5/01/21)	5/21 at 100.00	AA	1,287,336
2,190		5.500%, 5/01/41 (Pre-refunded 5/01/21)	5/21 at 100.00	AA	2,349,388
1,800		Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance	6/20 at 100.00	AA	1,852,902
		Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured
5,505		Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center,	6/22 at 100.00	N/R	6,081,594
		Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)
35		Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series	12/21 at 100.00	N/R	38,005
		2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
		Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:
2,000		5.000%, 10/01/31 (Pre-refunded 10/01/22)	10/22 at 100.00	AAA	2,237,120
1,135		5.000%, 10/01/32 (Pre-refunded 10/01/22)	10/22 at 100.00	AAA	1,269,566
2,545		Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing	12/20 at 101.00	AA	2,675,737
		Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Pre-refunded
		12/01/20) (AMT)
390		Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series	10/20 at 100.00	AAA	406,594
		2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20)
		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health
		System, Refunding Series 2009:
150		5.000%, 11/15/20 (Pre-refunded 11/15/19)	11/19 at 100.00	N/R	151,143
7,300		5.750%, 11/15/39 (Pre-refunded 11/15/19)	11/19 at 100.00	N/R	7,366,357
1,995		Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St John’s	9/19 at 100.00	Aaa	2,124,037
		Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)
350		South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement	12/19 at 100.00	AA	353,461
		Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured
26,595		Total U.S. Guaranteed			28,193,240
		Utilities – 13.2% (8.5% of Total Investments)
		Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:
2,750		5.000%, 7/01/33	7/21 at 100.00	AA	2,925,175
6,020		5.000%, 7/01/39	7/21 at 100.00	AA	6,428,999
6,665		Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A,	7/29 at 100.00	AA–	8,308,123
		5.000%, 7/01/48
		Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option
		Bond Trust 2016-XF0394:
1,110		14.245%, 7/01/37, 144A (IF) (4)	7/21 at 100.00	AA–	1,407,280
1,700		14.245%, 7/01/37, 144A (IF) (4)	7/21 at 100.00	AA–	2,155,294
		Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:
75		5.000%, 7/01/32	7/26 at 100.00	AA–	90,184
500		5.000%, 7/01/33	7/26 at 100.00	AA–	599,400

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Utilities (continued)
		Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:
$ 1,900		5.000%, 1/01/27	1/22 at 100.00	A2	$ 2,032,962
4,530		5.000%, 1/01/43	1/22 at 100.00	A2	4,803,612
		Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding
		Series 2011:
1,760		5.000%, 1/01/24 – AGM Insured	1/21 at 100.00	AA	1,840,414
1,990		5.000%, 1/01/25 – AGM Insured	1/21 at 100.00	AA	2,082,217
2,180		5.000%, 1/01/26 – AGM Insured	1/21 at 100.00	AA	2,282,242
290		5.000%, 1/01/27 – AGM Insured	1/21 at 100.00	AA	303,743
3,640		Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison	No Opt. Call	Aa3	3,972,259
		Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured
500		Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds,	5/29 at 100.00	A3	598,305
		Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series
		2019B, 5.000%, 11/01/36, 144A
2,700		Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 –	10/25 at 100.00	AA	3,104,676
		BAM Insured
38,310		Total Utilities			42,934,885
		Water and Sewer – 13.6% (8.8% of Total Investments)
15		Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series	9/19 at 100.00	AA	15,044
		2004A, 5.000%, 7/01/34 – AGM Insured
1,700		Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series	4/28 at 100.00	AA	2,039,031
		2018, 5.000%, 4/01/43 – AGM Insured
1,690		Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%,	10/28 at 100.00	Aa3	1,917,423
		10/01/44 (WI/DD, Settling 9/19/19)
		Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding
		Series 2014:
1,000		5.000%, 1/01/32	1/24 at 100.00	Aa1	1,153,170
1,000		5.000%, 1/01/33	1/24 at 100.00	Aa1	1,152,060
1,000		5.000%, 1/01/34	1/24 at 100.00	Aa1	1,150,460
1,855		5.000%, 1/01/44	1/24 at 100.00	Aa1	2,142,989
		Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:
2,500		5.000%, 1/01/43	1/28 at 100.00	Aa1	3,064,900
1,055		5.000%, 1/01/48	1/28 at 100.00	Aa1	1,284,199
1,005		Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding	7/26 at 100.00	A	1,207,749
		Second Lien Series 2016C, 5.000%, 7/01/32
6,245		Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien	7/26 at 100.00	AA–	7,612,280
		Series 2016C, 5.000%, 7/01/32
		Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
		Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:
4,665		5.000%, 7/01/34	7/25 at 100.00	A	5,480,022
1,070		5.000%, 7/01/35	7/25 at 100.00	A	1,254,307
		Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
		Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:
1,500		5.000%, 7/01/35 – AGM Insured	7/24 at 100.00	AA	1,724,955
1,220		5.000%, 7/01/37 – AGM Insured	7/24 at 100.00	AA	1,396,839
		Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate
		Refunding Series 2013:
1,955		5.000%, 10/01/22	No Opt. Call	AAA	2,193,217
3,200		5.000%, 10/01/25	10/22 at 100.00	AAA	3,578,560
580		Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series	9/19 at 100.00	AAA	581,717
		2004, 5.000%, 10/01/19
170		Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series	9/19 at 100.00	AAA	170,503
		2005, 5.000%, 10/01/19

NUM	Nuveen Michigan Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Water and Sewer (continued)
$ 90		Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series	9/19 at 100.00	AAA	$ 90,256
		2004, 5.000%, 10/01/23
		Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:
500		5.250%, 10/01/31	10/21 at 100.00	A–	539,515
1,500		5.625%, 10/01/40	10/21 at 100.00	A–	1,628,760
2,415		Saint Charles County Public Water Supply District 2, Missouri, Certificates of	12/25 at 100.00	AA+	2,649,496
		Participation, Missouri Project Series 2019, 4.000%, 12/01/41
210		Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016,	No Opt. Call	Aa3	258,140
		5.000%, 6/01/26
38,140		Total Water and Sewer			44,285,592
$ 448,470		Total Long-Term Investments (cost $465,829,182)			504,938,622
		Floating Rate Obligations – (3.8)%			(12,265,000)
		Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.2)% (6)			(172,814,342)
		Other Assets Less Liabilities – 1.6%			5,056,955
		Net Asset Applicable to Common Shares – 100%			$ 324,916,235

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)	Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 34.2%.
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.
ETM	Escrowed to maturity.
IF	Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
WI/DD	Purchased on a when-issued or delayed delivery basis.
	See accompanying notes to financial statements.

NUO	Nuveen Ohio Quality Municipal Income Fund
	Portfolio of Investments
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 151.9% (100.0% of Total Investments)
		MUNICIPAL BONDS – 151.9% (100.0% of Total Investments)
		Consumer Staples – 4.1% (2.7% of Total Investments)
$ 13,120		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed	9/19 at 100.00	B–	$ 13,185,731
		Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47
		Education and Civic Organizations – 11.6% (7.7% of Total Investments)
		Lorain County Community College District, Ohio, General Receipts Revenue Bonds,
		Refunding Series 2017:
1,305		5.000%, 12/01/32	6/27 at 100.00	Aa2	1,603,975
1,200		5.000%, 12/01/33	6/27 at 100.00	Aa2	1,471,608
505		5.000%, 12/01/34	6/27 at 100.00	Aa2	617,529
		Miami University of Ohio, General Receipts Bonds, Refunding Series 2014:
4,375		5.000%, 9/01/33	9/24 at 100.00	AA	5,084,275
2,500		4.000%, 9/01/39	9/24 at 100.00	AA	2,709,325
2,585		Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41	9/26 at 100.00	AA	3,102,905
		Miami University of Ohio, General Receipts Bonds, Series 2011:
130		5.000%, 9/01/33	9/21 at 100.00	AA	139,183
1,960		5.000%, 9/01/36	9/21 at 100.00	AA	2,095,652
		Miami University of Ohio, General Receipts Bonds, Series 2012:
480		4.000%, 9/01/32	9/22 at 100.00	AA	511,973
1,000		4.000%, 9/01/33	9/22 at 100.00	AA	1,064,180
		Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University
		Project, Series 2012:
120		5.000%, 11/01/27	5/22 at 100.00	AA	131,246
590		5.000%, 11/01/32	5/22 at 100.00	AA	642,062
5,000		Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton,	12/22 at 100.00	A+	5,465,300
		Refunding Series 2013, 5.000%, 12/01/43
1,000		Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39	12/22 at 100.00	Aa3	1,100,670
1,000		Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education	3/25 at 100.00	N/R	1,074,280
		Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015,
		6.000%, 3/01/45
1,000		University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C,	12/24 at 100.00	AA–	1,155,670
		5.000%, 6/01/41
3,175		University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46	6/26 at 100.00	AA–	3,788,124
1,375		University of Kentucky, General Receipts Bonds, University of Kentucky Mixed-Use Parking	5/29 at 100.00	AA–	1,553,241
		Project, Series 2019A, 4.000%, 5/01/44
		Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:
1,555		5.000%, 12/15/29	12/26 at 100.00	A+	1,908,996
1,670		5.000%, 12/15/30	12/26 at 100.00	A+	2,038,135
32,525		Total Education and Civic Organizations			37,258,329
		Health Care – 16.8% (11.1% of Total Investments)
3,000		Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,	5/23 at 100.00	AA–	3,317,910
		Children’s Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38
		Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated
		Group Project, Refunding & Improvement Series 2017:
2,250		5.000%, 12/01/37	12/27 at 100.00	A–	2,739,217
1,000		5.000%, 12/01/47	12/27 at 100.00	A–	1,193,700
2,945		Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated	11/29 at 100.00	AA	3,373,262
		Group, Series 2019A, 4.000%, 11/15/43

NUO	Nuveen Ohio Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Health Care (continued)
$ 1,660		Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health,	8/29 at 100.00	BBB+	$ 1,839,479
		Series 2019A-1, 4.000%, 8/01/44
2,400		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center	6/23 at 100.00	Baa3	2,538,840
		Project, Series 2013, 5.000%, 6/15/43
250		Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,	11/21 at 100.00	AA+	267,193
		5.000%, 11/15/41
4,480		Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option	11/21 at 100.00	AA+	5,096,179
		Bond Trust 2016-XL0004, 7.994%, 11/15/41, 144A (IF) (4)
1,730		Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A,	12/27 at 100.00	AA–	2,086,640
		5.000%, 12/01/47
300		Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc,	9/19 at 100.00	A–	301,026
		Refunding Series 2008C, 6.000%, 8/15/43
820		Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health	8/21 at 100.00	A2	872,332
		Center Project, Refunding Series 2011, 5.250%, 8/01/41
6,105		Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System	2/23 at 100.00	BB+	6,587,417
		Obligated Group Project, Series 2013, 5.000%, 2/15/44
4,500		North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant	11/29 at 100.00	AA–	5,146,020
		Health Obligated Group, Series 2019A, 4.000%, 11/01/49
1,100		Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic	1/22 at 100.00	AA	1,184,381
		Health System Obligated Group, Series 2012A, 5.000%, 1/01/38
		Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health
		System Project, Series 2010:
1,520		5.250%, 11/15/40 – AGM Insured	5/20 at 100.00	AA	1,556,875
555		5.750%, 11/15/40 – AGM Insured	5/20 at 100.00	AA	570,929
2,090		Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group,	1/28 at 100.00	AA	2,629,366
		Refunding Series 2017A, 5.000%, 1/01/33
		Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc,
		Series 2013A:
1,000		5.000%, 1/15/28	1/23 at 100.00	A	1,111,960
2,000		5.000%, 1/15/29	1/23 at 100.00	A	2,219,760
555		Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series	8/29 at 100.00	BBB+	615,007
		2019A-1, 4.000%, 8/01/44
		Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood
		County Hospital Project, Series 2012:
2,670		5.000%, 12/01/37	12/22 at 100.00	Ba2	2,838,637
5,510		5.000%, 12/01/42	12/22 at 100.00	Ba2	5,827,982
48,440		Total Health Care			53,914,112
		Housing/Multifamily – 1.1% (0.7% of Total Investments)
167		Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds,	9/19 at 100.00	Aaa	167,481
		Agler Project, Series 2002A, 5.550%, 5/20/22 (AMT)
3,290		Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower	9/19 at 100.00	Aa1	3,296,054
		Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT)
3,457		Total Housing/Multifamily			3,463,535
		Industrials – 1.2% (0.8% of Total Investments)
3,495		Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation	No Opt. Call	A3	3,856,138
		Inc, Series 1992, 6.450%, 12/15/21
1,600		Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste	10/19 at 100.00	N/R	16
		Inc, Series 2007A, 6.350%, 7/01/27 (AMT) (5)
5,095		Total Industrials			3,856,154

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Long-Term Care – 1.0% (0.7% of Total Investments)
$ 895		Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement	7/20 at 100.00	BBB	$ 926,092
		Services, Improvement Series 2010A, 5.625%, 7/01/26
2,220		Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint	4/20 at 100.00	BBB–	2,276,166
		Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40
3,115		Total Long-Term Care			3,202,258
		Tax Obligation/General – 17.9% (11.8% of Total Investments)
2,500		Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds,	11/27 at 100.00	AA	3,022,400
		School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54
1,050		Cleveland, Ohio, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 12/01/43	6/28 at 100.00	AA+	1,294,314
		Columbus City School District, Franklin County, Ohio, General Obligation Bonds,
		Refunding Series 2006:
4,310		0.000%, 12/01/27 – AGM Insured	No Opt. Call	AA	3,786,249
5,835		0.000%, 12/01/28 – AGM Insured	No Opt. Call	AA	5,005,438
2,250		Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29	10/28 at 100.00	AAA	2,967,750
		Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:
900		5.000%, 12/01/32	12/25 at 100.00	Aaa	1,092,123
1,000		5.000%, 12/01/34	12/25 at 100.00	Aaa	1,208,320
1,730		Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31	12/23 at 100.00	AAA	2,000,866
		Gallia County Local School District, Gallia and Jackson Counties, Ohio, General
		Obligation Bonds, Refunding School Improvement Series 2014:
1,260		5.000%, 11/01/30	11/24 at 100.00	Aa2	1,474,565
1,540		5.000%, 11/01/31	11/24 at 100.00	Aa2	1,798,535
1,005		Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds,	6/29 at 100.00	AA+	1,248,542
		School Facilities Construction & Improvement Series 2019, 5.000%, 12/01/53
		Greenville City School District, Drake County, Ohio, General Obligation Bonds, School
		Improvement Series 2013:
555		5.250%, 1/01/38	1/22 at 100.00	AA	604,456
1,355		5.250%, 1/01/41	1/22 at 100.00	AA	1,474,104
1,355		Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009,	12/19 at 100.00	Aa1	1,367,602
		5.125%, 12/01/36
2,160		Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series	No Opt. Call	Aa1	2,098,958
		2011, 0.000%, 12/01/21
4,500		Middletown City School District, Butler County, Ohio, General Obligation Bonds,	No Opt. Call	A2	6,038,325
		Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured
1,305		Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series	No Opt. Call	A1	1,560,284
		2006, 5.500%, 12/01/24 – AMBAC Insured
725		Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities	6/22 at 100.00	Aa3	788,880
		Construction & Improvement Series 2012, 5.000%, 12/01/36
		Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V:
2,500		5.000%, 5/01/33	5/28 at 100.00	AAA	3,206,300
1,250		5.000%, 5/01/34	5/28 at 100.00	AAA	1,597,325
5,000		South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban	6/22 at 100.00	Aa3	5,437,750
		Redevelopment, Series 2012, 5.000%, 6/01/42
4,000		Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation	1/28 at 100.00	Aa2	4,361,560
		Bonds, School Improvement Series 2018A, 4.000%, 1/15/55
450		South-Western City School District, Franklin and Pickaway Counties, Ohio, General	6/22 at 100.00	AA	491,936
		Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36
1,500		Springboro Community City School District, Warren County, Ohio, General Obligation	No Opt. Call	AA	2,063,535
		Bonds, Refunding Series 2007, 5.250%, 12/01/32
1,000		Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds,	12/27 at 100.00	AAA	1,226,550
		School Facilities & Improvement Series 2018A, 5.000%, 12/01/48
51,035		Total Tax Obligation/General			57,216,667

NUO	Nuveen Ohio Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/Limited – 40.6% (26.7% of Total Investments)
$ 8,045		Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate	10/23 at 100.00	AA+	$ 9,044,591
		Lien Series 2015A-2, 5.000%, 10/01/37
		Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
		Lien Series 2017B-2:
1,250		5.000%, 10/01/31	4/28 at 100.00	AA	1,586,612
1,000		5.000%, 10/01/32	4/28 at 100.00	AA	1,261,430
3,000		Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series	11/23 at 100.00	AA	3,378,270
		2014A-1, 5.000%, 11/15/38
		Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding
		Series 2017A-2:
435		5.000%, 10/01/30	10/27 at 100.00	AA	548,270
700		5.000%, 10/01/33	10/27 at 100.00	AA	869,967
500		Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard	12/19 at 100.00	BBB	502,670
		Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36
6,750		Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention	12/20 at 100.00	AA	7,062,255
		Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27
		Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:
1,815		5.000%, 12/01/32	12/24 at 100.00	AAA	2,147,671
1,415		5.000%, 12/01/33	12/24 at 100.00	AAA	1,671,681
1,000		5.000%, 12/01/34	12/24 at 100.00	AAA	1,178,990
945		5.000%, 12/01/35	12/24 at 100.00	AAA	1,112,095
300		Delaware County District Library, Ohio, Library Fund Library Facilities Special	12/19 at 100.00	Aa2	302,772
		Obligation Notes, Series 2009, 5.000%, 12/01/34
1,920		Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44	12/25 at 100.00	Aa1	2,269,747
10,350		Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue	12/24 at 100.00	Aa1	12,214,552
		Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014,
		5.000%, 12/01/35
		Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018:
2,120		5.000%, 6/01/36	6/28 at 100.00	AAA	2,696,004
1,155		5.000%, 6/01/37	6/28 at 100.00	AAA	1,463,154
6,500		5.000%, 6/01/43	6/28 at 100.00	AAA	8,124,350
5,535		5.000%, 6/01/48	6/28 at 100.00	AAA	6,873,142
1,000		Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital	12/25 at 100.00	AA+	1,201,720
		Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34
5,565		Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 –	No Opt. Call	AA	4,738,987
		AGM Insured
5,000		Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31	12/21 at 100.00	A1	5,400,000
20,700		JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien	1/23 at 100.00	AA	22,899,375
		Series 2013A, 5.000%, 1/01/38
6,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/29 at 100.00	Aa2	6,835,200
		2019-I, 4.000%, 10/15/49
1,000		New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds,	10/22 at 100.00	Aa3	1,111,870
		Series 2012C, 5.000%, 10/01/24
1,250		Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2019, 5.000%, 12/01/48	12/28 at 100.00	AA	1,515,150
1,845		Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community	12/25 at 100.00	AA	2,079,352
		Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured
400		Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development	12/28 at 100.00	N/R	442,376
		TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
7,135		4.500%, 7/01/34	7/25 at 100.00	N/R	7,637,732
4,700		4.550%, 7/01/40	7/28 at 100.00	N/R	4,851,293

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/Limited (continued)
		Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of
		Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:
$ 1,645		5.000%, 12/01/23	12/22 at 100.00	AA+	$ 1,848,240
1,200		5.000%, 12/01/24	12/22 at 100.00	AA+	1,347,852
765		Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of	12/20 at 100.00	Aa3	799,609
		Participation, School Facilities Project, Series 2012, 5.000%, 12/01/24
2,450		Westerville City School District, Franklin and Delaware Counties, Ohio, Certificates of	12/27 at 100.00	Aa2	3,000,270
		Participation, School Facilities Project, Series 2018, 5.000%, 12/01/39
115,390		Total Tax Obligation/Limited			130,017,249
		Transportation – 22.0% (14.5% of Total Investments)
		Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
2,150		5.000%, 1/01/30	1/22 at 100.00	A	2,317,485
1,500		5.000%, 1/01/31 – AGM Insured	1/22 at 100.00	AA	1,617,570
		Dayton, Ohio, Airport Revenue Bonds, James M Cox International Airport, Series 2015B:
860		5.000%, 12/01/33 – AGM Insured	12/23 at 100.00	AA	962,073
500		5.000%, 12/01/34 – AGM Insured	12/23 at 100.00	AA	558,485
6,835		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,	1/29 at 100.00	A+	7,764,013
		4.000%, 1/01/44
		Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
		Bypass Project, Series 2015:
2,500		5.000%, 12/31/35 – AGM Insured (AMT)	6/25 at 100.00	AA	2,896,175
3,000		5.000%, 12/31/39 – AGM Insured (AMT)	6/25 at 100.00	AA	3,451,380
4,250		5.000%, 6/30/53 (AMT)	6/25 at 100.00	A–	4,759,703
		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
		Series 2013A-1:
2,050		5.250%, 2/15/39	2/23 at 100.00	Aa3	2,299,260
10,915		5.000%, 2/15/48	2/23 at 100.00	Aa3	11,996,676
15,000		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien	2/28 at 100.00	Aa3	18,384,000
		Series 2018A, 5.000%, 2/15/46 (UB)
		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien,
		Capital Appreciation Series 2013A-2:
5,000		0.000%, 2/15/37	No Opt. Call	Aa3	3,258,550
11,260		0.000%, 2/15/38	No Opt. Call	Aa3	7,096,390
5,000		0.000%, 2/15/40	No Opt. Call	Aa3	2,916,650
70,820		Total Transportation			70,278,410
		U.S. Guaranteed – 16.3% (10.7% of Total Investments) (6)
1,950		Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners,	6/20 at 100.00	AA–	2,008,695
		Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20)
		Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
1,165		5.500%, 11/01/40 (Pre-refunded 11/01/20)	11/20 at 100.00	N/R	1,225,067
2,335		5.500%, 11/01/40 (Pre-refunded 11/01/20)	11/20 at 100.00	A	2,455,393
		Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements,
		Series 2012:
110		5.000%, 12/01/26 (Pre-refunded 6/01/22)	6/22 at 100.00	N/R	121,679
245		5.000%, 12/01/28 (Pre-refunded 6/01/22)	6/22 at 100.00	N/R	271,012
2,545		5.000%, 12/01/28 (Pre-refunded 6/01/22)	6/22 at 100.00	Aaa	2,818,868
160		5.000%, 12/01/29 (Pre-refunded 6/01/22)	6/22 at 100.00	N/R	176,987
1,605		5.000%, 12/01/29 (Pre-refunded 6/01/22)	6/22 at 100.00	Aaa	1,777,714
		Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A:
1,960		5.000%, 12/01/31 (Pre-refunded 12/01/20)	12/20 at 100.00	AA	2,056,216
875		5.000%, 12/01/32 (Pre-refunded 12/01/20)	12/20 at 100.00	AA	917,954
8,150		Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37	12/21 at 100.00	AAA	8,868,830
		(Pre-refunded 12/01/21)

NUO	Nuveen Ohio Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		U.S. Guaranteed (6) (continued)
$ 2,000		Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29	12/19 at 100.00	AA+	$ 2,019,180
		(Pre-refunded 12/01/19)
		Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate
		Lien Series 2013A-2:
1,315		5.000%, 10/01/27 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,522,796
1,520		5.000%, 10/01/30 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,760,190
1,600		5.000%, 10/01/31 (Pre-refunded 10/01/23)	10/23 at 100.00	AA	1,852,832
2,705		Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate	10/23 at 100.00	N/R	3,126,601
		Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23)
1,140		Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School	11/21 at 100.00	A1	1,236,854
		Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured
		Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
		Improvement Series 2009:
250		5.000%, 11/01/34 (Pre-refunded 11/01/19)	11/19 at 100.00	Aa2	251,510
2,615		5.250%, 11/01/40 (Pre-refunded 11/01/19)	11/19 at 100.00	Aa2	2,631,815
		Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital
		Improvement Bonds, Refunding Series 2012:
1,010		5.250%, 12/01/27 (Pre-refunded 12/01/21)	12/21 at 100.00	AA+	1,103,486
1,090		5.250%, 12/01/28 (Pre-refunded 12/01/21)	12/21 at 100.00	AA+	1,190,890
760		5.250%, 12/01/30 (Pre-refunded 12/01/21)	12/21 at 100.00	AA+	830,346
600		5.000%, 12/01/31 (Pre-refunded 12/01/21)	12/21 at 100.00	AA+	652,224
3,225		Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center,	6/21 at 100.00	A+	3,510,090
		Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)
3,965		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series	11/21 at 100.00	Baa1	4,384,616
		2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
2,000		Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series	5/23 at 100.00	AA+	2,288,060
		2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)
945		Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health	5/20 at 100.00	AA	975,013
		System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured
47,840		Total U.S. Guaranteed			52,034,918
		Utilities – 6.3% (4.1% of Total Investments)
1,500		American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds,	2/24 at 100.00	A1	1,698,450
		Series 2015A, 5.000%, 2/15/42
1,430		American Municipal Power, Inc, Ohio, Greenup Hydroelectric Project Revenue Bonds,	2/26 at 100.00	A1	1,677,748
		Refunding Series 2016A, 5.000%, 2/15/41
1,660		American Municipal Power, Inc, Ohio, Solar Electricity Prepayment Project Revenue Bonds,	2/29 at 100.00	A	2,026,196
		Green Bonds Series 2019A, 5.000%, 2/15/44
1,815		Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 –	No Opt. Call	A–	1,276,145
		NPFG Insured
		Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:
2,000		0.000%, 11/15/28 – NPFG Insured	No Opt. Call	A–	1,649,860
6,895		0.000%, 11/15/32 – NPFG Insured	No Opt. Call	A–	4,991,497
2,155		0.000%, 11/15/34 – NPFG Insured	No Opt. Call	A–	1,461,844
1,500		Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus	12/19 at 100.00	A2	1,514,235
		Southern Power Company Project, Series 2009B, 5.800%, 12/01/38
2,000		Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,	No Opt. Call	N/R	1,747,500
		FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5)
950		Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville	No Opt. Call	A1	783,522
		Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Utilities (continued)
$ 1,000		Warm Springs Reservation Confederated Tribes, Oregon, Hydroelectric Revenue Bonds,	5/29 at 100.00	A3	$ 1,186,500
		Tribal Economic Development Bond Pelton Round Butte Project, Taxable Refunding Green Series
		2019B, 5.000%, 11/01/39, 144A
22,905		Total Utilities			20,013,497
		Water and Sewer – 13.0% (8.5% of Total Investments)
8,000		Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46	12/26 at 100.00	AAA	9,706,400
2,035		Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42	1/22 at 100.00	AA+	2,194,015
375		Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds,	No Opt. Call	Aa2	388,894
		Series 1993G, 5.500%, 1/01/21 – NPFG Insured
3,380		Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, 4.000%,	10/28 at 100.00	Aa3	3,834,847
		10/01/44 (WI/DD, Settling 9/19/19)
2,025		Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 –	12/20 at 100.00	A2	2,093,931
		AGM Insured
		Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding
		& Improvement Series 2014:
2,950		5.000%, 11/15/39	11/24 at 100.00	AA+	3,444,154
1,400		5.000%, 11/15/44	11/24 at 100.00	AA+	1,625,750
2,290		Saint Charles County Public Water Supply District 2, Missouri, Certificates of	12/25 at 100.00	AA+	2,512,359
		Participation, Missouri Project Series 2019, 4.000%, 12/01/41
		Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
820		5.000%, 11/15/25	11/23 at 100.00	Aa3	940,909
605		5.000%, 11/15/26	11/23 at 100.00	Aa3	693,409
1,075		5.000%, 11/15/27	11/23 at 100.00	Aa3	1,230,671
695		5.000%, 11/15/28	11/23 at 100.00	Aa3	794,725
10,000		Toledo, Ohio, Water System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%,	11/26 at 100.00	AA–	12,017,300
		11/15/41 (UB) (4)
35,650		Total Water and Sewer			41,477,364
$ 449,392		Total Long-Term Investments (cost $445,272,899)			485,918,224
		Floating Rate Obligations – (6.3)%			(20,000,000)
		Variable Rate Demand Preferred Shares, net of deferred offering costs – (46.2)% (7)			(147,764,486)
		Other Assets Less Liabilities – 0.6%			1,772,472
		Net Asset Applicable to Common Shares – 100%			$ 319,926,210

NUO	Nuveen Ohio Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(6)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7)	Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.4%.
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
IF	Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
WI/DD	Purchased on a when-issued or delayed delivery basis.
	See accompanying notes to financial statements.

NTX	Nuveen Texas Quality Municipal Income Fund
	Portfolio of Investments
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 153.7% (100.0% of Total Investments)
		MUNICIPAL BONDS – 153.7% (100.0% of Total Investments)
		Consumer Discretionary – 2.5% (1.6% of Total Investments)
$ 4,060		San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue	9/19 at 100.00	A	$ 4,063,126
		Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT)
		Education and Civic Organizations – 10.2% (6.6% of Total Investments)
2,500		Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding	7/24 at 100.00	AAA	2,937,150
		Series 2015A, 5.000%, 7/01/28
		Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift
		Education Charter School, Series 2013A:
1,000		4.350%, 12/01/42	12/22 at 100.00	BBB–	1,024,460
1,000		4.400%, 12/01/47	12/22 at 100.00	BBB–	1,024,050
1,230		Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H Wood Jr	8/23 at 100.00	BBB–	1,394,882
		Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28
1,000		Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist	3/21 at 100.00	A–	1,052,630
		University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35
1,000		Harris County Cultural Education Facilities Finance Corporation, Texas, Medical	11/22 at 100.00	A	1,111,540
		Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26
3,000		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue	6/23 at 100.00	Baa2	3,237,450
		Refunding Bonds, Young Men’s Christian Association of the Greater Houston Area, Series 2013A,
		5.000%, 6/01/38
2,000		Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue	2/21 at 100.00	AA	2,104,980
		Financing System Bonds, Series 2013, 5.000%, 2/15/36
1,925		Stephen F Austin State University, Texas, Revenue Bonds, Refunding & Improvement Series	10/28 at 100.00	AA–	2,378,607
		2016, 5.000%, 10/15/42
14,655		Total Education and Civic Organizations			16,265,749
		Energy – 1.3% (0.8% of Total Investments)
2,000		Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds,	10/22 at 100.00	BB	2,050,680
		Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (AMT)
		Health Care – 2.7% (1.8% of Total Investments)
1,000		Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue	12/22 at 100.00	A+	1,096,360
		Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35
1,000		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,	6/25 at 100.00	AA	1,157,820
		Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45
515		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital	9/23 at 100.00	A	579,571
		Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33
1,250		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital	5/26 at 100.00	AA–	1,506,262
		Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32
3,765		Total Health Care			4,340,013
		Housing/Multifamily – 2.1% (1.4% of Total Investments)
3,000		New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing	4/24 at 100.00	AA	3,361,260
		Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M
		University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured

NTX	Nuveen Texas Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/General – 24.3% (15.8% of Total Investments)
$ 1,975		Allen Independent School District, Collin County, Texas, General Obligation Bonds,	2/26 at 100.00	AAA	$ 2,357,913
		School Building Series 2016, 5.000%, 2/15/39
500		Austin Community College District, Texas, General Obligation Bonds, Refunding Limited	No Opt. Call	AA+	573,535
		Tax Series 2016, 5.000%, 8/01/23
1,620		Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012,	2/22 at 100.00	AA	1,757,182
		5.000%, 2/15/32 – AGM Insured
1,500		College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32	2/21 at 100.00	AA+	1,579,845
1,000		El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series	8/23 at 100.00	A–	1,090,810
		2013, 5.000%, 8/15/33
1,565		El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 –	No Opt. Call	AA	1,654,487
		AGM Insured
2,000		Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A,	3/27 at 100.00	AA	2,480,660
		5.000%, 3/01/31
3,255		Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,	8/21 at 24.48	A+	775,113
		Refunding Series 2012A, 0.000%, 8/01/45
1,360		Jacksonville Independent School District, Cherokee County, Texas, General Obligation	2/24 at 100.00	Aaa	1,561,430
		Bonds, School Building Series 2014, 5.000%, 2/15/39
2,675		Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series	8/24 at 100.00	AA–	3,104,284
		2014, 5.000%, 8/01/34
1,350		Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds,	2/23 at 100.00	AAA	1,507,262
		School Building Series 2013A, 5.000%, 2/15/43
1,750		Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds,	4/21 at 100.00	BBB	1,864,275
		Series 2011A, 7.250%, 4/01/36
		McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
1,000		5.750%, 12/01/33	12/25 at 100.00	B1	1,115,130
1,000		6.125%, 12/01/38	12/25 at 100.00	B1	1,118,950
1,425		Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E,	No Opt. Call	AAA	1,003,271
		0.000%, 10/01/35
4,000		Prosper Independent School District, Collin County, Texas, General Obligation Bonds,	2/25 at 100.00	AAA	4,671,800
		Refunding Series 2015, 5.000%, 2/15/40
205		Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series	2/24 at 100.00	Ba2	218,753
		2014A, 5.125%, 2/01/39
2,000		Texas State, General Obligation Bonds, Transportation Commission Highway Improvement	4/22 at 100.00	AAA	2,176,400
		Series 2012A, 5.000%, 4/01/42
2,000		Texas State, General Obligation Bonds, Transportation Commission Highway Improvement,	4/24 at 100.00	AAA	2,302,560
		Series 2014, 5.000%, 4/01/44
2,000		Texas State, General Obligation Bonds, Transportation Commission Mobility Fund,	4/24 at 100.00	AAA	2,325,200
		Refunding Series 2014, 5.000%, 10/01/34
		West Texas Independent School District, McLennan and Hill Counties, General Obligation
		Refunding Bonds, Series 1998:
45		0.000%, 8/15/22	9/19 at 85.49	AAA	38,415
45		0.000%, 8/15/24	9/19 at 76.65	AAA	34,443
9,000		Wylie Independent School District, Collin County, Texas, General Obligation Bonds,	8/25 at 44.15	Aaa	3,408,390
		Capital Appreciation Series 2015, 0.000%, 8/15/45
43,270		Total Tax Obligation/General			38,720,108
		Tax Obligation/Limited – 24.3% (15.8% of Total Investments)
		Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax
		Series 2015:
1,060		5.000%, 8/15/34 – AGM Insured	8/24 at 100.00	AA	1,227,480
1,160		5.000%, 8/15/35 – AGM Insured	8/24 at 100.00	AA	1,341,482
1,175		Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series	12/24 at 100.00	AA+	1,382,199
		2014A, 5.000%, 12/01/36

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Tax Obligation/Limited (continued)
$ 1,680		Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A,	12/25 at 100.00	AA+	$ 1,981,442
		5.000%, 12/01/48
500		Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement	3/20 at 103.00	N/R	518,085
		District 1, Series 2014, 6.500%, 9/01/36
1,390		Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,	11/21 at 100.00	AAA	1,492,221
		Series 2011A, 5.000%, 11/01/41
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
370		0.000%, 11/15/24 – NPFG Insured	No Opt. Call	Baa2	330,836
210		0.000%, 11/15/32 – NPFG Insured	11/31 at 94.05	Baa2	141,494
260		0.000%, 11/15/33	11/31 at 88.44	Baa2	164,460
2,045		0.000%, 11/15/34 – NPFG Insured	11/31 at 83.17	Baa2	1,214,464
1,130		0.000%, 11/15/36 – NPFG Insured	11/31 at 73.51	Baa2	591,205
4,370		0.000%, 11/15/38 – NPFG Insured	11/31 at 64.91	Baa2	2,012,691
2,260		0.000%, 11/15/39 – NPFG Insured	11/31 at 60.98	Baa2	975,190
400		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien	11/24 at 100.00	A3	458,940
		Series 2014C, 5.000%, 11/15/34
1,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien	11/24 at 100.00	A2	1,170,330
		Series 2014A, 5.000%, 11/15/28
3,440		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G,	11/31 at 53.78	A2	1,418,656
		0.000%, 11/15/41 – NPFG Insured
1,000		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,	11/24 at 59.10	Baa2	510,050
		0.000%, 11/15/33 – NPFG Insured
1,015		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and	9/24 at 100.00	A	1,166,682
		Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
1,470		Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and	No Opt. Call	A	1,066,294
		Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
2,250		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured	7/28 at 100.00	N/R	2,322,427
		2018A-1, 4.550%, 7/01/40
10,000		Texas Transportation Commission, Highway Fund Revenue Bonds, First Tier Series 2016A,	10/26 at 100.00	AAA	12,465,700
		5.000%, 10/01/30 (UB) (4)
2,490		Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds,	9/25 at 100.00	Baa2	2,804,711
		Infrastructure Improvement Facilities, Series 2018, 5.000%, 9/01/40
1,735		Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue	8/24 at 100.00	AA	2,007,603
		Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38
42,410		Total Tax Obligation/Limited			38,764,642
		Transportation – 28.7% (18.7% of Total Investments)
3,000		Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (AMT)	11/24 at 100.00	A1	3,431,820
4,000		Austin, Texas, Airport System Revenue Bonds, Series 2019A, 5.000%, 11/15/49	11/29 at 100.00	A1	5,051,600
665		Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien	1/23 at 100.00	BBB+	727,244
		Series 2013, 5.000%, 1/01/42
		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
2,945		0.000%, 1/01/36	No Opt. Call	A–	1,881,295
2,205		0.000%, 1/01/37	No Opt. Call	A–	1,349,681
2,160		0.000%, 1/01/38	No Opt. Call	A–	1,273,471
1,000		0.000%, 1/01/40	No Opt. Call	A–	550,400
1,165		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series	11/20 at 100.00	A+	1,215,316
		2012B, 5.000%, 11/01/35
1,670		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier	10/23 at 100.00	A+	1,866,091
		Series 2013A, 5.125%, 10/01/43
1,640		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate	10/23 at 100.00	AA+	1,843,704
		Lien Series 2013B, 5.000%, 4/01/53

NTX	Nuveen Texas Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Transportation (continued)
$ 1,165		Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C,	8/22 at 100.00	AA	$ 1,284,331
		5.000%, 8/15/31
5,150		Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A,	8/26 at 100.00	Aa2	6,175,983
		5.000%, 8/15/41
2,000		Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A,	7/22 at 100.00	A+	2,180,280
		5.000%, 7/01/31 (AMT)
1,750		Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds	11/25 at 100.00	A1	2,054,063
		Series 2015, 5.000%, 11/01/35 (AMT)
3,000		Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,	11/20 at 100.00	A3	3,120,000
		Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
2,500		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,	No Opt. Call	AA	1,708,900
		0.000%, 1/01/36 – AGC Insured
4,555		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2019A,	1/29 at 100.00	A+	5,174,116
		4.000%, 1/01/44
2,500		San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%,	7/22 at 100.00	A+	2,739,875
		7/01/27 (AMT)
1,875		Texas Transportation Commission, State Highway 249 System Revenue Bonds, First Tier Toll	2/29 at 100.00	Baa3	2,231,775
		Series 2019A, 5.000%, 8/01/57
44,945		Total Transportation			45,859,945
		U.S. Guaranteed – 14.0% (9.1% of Total Investments) (5)
2,500		Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding	5/20 at 100.00	AA	2,578,725
		Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)
1,000		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series	11/20 at 100.00	A+	1,045,230
		2010A, 5.000%, 11/01/42 (Pre-refunded 11/01/20)
185		El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM	No Opt. Call	AA	195,303
		Insured (ETM)
80		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,	No Opt. Call	Baa2	73,946
		0.000%, 11/15/24 – NPFG Insured (ETM)
1,350		Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue	7/20 at 100.00	N/R	1,395,184
		Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28
		(Pre-refunded 7/01/20)
2,000		Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series	11/22 at 100.00	AA	2,246,380
		2012D, 5.000%, 11/15/42 (Pre-refunded 11/15/22)
2,000		Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds,	8/20 at 100.00	AA	2,074,600
		Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured
4,000		Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010,	3/20 at 100.00	AA–	4,081,960
		5.250%, 3/01/40 (Pre-refunded 3/01/20)
25		Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%,	5/22 at 100.00	N/R	27,542
		5/15/29 (Pre-refunded 5/15/22)
755		North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds,	No Opt. Call	Aaa	888,967
		Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM)
885		North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,	8/22 at 100.00	Aa2	985,633
		Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
3,000		North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest	9/21 at 100.00	N/R	3,229,260
		Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21)
2,000		North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A,	9/21 at 100.00	N/R	2,172,480
		5.500%, 9/01/41 (Pre-refunded 9/01/21)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		U.S. Guaranteed (5) (continued)
		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
		Revenue Bonds, Scott & White Healthcare Project, Series 2010:
$ 95		5.250%, 8/15/40 (Pre-refunded 8/15/20)	8/20 at 100.00	N/R	$ 98,696
1,155		5.250%, 8/15/40 (Pre-refunded 8/15/20)	8/20 at 100.00	N/R	1,199,929
21,030		Total U.S. Guaranteed			22,293,835
		Utilities – 14.4% (9.4% of Total Investments)
2,000		Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A,	11/22 at 100.00	AA	2,217,960
		5.000%, 11/15/40
3,000		Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A,	11/25 at 100.00	AA	3,571,530
		5.000%, 11/15/38
2,000		Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31	9/25 at 100.00	A+	2,393,340
3,000		Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A,	5/20 at 100.00	A+	3,076,710
		5.000%, 5/15/40
1,150		Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A,	5/22 at 100.00	A+	1,256,697
		5.000%, 5/15/36
1,975		Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B,	5/22 at 100.00	A+	2,162,191
		5.000%, 5/15/29
1,000		Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA	5/27 at 100.00	A+	1,208,040
		Transmission Services Corporation Project, Refunding Series 2019, 5.000%, 5/15/44
1,000		Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding	No Opt. Call	BBB+	1,038,480
		Series 2012, 5.000%, 10/01/20
2,790		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,	No Opt. Call	A2	3,292,005
		Senior Lien Series 2008D, 6.250%, 12/15/26
1,000		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,	No Opt. Call	A2	1,049,540
		Series 2006A, 5.250%, 12/15/20
		Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:
640		5.000%, 9/01/34	9/20 at 100.00	A+	662,611
1,000		5.000%, 9/01/40	9/20 at 100.00	A+	1,035,920
20,555		Total Utilities			22,965,024
		Water and Sewer – 29.2% (19.0% of Total Investments)
1,450		Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A,	11/26 at 100.00	AA	1,755,501
		5.000%, 11/15/41
1,575		Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series	7/23 at 100.00	AA	1,773,418
		2014, 5.000%, 7/10/38 – BAM Insured
2,500		Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use	2/21 at 100.00	AA	2,630,875
		Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31
2,000		Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series	7/23 at 100.00	A+	2,242,700
		2013, 5.000%, 7/15/43
3,000		Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series	11/28 at 100.00	Aa2	3,816,750
		2018D, 5.000%, 11/15/36
710		North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%,	12/21 at 100.00	AA	768,802
		12/15/36 – AGM Insured
3,860		North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding	12/22 at 100.00	AA–	4,315,827
		Senior Lien Series 2013, 5.000%, 12/15/33
1,000		Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana	7/25 at 100.00	AA–	1,211,110
		Project, Refunding Series 2015, 5.000%, 7/15/26
2,640		San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B,	5/25 at 100.00	AA	3,139,726
		5.000%, 5/15/34
1,000		San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A,	5/28 at 100.00	AA	1,231,720
		5.000%, 5/15/48

NTX	Nuveen Texas Quality Municipal Income Fund
	Portfolio of Investments (continued)
	August 31, 2019 (Unaudited)

Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		Water and Sewer (continued)
		Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
		Trust Series 2017A:
$ 5,000		5.000%, 10/15/42	10/27 at 100.00	AAA	$ 6,194,200
10,000		4.000%, 10/15/42 (UB) (4)	10/27 at 100.00	AAA	11,298,900
5,000		Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master	10/28 at 100.00	AAA	6,229,550
		Trust Series 2018B, 5.000%, 4/15/49
39,735		Total Water and Sewer			46,609,079
$ 239,425		Total Long-Term Investments (cost $221,933,805)			245,293,461
		Floating Rate Obligations – (10.0)%			(16,000,000)
		MuniFund Preferred Shares, net of deferred offering costs – (44.9)% (6)			(71,644,357)
		Other Assets Less Liabilities – 1.2%			1,912,772
		Net Asset Applicable to Common Shares – 100%			$ 159,561,876

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)	MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 29.2%.
AMT	Alternative Minimum Tax
ETM	Escrowed to maturity
UB	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives. Inverse Floating Rate Securities for more information.
	See accompanying notes to financial statements.

		NAZ				NUM				NUO				NTX
Assets
Long-term investments, at value (cost $250,583,662, $465,829,182,
$445,272,899 and $221,933,805, respectively)		$	272,880,527			$	504,938,622			$	485,918,224			$	245,293,461
Cash			623,794				2,625,455				2,067,730				—
Receivable for:
Interest			2,413,815				6,096,164				4,654,547				2,805,972
Investments sold			—				—				25,000				1,000,000
Other assets			3,110				61,567				26,560				3,682
Total assets			275,921,246				513,721,808				492,692,061				249,103,115
Liabilities
Cash overdraft			—				—				—				561,357
Floating rate obligations			9,755,000				12,265,000				20,000,000				16,000,000
Payable for:
Dividends			491,173				839,900				708,021				420,574
Interest			237,798				533,007				116,009				264,686
Investments purchased			778,666				1,908,399				3,816,797				—
Adjustable Rate MuniFund Term Preferred (“AMTP”) Shares, net of deferred
offering costs (liquidation preference $88,300,000, $173,000,000, $—,
and $—, respectively)			88,151,474				172,814,342				—				—
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs
(liquidation preference $—, $—, $— and $72,000,000, respectively)			—				—				—				71,644,357
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred
offering costs (liquidation preference $—, $—, $148,000,000,
and $—, respectively)			—				—				147,764,486				—
Accrued expenses:
Management fees			142,113				252,020				246,064				125,831
Trustees fees			1,009				60,337				24,635				884
Other			123,270				132,568				89,839				523,550
Total liabilities			99,680,503				188,805,573				172,765,851				89,541,239
Net assets applicable to common shares		$	176,240,743			$	324,916,235			$	319,926,210			$	159,561,876
Common shares outstanding			11,571,158				20,226,887				18,316,955				9,958,610
Net asset value (“NAV”) per common share outstanding		$	15.23			$	16.06			$	17.47			$	16.02
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share		$	115,712			$	202,269			$	183,170			$	99,586
Paid-in-surplus			156,321,636				287,685,300				278,284,380				140,204,026
Total distributable earnings			19,803,395				37,028,666				41,458,660				19,258,264
Net assets applicable to common shares		$	176,240,743			$	324,916,235			$	319,926,210			$	159,561,876
Authorized shares:
Common		Unlimited				Unlimited				Unlimited				Unlimited
Preferred		Unlimited				Unlimited				Unlimited				Unlimited

Statement of Operations

Six Months Ended August 31, 2019 (Unaudited)

		NAZ				NUM				NUO				NTX
Investment Income		$	5,181,910			$	9,184,090			$	8,285,806			$	4,407,250
Expenses
Management fees			828,931				1,471,566				1,432,496				733,165
Interest expense and amortization of offering costs			1,099,902				2,129,961				1,843,606				917,393
Custodian fees			21,554				30,600				28,454				16,956
Trustees fees			3,432				6,489				6,070				3,006
Professional fees			20,280				24,961				20,856				17,793
Shareholder reporting expenses			7,200				14,822				15,361				8,160
Shareholder servicing agent fees			9,025				14,154				4,177				1,960
Stock exchange listing fees			3,411				3,474				3,474				3,474
Investor relations expenses			2,808				5,305				5,098				2,344
Reorganization expenses			—				—				—				475,000
Other			21,320				19,422				32,355				18,615
Total expenses			2,017,863				3,720,754				3,391,947				2,197,866
Net investment income (loss)			3,164,047				5,463,336				4,893,859				2,209,384
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments			264,266				831,780				1,405,733				253,441
Change in net unrealized appreciation (depreciation) of investments			11,693,022				18,277,099				20,649,456				10,441,259
Net realized and unrealized gain (loss)			11,957,288				19,108,879				22,055,189				10,694,700
Net increase (decrease) in net assets applicable to
common shares from operations		$	15,121,335			$	24,572,215			$	26,949,048			$	12,904,084

		NAZ								NUM
		Six Months				Year				Six Months				Year
		Ended				Ended				Ended				Ended
		8/31/19				2/28/19				8/31/19				2/28/19
Operations
Net investment income (loss)		$	3,164,047			$	6,081,745			$	5,463,336			$	11,223,210
Net realized gain (loss) from investments			264,266				(437,782	)			831,780				(1,094,781	)
Change in net unrealized appreciation (depreciation) of investments			11,693,022				889,889				18,277,099				2,661,036
Net increase (decrease) in net assets applicable
to common shares from operations			15,121,335				6,533,852				24,572,215				12,789,465
Distributions to Common Shareholders
Dividends			(2,961,059	)			(6,065,999	)			(5,400,579	)			(10,961,603	)
Decrease in net assets applicable to common
shares from distributions to common shareholders			(2,961,059	)			(6,065,999	)			(5,400,579	)			(10,961,603	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs			—				69,117				—				—
Cost of shares repurchased and retired			—				(1,481,001	)			—				(7,000,749	)
Net increase (decrease) in net assets applicable to
common shares from capital share transactions			—				(1,411,884	)			—				(7,000,749	)
Net increase (decrease) in net assets applicable to
common shares			12,160,276				(944,031	)			19,171,636				(5,172,887	)
Net assets applicable to common shares at the
beginning of period			164,080,467			$	165,024,498				305,744,599			$	310,917,486
Net assets applicable to common shares at
the end of period		$	176,240,743			$	164,080,467			$	324,916,235			$	305,744,599

		NUO								NTX
		Six Months				Year				Six Months				Year
		Ended				Ended				Ended				Ended
		8/31/19				2/28/19				8/31/19				2/28/19
Operations
Net investment income (loss)		$	4,893,859			$	10,189,551			$	2,209,384			$	5,497,107
Net realized gain (loss) from investments			1,405,733				(179,947	)			253,441				(869,105	)
Change in net unrealized appreciation (depreciation) of investments			20,649,456				2,782,168				10,441,259				1,109,883
Net increase (decrease) in net assets applicable
to common shares from operations			26,949,048				12,791,772				12,904,084				5,737,885
Distributions to Common Shareholders
Dividends			(4,797,210	)			(10,903,460	)			(2,658,949	)			(5,461,380	)
Decrease in net assets applicable to common
shares from distributions to common shareholders			(4,797,210	)			(10,903,460	)			(2,658,949	)			(5,461,380	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs			—				—				—				—
Cost of shares repurchased and retired			—				(2,742,770	)			—				(846,987	)
Net increase (decrease) in net assets applicable to
common shares from capital share transactions			—				(2,742,770	)			—				(846,987	)
Net increase (decrease) in net assets applicable to
common shares			22,151,838				(854,458	)			10,245,135				(570,482	)
Net assets applicable to common shares at the
beginning of period			297,774,372				298,628,830				149,316,741				149,887,223
Net assets applicable to common shares at
the end of period		$	319,926,210			$	297,774,372			$	159,561,876			$	149,316,741

Statement of Cash Flows
Six Months Ended August 31, 2019 (Unaudited)

		NAZ				NUM				NUO				NTX
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares
from Operations		$	15,121,335			$	24,572,215			$	26,949,048			$	12,904,084
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			(9,501,044	)			(54,688,655	)			(52,671,170	)			(13,207,267	)
Proceeds from sales and maturities of investments			7,360,384				52,110,844				47,822,739				12,000,066
Taxes paid			(568	)			(5,365	)			—				(310	)
Amortization (Accretion) of premiums and discounts, net			867,317				1,730,097				1,404,264				468,697
Amortization of deferred offering costs			8,091				10,112				4,953				6,397
(Increase) Decrease in:
Receivable for interest			(94,087	)			108,806				191,682				(253,387	)
Receivable for investments sold			—				—				(25,000	)			500,000
Other assets			(2,085	)			(11,519	)			(2,934	)			1,273
Increase (Decrease) in:
Payable for interest			72,617				209,379				116,009				264,686
Payable for investments purchased			778,666				1,908,399				3,816,797				—
Accrued management fees			18,219				31,172				32,039				16,144
Accrued Trustees fees			(241	)			9,248				4,189				(211	)
Accrued other expenses			(5,926	)			(9,800	)			3,570				466,831
Net realized (gain) loss from investments			(264,266	)			(831,780	)			(1,405,733	)			(253,441	)
Change in net unrealized (appreciation) depreciation of investments			(11,693,022	)			(18,277,099	)			(20,649,456	)			(10,441,259	)
Net cash provided by (used in) operating activities			2,665,390				6,866,054				5,590,997				2,472,303
Cash Flows from Financing Activities:
Increase (Decrease) in cash overdraft			—				—				—				186,210
Cash distributions paid to common shareholders			(2,935,240	)			(5,409,292	)			(4,854,863	)			(2,658,513	)
Net cash provided by (used in) financing activities			(2,935,240	)			(5,409,292	)			(4,854,863	)			(2,472,303	)
Net Increase (Decrease) in Cash			(269,850	)			1,456,762				736,134				—
Cash at beginning of period			893,644				1,168,693				1,331,596				—
Cash at end of period		$	623,794			$	2,625,455			$	2,067,730			$	—
Supplemental Disclosures of Cash Flow Information		NAZ				NUM				NUO				NTX
Cash paid for interest (excluding amortization of offering costs)		$	1,019,195			$	1,910,469			$	1,722,643			$	646,310

Selected data for a common share outstanding throughout each period:

						Investment Operations												Less Distributions to Common Shareholders												Common Share
		Beginning Common Share NAV				Net Investment Income (Loss)				Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Accum- ulated Net Realized Gains				Total				Shelf Offering Costs				Premium per Share Sold through Shelf Offering				Discount per Share Repur- chased and Retired				Ending NAV				Ending Share Price
NAZ
Year Ended 2/28–2/29:
2020(e)		$	14.18			$	0.27			$	1.04			$	1.31			$	(0.26	)		$	—			$	(0.26	)		$	—			$	—			$	—			$	15.23			$	13.58
2019			14.11				0.52				0.04				0.56				(0.52	)			—				(0.52	)			0.01				—				0.02				14.18				12.46
2018			14.26				0.63				(0.13	)			0.50				(0.64	)			—				(0.64	)			(0.01	)			—	*			—				14.11				13.69
2017			15.01				0.68				(0.68	)			(0.00	)			(0.75	)			—				(0.75	)			—				—				—				14.26				14.22
2016			15.02				0.76				0.03				0.79				(0.80	)			—				(0.80	)			—				—				—				15.01				15.74
2015			14.15				0.79				0.87				1.66				(0.79	)			—				(0.79	)			—				—				—				15.02				14.37
NUM
Year Ended 2/28–2/29:
2020(e)			15.12				0.27				0.94				1.21				(0.27	)			—				(0.27	)			—				—				—				16.06				14.25
2019			14.96				0.55				0.07				0.62				(0.53	)			—				(0.53	)			—				—				0.07				15.12				12.99
2018			15.10				0.61				(0.12	)			0.49				(0.63	)			—				(0.63	)			—				—				—	*			14.96				12.84
2017			15.93				0.68				(0.73	)			(0.05	)			(0.72	)			(0.06	)			(0.78	)			—				—				—				15.10				13.50
2016			15.80				0.76				0.15				0.91				(0.78	)			—	*			(0.78	)			—				—				—	*			15.93				14.01
2015			14.98				0.80				0.88				1.68				(0.86	)			—				(0.86	)			—				—				—				15.80				13.85

(a)	Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

								Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns
												Ratios to Average Net Assets(b)
Based on NAV(a)				Based on Share Price(a)				Ending Net Assets (000)				Expenses(c)				Net Investment Income (Loss)				Portfolio Turnover Rate(d)
	9.28	%			11.14	%		$	176,241				2.36	%**			3.71	%**			3	%
	4.29				(5.09	)			164,080				2.61				3.73				11
	3.44				0.69				165,024				2.03				4.35				19
	(0.07	)			(5.03	)			165,141				1.91				4.54				13
	5.45				15.59				173,767				1.51				5.12				9
	12.01				18.94				173,648				1.56				5.37				13
	8.05				11.86				324,916				2.36	**			3.46	**			11
	4.75				5.54				305,745				2.46				3.67				13
	3.19				(0.39	)			310,917				2.07				3.98				8
	(0.40	)			1.74				314,297				1.88				4.34				20
	5.97				7.15				331,466				1.52				4.85				12
	11.45				9.48				329,232				1.57				5.14				15

(b)	Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)	The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

NAZ			NUM
Year Ended 2/28–2/29:			Year Ended 2/28–2/29:
2020(e)	1.29%**		2020(e)	1.35%**
2019	1.39		2019	1.43
2018	0.95		2018	1.06
2017	0.87		2017	0.88
2016	0.49		2016	0.52
2015	0.50		2015	0.53

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period.
(e)	For the six months ended August 31, 2019.
*	Rounds to less than $0.01 per share.
**	Annualized

Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:

						Investment Operations												Less Distributions to Common Shareholders																Common Share
		Beginning Common Share NAV				Net Investment Income (Loss)				Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Accum- ulated Net Realized Gains				Total				Shelf Offering Costs				Premium per Share Sold through Shelf Offering				Discount per Share Repur- chased and Retired				Ending NAV				Ending Share Price
NUO
Year Ended 2/28–2/29:
2020(e)		$	16.26				0.27			$	1.20			$	1.47			$	(0.26	)		$	—			$	(0.26	)		$	—			$	—			$	—			$	17.47			$	15.90
2019			16.12				0.55				0.15				0.70				(0.56	)			(0.03	)			(0.59	)			—				—				0.03				16.26				14.24
2018			16.34				0.68				(0.19	)			0.49				(0.71	)			—				(0.71	)			—				—				—				16.12				14.14
2017			17.16				0.74				(0.81	)			(0.07	)			(0.75	)			—				(0.75	)			—				—				—				16.34				14.97
2016			17.01				0.81				0.17				0.98				(0.83	)			—				(0.83	)			—				—				—				17.16				15.44
2015			16.02				0.85				1.07				1.92				(0.93	)			—				(0.93	)			—				—				—				17.01				15.40
NTX
Year Ended 2/28–2/29:
2020(e)			14.99				0.22				1.08				1.30				(0.27	)			—				(0.27	)			—				—				—				16.02				14.34
2019			14.95				0.55				0.02				0.57				(0.55	)			—				(0.55	)			—				—				0.02				14.99				13.03
2018			15.15				0.57				(0.13	)			0.44				(0.64	)			—				(0.64	)			—				—				—				14.95				13.53
2017			15.81				0.63				(0.64	)			(0.01	)			(0.65	)			—				(0.65	)			—				—				—				15.15				14.28
2016			15.72				0.66				0.08				0.74				(0.65	)			—				(0.65	)			—				—				—				15.81				14.66
2015			14.82				0.62				0.96				1.58				(0.68	)			—				(0.68	)			—				—				—				15.72				14.35

(a)	Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

								Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns
												Ratios to Average Net Assets(b)
Based on NAV(a)				Based on Share Price(a)				Ending Net Assets (000)				Expenses(c)				Net Investment Income (Loss)				Portfolio Turnover Rate(d)
	9.12	%			13.62	%		$	319,926				2.19	%*			3.16	%*			10	%
	4.65				5.14				297,774				2.35				3.44				12
	2.98				(0.93	)			298,629				1.94				4.10				16
	(0.49	)			1.67				302,690				1.79				4.35				8
	5.95				5.96				317,856				1.58				4.83				10
	12.23				10.79				315,142				1.62				5.10				15
	8.72				12.20				159,562				2.84	*			2.85	*			5
	4.02				0.51				149,317				2.41				3.71				18
	2.88				(0.94	)			149,887				2.16				3.73				11
	(0.12	)			1.79				151,944				1.78				4.05				9
	4.89				7.02				158,571				1.78				4.26				14
	10.81				11.07				157,644				2.33				4.05				12

(b)	Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)	The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

NUO			NTX
Year Ended 2/28–2/29:			Year Ended 2/28–2/29:
2020(e)	1.19%*		2020(e)	1.18%*
2019	1.28		2019	1.34
2018	0.90		2018	1.13
2017	0.77		2017	0.77
2016	0.55		2016	0.77
2015	0.57		2015	1.26

(d)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period.
(e)	For the six months ended August 31, 2019.
*	Annualized

Financial Highlights (Unaudited) (continued)

		AMTP Shares at the End of Period								VMTP Shares at the End of Period
		Aggregate Amount Outstanding (000)				Asset Coverage Per $100,000 Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $100,000 Share
NAZ
Year Ended 2/28-2/29:
2020(b)		$	88,300			$	299,593			$	—			$	—
2019			88,300				285,822				—				—
2018			—				—				88,300				286,891
2017			—				—				88,300				287,022
2016			—				—				79,000				319,959
2015			—				—				79,000				319,808
NUM
Year Ended 2/28-2/29:
2020(b)			173,000				287,813				—				—
2019			173,000				276,731				—				—
2018			—				—				173,000				279,721
2017			—				—				173,000				281,675
2016			—				—				159,000				308,469
2015			—				—				159,000				307,064

		iMTP Shares at the End of Period								MTP Shares at the End of Period (a)								MFP Shares at the End of Period								VRDP Shares at the End of Period
		Aggregate Amount Outstanding (000)				Asset Coverage Per $5,000 Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $10 Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $100,000 Share				Aggregate Amount Outstanding (000)				Asset Coverage Per $100,000 Share
NUO
Year Ended 2/28-2/29:
2020(b)		$	—			$	—			$	—			$	—			$	—			$	—			$	148,000			$	316,166
2019			—				—				—				—				—				—				148,000				301,199
2018			—				—				—				—				—				—				148,000				301,776
2017			—				—				—				—				—				—				148,000				304,520
2016			—				—				—				—				—				—				148,000				314,768
2015			—				—				—				—				—				—				148,000				312,934
NTX
Year Ended 2/28-2/29:
2020(b)			—				—				—				—				72,000				321,614				—				—
2019			—				—				—				—				72,000				307,384				—				—
2018			—				—				—				—				72,000				308,177				—				—
2017			72,000				15,552				—				—				—				—				—				—
2016			72,000				16,012				—				—				—				—				—				—
2015			—				—				70,920				32.23				—				—				—				—

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

		2016				2015
NTX
Series 2015 (NTX PRCCL)
Ending Market Value per Share		$	—			$	10.02
Average Market Value per Share		10.01		Ω			10.04

(b)	For the six months ended August 31, 2019.
Ω	For the period March 1, 2015 through April 20, 2015.

NAZ		Level 1				Level 2				Level 3				Total
Long-Term Investments*:
Municipal Bonds		$	—			$	272,880,527			$	—			$	272,880,527
NUM
Long-Term Investments*:
Municipal Bonds		$	—			$	504,938,622			$	—			$	504,938,622
NUO
Long-Term Investments*:
Municipal Bonds		$	—			$	485,918,224			$	—			$	485,918,224
NTX
Long-Term Investments*:
Municipal Bonds		$	—			$	245,293,461			$	—			$	245,293,461

*	Refer to the Fund’s Portfolio of Investments for industry classifications.

Floating Rate Obligations Outstanding		NAZ				NUM				NUO				NTX
Floating rate obligations: self-deposited Inverse Floaters		$	9,755,000			$	12,265,000			$	20,000,000			$	16,000,000
Floating rate obligations: externally-deposited Inverse Floaters			6,715,000				8,430,000				4,480,000				—
Total		$	16,470,000			$	20,695,000			$	24,480,000			$	16,000,000

Self-Deposited Inverse Floaters		NAZ				NUM				NUO				NTX
Average floating rate obligations outstanding		$	9,755,000			$	12,265,000			$	20,000,000			$	16,000,000
Average annual interest rate and fees			0.54	%			0.53	%			0.53	%			0.53	%

Floating Rate Obligations – Recourse Trusts		NAZ				NUM				NUO				NTX
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters		$	9,755,000			$	12,265,000			$	12,000,000			$	16,000,000
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters			—				8,430,000				4,480,000				—
Total		$	9,755,000			$	20,695,000			$	16,480,000			$	16,000,000

		NAZ				NUM				NUO				NTX
Purchases		$	9,501,044			$	54,688,655			$	52,671,170			$	13,207,267
Sales and maturities			7,360,384				52,110,844				47,822,739				12,000,066

		NAZ				NUM				NUO
Outstanding when-issued/delayed delivery purchase commitments		$	778,666			$	1,908,399			$	3,816,797

		NAZ
		Six Months				Year
		Ended				Ended
		8/31/19				2/28/19
Additional authorized common shares			—				1,100,000	*
Common shares sold			—				—
Offering proceeds, net of offering costs		$	—			$	69,117

*    Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.

		NAZ								NUM
		Six Months				Year				Six Months				Year
		Ended				Ended				Ended				Ended
		8/31/19				2/28/19				8/31/19				2/28/19
Common Shares:
Repurchased and retired			—				(127,500	)			—				(562,500	)
Weighted average common share:
Price per share repurchased and retired		$	—			$	11.60				—			$	12.43
Discount per share repurchased and retired			—	%			15.61	%			—	%			16.07	%

		NUO								NTX
		Six Months				Year				Six Months				Year
		Ended				Ended				Ended				Ended
		8/31/19				2/28/19				8/31/19				2/28/19
Common Shares:
Repurchased and retired			—				(205,000	)			—				(68,600	)
Weighted average common share:
Price per share repurchased and retired			—			$	13.36				—			$	12.33
Discount per share repurchased and retired			—	%			15.59	%			—	%			15.38	%

				Liquidation
				Preference
		Shares	Liquidation	Net of Deferred
Fund	Series	Outstanding	Preference	Offering Costs
NAZ	2028	883	$ 88,300,000	$ 88,151,474
NUM	2028	1,730	$173,000,000	$172,814,342

	Notice		Term	Premium
Fund	Period	Series	Redemption Date	Expiration Date
NAZ	540-day	2028	December 1, 2028*	February 13, 2019
NUM	540-day	2028	December 1, 2028*	December 13, 2019

*    Subject to early termination by either the Fund or the holder.

		NAZ				NUM
Average liquidation preference of AMTP Shares outstanding		$	88,300,000			$	173,000,000
Annualized dividend rate			2.40	%			2.40	%

			Liquidation Preference,
		Shares	net of deferred	Liquidation	Term		Mode
Fund	Series	Outstanding	offering costs	Preference	Redemption Date	Mode	Termination Date
NTX	A	720	$71,644,357	$72,000,000	September 1, 2047	VRM	9/28/22*

*    Subject to early termination by either the Fund or the holder.

		NTX
Average liquidation preference of MFP Shares outstanding		$	72,000,000
Annualized dividend rate			2.40	%

				Liquidation Preference,
		Shares	Remarketing	net of deferred	Liquidation
Fund	Series	Outstanding	fees	offering costs	Preference	Maturity
NUO	1	1,480	N/A	$147,764,486	$148,000,000	September 1, 2043

N/A - Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.

		NUO
Average liquidation preference of VRDP Shares outstanding		$	148,000,000
Annualized dividend rate			2.40	%

	Year Ended  February 28, 2019
NAZ	Series	Shares	Amount
AMTP Shares issued	2028	883	$88,300,000

	Year Ended  February 28, 2019
NUM	Series	Shares	Amount
AMTP Shares issued	2028	1,730	$173,000,000

	Year Ended   February 28, 2019
NAZ	Series	Shares	Amount
VMTP Shares redeemed	2019	(883)	$(88,300,000)

	Year Ended   February 28, 2019
NUM	Series	Shares	Amount
VMTP Shares redeemed	2019	(1,730)	$(173,000,000)

		NAZ				NUM				NUO				NTX
Tax cost of investments		$	240,647,399			$	453,262,384			$	424,963,097			$	205,569,906
Gross unrealized:
Appreciation		$	22,544,114			$	39,472,858			$	42,453,818			$	23,723,515
Depreciation			(66,003	)			(60,746	)			(1,498,731	)			—
Net unrealized appreciation (depreciation) of investments		$	22,478,111			$	39,412,112			$	40,955,087			$	23,723,515

		NAZ				NUM				NUO				NTX
Undistributed net tax-exempt income1		$	289,804			$	498,045			$	—			$	155,658
Undistributed net ordinary income2			10,700				—				—				3,664
Undistributed net long-term capital gains			—				—				—				—

1	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2019, paid on March 1, 2019.
2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

		NAZ				NUM				NUO				NTX
Distributions from net tax-exempt income		$	8,204,833			$	15,101,888			$	13,648,599			$	7,177,693
Distributions from net ordinary income2			23,353				—				274,619				20,761
Distributions from net long-term capital gains			—				—				499,143				—

2	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

		NAZ				NUM				NUO				NTX
Not subject to expiration:
Short-term		$	1,179,768			$	1,144,010			$	135,294			$	1,252,716
Long-term			1,608,564				1,391,852				—				2,707,593
Total		$	2,788,332			$	2,535,862			$	135,294			$	3,960,309

Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $125 million	0.4500%
For the next $125 million	0.4375
For the next $250 million	0.4250
For the next $500 million	0.4125
For the next $1 billion	0.4000
For the next $3 billion	0.3750
For managed assets over $5 billion	0.3625

Complex-Level Eligible Asset Breakpoint Level*	Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion	0.2000%
$56 billion	0.1996
$57 billion	0.1989
$60 billion	0.1961
$63 billion	0.1931
$66 billion	0.1900
$71 billion	0.1851
$76 billion	0.1806
$80 billion	0.1773
$91 billion	0.1691
$125 billion	0.1599
$200 billion	0.1505
$250 billion	0.1469
$300 billion	0.1445

*  For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do 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, 2019, the complex-level fee for each Fund was 0.1570%.

Board of Trustees
Margo Cook*	Jack B. Evans	William C. Hunter	Albin F. Moschner	John K. Nelson	Judith M. Stockdale
Carole E. Stone	Terence J. Toth	Margaret L. Wolff	Robert L. Young
* Interested Board Member.
Fund Manager	Custodian	Legal Counsel	Independent Registered		Transfer Agent and
Nuveen Fund Advisors, LLC	State Street Bank	Chapman and Cutler LLP	Public Accounting Firm		Shareholder Services
333 West Wacker Drive	& Trust Company	Chicago, IL 60603	KPMG LLP		Computershare Trust
Chicago, IL 60606	One Lincoln Street		200 East Randolph Street		Company, N.A.
	Boston, MA 02111		Chicago, IL 60601		250 Royall Street
					Canton, MA 02021
					(800) 257-8787

	NAZ	NUM	NUO	NTX
Common shares repurchased	—	—	—	—

	••	Leverage Management Services – continuing to actively manage leverage including developing new leverage instruments, refinancing existing leverage and negotiating reductions in associated leverage expenses;
	••	Capital Management Services – ongoing capital management efforts through a share repurchase program as well as a shelf offering program that raises additional equity capital in seeking to enhance shareholder value;
	••	Data and Market Analytics – continuing focus on analyzing data and market analytics to better understand the ownership cycles and secondary market experience of closed-end funds; and
	••	Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.