Edgar Filing: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07278

Nuveen Arizona Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2018

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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Table of Contents


Chairman's Letter to Shareholders	4

Portfolio Managers' Comments	5

Fund Leverage	8

Common Share Information	9

Risk Considerations	11

Performance Overview and Holding Summaries	12

Portfolios of Investments	16

Statement of Assets and Liabilities	45

Statement of Operations	46

Statement of Changes in Net Assets	47

Statement of Cash Flows	49

Financial Highlights	50

Notes to Financial Statements	56

Additional Fund Information	69

Glossary of Terms Used in this Report	70

Reinvest Automatically, Easily and Conveniently	72

Annual Investment Management Agreement Approval Process	73

Chairman's Letter
to Shareholders

Dear Shareholders,

I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I'd like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.

After growing in sync with the rest of the world in 2017, the U.S. economy has emerged as the leader in 2018. U.S. stock markets have largely shrugged off trade war risks and escalating tariffs, while China's manufacturing activity has weakened, European export sales have slowed and business outlooks around the world have dimmed. Within emerging markets, a stronger U.S. dollar and rising interest rates have negatively impacted financial markets for those countries most vulnerable to tightening global conditions. Additionally, global markets have remained watchful of geopolitical concerns, including the ongoing Brexit negotiations, North Korea relations and rising populism around the world, which pose a range of outcomes that are difficult to predict.

Despite these risks, global growth remains intact, although at a slower pace, providing support to corporate earnings. Fiscal stimulus, an easing regulatory environment and robust consumer spending has helped boost the U.S. economy's momentum. Economic growth in Europe, the U.K. and Japan stabilized after a sluggish start to 2018 and China's policy makers remain committed to supporting their domestic economy. Subdued inflation pressures have kept central bank policy in line with expectations, even as Europe moves closer to winding down its monetary stimulus and the Federal Reserve remains on a moderate tightening course.

Headlines and political turbulence will continue to obscure underlying fundamentals at times and cause temporary bouts of volatility. We encourage you to work with your financial advisor to evaluate your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Terence J. Toth
Chairman of the Board
October 22, 2018

Portfolio Managers' Comments

Nuveen Arizona Quality Municipal Income Fund (NAZ)

Nuveen Michigan Quality Municipal Income Fund (NUM)

Nuveen Ohio Quality Municipal Income Fund (NUO)

Nuveen Texas Quality Municipal Income Fund (NTX)

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

What key strategies were used to manage these Funds during the six-month reporting period ended August 31, 2018?

Municipal bond performance, as measured by the S&P Municipal Bond Index, was positive during the six-month reporting period, bolstered by a benign credit backdrop and favorable supply-demand dynamics. Issuance has been shrinking after the Jobs and Tax Cut Act of 2017 revoked tax-exempt advance refunding, while demand has remained persistently strong. The mismatch has boosted the value of municipal bonds. Longer-term municipal yields fell (because yields move in the opposite direction of prices) amid strong demand, but shorter-term yields rose along with the Federal Reserve's (Fed) policy rate hikes. Credit spreads continued to narrow, as economic data pointed to an upswing in growth while inflation remained relatively low. Relative to the national municipal market, the Arizona and Texas municipal markets lagged, Ohio's market outperformed and Michigan's market performed in line with the national market.

We continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term. Our trading activity continued to focus on pursuing the Funds' investment objectives. In all four Funds, we bought bonds across a range of sectors and credit ratings, generally with intermediate to longer maturities.

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

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

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

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

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

Portfolio Managers' Comments (continued)

During this reporting period, NAZ added bonds issued for school districts, charter schools and utilities. We also established a tender option bond (TOB) trust for Mesa Arizona Utility System, a water and sewer bond, which increased the amount of leverage in the Fund. The proceeds for the new purchases came from called and maturing bonds.

NUM was active during the reporting period, reinvesting the proceeds from called and maturing bonds across a range of sectors. We also sold two credits recognizing a loss for Henry Ford Health System and Wayne State University, to redeploy the cash into more compelling long-term opportunities. New purchases during the reporting period included four public higher education revenue bonds, which were issued for Eastern Michigan University, Northern Michigan University, Kalamazoo College and Lake Superior State University. We also bought a Grand Rapids water and sewer credit. In the tax-supported sector, NUM bought a state appropriation bond for Michigan State Building Authority and a local general obligation (GO) bond for Michigan Financial Authority Wayne County Criminal Justice Center. We have continued to minimize exposure to the southeastern part of the state (which includes the city of Detroit and Wayne County), adding only one bond from Wayne County in this reporting period.

The Ohio Fund purchased a medium quality credit public power bond, a higher rated credit issued for the University of Cincinnati and a higher quality dedicated tax bond for Franklin County. The proceeds from called and maturing bonds funded most of the buying, with some additional funding from the sale of public power bonds issued for Ohio Valley Electric Corporation Project and state GOs issued for Ohio schools.

Trading activity in NTX included the purchase of three water and sewer credits (AAA rated Texas Water Development, AA rated San Antonio Water System and AA rated Houston Combined Utility System) and one tollway bond. We bought these bonds primarily with the proceeds from called and maturing bonds, as well as the sale of two bonds where we recognized a loss.

As of August 31, 2018, NAZ, NUM, NUO and NTX continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

How did the Funds perform for the six-month reporting period ended August 31, 2018?

The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year and ten-year periods ended August 31, 2018. Each Fund's returns on common share net asset value (NAV) are compared with the performance of corresponding market index.

For the six months ended August 31, 2018, the total returns on common share NAV for NAZ and NTX outperformed their respective state's S&P Municipal Bond Index but lagged the national S&P Municipal Bond Index, while NUO and NUM lagged their respective state's index and the national index.

The main positive contributor to the Funds' relative performance was their longer yield curve and duration positioning. In this reporting period, longer duration bonds generally outperformed those with shorter durations. All four Funds held overweight exposures to longer duration credits and underweight exposures to shorter duration credits, which was advantageous to performance.

In terms of credit quality, the highest (AAA and AA) ratings categories lagged in this reporting period, while lower rated and non-rated bonds outperformed. The Arizona Fund's relative returns benefited from its underweight exposures to AAA and AA rated credits and an overweight allocation to bonds rated single A and lower, with the overweight to non-rated bonds a particularly strong

contributor. However, credit rating allocations detracted from the performance of NUM, NUO and NTX. In NUM, the overweight allocation to AAA rated bonds and underweight in non-rated bonds were detrimental to relative performance. NUO's underweight to B rated bonds weighed on performance. In Ohio, tobacco settlement bonds comprise a substantial proportion of the state's B rated municipal bonds. Given our assessment of the tobacco sector's risk-reward characteristics, NUO's maximum exposure to the sector is considerably lower than the benchmark index's weighting, which detracts from performance when the sector performs well, as it did during this reporting period. NTX's performance was dampened by the overweight allocation to AA rated credits and the underweight to non-rated bonds.

On a sector basis, NAZ's sector allocation had a neutral impact on relative performance in this reporting period, as outperformance in the Fund's Guam water bonds and Arizona gas prepay bonds was offset by negative results in some other sectors. The Michigan Fund's sector positioning detracted from relative results. The favorable results from NUM's exposure to the dedicated tax sector was countered by the negative impact of an overweight to pre-refunded bonds, a sector which was among the weakest-performing groups in the market. NUO and NTX benefited from their overall sector allocations. Although both Funds held overweight allocations to pre-refunded bonds, which hurt relative performance, the Ohio Fund's overweight to toll road credits and the Texas Fund's overweight to industrial development revenue/pollution control revenue bonds were positive contributors to performance.

Across all four Funds, individual credit selection was a positive contributor to performance. Broadly speaking, lower credit quality, longer duration bonds outperformed, while shorter dated, higher quality paper (such as pre-refunded bonds) lagged. The Arizona Fund benefited from strong appreciation in Guam Waterworks Authority bonds, several non-rated charter school credits and some non-rated tax increment bonds (also known as land-secured, community development or "dirt" bonds).

An Update on FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondhold-ers, of which Nuveen Funds are included, entered into an "Agreement in Principal" with FirstEnergy Solutions' parent, FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.

In terms of FirstEnergy holdings, shareholders should note that as of the end of the reporting period, NUO had 0.26% exposure, which was a mix of unsecured and secured holdings. NAZ, NUM and NTX had no exposure to FirstEnergy.

Fund Leverage

IMPACT OF THE FUNDS' LEVERAGE STRATEGY ON PERFORMANCE

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

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

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

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

As of August 31, 2018, the Funds' percentages of leverage are as shown in the accompanying table.


	NAZ	NUM	NUO	NTX
Effective Leverage*	38.89%	38.64%	38.77%	37.09%
Regulatory Leverage*	34.91%	36.00%	33.20%	32.54%

Effective leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund's capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.

THE FUNDS' REGULATORY LEVERAGE

As of August 31, 2018, the Funds have issued and outstanding preferred shares as shown in the accompanying table.


	Variable Rate Preferred*			Variable Rate Remarketed Preferred**
	Shares			Shares
	Issued at			Issued at
	Liquidation			Liquidation
	Preference			Preference			Total
NAZ		$	88,300,000		$	—		$	88,300,000
NUM		$	173,000,000		$	—		$	173,000,000
NUO		$	148,000,000		$	—		$	148,000,000
NTX		$	72,000,000		$	—		$	72,000,000

*	Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
**	Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.

Refer to Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details on preferred shares and each Fund's respective transactions.

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds' distributions is current as of August 31, 2018. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.

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


				Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)	NAZ			NUM			NUO			NTX
March 2018	$	0.0440		$	0.0445		$	0.0485		$	0.0485
April		0.0440			0.0445			0.0485			0.0485
May		0.0440			0.0445			0.0485			0.0485
June		0.0440			0.0445			0.0485			0.0445
July		0.0440			0.0445			0.0485			0.0445
August 2018		0.0440			0.0445			0.0485			0.0445
Total Distributions from Net Investment Income	$	0.2640		$	0.2670		$	0.2910		$	0.2790

Yields
Market Yield*		4.22	%		4.22	%		4.21	%		4.18	%
Taxable-Equivalent Yield*		5.90	%		5.89	%		5.90	%		5.50	%

Market Yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 28.5%, 28.3% and 28.6% for the Arizona, Michigan and Ohio Funds, respectively. The Texas Fund is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.

Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of August 31, 2018, the Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Funds had negative UNII balances for financial reporting purposes.

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

Common Share Information (continued)

COMMON SHARE REPURCHASES

During August 2018, the Funds' Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.

As of August 31, 2018, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.


	NAZ	NUM	NUO	NTX
Common shares cumulatively repurchased and retired	—	445,183	28,700	—
Common shares authorized for repurchase	1,170,000	2,065,000	1,850,000	1,005,000

During the current reporting period, the following Funds repurchased and retired their common shares at a weighted average price per share and a weighted average discount per share as shown in the accompanying table.


	NUM			NUO
Common shares repurchased and retired		223,183			28,700
Weighted average price per common share repurchased and retired	$	12.61		$	13.64
Weighted average discount per common share repurchased and retired		15.65	%		15.17	%

COMMON SHARE EQUITY SHELF PROGRAM

During the current reporting period, NAZ was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under this program NAZ, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per common share. Under the Shelf Offering, the Fund was authorized to issue additional common shares as shown in the accompanying table.


	NAZ
Additional authorized common shares	1,100,000*
* Represents additional authorized common shares for the period March 1, 2018 through June 29, 2018.

During the current reporting period, NAZ did not sell any common shares through its Shelf Offering.

Refer to the Notes to Financial Statements, Note 4 - Fund Shares, Common Shares Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and the Fund's transactions.

OTHER COMMON SHARE INFORMATION

As of August 31, 2018, and during the current reporting period, the Funds' common share prices were trading at a premium/ (discount) to their common share NAVs as shown in the accompanying table.


	NAZ			NUM			NUO			NTX
Common share NAV	$	14.07		$	14.95		$	16.10		$	14.89
Common share price	$	12.51		$	12.66		$	13.83		$	12.76
Premium/(Discount) to NAV		(11.09	)%		(15.32	)%		(14.10	)%		(14.30	)%
6-month average premium/(discount) to NAV		(8.28	)%		(15.42	)%		(14.58	)%		(13.10	)%

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.

NAZ	Nuveen Arizona Quality Municipal Income Fund Performance Overview and Holding Summaries as of August 31, 2018

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

Average Annual Total Returns as of August 31, 2018


	Cumulative						Average Annual
	6-Month			1-Year			5-Year			10-Year
NAZ at Common Share NAV		1.60	%		(0.17	)%		6.24	%		5.87	%
NAZ at Common Share Price		(6.73	)%		(11.54	)%		6.34	%		5.24	%
S&P Municipal Bond Arizona Index		1.57	%		0.45	%		4.04	%		4.41	%
S&P Municipal Bond Index		1.78	%		0.61	%		4.23	%		4.36	%

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

Common Share Price Performance — Weekly Closing Price

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

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


Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	157.2%
Other Assets Less Liabilities	2.3%
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs	159.5%
Floating Rate Obligations	(5.9)%
VMTP Shares, net of deferred offering costs	(53.6)%
Net Assets	100%


Portfolio Composition
(% of total investments)
Tax Obligation/Limited	19.4%
Education and Civic Organizations	18.4%
Utilities	14.4%
Tax Obligation/General	11.9%
U.S. Guaranteed	11.8%
Health Care	11.2%
Water and Sewer	7.8%
Other	5.1%
Total	100%


Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	7.7%
AAA	11.7%
AA	47.5%
A	19.8%
BBB	6.2%
BB or Lower	2.6%
N/R (not rated)	4.5%
Total	100%

NUM	Nuveen Michigan Quality Municipal Income Fund Performance Overview and Holding Summaries as of August 31, 2018

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

Average Annual Total Returns as of August 31, 2018

	Cumulative						Average Annual
	6-Month			1-Year			5-Year			10-Year
NUM at Common Share NAV		1.73	%		(0.23	)%		6.46	%		5.77	%
NUM at Common Share Price		0.70	%		(4.48	)%		5.79	%		6.19	%
S&P Municipal Bond Michigan Index		1.79	%		1.10	%		4.81	%		4.65	%
S&P Municipal Bond Index		1.78	%		0.61	%		4.23	%		4.36	%

Common Share Price Performance — Weekly Closing Price


Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	158.5%
Other Assets Less Liabilities	1.8%
Net Assets Plus Floating Rate Obligations & VMTP Shares, net of deferred offering costs	160.3%
Floating Rate Obligations	(4.0)%
VMTP Shares, net of deferred offering costs	(56.3)%
Net Assets	100%


Portfolio Composition
(% of total investments)
Education and Civic Organizations	22.4%
Tax Obligation/General	20.7%
Health Care	13.8%
Water and Sewer	10.5%
Tax Obligation/Limited	9.4%
U.S. Guaranteed	9.0%
Utilities	7.6%
Other	6.6%
Total	100%


Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	8.1%
AAA	16.6%
AA	53.3%
A	17.3%
BBB	0.4%
BB or Lower	3.5%
N/R (not rated)	0.8%
Total	100%

NUO	Nuveen Ohio Quality Municipal Income Fund Performance Overview and Holding Summaries as of August 31, 2018

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

Average Annual Total Returns as of August 31, 2018

	Cumulative						Average Annual
	6-Month			1-Year			5-Year			10-Year
NUO at Common Share NAV		1.69	%		(0.22	)%		6.56	%		5.88	%
NUO at Common Share Price		(0.11	)%		(5.77	)%		5.36	%		5.80	%
S&P Municipal Bond Ohio Index		2.27	%		1.44	%		5.37	%		4.84	%
S&P Municipal Bond Index		1.78	%		0.61	%		4.23	%		4.36	%

Common Share Price Performance — Weekly Closing Price


Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	154.8%
Other Assets Less Liabilities	1.5%
Net Assets Plus Floating Rate Obligations & VRDP Shares, net of deferred offering costs	156.3%
Floating Rate Obligations	(6.7)%
VRDP Shares, net of deferred offering costs	(49.6)%
Net Assets	100%


Portfolio Composition
(% of total investments)
Tax Obligation/Limited	20.8%
U.S. Guaranteed	18.8%
Tax Obligation/General	14.3%
Health Care	10.3%
Transportation	9.8%
Education and Civic Organizations	9.7%
Water and Sewer	7.6%
Other	8.7%
Total	100%


Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	13.0%
AAA	13.0%
AA	52.6%
A	11.5%
BBB	3.1%
BB or Lower	5.8%
N/R (not rated)	1.0%
Total	100%

NTX	Nuveen Texas Quality Municipal Income Fund Performance Overview and Holding Summaries as of August 31, 2018

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

Average Annual Total Returns as of August 31, 2018

	Cumulative						Average Annual
	6-Month			1-Year			5-Year			10-Year
NTX at Common Share NAV		1.48	%		(0.56	)%		5.51	%		5.53	%
NTX at Common Share Price		(3.64	)%		(8.03	)%		3.82	%		5.17	%
S&P Municipal Bond Texas Index		1.41	%		0.17	%		4.18	%		4.56	%
S&P Municipal Bond Index		1.78	%		0.61	%		4.23	%		4.36	%

Common Share Price Performance — Weekly Closing Price


Fund Allocation
(% of net assets)
Long-Term Municipal Bonds	157.6%
Other Assets Less Liabilities	1.1%
Net Assets Plus Floating Rate Obligations & MFP Shares, net of deferred offering costs	158.7%
Floating Rate Obligations	(10.7)%
MFP Shares, net of deferred offering costs	(48.0)%
Net Assets	100%


Portfolio Composition
(% of total investments)
Tax Obligation/General	20.2%
Tax Obligation/Limited	15.7%
Water and Sewer	15.2%
Transportation	13.9%
U.S. Guaranteed	10.7%
Utilities	9.9%
Education and Civic Organizations	7.4%
Other	7.0%
Total	100%


Portfolio Credit Quality
(% of total investment exposure)
U.S. Guaranteed	9.5%
AAA	27.1%
AA	31.0%
A	22.2%
BBB	8.1%
BB or Lower	1.9%
N/R (not rated)	0.2%
Total	100%

NAZ	Nuveen Arizona Quality Municipal Income Fund Portfolio of Investments August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 157.2% (100.0% of Total Investments)

MUNICIPAL BONDS – 157.2% (100.0% of Total Investments)

Education and Civic Organizations – 29.0% (18.4% of Total Investments)

2,175

Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2016B, 5.000%, 7/01/47

7/26 at 100.00

2,460,012

1,500

Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 7/01/41

7/25 at 100.00

1,691,670

1,500

Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2015D, 5.000%, 7/01/41

7/25 at 100.00

1,691,670

2,515

Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2014, 5.000%, 8/01/44

8/24 at 100.00

Aa3

2,776,711

2,240

Arizona Board of Regents, University of Arizona, System Revenue Bonds, Tender Option Bond Trust 2015-XF0053, 13.232%, 6/01/42, 144A (IF)

6/22 at 100.00

Aa2

2,974,093

515

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A, 5.125%, 7/01/37, 144A

7/26 at 100.00

536,336

525

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C, 5.000%, 7/01/47

7/27 at 100.00

AA–

578,025

150

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D, 5.000%, 7/01/47, 144A

7/27 at 100.00

154,301

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F:

700

5.000%, 7/01/37

7/27 at 100.00

AA–

781,326

1,645

5.000%, 7/01/47

7/27 at 100.00

AA–

1,818,975

315

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G, 5.000%, 7/01/47, 144A

7/27 at 100.00

324,031

240

Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A, 6.250%, 11/01/50, 144A

11/27 at 100.00

N/R

233,498

375

Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B, 5.000%, 3/01/48, 144A

9/27 at 100.00

BB+

375,266

710

Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017A, 5.000%, 7/01/42

7/27 at 100.00

AA–

780,581

380

Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B, 4.250%, 7/01/27, 144A

No Opt. Call

374,482

615

Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A, 5.000%, 7/01/38

1/28 at 100.00

AA–

681,617

165

Arizona Industrial Development Authority, Education Revenue Bonds, Legacy Traditional School Southwest Las Vegas Nevada Campus, Series 2018, 5.250%, 7/01/22, 144A

7/19 at 101.00

N/R

163,756

2,000

Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2007, 5.000%, 5/15/31

5/22 at 100.00

2,170,900

3,775

Glendale Industrial Development Authority, Arizona, Revenue Bonds, Midwestern University, Refunding Series 2010, 5.125%, 5/15/40

5/20 at 100.00

A+

3,951,746

870

Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016, 5.000%, 7/01/36, 144A

7/26 at 100.00

BB+

910,037

355

Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A , 5.000%, 7/01/37

7/27 at 100.00

AA–

400,561

490

Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017C, 5.000%, 7/01/48

7/27 at 100.00

AA–

547,320

2,095

McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016, 5.000%, 7/01/37

7/26 at 100.00

AA–

2,375,751

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Education and Civic Organizations (continued)

1,875

Northern Arizona University, System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/40

6/24 at 100.00

A+

2,073,356

910

Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41

6/21 at 100.00

A+

969,833

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A, 5.000%, 7/01/46, 144A

7/25 at 100.00

71,660

900

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series 2012, 5.625%, 9/01/42

9/22 at 100.00

BB+

935,928

800

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A, 5.000%, 7/01/41

7/25 at 100.00

BBB–

844,864

250

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools East Mesa and Cadence, Nevada Campuses, Series 2017A, 4.000%, 7/01/22, 144A

7/19 at 101.00

N/R

245,128

165

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Phoenix/East Mesa and Cadence, Nevada Campuses, Series 2017B, 4.000%, 7/01/22, 144A

7/19 at 101.00

N/R

161,784

500

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Project, Series 2014A, 6.750%, 7/01/44, 144A

7/24 at 100.00

Ba1

554,320

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015,

315

5.000%, 7/01/35, 144A

7/25 at 100.00

Ba1

325,266

300

5.000%, 7/01/45, 144A

7/25 at 100.00

Ba1

307,113

650

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A, 5.000%, 7/01/41, 144A

7/26 at 100.00

Ba1

671,411

355

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015, 3.250%, 7/01/25

No Opt. Call

BBB–

355,852

1,995

Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016, 5.000%, 10/01/36

10/26 at 100.00

2,184,705

3,675

Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42 – AGM Insured (UB) (4)

6/22 at 100.00

3,939,673

200

Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert Heights Charter School, Series 2014, 7.250%, 5/01/44

5/24 at 100.00

N/R

215,488

Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Champion Schools Project, Series 2017,

120

6.000%, 6/15/37, 144A

6/26 at 100.00

N/R

122,830

680

6.125%, 6/15/47, 144A

6/26 at 100.00

N/R

696,170

200

Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey Charter Schools Project, Series 2016, 5.250%, 7/01/36

7/26 at 100.00

BB–

180,540

Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2016, 6.500%, 2/01/48, 144A

2/24 at 100.00

N/R

33,371

115

Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017, 6.750%, 2/01/50, 144A

2/28 at 100.00

N/R

112,787

745

Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012, 7.500%, 1/01/42

1/22 at 100.00

680,282

500

Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Noah Webster Schools ? Mesa Project, Series 2015A, 5.000%, 12/15/34, 144A

6/25 at 100.00

500,280

730

Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017, 5.000%, 7/01/35 – BAM Insured

7/26 at 100.00

826,199

780

Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/39 – BAM Insured

6/24 at 100.00

852,610

250

Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project, Series 2008, 5.000%, 7/01/22

No Opt. Call

AA–

276,003

NAZ	Nuveen Arizona Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Education and Civic Organizations (continued)

The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016,

520

5.000%, 7/01/36

7/26 at 100.00

Baa3

548,168

300

5.000%, 7/01/47

7/26 at 100.00

Baa3

312,585

43,785

Total Education and Civic Organizations

47,750,871

Health Care – 17.5% (11.2% of Total Investments)

1,200

Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2014A, 5.000%, 1/01/44

1/24 at 100.00

AA–

1,312,260

5,100

Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children's Hospital, Refunding Series 2012A, 5.000%, 2/01/42

2/22 at 100.00

A+

5,355,153

Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A,

3,005

5.000%, 12/01/39

12/24 at 100.00

3,312,141

2,860

5.000%, 12/01/42

12/24 at 100.00

3,145,514

Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A,

1,250

5.000%, 1/01/32

1/27 at 100.00

AA–

1,436,825

1,000

5.000%, 1/01/35

1/27 at 100.00

AA–

1,136,820

2,000

5.000%, 1/01/38

1/27 at 100.00

AA–

2,251,780

1,120

Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured

9/20 at 100.00

1,180,917

The Industrial Development Authority of the County of Maricopa, Arizona, Revenue Bonds, Banner Health, Series 2017A,

2,000

5.000%, 1/01/41

1/28 at 100.00

AA–

2,269,120

2,700

4.000%, 1/01/41

1/28 at 100.00

AA–

2,784,780

1,025

Yavapai County Industrial Development Authority, Arizona, Hospital Facility Revenue Refunding Bonds, Yavapai Regional Medical Center, Series 2016, 5.000%, 8/01/36

8/26 at 100.00

1,128,863

Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2013A,

210

5.000%, 8/01/19

No Opt. Call

215,506

1,000

5.250%, 8/01/33

8/23 at 100.00

1,095,210

Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2014A,

1,000

5.000%, 8/01/22

No Opt. Call

A–

1,097,140

1,000

5.250%, 8/01/32

8/24 at 100.00

A–

1,132,480

26,470

Total Health Care

28,854,509

Long-Term Care – 1.9% (1.2% of Total Investments)

285

Arizona Industrial Development Authority, Multifamily Housing Revenue Bonds, Bridgewater Avondale Project, Series 2017, 5.375%, 1/01/38

7/25 at 101.00

N/R

281,104

1,885

Phoenix Industrial Development Authority, Arizona, Multi-Family Housing Revenue Bonds, 3rd and Indian Road Assisted Living Project, Series 2016, 5.400%, 10/01/36

10/25 at 101.00

N/R

1,900,853

780

Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2012A, 6.000%, 12/01/32

12/21 at 100.00

N/R

832,759

Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A, 6.125%, 10/01/47, 144A

10/27 at 100.00

N/R

88,587

3,030

Total Long-Term Care

3,103,303

Tax Obligation/General – 18.8% (11.9% of Total Investments)

575

Buckeye Union High School District 201, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project, Refunding Series 2017, 5.000%, 7/01/35 – BAM Insured

7/27 at 100.00

652,090

Casa Grande, Arizona, General Obligation Bonds, Refunding Series 2016B,

1,605

4.000%, 8/01/33

8/26 at 100.00

AA–

1,692,874

835

4.000%, 8/01/34

8/26 at 100.00

AA–

878,328

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

2,500

Chandler, Arizona, General Obligation Bonds, Refunding Series 2014, 5.000%, 7/01/24

No Opt. Call

AAA

2,895,300

Dysart Unified School District Number 89, Maricopa County, Arizona, General Obligation Bonds, Refunding Series 2014,

1,000

5.000%, 7/01/26

7/24 at 100.00

AAA

1,134,060

525

5.000%, 7/01/27

7/24 at 100.00

AAA

592,652

2,140

El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 – AGM Insured

7/22 at 100.00

2,314,303

1,000

Maricopa County Elementary School District 83 Cartwright, Arizona, General Obligation Bonds, School Improvement, Project 2010, Series 2011A, 5.375%, 7/01/30 – AGM Insured

7/21 at 100.00

1,084,670

630

Maricopa County School District 214 Tolleson Union High, Arizona, General Obligation Bonds, School Improvement Project 2017, Series 2018A, 5.000%, 7/01/37

7/27 at 100.00

Aa1

726,478

775

Maricopa County School District 79 Litchfield Elementary, Arizona, General Obligation Bonds, Series 2011, 5.000%, 7/01/23

7/21 at 100.00

Aa2

840,247

300

Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, School Improvement Project of 2013, Series 2016C, 4.000%, 7/01/33 – AGM Insured

7/26 at 100.00

318,402

1,350

Maricopa County Unified School District 95 Queen Creek, Arizona, General Obligation Bonds, School Improvement Series 2018, 5.000%, 7/01/36

7/25 at 102.00

Aa3

1,538,339

1,275

Maricopa County Union High School District 210 Phoenix, Arizona, General Obligation Bonds, School Improvement & Project of 2011 Series 2017E, 5.000%, 7/01/33

7/27 at 100.00

AAA

1,488,537

Mohave County Union High School District 2 Colorado River, Arizona, General Obligation Bonds, School Improvement Series 2017,

1,000

5.000%, 7/01/34

7/27 at 100.00

Aa3

1,145,630

1,000

5.000%, 7/01/36

7/27 at 100.00

Aa3

1,135,710

690

Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/01/36

7/27 at 100.00

AA–

796,819

1,370

Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 – AGM Insured

7/21 at 100.00

1,509,274

2,895

Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project 2011, Series 2014D, 5.000%, 7/01/34 – AGM Insured

7/24 at 100.00

3,213,508

1,750

Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project 2010 Series 2011A, 5.000%, 7/01/25

7/21 at 100.00

1,878,345

1,500

Pima County Unified School District 6 Marana, Arizona, General Obligation Bonds, School Improvement Project of 2014, Series 2017C, 5.000%, 7/01/36 – BAM Insured

7/27 at 100.00

1,720,950

Pinal County School District 4 Casa Grande Elementary, Arizona, General Obligation Bonds, School improvement Project 2016, Series 2017A,

620

5.000%, 7/01/34 – BAM Insured

7/27 at 100.00

702,615

1,000

5.000%, 7/01/35 – BAM Insured

7/27 at 100.00

1,129,970

Western Maricopa Education Center District 402, Maricopa County, Arizona, General Obligation Bonds, School Improvement Project 2012, Series2014B,

715

4.500%, 7/01/33

7/24 at 100.00

AA–

771,478

665

4.500%, 7/01/34

7/24 at 100.00

AA–

716,059

27,715

Total Tax Obligation/General

30,876,638

Tax Obligation/Limited – 30.5% (19.4% of Total Investments)

2,310

Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A, 5.000%, 7/01/36

7/22 at 100.00

2,431,991

1,250

Arizona State Transportation Board, Highway Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35

7/26 at 100.00

AAA

1,438,150

275

Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016, 4.000%, 7/01/36

7/26 at 100.00

AA–

285,665

1,000

Buckeye, Arizona, Excise Tax Revenue Obligations, Series 2015, 5.000%, 7/01/37

7/25 at 100.00

1,118,590

135

Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A, 7.000%, 7/01/41, 144A

7/27 at 100.00

N/R

137,647

1,210

Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015, 5.000%, 7/15/39, 144A

7/25 at 100.00

N/R

1,238,846

NAZ	Nuveen Arizona Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

488

Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%, 7/01/38

7/23 at 100.00

N/R

497,950

1,810

Eastmark Community Facilities District No. 1, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – AGM Insured

7/27 at 100.00

2,012,322

655

Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017, 5.000%, 7/15/32 – AGM Insured

7/27 at 100.00

731,386

Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,Series 2012,

345

5.000%, 7/15/27 – BAM Insured

7/22 at 100.00

372,845

1,085

5.000%, 7/15/31 – BAM Insured

7/22 at 100.00

1,167,623

500

Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2016, 4.000%, 7/15/36 – BAM Insured

7/26 at 100.00

518,080

1,000

Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/37 – BAM Insured

7/27 at 100.00

1,113,390

415

Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017, 5.200%, 7/01/37

7/27 at 100.00

N/R

423,802

590

Festival Ranch Community Facilities District, City of Buckeye, Arizona, General Obligation Bonds, Series 2018, 5.000%, 7/15/38 – BAM Insured

7/27 at 100.00

661,201

600

Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016, 4.000%, 7/15/32

7/26 at 100.00

630,552

1,500

Goodyear, Arizona, Community Facilities General District 1, Arizona, General Obligation Refunding Bonds, Series 2013, 5.000%, 7/15/23

No Opt. Call

A–

1,629,405

1,500

Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/39

11/25 at 100.00

1,635,960

Government of Guam, Business Privilege Tax Bonds, Series 2011A,

510

5.000%, 1/01/31

1/22 at 100.00

537,209

200

5.125%, 1/01/42

1/22 at 100.00

209,972

1,500

Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37

1/22 at 100.00

1,569,435

1,250

Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/46

12/26 at 100.00

BBB+

1,366,288

1,425

Marana, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series 2013, 5.000%, 7/01/33

7/23 at 100.00

1,583,788

Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33

11/18 at 100.00

BBB–

65,190

200

Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016, 5.000%, 7/15/31

7/26 at 100.00

BBB

222,780

385

Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017, 5.000%, 7/15/42 – BAM Insured

7/27 at 100.00

424,031

300

Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26

7/21 at 100.00

AA–

323,625

400

Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006, 5.350%, 7/15/31

11/18 at 100.00

N/R

351,388

2,500

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%, 12/01/36

12/22 at 100.00

2,691,325

580

Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, 5.000%, 7/01/38 (Alternative Minimum Tax)

7/22 at 100.00

AA+

619,191

565

Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.000%, 10/01/18 – ACA Insured

No Opt. Call

BBB–

565,407

1,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2014, 5.000%, 8/01/33

8/24 at 100.00

1,124,750

Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding Series 2016,

540

4.000%, 8/01/34

8/26 at 100.00

568,021

545

4.000%, 8/01/36

8/26 at 100.00

570,184

1,740

Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2018A, 5.000%, 8/01/42

8/28 at 100.00

2,005,628

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

1,000

Regional Public Transportation Authority, Arizona, Transportation Excise Tax Revenue Bonds, Maricopa County Public Transportation Fund Series 2014, 5.250%, 7/01/22

No Opt. Call

AA+

1,120,560

San Luis, Arizona, Pledged Excise Tax Revenue Bonds, Refunding Series2014A,

1,400

5.000%, 7/01/34 – BAM Insured

7/24 at 100.00

1,560,370

2,100

5.000%, 7/01/38 – BAM Insured

7/24 at 100.00

2,323,944

3,000

Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2006, 5.000%, 7/01/24

No Opt. Call

AAA

3,465,480

1,320

Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/36

7/27 at 100.00

AAA

1,539,952

Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series 2016,

310

5.000%, 7/01/28

7/26 at 100.00

AAA

361,389

500

5.000%, 7/01/29

7/26 at 100.00

AAA

580,585

2,505

Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37

7/22 at 100.00

AAA

2,746,232

1,750

Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 – AGM Insured

No Opt. Call

1,776,320

750

Vistancia West Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2016, 3.250%, 7/15/25, 144A

7/21 at 100.00

N/R

704,843

1,300

Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30

11/18 at 100.00

N/R

1,251,250

46,308

Total Tax Obligation/Limited

50,274,542

Transportation – 6.1% (3.9% of Total Investments)

Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2015A,

910

5.000%, 7/01/40

7/25 at 100.00

A+

1,012,584

2,185

5.000%, 7/01/45

7/25 at 100.00

A+

2,424,236

Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Senior Lien Series 2013,

1,785

5.000%, 7/01/30 (Alternative Minimum Tax)

7/23 at 100.00

AA–

1,964,303

2,215

5.000%, 7/01/32 (Alternative Minimum Tax)

7/23 at 100.00

AA–

2,431,206

2,000

Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 (Alternative Minimum Tax)

7/27 at 100.00

AA–

2,235,580

9,095

Total Transportation

10,067,909

U.S. Guaranteed – 18.5% (11.8% of Total Investments) (5)

3,480

Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/43 (Pre-refunded 7/01/22)

7/22 at 100.00

3,864,958

1,025

Arizona State Transportation Board, Highway Revenue Bonds, Refunding Subordinate Series 2011A, 5.000%, 7/01/36 (Pre-refunded 7/01/21)

7/21 at 100.00

AA+

1,113,068

180

Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 (Pre-refunded 7/01/20)

7/20 at 100.00

A+

190,609

585

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.300%, 7/01/42 (Pre-refunded 7/01/21)

7/21 at 100.00

N/R

655,212

1,045

Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A, 7.500%, 7/01/42 (Pre-refunded 7/01/20)

7/20 at 100.00

N/R

1,150,273

Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project, Series 2010,

745

6.000%, 6/01/40 (Pre-refunded 6/01/19)

6/19 at 100.00

BB+

768,572

550

6.100%, 6/01/45 (Pre-refunded 6/01/19)

6/19 at 100.00

BB+

567,804

1,000

Pima County Unified School District 8 Flowing Wells, Arizona, General Obligation Bonds, School Improvement Project 2008 Series 2011B, 5.375%, 7/01/29 (Pre-refunded 7/01/20)

7/20 at 100.00

A+

1,064,710

1,800

Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36 (Pre-refunded 7/01/21)

7/21 at 100.00

1,966,968

NAZ	Nuveen Arizona Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (5) (continued)

5,000

Scottsdale Municipal Property Corporation, Arizona, Excise Tax Revenue Bonds, Water & Sewer Improvements Project, Series 2010, 5.000%, 7/01/36 (Pre-refunded 7/01/20)

7/20 at 100.00

AAA

5,294,700

Scottsdale, Arizona, General Obligation Bonds, Preserve Acquisition, Project 2004 Series 2011,

1,310

5.000%, 7/01/32 (Pre-refunded 7/01/21)

7/21 at 100.00

AAA

1,422,555

1,360

5.000%, 7/01/33 (Pre-refunded 7/01/21)

7/21 at 100.00

AAA

1,476,851

1,705

5.000%, 7/01/34 (Pre-refunded 7/01/21)

7/21 at 100.00

AAA

1,851,494

Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007,

605

4.700%, 4/01/22 (Pre-refunded 10/01/18)

10/18 at 100.00

A+

606,379

1,970

4.900%, 4/01/32 (Pre-refunded 10/01/18)

10/18 at 100.00

A+

1,974,767

1,495

Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22)

7/22 at 100.00

N/R

1,657,462

2,585

University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39 (Pre-refunded 7/01/21)

7/21 at 100.00

N/R

2,870,281

University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2013,

200

5.000%, 7/01/19 (ETM)

No Opt. Call

N/R

205,278

800

5.000%, 7/01/20 (ETM)

No Opt. Call

N/R

844,928

825

Yavapai County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2011, 7.875%, 3/01/42 (Pre-refunded 3/01/21)

3/21 at 100.00

BB+

945,145

28,265

Total U.S. Guaranteed

30,492,014

Utilities – 22.6% (14.4% of Total Investments)

1,495

Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30

3/22 at 100.00

A–

1,592,758

1,100

Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39

10/24 at 100.00

1,200,210

4,310

Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Refunding Bonds, Southern California Edison Company, Series 2000A, 5.000%, 6/01/35

6/20 at 100.00

Aa3

4,507,872

8,750

Mesa, Arizona, Utility System Revenue Bonds, Series 2018, 5.000%, 7/01/42 (UB) (4)

7/28 at 100.00

Aa2

10,116,050

695

Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/35

7/26 at 100.00

784,009

1,500

Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/36

6/25 at 100.00

Aa1

1,708,230

Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2017A,

2,000

5.000%, 1/01/38

1/28 at 100.00

Aa1

2,331,960

500

5.000%, 1/01/39

1/28 at 100.00

Aa1

582,100

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:

4,500

5.500%, 12/01/29

No Opt. Call

BBB+

5,437,215

5,665

5.000%, 12/01/37

No Opt. Call

BBB+

6,732,566

2,370

Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)

11/18 at 100.00

N/R

2,229,269

32,885

Total Utilities

37,222,239

Water and Sewer – 12.3% (7.8% of Total Investments)

1,000

Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016, 5.000%, 1/01/36

1/26 at 100.00

AA+

1,135,480

500

Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28

7/22 at 100.00

550,075

785

Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016, 5.000%, 7/01/45 – AGM Insured

7/26 at 100.00

878,030

2,855

Goodyear, Arizona, Water and Sewer Revenue Obligations, Series 2010, 5.625%, 7/01/39

7/20 at 100.00

Aa3

3,041,317

500

Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2011, 5.500%, 7/01/41

7/21 at 100.00

546,620

	Principal Amount (000)	Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017,
$	665	5.000%, 7/01/36	7/27 at 100.00	A–	$	737,990
	500	5.000%, 7/01/40	7/27 at 100.00	A–		552,085
	545	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.250%, 7/01/33	7/23 at 100.00	A–		589,723
	1,125	Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 7/01/36 – AGM Insured	7/25 at 100.00	AA		1,262,093
	1,135	Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014, 5.000%, 7/01/29	7/24 at 100.00	AA+		1,291,119
	2,000	Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2014A, 5.000%, 7/01/39	7/24 at 100.00	AAA		2,234,800
		Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Refunding Junior Lien Series 2001,
	1,250	5.500%, 7/01/21 – FGIC Insured	No Opt. Call	AAA		1,375,950
	1,040	5.500%, 7/01/22 – FGIC Insured	No Opt. Call	AAA		1,176,136
	1,500	Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/26	7/22 at 100.00	AA		1,653,120
	1,000	Pima County, Arizona, Sewer System Revenue Obligations, Series 2014, 5.000%, 7/01/22	No Opt. Call	AA		1,109,840
		Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018,
	500	5.000%, 7/01/35	7/28 at 100.00	AA+		585,900
	805	5.000%, 7/01/36	7/28 at 100.00	AA+		941,802
	500	Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2013A, 5.000%, 7/01/23	No Opt. Call	AA		567,380
	18,205	Total Water and Sewer				20,229,460
$	235,758	Total Long-Term Investments (cost $249,151,243)				258,871,485
		Floating Rate Obligations – (5.9)%				(9,755,000)
		Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (53.6)% (6)				(88,293,193)
		Other Assets Less Liabilities – 2.3%				3,822,361
		Net Assets Applicable to Common Shares – 100%			$	164,645,653


(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)		Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 34.1%.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM		Escrowed to maturity.
IF		Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

NUM	Nuveen Michigan Quality Municipal Income Fund Portfolio of Investments August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 158.5% (100.0% of Total Investments)

MUNICIPAL BONDS – 158.5% (100.0% of Total Investments)

Consumer Staples – 4.8% (3.0% of Total Investments)

6,000

Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34

10/18 at 100.00

B–

6,028,260

8,650

Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42

10/18 at 100.00

8,665,483

14,650

Total Consumer Staples

14,693,743

Education and Civic Organizations – 35.4% (22.4% of Total Investments)

1,220

Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39

10/24 at 100.00

Aa3

1,376,160

1,000

Conner Creek Academy East, Michigan, Public School Revenue Bonds, Series 2007, 5.250%, 11/01/36

11/18 at 100.00

863,030

1,255

Detroit Community High School, Michigan, Public School Academy Revenue Bonds, Series 2005, 5.750%, 11/01/30

11/18 at 100.00

B–

796,423

Eastern Michigan University, General Revenue Bonds, Refunding Series 2017A:

1,100

5.000%, 3/01/33 – BAM Insured

3/27 at 100.00

1,248,786

2,270

5.000%, 3/01/36 – BAM Insured

3/27 at 100.00

2,555,453

7,665

Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured

3/28 at 100.00

7,755,599

2,250

Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016, 5.000%, 10/01/41

10/26 at 100.00

A+

2,515,680

500

Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28

12/24 at 100.00

A+

567,445

Lake Superior State University Board of Trustees, Michigan, General Revenue Bonds, Series 2018:

2,395

5.000%, 1/15/38 – AGM Insured

1/28 at 100.00

2,675,502

4,000

5.000%, 1/15/43 – AGM Insured

1/28 at 100.00

4,441,520

3,500

Michigan Finance Authority, Higher Education Limited Obligation Revenue Bonds, Kalamazoo College Project, Refunding Series 2018, 5.000%, 12/01/43

12/28 at 100.00

3,948,315

990

Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31

10/21 at 100.00

953,103

1,170

Michigan Higher Education Facilities Authority, Limited Obligation Revenue Refunding Bonds, Kettering University, Series 2001, 5.000%, 9/01/26 – AMBAC Insured

9/18 at 100.00

N/R

1,170,527

235

Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American Montessori Academy, Series 2007, 6.500%, 12/01/37

11/18 at 100.00

N/R

234,986

5,000

Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40

2/20 at 100.00

5,195,750

7,790

Michigan State University, General Revenue Bonds, Series 2013A, 5.000%, 8/15/41

8/23 at 100.00

8,636,850

800

Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/27

8/25 at 100.00

925,664

3,690

Michigan Technological University, General Revenue Bonds, Refunding Series 2012A, 5.000%, 10/01/34

10/21 at 100.00

3,971,326

Northern Michigan University, General Revenue Bonds, Series 2018A:

400

5.000%, 12/01/33

6/28 at 100.00

460,180

650

5.000%, 12/01/35

6/28 at 100.00

743,113

Oakland University, Michigan, General Revenue Bonds, Series 2016:

1,400

5.000%, 3/01/41

3/26 at 100.00

1,549,926

4,000

5.000%, 3/01/47

3/26 at 100.00

4,406,080

810

Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35

7/26 at 100.00

903,620

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Education and Civic Organizations (continued)

University of Michigan, General Revenue Bonds, Refunding Series 2017A:

2,000

5.000%, 4/01/34

4/27 at 100.00

AAA

2,339,860

2,000

5.000%, 4/01/35

4/27 at 100.00

AAA

2,333,220

1,065

5.000%, 4/01/36

4/27 at 100.00

AAA

1,238,915

2,000

5.000%, 4/01/42

4/27 at 100.00

AAA

2,308,500

4,000

University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44

4/24 at 100.00

AAA

4,537,120

5,000

University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46

4/26 at 100.00

AAA

5,683,650

University of Michigan, General Revenue Bonds, Series 2015:

5,735

5.000%, 4/01/40, 144A (UB), (4)

4/26 at 100.00

AAA

6,548,395

9,600

5.000%, 4/01/46, 144A (UB), (4)

4/26 at 100.00

AAA

10,912,608

2,000

Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/32

5/26 at 100.00

Aa3

2,267,060

3,700

Wayne State University, Michigan, General Revenue Bonds, Series 2013A, 5.000%, 11/15/40

11/23 at 100.00

Aa3

4,121,134

525

Western Michigan University, General Revenue Bonds, Refunding Series 2011, 5.000%, 11/15/31

11/21 at 100.00

Aa3

570,770

Western Michigan University, General Revenue Bonds, Refunding Series 2013:

750

5.250%, 11/15/33 – AGM Insured

11/23 at 100.00

848,685

4,250

5.000%, 11/15/39 – AGM Insured

11/23 at 100.00

4,735,903

Western Michigan University, General Revenue Bonds, Refunding Series 2015A:

1,500

5.000%, 11/15/40

5/25 at 100.00

Aa3

1,670,085

850

5.000%, 11/15/45

5/25 at 100.00

Aa3

943,662

99,065

Total Education and Civic Organizations

108,954,605

Health Care – 21.9% (13.8% of Total Investments)

2,000

County of Calhoun Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Oaklawn Hospital, Refunding Series 2016, 5.000%, 2/15/47

2/27 at 100.00

BBB–

2,083,820

4,000

Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29

7/21 at 100.00

AA–

4,339,080

Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Refunding Series 2011C:

5,500

5.000%, 1/15/31

1/22 at 100.00

5,885,385

2,000

5.000%, 1/15/42

1/22 at 100.00

2,115,080

1,780

Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32

8/24 at 100.00

A+

1,990,716

4,850

Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39

6/24 at 100.00

A+

5,317,492

3,930

Michigan Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Refunding Series 2013, 5.000%, 8/15/31

8/23 at 100.00

A+

4,332,314

6,060

Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45

5/25 at 100.00

A+

6,601,764

3,000

Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42

11/22 at 100.00

A+

3,233,460

5,000

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2016MI, 5.000%, 12/01/45

6/26 at 100.00

AA–

5,579,700

1,900

Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017MI, 5.000%, 12/01/30

6/27 at 100.00

AA–

2,201,207

Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:

1,000

5.000%, 11/01/25

11/22 at 100.00

A+

1,106,810

1,000

5.000%, 11/01/26

11/22 at 100.00

A+

1,103,880

3,750

5.000%, 11/01/42

11/22 at 100.00

A+

4,049,963

9,615

Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39

12/21 at 100.00

AA–

10,364,296

1,000

Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48

6/22 at 100.00

AA–

1,069,100

NUM	Nuveen Michigan Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Health Care (continued)

5,380

Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont

3/24 at 100.00

A+

5,878,080

Hospital Obligated Group, Refunding Series 2014D, 5.000%, 9/01/39

61,765

Total Health Care

67,252,147

Housing/Multifamily – 2.4% (1.5% of Total Investments)

2,635

Michigan Housing Development Authority, FNMA Limited Obligation Multifamily Housing Revenue Bonds, Parkview Place Apartments, Series 2002A, 5.550%, 12/01/34 (Alternative Minimum Tax)

12/20 at 101.00

2,784,536

1,825

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2010A, 5.000%, 10/01/35

10/20 at 100.00

1,898,876

1,725

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012A-2, 4.625%, 10/01/41

4/22 at 100.00

1,772,075

1,000

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 4.000%, 10/01/42

4/22 at 100.00

1,010,600

7,185

Total Housing/Multifamily

7,466,087

Tax Obligation/General – 32.9% (20.7% of Total Investments)

2,310

Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29

5/22 at 100.00

Aa1

2,535,063

840

Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/24

No Opt. Call

Aa2

963,925

895

Bloomfield Township, Michigan, General Obligation Bonds, Refunding Series 2016, 5.000%, 5/01/28

5/26 at 100.00

AAA

1,041,189

Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I:

2,250

5.000%, 5/01/43

5/27 at 100.00

2,537,663

2,195

5.000%, 5/01/47

5/27 at 100.00

2,451,091

Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, Series 2012:

1,000

4.000%, 5/01/32

5/21 at 100.00

1,011,780

500

4.000%, 5/01/33

5/21 at 100.00

504,370

1,135

Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39

5/24 at 100.00

1,256,593

875

Charlotte Public School District, Easton County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/20

No Opt. Call

920,448

Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:

8,900

0.000%, 12/01/25

No Opt. Call

AAA

7,408,449

3,000

0.000%, 12/01/26

No Opt. Call

AAA

2,415,030

100

0.000%, 12/01/27

No Opt. Call

AAA

77,840

4,305

0.000%, 12/01/29

No Opt. Call

AAA

3,121,771

Grand Rapids Building Authority, Kent County, Michigan, General Obligation Bonds, Refunding Series 2011:

560

5.000%, 10/01/28

10/21 at 100.00

607,718

500

5.000%, 10/01/30

10/21 at 100.00

542,295

500

5.000%, 10/01/31

10/21 at 100.00

541,980

Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016:

1,700

5.000%, 5/01/24 – AGM Insured

No Opt. Call

1,939,156

4,205

5.000%, 5/01/28 – AGM Insured

5/26 at 100.00

4,869,726

1,000

5.000%, 5/01/38 – AGM Insured

5/26 at 100.00

1,122,770

Jenison Public Schools, Ottawa County, Michigan, General Obligation Bonds, Series 2017:

1,245

5.000%, 5/01/29

5/27 at 100.00

Aa3

1,437,639

1,265

5.000%, 5/01/30

5/27 at 100.00

Aa3

1,454,472

Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017:

300

5.000%, 4/01/27

No Opt. Call

AA+

353,991

1,675

5.000%, 4/01/30

4/27 at 100.00

AA+

1,949,918

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2016:

1,000

5.000%, 6/01/31

6/26 at 100.00

AAA

1,156,600

1,445

5.000%, 6/01/34

6/26 at 100.00

AAA

1,653,933

1,000

5.000%, 6/01/35

6/26 at 100.00

AAA

1,143,850

Kent County, Michigan, General Obligation Bonds, Limited Tax Capital Improvement Series 2017A:

1,570

5.000%, 6/01/36

6/27 at 100.00

AAA

1,816,270

1,650

5.000%, 6/01/37

6/27 at 100.00

AAA

1,904,694

1,025

Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/34

1/25 at 100.00

AAA

1,157,963

3,440

Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015, 5.000%, 1/01/31

1/25 at 100.00

AAA

3,911,899

Lake Saint Claire Clean Water Drain Drainage District, Macomb County, Michigan, General Obligation Bonds, Series 2013:

1,000

5.000%, 10/01/25

10/23 at 100.00

AA+

1,127,020

1,020

5.000%, 10/01/26

10/23 at 100.00

AA+

1,148,000

1,000

L'Anse Creuse Public Schools, Macomb County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/23

No Opt. Call

1,122,290

Lansing School District, Ingham County, Michigan, General Obligation Bonds, Series 2016I:

1,345

5.000%, 5/01/26

No Opt. Call

1,573,838

2,245

5.000%, 5/01/33

5/26 at 100.00

2,545,067

2,085

5.000%, 5/01/38

5/26 at 100.00

2,330,446

2,200

5.000%, 5/01/41

5/26 at 100.00

2,447,962

1,500

Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43

11/28 at 100.00

Aa3

1,701,825

1,950

Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2015A, 5.000%, 12/01/28

12/25 at 100.00

Aa1

2,247,200

4,000

Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22

12/21 at 100.00

Aa1

4,369,160

1,000

Michigan State, General Obligation Bonds, Environmental Program, Series 2014A, 5.000%, 12/01/28

12/24 at 100.00

Aa1

1,151,660

2,000

Montrose School District, Michigan, School Building and Site Bonds, Series 1997, 6.000%, 5/01/22 – NPFG Insured

No Opt. Call

Aa2

2,160,840

2,945

Muskegon Community College District, Michigan, General Obligation Bonds, Community Facility Series 2013I, 5.000%, 5/01/38 – BAM Insured

5/24 at 100.00

3,302,876

Muskegon County, Michigan, General Obligation Wastewater Bonds, Management System 1, Refunding Series 2015:

1,350

5.000%, 11/01/33

11/25 at 100.00

1,525,446

1,730

5.000%, 11/01/36

11/25 at 100.00

1,945,333

Port Huron, Michigan, General Obligation Bonds, Limited Tax Refunding & Capital Improvement Series 2011:

1,585

5.000%, 10/01/31 – AGM Insured

10/21 at 100.00

1,709,248

640

5.250%, 10/01/37 – AGM Insured

10/21 at 100.00

695,085

Port Huron, Michigan, General Obligation Bonds, Series 2011B:

530

5.000%, 10/01/31 – AGM Insured

10/21 at 100.00

571,547

800

5.250%, 10/01/40 – AGM Insured

10/21 at 100.00

868,112

500

Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/19

No Opt. Call

510,930

625

Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/20

No Opt. Call

Aa2

658,094

1,510

Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43

4/28 at 100.00

AA+

1,698,071

1,435

South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured

5/24 at 100.00

1,595,046

550

Troy School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2015, 5.000%, 5/01/26

5/25 at 100.00

634,172

NUM	Nuveen Michigan Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

1,600

Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/40

11/23 at 100.00

Aa1

1,774,320

2,590

West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2017, 5.000%, 5/01/36 – AGM Insured

5/27 at 100.00

2,933,641

1,225

Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured

No Opt. Call

Aa2

1,357,104

1,475

Willow Run Community Schools, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2011, 4.500%, 5/01/31 – AGM Insured

5/21 at 100.00

1,542,939

94,820

Total Tax Obligation/General

101,057,358

Tax Obligation/Limited – 14.8% (9.4% of Total Investments)

2,200

Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42

2/24 at 103.00

N/R

2,398,330

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional Convention Facility Authority Local Project, Series 2014H-1:

1,240

5.000%, 10/01/20

10/19 at 100.00

AA–

1,278,316

2,000

5.000%, 10/01/24

10/23 at 100.00

AA–

2,228,700

2,000

5.000%, 10/01/25

10/24 at 100.00

AA–

2,244,100

11,025

5.000%, 10/01/39

10/24 at 100.00

AA–

12,214,705

2,000

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41

10/21 at 100.00

Aa2

2,181,060

1,845

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2013-I-A, 5.000%, 10/15/29

10/23 at 100.00

Aa2

2,075,348

4,000

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38

10/25 at 100.00

Aa2

4,481,560

Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I:

1,500

5.000%, 4/15/41

10/26 at 100.00

Aa2

1,683,525

2,500

5.000%, 10/15/46

10/26 at 100.00

Aa2

2,796,425

Michigan State Trunk Line Fund Bonds, Series 2011:

1,100

5.000%, 11/15/24

11/21 at 100.00

AA+

1,197,317

1,750

5.000%, 11/15/29

11/21 at 100.00

AA+

1,901,428

1,605

5.000%, 11/15/31

11/21 at 100.00

AA+

1,745,951

1,160

4.000%, 11/15/32

11/21 at 100.00

AA+

1,190,415

1,970

5.000%, 11/15/36

11/21 at 100.00

AA+

2,131,579

1,370

Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22

No Opt. Call

AA+

1,535,702

1,950

Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29

11/24 at 100.00

AA+

2,243,787

41,215

Total Tax Obligation/Limited

45,528,248

Transportation – 3.4% (2.1% of Total Investments)

4,500

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)

No Opt. Call

4,903,470

4,000

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/42 – AGM Insured

12/22 at 100.00

4,352,600

1,000

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2017A, 5.000%, 12/01/42

12/27 at 100.00

1,129,280

9,500

Total Transportation

10,385,350

U.S. Guaranteed – 14.3% (9.0% of Total Investments) (5)

Comstock Park Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site, Series 2011B:

1,200

5.500%, 5/01/36 (Pre-refunded 5/01/21)

5/21 at 100.00

1,313,616

2,190

5.500%, 5/01/41 (Pre-refunded 5/01/21)

5/21 at 100.00

2,397,349

2,605

Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured

1/19 at 100.00

2,634,879

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (5) (continued)

1,800

Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 (Pre-refunded 6/01/20) – AGM Insured

6/20 at 100.00

1,900,350

5,505

Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22)

6/22 at 100.00

N/R

6,094,861

Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21)

12/21 at 100.00

N/R

38,345

Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012:

2,000

5.000%, 10/01/31 (Pre-refunded 10/01/22)

10/22 at 100.00

AAA

2,233,500

1,135

5.000%, 10/01/32 (Pre-refunded 10/01/22)

10/22 at 100.00

AAA

1,267,511

390

Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/26 (Pre-refunded 10/01/20)

10/20 at 100.00

AAA

415,514

Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009:

150

5.000%, 11/15/20 (Pre-refunded 11/15/19)

11/19 at 100.00

N/R

155,753

7,300

5.750%, 11/15/39 (Pre-refunded 11/15/19)

11/19 at 100.00

N/R

7,644,341

4,000

Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 (Pre-refunded 6/01/19) – AGC Insured

6/19 at 100.00

AA+

4,124,400

3,415

Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. John's Health System, Series 1998A, 5.000%, 5/15/28 – AMBAC Insured (ETM)

11/18 at 100.00

Aaa

3,633,628

1,000

Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25 (Pre-refunded 5/01/19)

5/19 at 100.00

Aa1

1,025,240

3,640

Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39 (Pre-refunded 8/01/19)

8/19 at 100.00

3,777,628

350

South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 (Pre-refunded 12/01/19) – AGC Insured

12/19 at 100.00

364,847

Wayne State University, Michigan, General Revenue Bonds, Refunding Series 2008:

2,220

5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured

11/18 at 100.00

Aa3

2,235,140

2,780

5.000%, 11/15/35 (Pre-refunded 11/15/18) – AGM Insured

11/18 at 100.00

Aa3

2,798,960

41,715

Total U.S. Guaranteed

44,055,862

Utilities – 12.0% (7.6% of Total Investments)

Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A:

2,750

5.000%, 7/01/33

7/21 at 100.00

2,957,158

6,020

5.000%, 7/01/39

7/21 at 100.00

6,459,821

Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394:

1,110

13.555%, 7/01/37, 144A (IF) (4)

7/21 at 100.00

AA–

1,410,499

1,700

13.550%, 7/01/37, 144A (IF) (4)

7/21 at 100.00

AA–

2,160,224

Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A:

1,000

5.000%, 7/01/30

7/26 at 100.00

1,130,290

1,000

5.000%, 7/01/31

7/26 at 100.00

1,125,860

5.000%, 7/01/32

7/26 at 100.00

84,218

1,000

5.000%, 7/01/33

7/26 at 100.00

1,119,240

Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A:

1,900

5.000%, 1/01/27

1/22 at 100.00

2,023,557

4,530

5.000%, 1/01/43

1/22 at 100.00

4,745,492

Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding Series 2011:

1,760

5.000%, 1/01/24 – AGM Insured

1/21 at 100.00

1,868,451

1,990

5.000%, 1/01/25 – AGM Insured

1/21 at 100.00

2,112,624

2,180

5.000%, 1/01/26 – AGM Insured

1/21 at 100.00

2,314,332

290

5.000%, 1/01/27 – AGM Insured

1/21 at 100.00

307,870

3,640

Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1991BB, 7.000%, 5/01/21 – AMBAC Insured

No Opt. Call

Aa3

4,087,138

NUM	Nuveen Michigan Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Utilities (continued)

2,700

Wyandotte, Michigan, Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/44 – BAM Insured

10/25 at 100.00

2,911,356

33,645

Total Utilities

36,818,130

Water and Sewer – 16.6% (10.5% of Total Investments)

Detroit, Michigan, Water Supply System Revenue Bonds, Refunding Second Lien Series 2004A, 5.000%, 7/01/34 – AGM Insured

11/18 at 100.00

15,037

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014:

1,000

5.000%, 1/01/32

1/24 at 100.00

Aa1

1,129,680

1,000

5.000%, 1/01/33

1/24 at 100.00

Aa1

1,127,550

1,000

5.000%, 1/01/34

1/24 at 100.00

Aa1

1,125,950

1,855

5.000%, 1/01/44

1/24 at 100.00

Aa1

2,076,839

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018:

2,500

5.000%, 1/01/43

1/28 at 100.00

Aa1

2,857,975

1,055

5.000%, 1/01/48

1/28 at 100.00

Aa1

1,202,415

1,005

Great Lakes Water Authority, Michigan, Sewer Disposal System Revenue Bonds, Refunding Second Lien Series 2016C, 5.000%, 7/01/32

7/26 at 100.00

1,127,791

6,245

Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/32

7/26 at 100.00

7,175,505

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Sewage Disposal System Local Project, Second Lien Series 2015C:

4,665

5.000%, 7/01/34

7/25 at 100.00

5,109,901

1,070

5.000%, 7/01/35

7/25 at 100.00

1,169,317

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:

1,500

5.000%, 7/01/35 – AGM Insured

7/24 at 100.00

1,655,730

1,220

5.000%, 7/01/37 – AGM Insured

7/24 at 100.00

1,341,878

3,340

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 – AGM Insured

7/24 at 100.00

3,751,187

Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2013:

1,955

5.000%, 10/01/22

No Opt. Call

AAA

2,189,756

3,200

5.000%, 10/01/25

10/22 at 100.00

AAA

3,577,600

5,000

Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Subordinate Refunding Series 2016B, 5.000%, 10/01/25

No Opt. Call

AAA

5,901,450

2,000

Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water, Refunding Series 2012, 5.000%, 10/01/20

No Opt. Call

AAA

2,133,800

580

Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/19

11/18 at 100.00

AAA

581,462

170

Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19

11/18 at 100.00

AAA

170,428

475

Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20)

10/20 at 100.00

AAA

506,075

Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/23

11/18 at 100.00

AAA

90,227

Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007:

5.000%, 10/01/23

11/18 at 100.00

AAA

70,176

225

5.000%, 10/01/24

11/18 at 100.00

AAA

225,545

1,000

North Kent Sewer Authority, Michigan, Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 11/01/24

No Opt. Call

1,139,940

Port Huron, Michigan, Water Supply System Revenue Bonds, Series 2011:

500

5.250%, 10/01/31

10/21 at 100.00

A–

541,950

1,500

5.625%, 10/01/40

10/21 at 100.00

A–

1,651,320

	Principal Amount (000)	Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
		Wyoming, Michigan, Water Supply System Revenue Bonds, Refunding Series 2016:
$	210	5.000%, 6/01/26	No Opt. Call	Aa3	$	243,203
	505	5.000%, 6/01/27	6/26 at 100.00	Aa3		579,907
	550	5.000%, 6/01/28	6/26 at 100.00	Aa3		628,705
	45,500	Total Water and Sewer				51,098,299
$	449,060	Total-Long Term Investments (cost $469,548,596)				487,309,829
		Floating Rate Obligations – (4.0)%				(12,265,000)
		Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (56.3)% (6)				(172,989,269)
		Other Assets Less Liabilities – 1.8%				5,471,213
		Net Assets Applicable to Common Shares – 100%			$	307,526,773

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)		Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 35.5%.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM		Escrowed to maturity.
IF		Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

NUO	Nuveen Ohio Quality Municipal Income Fund Portfolio of Investments August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 154.8% (100.0% of Total Investments)

MUNICIPAL BONDS – 154.8% (100.0% of Total Investments)

Consumer Staples – 4.4% (2.9% of Total Investments)

13,120

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47

10/18 at 100.00

B–

13,203,180

Education and Civic Organizations – 15.0% (9.7% of Total Investments)

Lorain County Community College District, Ohio, General Receipts Revenue Bonds, Series 2017:

1,305

5.000%, 12/01/32

6/27 at 100.00

Aa2

1,497,788

1,200

5.000%, 12/01/33

6/27 at 100.00

Aa2

1,372,332

505

5.000%, 12/01/34

6/27 at 100.00

Aa2

576,276

Miami University of Ohio, General Receipts Bonds, Refunding Series 2014:

4,375

5.000%, 9/01/33

9/24 at 100.00

4,902,275

2,500

4.000%, 9/01/39

9/24 at 100.00

2,580,650

2,585

Miami University of Ohio, General Receipts Bonds, Refunding Series 2017, 5.000%, 9/01/41 Miami University of Ohio, General Receipts Bonds, Series 2011:

9/26 at 100.00

2,918,491

130

5.000%, 9/01/33

9/21 at 100.00

139,809

1,960

5.000%, 9/01/36

9/21 at 100.00

2,100,846

Miami University of Ohio, General Receipts Bonds, Series 2012:

480

4.000%, 9/01/32

9/22 at 100.00

498,653

1,000

4.000%, 9/01/33

9/22 at 100.00

1,033,520

Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:

120

5.000%, 11/01/27

5/22 at 100.00

130,985

590

5.000%, 11/01/32

5/22 at 100.00

641,637

5,000

Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2013, 5.000%, 12/01/43

12/22 at 100.00

A+

5,419,900

1,000

Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39

12/22 at 100.00

Aa3

1,088,990

1,000

Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45

3/25 at 100.00

N/R

1,016,620

1,000

University of Cincinnati, Ohio, General Receipts Bonds, Green Bond Series 2014C, 5.000%, 6/01/41

12/24 at 100.00

AA–

1,114,190

5,175

University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46

6/26 at 100.00

AA–

5,774,990

7,580

Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 – BAM Insured

5/21 at 100.00

8,073,761

Youngstown State University, Ohio, General Receipts Bonds, Refunding Series 2017:

1,555

5.000%, 12/15/29

12/26 at 100.00

A+

1,781,392

1,670

5.000%, 12/15/30

12/26 at 100.00

A+

1,903,950

40,730

Total Education and Civic Organizations

44,567,055

Health Care – 15.8% (10.3% of Total Investments)

3,000

Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children's Hospital Medical Center, Improvement Series 2013, 5.000%, 11/15/38

5/23 at 100.00

AA–

3,262,140

3,125

Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017, 5.000%, 12/01/47

12/27 at 100.00

A–

3,427,469

2,400

Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43

6/23 at 100.00

Baa2

2,503,296

250

Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 7.784%, 11/15/41

11/21 at 100.00

AA+

268,270

4,480

Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 2016-XL0004, 7.784%, 11/15/41, 144A (IF) (4)

11/21 at 100.00

AA+

5,134,752

1,730

Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 5.000%, 12/01/47

12/27 at 100.00

AA–

1,946,337

300

Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 6.000%, 8/15/29

11/18 at 100.00

A–

300,900

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Health Care (continued)

820

Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41

8/21 at 100.00

888,798

Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A:

2,575

5.000%, 5/01/30

11/18 at 100.00

BBB+

2,601,008

2,040

5.000%, 5/01/32

11/18 at 100.00

BBB+

2,060,237

6,105

Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44

2/23 at 100.00

BB+

6,333,571

1,100

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2012A, 5.000%, 1/01/38

1/22 at 100.00

1,187,835

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010:

555

5.750%, 11/15/40 – AGM Insured

5/20 at 100.00

587,190

1,520

5.250%, 11/15/40 – AGM Insured

5/20 at 100.00

1,591,972

Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A:

1,000

5.000%, 1/15/28

1/23 at 100.00

1,092,270

2,000

5.000%, 1/15/29

1/23 at 100.00

2,169,980

State of Ohio, Hospital Refunding Revenue Bonds, Cleveland Clinic Health System Obligated Group, Series 2017A:

1,765

5.000%, 1/01/30

1/28 at 100.00

2,081,588

1,325

5.000%, 1/01/32

1/28 at 100.00

1,546,090

Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:

2,670

5.000%, 12/01/37

12/22 at 100.00

Ba1

2,763,503

5,510

5.000%, 12/01/42

12/22 at 100.00

Ba1

5,679,157

44,270

Total Health Care

47,426,363

Housing/Multifamily – 1.8% (1.1% of Total Investments)

205

Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Agler Project, Series 2002A, 5.550%, 5/20/22 (Alternative Minimum Tax)

11/18 at 100.00

Aaa

205,457

1,600

Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 – FGIC Insured (Alternative Minimum Tax)

10/18 at 101.00

Aa1

1,649,584

3,340

Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)

9/19 at 100.00

Aa1

3,376,540

5,145

Total Housing/Multifamily

5,231,581

Industrials – 1.3% (0.9% of Total Investments)

3,495

Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21

No Opt. Call

Baa1

3,962,107

1,600

Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5)

7/19 at 100.00

N/R

5,095

Total Industrials

3,962,123

Long-Term Care – 1.1% (0.7% of Total Investments)

895

Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26

7/20 at 100.00

BBB

935,347

2,220

Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.625%, 4/01/40

4/20 at 100.00

BBB–

2,350,358

3,115

Total Long Term Care

3,285,705

Tax Obligation/General – 22.2% (14.3% of Total Investments)

2,500

Clark-Shawnee Local School District, Clark County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2017, 5.000%, 11/01/54

11/27 at 100.00

2,822,825

Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006:

4,310

0.000%, 12/01/27 – AGM Insured

No Opt. Call

AA+

3,249,654

5,835

0.000%, 12/01/28 – AGM Insured

No Opt. Call

AA+

4,228,508

NUO	Nuveen Ohio Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

2,250

Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016-3, 5.000%, 2/15/28

2/27 at 100.00

AAA

2,681,460

Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015:

725

5.000%, 12/01/26

12/25 at 100.00

Aaa

856,414

900

5.000%, 12/01/32

12/25 at 100.00

Aaa

1,045,521

1,000

5.000%, 12/01/34

12/25 at 100.00

Aaa

1,154,540

1,730

Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/31 Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation

12/23 at 100.00

AAA

1,962,893

Bonds, Refunding School Improvement Series 2014:

1,260

5.000%, 11/01/30

11/24 at 100.00

Aa2

1,417,966

1,540

5.000%, 11/01/31

11/24 at 100.00

Aa2

1,730,298

Greenville City School District, Drake County, Ohio, General Obligation Bonds, School Improvement Series 2013:

555

5.250%, 1/01/38

1/22 at 100.00

607,991

1,355

5.250%, 1/01/41

1/22 at 100.00

1,483,007

1,355

Grove City, Ohio, General Obligation Bonds, Construction & Improvement Series 2009, 5.125%, 12/01/36

12/19 at 100.00

Aa1

1,408,902

2,160

Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 0.000%, 12/01/21

No Opt. Call

Aa1

2,023,877

Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007:

3,625

5.250%, 12/01/28 – AGM Insured

No Opt. Call

4,272,715

4,500

5.250%, 12/01/31 – AGM Insured

No Opt. Call

5,356,035

1,305

Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2006, 5.500%, 12/01/24 – AMBAC Insured

No Opt. Call

1,509,402

725

Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36

6/22 at 100.00

Aa3

785,240

5,000

Ohio State, General Obligation Bonds, Higher Education, Series 2017A, 5.000%, 5/01/36

5/25 at 100.00

AA+

5,676,550

3,000

Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29

5/24 at 100.00

AAA

3,416,910

5,000

South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/42

6/22 at 100.00

Aa2

5,426,600

450

South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36

6/22 at 100.00

491,418

1,800

South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36

6/22 at 100.00

N/R

1,996,290

1,500

Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/32

No Opt. Call

1,847,310

7,500

Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities & Improvement Series 2018A, 5.000%, 12/01/48

12/27 at 100.00

AAA

8,623,800

61,880

Total Tax Obligation/General

66,076,126

Tax Obligation/Limited – 32.2% (20.8% of Total Investments)

8,045

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37

10/23 at 100.00

AA+

8,856,338

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2017B-2:

1,250

5.000%, 10/01/31

4/28 at 100.00

AA+

1,460,050

1,000

5.000%, 10/01/32

4/28 at 100.00

AA+

1,164,410

3,000

Cleveland, Ohio, Income Tax Revenue Bonds, Public Facilities Improvements, Series 2014A-1, 5.000%, 11/15/38

11/23 at 100.00

AA+

3,306,210

Cleveland, Ohio, Income Tax Revenue Bonds, Subordinate Lien Improvement and Refunding Series 2017A-2:

435

5.000%, 10/01/30

10/27 at 100.00

AA+

507,023

700

5.000%, 10/01/33

10/27 at 100.00

AA+

806,855

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

500

Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A, 5.000%, 12/01/36

12/19 at 100.00

BBB

505,835

6,750

Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F, 5.000%, 12/01/27

12/20 at 100.00

7,198,673

Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014:

1,815

5.000%, 12/01/32

12/24 at 100.00

AAA

2,068,791

1,415

5.000%, 12/01/33

12/24 at 100.00

AAA

1,608,487

1,000

5.000%, 12/01/34

12/24 at 100.00

AAA

1,134,280

945

5.000%, 12/01/35

12/24 at 100.00

AAA

1,069,570

300

Delaware County District Library, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34

12/19 at 100.00

Aa2

311,853

1,920

Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/44

12/25 at 100.00

Aa1

2,148,230

10,350

Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/35

12/24 at 100.00

Aa1

11,676,248

5,535

Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/48

6/28 at 100.00

AAA

6,412,962

1,000

Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015, 5.000%, 12/01/34

12/25 at 100.00

AAA

1,141,100

1,200

Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2016, 5.000%, 12/01/28

12/26 at 100.00

AAA

1,405,512

5,565

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AMBAC Insured

No Opt. Call

4,004,463

5,000

Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 12/01/31

12/21 at 100.00

5,407,450

20,700

JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38

1/23 at 100.00

22,664,632

1,000

New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/24

10/22 at 100.00

Aa3

1,101,500

Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2017A:

915

5.000%, 12/01/31

12/27 at 100.00

1,074,576

1,345

5.000%, 12/01/32

12/27 at 100.00

1,574,807

1,845

Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.250%, 12/01/36 – AGM Insured

12/25 at 100.00

1,905,276

400

Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development – Phase 2B Project, Series 2018A, 6.000%, 12/01/50

12/28 at 100.00

N/R

422,840

Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A:

1,645

5.000%, 12/01/23

12/22 at 100.00

AA+

1,841,709

1,200

5.000%, 12/01/24

12/22 at 100.00

AA+

1,340,916

Vermilion Local School District, Erie and Lorain Counties, Ohio, Certificates of Participation, School Facilities Project, Series 2012:

765

5.000%, 12/01/24

12/20 at 100.00

Aa3

814,985

805

5.000%, 12/01/25

12/20 at 100.00

Aa3

857,043

88,345

Total Tax Obligation/Limited

95,792,624

Transportation – 15.2% (9.8% of Total Investments)

Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:

2,150

5.000%, 1/01/30

1/22 at 100.00

2,306,047

1,500

5.000%, 1/01/31 – AGM Insured

1/22 at 100.00

1,617,795

Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2015B:

860

5.000%, 12/01/33 – AGM Insured

12/23 at 100.00

952,003

500

5.000%, 12/01/34 – AGM Insured

12/23 at 100.00

552,465

NUO	Nuveen Ohio Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Transportation (continued)

Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015:

2,500

5.000%, 12/31/35 – AGM Insured (Alternative Minimum Tax)

6/25 at 100.00

2,743,125

3,000

5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)

6/25 at 100.00

3,266,970

4,250

5.000%, 6/30/53 (Alternative Minimum Tax)

6/25 at 100.00

A–

4,628,208

2,050

Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39

2/23 at 100.00

Aa3

2,265,701

Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien, Capital Appreciation Series 2013A-2:

5,000

0.000%, 2/15/37

No Opt. Call

Aa3

2,447,850

11,260

0.000%, 2/15/38

No Opt. Call

Aa3

5,252,903

5,000

0.000%, 2/15/40

No Opt. Call

Aa3

2,143,050

15,000

Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Series 2018A, 5.000%, 2/15/46 (UB)

2/28 at 100.00

Aa3

17,080,500

53,070

Total Transportation

45,256,617

U.S. Guaranteed – 29.2% (18.8% of Total Investments) (6)

1,950

Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A, 5.250%, 6/01/38 (Pre-refunded 6/01/20)

6/20 at 100.00

AA–

2,065,304

Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:

1,165

5.500%, 11/01/40 (Pre-refunded 11/01/20)

11/20 at 100.00

N/R

1,256,476

2,335

5.500%, 11/01/40 (Pre-refunded 11/01/20)

11/20 at 100.00

2,515,776

Central Ohio Solid Waste Authority, General Obligation Bonds, Refunding & Improvements, Series 2012:

110

5.000%, 12/01/26 (Pre-refunded 6/01/22)

6/22 at 100.00

N/R

121,787

1,140

5.000%, 12/01/26 (Pre-refunded 6/01/22)

6/22 at 100.00

Aaa

1,266,494

245

5.000%, 12/01/28 (Pre-refunded 6/01/22)

6/22 at 100.00

N/R

271,252

2,545

5.000%, 12/01/28 (Pre-refunded 6/01/22)

6/22 at 100.00

Aaa

2,827,393

160

5.000%, 12/01/29 (Pre-refunded 6/01/22)

6/22 at 100.00

N/R

177,144

1,605

5.000%, 12/01/29 (Pre-refunded 6/01/22)

6/22 at 100.00

Aaa

1,783,091

Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding Series 2012A:

1,960

5.000%, 12/01/31 (Pre-refunded 12/01/20)

12/20 at 100.00

2,099,650

875

5.000%, 12/01/32 (Pre-refunded 12/01/20)

12/20 at 100.00

937,344

8,150

Cincinnati, Ohio, Water System Revenue Bonds, Series 2012A, 5.000%, 12/01/37 (Pre-refunded 12/01/21)

12/21 at 100.00

AAA

8,955,953

2,000

Cleveland, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/29 (Pre-refunded 12/01/19)

12/19 at 100.00

AA+

2,081,780

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:

1,315

5.000%, 10/01/27 (Pre-refunded 10/01/23)

10/23 at 100.00

AA+

1,497,561

1,520

5.000%, 10/01/30 (Pre-refunded 10/01/23)

10/23 at 100.00

AA+

1,731,022

1,600

5.000%, 10/01/31 (Pre-refunded 10/01/23)

10/23 at 100.00

AA+

1,822,128

2,705

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2, 5.000%, 10/01/37 (Pre-refunded 10/01/23)

10/23 at 100.00

N/R

3,080,535

Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A:

2,500

5.000%, 1/01/25 (Pre-refunded 1/01/22)

1/22 at 100.00

2,750,000

1,975

5.000%, 1/01/26 (Pre-refunded 1/01/22)

1/22 at 100.00

2,172,500

1,140

Columbia Local School District, Lorain County, Ohio, General Obligation Bonds, School Facilities Improvement Series 2011, 5.000%, 11/01/39 (Pre-refunded 11/01/21) – AGM Insured

11/21 at 100.00

1,249,919

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Improvement Series 2009:

250

5.000%, 11/01/34 (Pre-refunded 11/01/19)

11/19 at 100.00

Aa2

259,425

2,615

5.250%, 11/01/40 (Pre-refunded 11/01/19)

11/19 at 100.00

Aa2

2,721,038

2,470

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Series 2008A, 5.000%, 11/01/40 (Pre-refunded 11/01/18)

11/18 at 100.00

Aa2

2,483,091

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (6) (continued)

Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2012:

1,010

5.250%, 12/01/27 (Pre-refunded 12/01/21)

12/21 at 100.00

AAA

1,117,777

1,090

5.250%, 12/01/28 (Pre-refunded 12/01/21)

12/21 at 100.00

AAA

1,206,314

760

5.250%, 12/01/30 (Pre-refunded 12/01/21)

12/21 at 100.00

AAA

841,100

600

5.000%, 12/01/31 (Pre-refunded 12/01/21)

12/21 at 100.00

AAA

659,334

3,225

Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21)

6/21 at 100.00

A+

3,597,552

2,620

Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40 (Pre-refunded 10/01/18)

10/18 at 100.00

2,626,733

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:

5.000%, 11/15/38 (Pre-refunded 11/15/18)

11/18 at 100.00

Baa1

90,596

5.125%, 11/15/40 (Pre-refunded 11/15/18)

11/18 at 100.00

Baa1

40,274

3,965

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)

11/21 at 100.00

Baa1

4,461,180

1,500

Milford Exempted Village School District, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%, 12/01/36 (Pre-refunded 12/01/18)

12/18 at 100.00

Aa2

1,513,350

2,000

Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23)

5/23 at 100.00

AA+

2,261,760

2,300

Northmor Local School District, Morrow County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2008, 5.000%, 11/01/36 (Pre-refunded 11/01/18)

11/18 at 100.00

Aa2

2,312,374

945

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.750%, 11/15/40 (Pre-refunded 5/15/20) – AGM Insured

5/20 at 100.00

1,008,306

3,000

Ohio State Higher Educational Facility Commission, Higher Education Facility Revenue Bonds, Xavier University 2008C, 5.750%, 5/01/28 (Pre-refunded 11/01/18)

11/18 at 100.00

3,019,590

950

Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28 (Pre-refunded 12/01/18)

12/18 at 100.00

Baa1

959,016

4,550

Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 15.118%, 1/01/39 (Pre-refunded 1/01/19)

1/19 at 100.00

4,608,013

5,350

Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 2015-XF0105, 15.118%, 1/01/39, 144A (Pre-refunded 1/01/19) (IF)

1/19 at 100.00

5,622,797

Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:

1,425

5.750%, 12/01/28 (Pre-refunded 12/01/18)

12/18 at 100.00

A–

1,439,207

1,385

5.750%, 12/01/35 (Pre-refunded 12/01/18)

12/18 at 100.00

A–

1,398,808

1,000

5.750%, 12/01/35 (Pre-refunded 12/01/18) – AGC Insured

12/18 at 100.00

1,009,970

Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvement Series 2009:

685

5.125%, 12/01/37 (Pre-refunded 6/01/19)

6/19 at 100.00

N/R

702,289

315

5.125%, 12/01/37 (Pre-refunded 6/01/19)

6/19 at 100.00

AA–

323,067

81,135

Total U.S. Guaranteed

86,946,070

Utilities – 4.8% (3.1% of Total Investments)

1,500

American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42

2/24 at 100.00

1,638,600

1,430

American Municipal Power, Inc., Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A, 5.000%, 2/15/41

2/26 at 100.00

1,584,297

1,565

Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 – NPFG Insured

No Opt. Call

A–

878,059

Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2:

2,000

0.000%, 11/15/28 – NPFG Insured

No Opt. Call

A–

1,402,740

6,895

0.000%, 11/15/32 – NPFG Insured

No Opt. Call

A–

4,052,192

2,155

0.000%, 11/15/34 – NPFG Insured

No Opt. Call

A–

1,154,735

1,500

Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38

12/19 at 100.00

1,561,455

NUO	Nuveen Ohio Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

	Principal Amount (000)	Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Utilities (continued)
$	2,000	Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) (5)	No Opt. Call	N/R	$	1,200,000
	950	Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2001, 0.000%, 2/15/29 – NPFG Insured	No Opt. Call	A1		668,031
	19,995	Total Utilities				14,140,109
		Water and Sewer – 11.8% (7.6% of Total Investments)
	8,000	Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/46	12/26 at 100.00	AAA		9,141,119
	2,035	Cleveland, Ohio, Water Revenue Bonds, Senior Lien Series 2012X, 5.000%, 1/01/42	1/22 at 100.00	AA+		2,197,495
	545	Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured	No Opt. Call	Aa1		568,773
	1,275	Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Refunding Series 2014A, 5.000%, 12/01/31	12/24 at 100.00	AA+		1,453,283
	2,025	Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured	12/20 at 100.00	A2		2,092,169
		Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014:
	2,950	5.000%, 11/15/39	11/24 at 100.00	AA+		3,309,487
	1,400	5.000%, 11/15/44	11/24 at 100.00	AA+		1,561,336
		Toledo, Ohio, Sewerage System Revenue Bonds, Refunding Series 2013:
	820	5.000%, 11/15/25	11/23 at 100.00	Aa3		918,400
	605	5.000%, 11/15/26	11/23 at 100.00	Aa3		675,725
	1,075	5.000%, 11/15/27	11/23 at 100.00	Aa3		1,199,560
	695	5.000%, 11/15/28	11/23 at 100.00	Aa3		774,459
	10,000	Toledo, Ohio, Water System Revenue Bonds, Series 2016, 5.000%, 11/15/41 – AMBAC Insured (UB) (4)	11/26 at 100.00	AA–		11,280,300
	31,425	Total Water and Sewer				35,172,106
$	447,325	Total Long-Term Investments (cost $444,094,891)				461,059,659
		Floating Obligations – (6.7)%				(20,000,000)
		Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.6)% (7)				(147,754,691)
		Other Assets Less Liabilities – 1.5%				4,475,415
		Net Assets Applicable to Common Shares – 100%			$	297,780,383

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)		As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(6)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(7)		Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 32.0%.
144A		Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
IF		Inverse floating rate security issued by a tender option bond ("TOB") trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

NTX	Nuveen Texas Quality Municipal Income Fund Portfolio of Investments August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 157.6% (100.0% of Total Investments)

MUNICIPAL BONDS – 157.6% (100.0% of Total Investments)

Consumer Discretionary – 2.7% (1.7% of Total Investments)

4,060

San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)

11/18 at 100.00

4,060,447

Education and Civic Organizations – 11.6% (7.4% of Total Investments)

2,500

Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series 2015A, 5.000%, 7/01/28

7/24 at 100.00

AAA

2,865,775

2,000

Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series 2012B, 5.000%, 8/15/22

No Opt. Call

AAA

2,229,680

Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:

1,000

4.350%, 12/01/42

12/22 at 100.00

BBB–

1,008,810

1,000

4.400%, 12/01/47

12/22 at 100.00

BBB–

1,008,800

1,230

Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood Jr. Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28

8/23 at 100.00

BBB–

1,352,643

1,000

Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35

3/21 at 100.00

A–

1,060,460

1,000

Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26

11/22 at 100.00

1,098,930

3,000

Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A, 5.000%, 6/01/38

6/23 at 100.00

Baa3

3,166,590

2,000

Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue Financing System Bonds, Series 2013, 5.000%, 2/15/36

2/21 at 100.00

2,140,940

1,240

Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured

5/26 at 100.00

1,418,498

15,970

Total Education and Civic Organizations

17,351,126

Energy – 1.4% (0.9% of Total Investments)

2,000

Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)

10/22 at 100.00

2,065,100

Health Care – 4.8% (3.0% of Total Investments)

1,000

Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35

12/22 at 100.00

A+

1,085,230

1,000

Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 5.000%, 12/01/45

6/25 at 100.00

1,101,920

1,350

Harrison County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Good Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28

7/20 at 100.00

1,398,060

515

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33

9/23 at 100.00

558,893

1,250

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/32

5/26 at 100.00

AA–

1,420,588

1,590

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured

1/19 at 100.00

1,613,627

6,705

Total Health Care

7,178,318

Housing/Multifamily – 2.2% (1.4% of Total Investments)

3,000

New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured

4/24 at 100.00

3,244,890

NTX	Nuveen Texas Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/General – 31.9% (20.2% of Total Investments)

500

Austin Community College District, Texas, General Obligation Bonds, Refunding Limited Tax Series 2016, 5.000%, 8/01/23

No Opt. Call

AA+

566,495

1,620

Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012, 5.000%, 2/15/32 – AGM Insured

2/22 at 100.00

1,757,311

1,500

College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32

2/21 at 100.00

AA+

1,604,955

1,000

El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013, 5.000%, 8/15/33

8/23 at 100.00

A–

1,060,080

1,565

El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured

No Opt. Call

1,679,167

2,000

Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2017A, 5.000%, 3/01/31

3/27 at 100.00

2,317,280

3,255

Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 0.000%, 8/01/45

8/21 at 100.00

A+

747,641

1,360

Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds, School Building Series 2014, 5.000%, 2/15/39

2/24 at 100.00

Aaa

1,509,369

2,000

Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 2/15/39

2/27 at 100.00

AAA

2,286,780

10,000

Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (4)

2/27 at 100.00

AAA

10,333,100

2,675

San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)

8/24 at 100.00

AA–

2,987,039

1,350

Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School Building Series 2013A, 5.000%, 2/15/43

2/23 at 100.00

AAA

1,480,383

1,750

Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36

4/21 at 100.00

BBB

1,878,783

McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:

1,000

5.750%, 12/01/33

12/25 at 100.00

1,050,570

1,000

6.125%, 12/01/38

12/25 at 100.00

1,056,970

1,425

Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E, 0.000%, 10/01/35

No Opt. Call

AAA

809,500

4,000

Prosper Independent School District, Collin County, Texas, General Obligation Bonds, Refunding Series 2015, 5.000%, 2/15/40

2/25 at 100.00

AAA

4,490,478

205

Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.125%, 2/01/39

2/24 at 100.00

Ba2

211,972

2,000

Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/42

4/22 at 100.00

AAA

2,177,680

2,000

Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series 2014, 5.000%, 4/01/44

4/24 at 100.00

AAA

2,227,700

2,000

Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding Series 2014, 5.000%, 10/01/34

4/24 at 100.00

AAA

2,246,360

West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998:

0.000%, 8/15/22

11/18 at 100.00

AAA

36,366

0.000%, 8/15/24

11/18 at 100.00

AAA

32,607

9,000

Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital Appreciation Series 2015, 0.000%, 8/15/45

8/25 at 44.15

Aaa

3,032,460

53,295

Total Tax Obligation/General

47,581,046

Tax Obligation/Limited – 24.8% (15.7% of Total Investments)

2,000

Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42

8/27 at 100.00

2,253,860

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

1,000

Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2010, 5.250%, 8/15/38 – AGM Insured

8/19 at 100.00

1,032,150

Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2015:

1,060

5.000%, 8/15/34 – AGM Insured

8/24 at 100.00

1,177,056

1,160

5.000%, 8/15/35 – AGM Insured

8/24 at 100.00

1,286,104

1,175

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 12/01/36

12/24 at 100.00

AA+

1,327,010

1,680

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/48

12/25 at 100.00

AA+

1,887,799

500

Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement District 1, Series 2014, 6.500%, 9/01/36

9/19 at 103.00

N/R

507,760

2,500

Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligations Series 2015B, 5.000%, 11/01/25

No Opt. Call

AA+

2,926,750

1,390

Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Refunding Series 2011A, 5.000%, 11/01/41

11/21 at 100.00

AA+

1,502,243

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:

450

0.000%, 11/15/24 – NPFG Insured

No Opt. Call

Baa2

362,088

210

0.000%, 11/15/32 – NPFG Insured

11/31 at 94.05

Baa2

116,063

260

0.000%, 11/15/33

11/31 at 88.44

Baa2

134,423

2,045

0.000%, 11/15/34 – NPFG Insured

11/31 at 83.17

Baa2

989,146

1,130

0.000%, 11/15/36 – NPFG Insured

11/31 at 73.51

Baa2

478,160

4,370

0.000%, 11/15/38 – NPFG Insured

11/31 at 64.91

Baa2

1,618,124

2,260

0.000%, 11/15/39 – NPFG Insured

11/31 at 60.98

Baa2

783,067

400

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/34

11/24 at 100.00

437,560

1,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/28

11/24 at 100.00

1,123,670

3,440

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 0.000%, 11/15/41 – NPFG Insured

11/31 at 53.78

1,104,171

1,000

Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured

11/24 at 59.10

Baa2

467,790

1,015

Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Facilities Department, Refunding Series 2014, 5.000%, 9/01/34

9/24 at 100.00

1,118,500

1,470

Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured

No Opt. Call

850,513

10,000

Texas State Transportation Commission, Highway Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/30 (UB) (4)

10/26 at 100.00

AAA

11,642,300

1,735

Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 8/01/38

8/24 at 100.00

AAA

1,961,556

43,250

Total Tax Obligation/Limited

37,087,863

Transportation – 21.9% (13.9% of Total Investments)

3,000

Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (Alternative Minimum Tax)

11/24 at 100.00

3,281,700

665

Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2013, 5.000%, 1/01/42

1/23 at 100.00

BBB

707,680

Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:

2,945

0.000%, 1/01/36

No Opt. Call

BBB+

1,472,942

2,205

0.000%, 1/01/37

No Opt. Call

BBB+

1,053,902

2,160

0.000%, 1/01/38

No Opt. Call

BBB+

987,876

1,000

0.000%, 1/01/40

No Opt. Call

BBB+

418,270

1,000

Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42

11/20 at 100.00

A+

1,057,730

NTX	Nuveen Texas Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

Transportation (continued)

1,165

Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B, 5.000%, 11/01/35

11/20 at 100.00

A+

1,234,038

1,670

Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43

10/23 at 100.00

A–

1,824,275

1,640

Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53

10/23 at 100.00

AA+

1,791,618

1,165

Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C, 5.000%, 8/15/31

8/22 at 100.00

1,281,558

5,150

Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 8/15/41

8/26 at 100.00

Aa2

5,807,189

2,000

Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A, 5.000%, 7/01/31 (Alternative Minimum Tax)

7/22 at 100.00

A+

2,164,400

1,750

Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series 2015, 5.000%, 11/01/35 (Alternative Minimum Tax)

11/25 at 100.00

1,940,523

3,000

Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company, Series 2010, 5.250%, 11/01/40

11/20 at 100.00

3,175,230

North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:

6.100%, 1/01/28

1/19 at 100.00

20,268

375

6.250%, 1/01/39

1/19 at 100.00

380,138

2,500

North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured

No Opt. Call

1,340,625

2,500

San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27 (Alternative Minimum Tax)

7/22 at 100.00

A+

2,703,625

35,910

Total Transportation

32,643,587

U.S. Guaranteed – 16.8% (10.7% of Total Investments) (5)

2,500

Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series 2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)

5/20 at 100.00

2,668,775

185

El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured (ETM)

No Opt. Call

199,140

2,000

Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series 2010, 5.250%, 8/01/35 (Pre-refunded 8/01/20) – AGM Insured

8/20 at 100.00

2,127,880

4,000

Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010, 5.250%, 3/01/40 (Pre-refunded 3/01/20)

3/20 at 100.00

AA–

4,204,840

365

Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds, Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19)

8/19 at 100.00

AAA

376,512

Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29 (Pre-refunded 5/15/22)

5/22 at 100.00

N/R

27,601

1,500

Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.250%, 3/01/32 (Pre-refunded 3/01/19)

3/19 at 100.00

Aaa

1,527,075

845

North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds, Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM)

No Opt. Call

Aaa

969,418

2,000

North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39 (Pre-refunded 8/15/19)

8/19 at 100.00

Aa2

2,077,080

885

North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 (Pre-refunded 8/15/22)

8/22 at 100.00

Aa2

985,209

3,000

North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series 2011D, 5.000%, 9/01/31 (Pre-refunded 9/01/21)

9/21 at 100.00

N/R

3,266,220

2,000

North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (Pre-refunded 9/01/21)

9/21 at 100.00

N/R

2,206,400

Principal

Amount (000)

Description (1)

Optional Call

Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (5) (continued)

North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:

6.100%, 1/01/28 (Pre-refunded 1/01/19)

1/19 at 100.00

N/R

81,134

1,625

6.250%, 1/01/39 (Pre-refunded 1/01/19)

1/19 at 100.00

N/R

1,648,806

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:

5.250%, 8/15/40 (Pre-refunded 8/15/20)

8/20 at 100.00

N/R

101,197

1,155

5.250%, 8/15/40 (Pre-refunded 8/15/20)

8/20 at 100.00

AA–

1,232,628

410

Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured

1/19 at 100.00

416,540

1,000

Uptown Development Authority, Houston, Texas, Tax Increment Contract Revenue Bonds, Infrastructure Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19)

9/19 at 100.00

BBB

1,036,400

23,670

Total U.S. Guaranteed

25,152,855

Utilities – 15.6% (9.9% of Total Investments)

2,000

Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40

11/22 at 100.00

2,192,000

3,000

Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38

11/25 at 100.00

3,373,140

2,560

Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)

11/18 at 100.00

N/R

2,000

Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31

9/25 at 100.00

A+

2,262,620

3,000

Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40

5/20 at 100.00

3,133,230

1,150

Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36

5/22 at 100.00

1,242,368

1,975

Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29

5/22 at 100.00

2,157,628

1,500

Matagorda County Navigation District Number One, Texas, Pollution Control Revenue Refunding Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29

7/19 at 102.00

A–

1,581,675

1,000

Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/20

No Opt. Call

BBB+

1,057,030

3,000

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26

No Opt. Call

A–

3,476,460

1,000

Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/20

No Opt. Call

A–

1,067,360

Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:

640

5.000%, 9/01/34

9/20 at 100.00

A+

674,810

1,000

5.000%, 9/01/40

9/20 at 100.00

A+

1,051,990

23,825

Total Utilities

23,270,337

Water and Sewer – 23.9% (15.2% of Total Investments)

1,450

Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A, 5.000%, 11/15/41

11/26 at 100.00

1,651,333

1,575

Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/38 – BAM Insured

7/23 at 100.00

1,722,751

2,500

Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31

2/21 at 100.00

2,675,550

2,000

Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 2013, 5.000%, 7/15/43

7/23 at 100.00

A+

2,191,940

5,000

Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2017, 5.000%, 10/01/46

10/27 at 100.00

AAA

5,712,148

3,000

Houston, Texas, Combined Utility System Revenue Bonds, Refunding First Lien Series 2018D, 5.000%, 11/15/36

11/28 at 100.00

Aa2

3,480,600

2,000

Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D, 5.000%, 11/15/42

11/22 at 100.00

2,194,520

710

North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured

12/21 at 100.00

766,431

NTX	Nuveen Texas Quality Municipal Income Fund Portfolio of Investments (continued) August 31, 2018 (Unaudited)

	Principal Amount (000)	Description (1)	Optional Call Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
$	$ 3,860	North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior Lien Series 2013, 5.000%, 12/15/33	12/22 at 100.00	AA–	$	4,239,166
	1,000	Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana Project, Refunding Series 2015, 5.000%, 7/15/26	7/25 at 100.00	AA–		1,157,380
	2,640	San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B, 5.000%, 5/15/34	5/25 at 100.00	AA		2,985,312
	1,000	San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2018A, 5.000%, 5/15/48	5/28 at 100.00	AA		1,144,480
	5,000	Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Taxable Series 2018A, 5.000%, 10/15/43	4/28 at 100.00	AAA		5,770,748
	31,735	Total Water and Sewer				35,692,359
$	243,420	Total Long-Term Investments (cost $224,164,107)				235,327,928
		Floating Rate Obligations – (10.7)%				(16,000,000)
		MuniFund Preferred Shares, net of deferred offering costs – (48.0)% (7)				(71,631,666)
		Other Assets Less Liabilities – 1.1%				1,590,161
		Net Assets Applicable to Common Shares – 100%			$	149,286,423

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)		As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has \concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)		MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 30.4%.
ETM		Escrowed to maturity.
UB		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Statement of Assets and Liabilities

August 31, 2018 (Unaudited)


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

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended August 31, 2018 (Unaudited)

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

See accompanying notes to financial statements.

Statement of Changes in Net Assets

(Unaudited)

	NAZ						NUM
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	8/31/18			2/28/18			8/31/18			2/28/18
Operations
Net investment income (loss)	$	2,554,643		$	7,342,444		$	5,690,949		$	12,701,288
Net realized gain (loss) from investments		79,553			2,324,539			(320,754	)		111,781
Change in net unrealized appreciation (depreciation) of investments		6,288			(3,887,305	)		(410,072	)		(2,895,282	)
Net increase (decrease) in net assets applicable
to common shares from operations		2,640,484			5,779,678			4,960,123			9,917,787
Distributions to Common Shareholders
From net investment income		(3,088,446	)		(7,491,154	)		(5,531,849	)		(13,015,363	)
Decrease in net assets applicable to common
shares from distributions to common shareholders		(3,088,446	)		(7,491,154	)		(5,531,849	)		(13,015,363	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs		69,117			1,484,129			—			—
Net proceeds from shares issued to shareholders
due to reinvestment of distributions		—			111,107			—			—
Cost of shares repurchased and retired		—			—			(2,818,987	)		(281,969	)
Net increase (decrease) in net assets applicable to
common shares from capital share transactions		69,117			1,595,236			(2,818,987	)		(281,969	)
Net increase (decrease) in net assets applicable to
common shares		(378,845	)		(116,240	)		(3,390,713	)		(3,379,545	)
Net assets applicable to common shares at the
beginning of period		165,024,498			165,140,738			310,917,486			314,297,031
Net assets applicable to common shares at
the end of period	$	164,645,653		$	165,024,498		$	307,526,773		$	310,917,486
Undistributed (Over-distribution of) net
investment income at the end of period	$	(524,057	)	$	9,746		$	(512,326	)	$	(671,426	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets (Unaudited) (continued)

	NUO						NTX
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	8/31/18			2/28/18			8/31/18			2/28/18
Operations
Net investment income (loss)	$	5,111,888		$	12,573,364		$	2,780,705		$	5,744,052
Net realized gain (loss) from investments		65,517			3,405,401			60,780			440,616
Change in net unrealized appreciation (depreciation) of investments		(248,933	)		(6,878,414	)		(644,693	)		(1,829,092	)
Net increase (decrease) in net assets applicable
to common shares from operations		4,928,472			9,100,351			2,196,792			4,355,576
Distributions to Common Shareholders
From net investment income		(5,384,758	)		(13,161,701	)		(2,797,592	)		(6,412,401	)
Decrease in net assets applicable to common
shares from distributions to common shareholders		(5,384,758	)		(13,161,701	)		(2,797,592	)		(6,412,401	)
Capital Share Transactions
Common shares:
Proceeds from shelf offering, net of offering costs		—			—			—			—
Net proceeds from shares issued to shareholders
due to reinvestment of distributions		—			—			—			—
Cost of shares repurchased and retired		(392,161	)		—			—			—
Net increase (decrease) in net assets applicable to
common shares from capital share transactions		(392,161	)		—			—			—
Net increase (decrease) in net assets applicable to
common shares		(848,447	)		(4,061,350	)		(600,800	)		(2,056,825	)
Net assets applicable to common shares at the
beginning of period		298,628,830			302,690,180			149,887,223			151,944,048
Net assets applicable to common shares at
the end of period	$	297,780,383		$	298,628,830		$	149,286,423		$	149,887,223
Undistributed (Over-distribution of) net
investment income at the end of period	$	(546,528	)	$	(273,658	)	$	(8,910	)	$	7,977

See accompanying notes to financial statements.

Statement of Cash Flows

Six Months Ended August 31, 2018 (Unaudited)

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

Supplemental Disclosures of Cash Flow Information	NAZ			NUM			NUO			NTX
Cash paid for interest (excluding amortization of offering costs)	$	1,030,925		$	2,032,341		$	1,823,628		$	949,146

See accompanying notes to financial statements.

Financial Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

											Less Distributions
			Investment Operations								to Common Shareholders									Common Share
	Beginning Common Share NAV		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accum- ulated Net Realized Gains			Total			Shelf Offering Costs			Premium per Share Sold through Shelf Offering			Discount per Share Repur- chased and Retired			Ending NAV		Ending Share Price
NAZ
Year Ended 2/28–2/29:
2019(e)	$	14.11	$	0.22	$	(0.01	)	$	0.21		$	(0.26	)	$	—		$	(0.26	)	$	0.01		$	—		$	—		$	14.07	$	12.51
2018		14.26		0.63		(0.13	)		0.50			(0.64	)		—			(0.64	)		(0.01	)		—	*		—			14.11		13.69
2017		15.01		0.68		(0.68	)		(0.00	)		(0.75	)		—			(0.75	)		—			—			—			14.26		14.22
2016		15.02		0.76		0.03			0.79			(0.80	)		—			(0.80	)		—			—			—			15.01		15.74
2015		14.15		0.79		0.87			1.66			(0.79	)		—			(0.79	)		—			—			—			15.02		14.37
2014		15.47		0.55		(1.10	)		(0.55	)		(0.77	)		—			(0.77	)		—			—			—			14.15		12.79

NUM
Year Ended 2/28–2/29:
2019(e)		14.96		0.27		(0.04	)		0.23			(0.27	)		—			(0.27	)		—			—			0.03			14.95		12.66
2018		15.10		0.61		(0.12	)		0.49			(0.63	)		—			(0.63	)		—			—			—	*		14.96		12.84
2017		15.93		0.68		(0.73	)		(0.05	)		(0.72	)		(0.06	)		(0.78	)		—			—			—			15.10		13.50
2016		15.80		0.76		0.15			0.91			(0.78	)		—	*		(0.78	)		—			—			—	*		15.93		14.01
2015		14.98		0.80		0.88			1.68			(0.86	)		—			(0.86	)		—			—			—			15.80		13.85
2014		16.35		0.80		(1.28	)		(0.48	)		(0.89	)		—			(0.89	)		—			—			—	*		14.98		13.45

(a)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

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

						Common Share Supplemental Data/ Ratios Applicable to Common Shares

Common Share Total Returns										Ratios to Average Net Assets(b)



			Based			Ending						Net
Based			on			Net						Investment			Portfolio
on			Share			Assets						Income			Turnover
NAV(a)			Price(a)				(000	)	Expenses(c)			(Loss)			Rate(d)


	1.60	%		(6.73	)%	$	164,646			2.51	%**		3.19	%**		3	%
	3.44			0.69			165,024			2.03			4.35			19
	(0.07	)		(5.03	)		165,141			1.91			4.54			13
	5.45			15.59			173,767			1.51			5.12			9
	12.01			18.94			173,648			1.56			5.37			13
	(3.40	)		(13.52	)		163,635			2.47			4.93			14



	1.73			0.70			307,527			2.38	**		3.64	**		7
	3.19			(0.39	)		310,917			2.07			3.98			8
	(0.40	)		1.74			314,297			1.88			4.34			20
	5.97			7.15			331,466			1.52			4.85			12
	11.45			9.48			329,232			1.57			5.14			15
	(2.76	)		(8.00	)		312,180			1.95			5.32			15

(b)		Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)		The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:

NAZ		NUM
Year Ended 2/28–2/29:		Year Ended 2/28–2/29:
2019(e)	1.30%**	2019(e)	1.36%**
2018	0.95	2018	1.06
2017	0.87	2017	0.88
2016	0.49	2016	0.52
2015	0.50	2015	0.53
2014	1.32	2014	0.84

(d)		Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long- term market value during the period.
(e)		For the six months ended August 31, 2018.
*		Rounds to less than $0.01 per share.
**		Annualized.

See accompanying notes to financial statements.

Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:


			Investment Operations								Less Distributions to Common Shareholders								Common Share
	Beginning Common Share NAV		Net Investment Income (Loss)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accum- ulated Net Realized Gains		Total			Shelf Offering Costs			Premium per Share Sold through Shelf Offering			Discount per Share Repur- chased and Retired			Ending NAV		Ending Share Price
NUO
Year Ended 2/28–2/29:
2019(e)	$	16.12	$	0.28	$	(0.01	)	$	0.27		$	(0.29	)	$	—	$	(0.29	)	$	—		$	—		$	—	*	$	16.10	$	13.83
2018		16.34		0.68		(0.19	)		0.49			(0.71	)		—		(0.71	)		—			—			—			16.12		14.14
2017		17.16		0.74		(0.81	)		(0.07	)		(0.75	)		—		(0.75	)		—			—			—			16.34		14.97
2016		17.01		0.81		0.17			0.98			(0.83	)		—		(0.83	)		—			—			—			17.16		15.44
2015		16.02		0.85		1.07			1.92			(0.93	)		—		(0.93	)		—			—			—			17.01		15.40
2014		17.64		0.76		(1.39	)		(0.63	)		(0.99	)		—		(0.99	)		—			—			—			16.02		14.75

NTX
Year Ended 2/28–2/29:
2019(e)		14.95		0.28		(0.06	)		0.22			(0.28	)		—		(0.28	)		—			—			—			14.89		12.76
2018		15.15		0.57		(0.13	)		0.44			(0.64	)		—		(0.64	)		—			—			—			14.95		13.53
2017		15.81		0.63		(0.64	)		(0.01	)		(0.65	)		—		(0.65	)		—			—			—			15.15		14.28
2016		15.72		0.66		0.08			0.74			(0.65	)		—		(0.65	)		—			—			—			15.81		14.66
2015		14.82		0.62		0.96			1.58			(0.68	)		—		(0.68	)		—			—			—			15.72		14.35
2014		15.87		0.66		(1.01	)		(0.35	)		(0.70	)		—		(0.70	)		—	*		—	*		—			14.82		13.54

(a)


						Common Share Supplemental Data/ Ratios Applicable to Common Shares

Common Share Total Returns									Ratios to Average Net Assets(b)



			Based			Ending						Net
Based			on			Net						Investment			Portfolio
on			Share			Assets						Income			Turnover
NAV(a)			Price(a)				(000	)	Expenses(c)			(Loss)			Rate(d)


	1.69	%		(0.11	)%	$	297,780			2.30	%**		3.40	%**		2	%
	2.98			(0.93	)		298,629			1.94			4.10			16
	(0.49	)		1.67			302,690			1.79			4.35			8
	5.95			5.96			317,856			1.58			4.83			10
	12.23			10.79			315,142			1.62			5.10			15
	(3.38	)		(11.39	)		296,668			2.15			5.45			13



	1.48			(3.64	)		149,286			2.34	**		3.69	**		5
	2.88			(0.94	)		149,887			2.16			3.73			11
	(0.12	)		1.79			151,944			1.78			4.05			9
	4.89			7.02			158,571			1.78			4.26			14
	10.81			11.07			157,644			2.33			4.05			12
	(2.11	)		(11.03	)		148,580			2.49			4.46			13

(b)		Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
(c)		The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:


NUO		NTX
Year Ended 2/28–2/29:		Year Ended 2/28–2/29:
2019(e)	1.22%**	2019(e)	1.27%**
2018	0.90	2018	1.13
2017	0.77	2017	0.77
2016	0.55	2016	0.77
2015	0.57	2015	1.26
2014	1.05	2014	1.31

(d)		Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long- term market value during the period.
(e)		For the six months ended August 31, 2018.
*		Rounds to less than $0.01 per share.
**		Annualized.

See accompanying notes to financial statements.

Financial Highlights (Unaudited) (continued)

	MTP Shares at the End of Period (a)					VMTP Shares at the End of Period
	Aggregate			Asset		Aggregate			Asset
	Amount			Coverage		Amount			Coverage
	Outstanding			Per $10		Outstanding			Per $100,000
		(000	)	Share			(000	)	Share
NAZ
Year Ended 2/28-2/29:
2019(b)	$	—		$	—	$	88,300		$	286,462
2018		—			—		88,300			286,891
2017		—			—		88,300			287,022
2016		—			—		79,000			319,959
2015		—			—		79,000			319,808
2014		—			—		79,000			307,133

NUM
Year Ended 2/28-2/29:
2019(b)		—			—		173,000			277,761
2018		—			—		173,000			279,721
2017		—			—		173,000			281,675
2016		—			—		159,000			308,469
2015		—			—		159,000			307,064
2014		—			—		159,000			296,340

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

		2014
NAZ
Series 2015 (NAZ PRC)
Ending Market Value per Share	$	—
Average Market Value per Share	10.02		Δ
Series 2016 (NAZ PRD)
Ending Market Value per Share		—
Average Market Value per Share	10.11		Δ

NUM
Series 2015 (NUM PRC)
Ending Market Value per Share		—
Average Market Value per Share	10.02		ΔΔ

(b)		For the six months ended August 31, 2018.
Δ		For the period April 8, 2013 (effective date of the reorganizations) through December 20, 2013.
ΔΔ		For the period March 1, 2013 through December 20, 2013.

See accompanying notes to financial statements.



	iMTP Shares at the End of Period					MTP Shares at the End of Period (a)					MFP Shares at the End of Period					VRDP Shares at the End of Period
	Aggregate			Asset		Aggregate			Asset		Aggregate			Asset		Aggregate			Asset
	Amount			Coverage		Amount				Coverage	Amount			Coverage		Amount			Coverage
	Outstanding			Per $5,000		Outstanding			Per $10		Outstanding				Per $100,000	Outstanding				Per $100,000
		(000	)	Share			(000	)	Share			(000	)	Share			(000	)	Share
NUO
Year Ended 2/28-2/29:
2019(b)	$	—		$	—	$	—		$	—	$	—		$	—	$	148,000		$	301,203
2018		—			—		—			—		—			—		148,000			301,776
2017		—			—		—			—		—			—		148,000			304,520
2016		—			—		—			—		—			—		148,000			314,768
2015		—			—		—			—		—			—		148,000			312,934
2014		—			—		—			—		—			—		148,000			300,451

NTX
Year Ended 2/28-2/29:
2019(b)		—			—		—			—		72,000			307,342		—			—
2018		—			—		—			—		72,000			308,177		—			—
2017		72,000			15,552		—			—		—			—		—			—
2016		72,000			16,012		—			—		—			—		—			—
2015		—			—		70,920			32.23		—			—		—			—
2014		—			—		70,920			30.95		—			—		—			—

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

		2016			2015		2014
NUO
Series 2014 (NUO PRACL)
Ending Market Value per Share	$	—		$	—	$	—
Average Market Value per Share		—			—		10.01	Ω
Series 2015 (NUO PRCCL)
Ending Market Value per Share		—			—		—
Average Market Value per Share		—			—		10.03	Ω
Series 2016 (NUO PRDCL)
Ending Market Value per Share		—			—		—
Average Market Value per Share		—			—		10.06	Ω

NTX
Series 2015 (NTX PRCCL)
Ending Market Value per Share		—			10.02		10.03
Average Market Value per Share	10.01		ΩΩ		10.04		10.04

(b)		For the six months ended August 31, 2018.
Ω		For the period April 8, 2013 (effective date of the reorganization) through October 7, 2013.
ΩΩ		For the period March 1, 2015 through April 20, 2015.

See accompanying notes to financial statements.

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Fund Information

The state funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

·	Nuveen Arizona Quality Municipal Income Fund (NAZ)

·	Nuveen Michigan Quality Municipal Income Fund (NUM)

·	Nuveen Ohio Quality Municipal Income Fund (NUO)

·	Nuveen Texas Quality Municipal Income Fund (NTX)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. NAZ, NUM and NUO were organized as Massachusetts business trusts on April 8, 2013, January 7, 2013 and April 8, 2013, respectively (previously organized as Minnesota trusts on January 23, 1991, July 25, 1991 and October 17, 1991, respectively). NTX was organized as a Massachusetts business trust on July 26, 1991.

The end of the reporting period for the Funds is August 31, 2018, and the period covered by these Notes to Financial Statements is the six months ended August 31, 2018 (the "current fiscal period").

Investment Adviser

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Investment Objectives and Principal Investment Strategies

Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.

Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification (ASC) Topic 946 "Financial Services – Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.

Investment Income

Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.

Dividends and Distributions to Common Shareholders

Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to common shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Compensation

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Indemnifications

Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the current fiscal period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

Notes to Financial Statements (Unaudited) (continued)

Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Board. The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:


NAZ	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	258,871,485	$	—	$	258,871,485
NUM
Long-Term Investments*:
Municipal Bonds	$	—	$	487,309,829	$	—	$	487,309,829
NUO
Long-Term Investments*:
Municipal Bonds	$	—	$	461,059,659	$	—	$	461,059,659
NTX
Long-Term Investments*:
Municipal Bonds	$	—	$	235,327,928	$	—	$	235,327,928
* Refer to the Fund's Portfolio of Investments for industry classifications.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

	(i)	If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
	(ii)	If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.

The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").

An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and

Notes to Financial Statements (Unaudited) (continued)

Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.

As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:


Floating Rate Obligations Outstanding	NAZ		NUM		NUO		NTX
Floating rate obligations: self-deposited Inverse Floaters	$	9,755,000	$	12,265,000	$	20,000,000	$	16,000,000
Floating rate obligations: externally-deposited Inverse Floaters		6,715,000		8,430,000		20,530,000		—
Total	$	16,470,000	$	20,695,000	$	40,530,000	$	16,000,000

During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:


Self-Deposited Inverse Floaters	NAZ			NUM			NUO			NTX
Average floating rate obligations outstanding	$	6,026,739		$	12,265,000		$	20,000,000		$	16,000,000
Average annual interest rate and fees		1.85	%		1.99	%		1.90	%		1.92	%

TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.

The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.

As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.

As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:


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

Zero Coupon Securities

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives

In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Common Shares

Common Shares Equity Shelf Program and Offering Costs

NAZ has filed a registration statement with the Securities and Exchange Commission ("SEC") authorizing the Fund to issue additional common shares through one or more equity shelf programs ("Shelf Offering"), which became effective with the SEC during the prior fiscal period.

Under this Shelf Offering, the Fund, subject to market conditions, may raise additional equity capital by issuing additional common shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per common share. In the event the Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under the Fund's Shelf Offering during the Fund's current and prior fiscal period were as follows:


	NAZ
	Six Months			Year
	Ended			Ended
	8/31/18			2/28/18
Additional authorized common shares		1,100,000	**		1,100,000	*
Common shares sold		—			107,600
Offering proceeds, net of offering costs	$	69,117		$	1,484,129

*		Represents additional authorized shares for the period June 6, 2017 through February 28, 2018.
**		Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.

Costs incurred by the Fund in connection with its initial shelf registrations are recorded as a prepaid expense and recognized as "Deferred offering costs" on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component of

Notes to Financial Statements (Unaudited) (continued)

"Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of "shelf offering expenses" on the Statement of Operations.

Common Share Transactions

Transactions in common shares for the Funds during the Funds' current and prior fiscal period, where applicable, were as follows:


	NAZ					NUM						NUO
	Six Months		Year			Six Months			Year			Six Months			Year
	Ended		Ended			Ended			Ended			Ended			Ended
	8/31/18		2/28/18			8/31/18			2/28/18			8/31/18			2/28/18
Common shares:
Issued to shareholders due to reinvestment of distributions		—		7,629			—			—			—			—
Sold through shelf offering		—		107,600			—			—			—			—
Repurchased and retired		—		—			(223,183	)		(21,500	)		(28,700	)		—
Weighted average common share:
Premium to NAV per shelf offering share sold		—		1.64	%		—			—			—			—
Price per share repurchased and retired		—		—		$	12.61		$	13.09		$	13.64			—
Discount per share repurchased and retired		—		—			15.65	%		13.90	%		15.17	%		—

Preferred Shares
MuniFund Preferred Shares

NTX has issued and has outstanding MuniFund Preferred ("MFP") Shares, with a $100,000 liquidation preference per share. These MFP Shares were issued via private placement and are not publically available.

The Fund is obligated to redeem its MFP Shares by the date as specified in its offering documents ("Term Redemption Date"), unless earlier redeemed by the Fund. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an alternative mode at a later date at the discretion of the Fund. The modes within MFP Shares detail the dividend mechanics and are described as follows. At a subsequent date, the Fund may establish additional mode structures with the MFP Share.

Variable Rate Remarketed Mode ("VRRM") – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore, market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.

The Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund to the remarketing agent are recognized as "Remarketing fees" on the Statement of Operations.

Variable Rate Mode ("VRM") – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed "spread" amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.

The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed "spread" on the shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market. In current market conditions, the Adviser has determined that the fair value of the shares are approximately their liquidation preference, but their fair value could vary if market conditions change materially.

Variable Rate Demand Mode ("VRDM") – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore, the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. Each Fund is required to redeem any shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.

The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the Fund to the liquidity provider and remarketing agent are recognized as "Liquidity fees" and "Remarketing fees", respectively, on the Statement Operations.

For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of "MuniFund Preferred ("MFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting purposes. Unpaid dividends on MFP shares are recognized as a component on "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on MFP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but unpaid dividends.

Costs incurred in connection with NTX's offering of MFP Shares were recorded as deferred charges, which are amortized over the life of the shares and are recognized as a component of "MuniFund Preferred ("MFP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

As of the end of the reporting period, details of NTX's MFP Shares outstanding were as follows:

Fund

Series

Outstanding

Liquidation Preference,

net of deferred

offering costs

Liquidation

Preference

Term

Redemption Date

Mode

Termination Date

NTX

720

71,631,666

72,000,000

September 1, 2047

VRM

10/02/19*

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

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

	NTX
Average liquidation preference of MFP Shares outstanding	$72,000,000
Annualized dividend rate	2.19	%

Variable Rate MuniFund Term Preferred Shares

The following Funds have issued and have outstanding Variable Rate MuniFund Term Preferred ("VMTP") Shares, with a $100,000 liquidation preference per share. VMTP Shares are issued via private placement and are not publicly available.


As of the end of the reporting period, details of each Fund's VMTP Shares outstanding were as follows:

				Liquidation
				Preference,
		Shares		net of deferred		Liquidation
Fund	Series	Outstanding		offering costs		Preference
NAZ	2019		883	$	88,293,193	$	88,300,000
NUM	2019		1,730	$	172,989,269	$	173,000,000

Each Fund is obligated to redeem its VMTP Shares by the date as specified in its offering document ("Term Redemption Date"), unless earlier redeemed by the Fund. VMTP Shares are subject to optional and mandatory redemption in certain circumstances. The VMTP Shares may be redeemed at the option of each Fund, subject to payment of premium for approximately one year following the date of issuance ("Premium Expiration Date"), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends. Each Fund may be obligated to redeem a certain amount of the VMTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date for each Fund's VMTP Shares are as follows:


		Term	Premium
Fund	Series	Redemption Date	Expiration Date
NAZ	2019	June 1, 2019	May 31, 2017
NUM	2019	June 1, 2019	May 31, 2017

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

	NAZ		NUM
Average liquidation preference of VMTP Shares outstanding	$88,300,000		$173,000,000
Annualized dividend rate	2.29	%	2.29	%

Notes to Financial Statements (Unaudited) (continued)

VMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. VMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional fixed "spread" amount established at the time of issuance. The fair value of VMTP Shares is expected to be approximately their liquidation preference so long as the fixed "spread" on the VMTP Shares remains roughly in line with the "spread" being demanded by investors on instruments having similar terms in the current market environment. In present market conditions, the Funds' Adviser has determined that the fair value of VMTP Shares is approximately their liquidation preference, but their fair value could vary if market conditions change materially. For financial reporting purposes, the liquidation preference of VMTP Shares is a liability and is recognized as a component of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities.

Dividends on the VMTP Shares (which are treated as interest payments for financial reporting purposes) are set weekly. Unpaid dividends on VMTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends accrued on VMTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations.

Costs incurred in connection with each Fund's offering of VMTP Shares were recorded as a deferred charges, which are amortized over the life of the shares and are recognized as components of "Variable Rate MuniFund Term Preferred ("VMTP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and "Interest expense and amortization of offering costs" on the Statement of Operations.

Variable Rate Demand Preferred Shares

The following Fund has issued and has outstanding Variable Rate Demand Preferred ("VRDP") Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, details of the Fund's VRDP Shares outstanding were as follows:

Fund		Series				Shares Outstanding				Liquidation Preference, net of deferred offering costs				Liquidation Preference			Maturity
NUO			1				1,480			$	147,754,691			$	148,000,000		September 1, 2043

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that the VRDP Shares are not able to be successfully remarketed. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. The Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. The Fund's VRDP Shares have successfully remarketed since issuance.

NUO designated a special rate period until November 14, 2019, for its Series 1 VRDP Shares. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate period, Special Rate Period VRDP Shares will transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by a designated liquidity provider, unless the Board approves a subsequent special rate period.

Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares.

Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

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

	NUO
Average liquidation preference of VRDP Shares outstanding	$	148,000,000
Annualized dividend rate		2.19	%

For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Costs incurred by the Fund in connection with its offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of "Variable Rate Demand Preferred ("VRDP") Shares, net of deferred offering costs" on the Statement of Assets and Liabilities and

"Interest expense and amortization of offerings costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as "Liquidity fees" and "Remarketing fees," respectively, on the Statement of Operations, when applicable.

Preferred Share Transactions

Transactions in preferred shares for the Funds during the Funds' current and prior fiscal period, where applicable, are noted in the following tables.

Transactions in iMTP Shares for the Funds, where applicable, were as follows:

	Year Ended February 28, 2018
NTX	Series	Shares	Amount
iMTP Shares redeemed	2018	(14,400)	($72,000,000)

Transactions in MFP Shares for the Funds, where applicable, were as follows:

	Year Ended February 28, 2018
NTX	Series	Shares	Amount
MFP Shares issued	A	720	$72,000,000

5. Investment Transactions

Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

	NAZ		NUM		NUO		NTX
Purchases	$	12,430,139	$	32,386,087	$	10,504,886	$	12,117,068
Sales and maturities		6,877,793		32,968,667		9,059,135		10,203,475

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

The table below presents the cost and unrealized appreciation (depreciation) of each Fund's investment portfolio, as determined on a federal income tax basis, as of August 31, 2018.

	NAZ			NUM			NUO			NTX
Tax cost of investments	$	239,224,623		$	457,029,705		$	423,832,473		$	207,849,962
Gross unrealized:
Appreciation	$	10,679,023		$	19,865,000		$	20,835,467		$	12,264,439
Depreciation		(787,158	)		(1,849,261	)		(3,608,201	)		(786,553	)
Net unrealized appreciation (depreciation) of investments	$	9,891,865		$	18,015,739		$	17,227,266		$	11,477,886

Notes to Financial Statements (Unaudited) (continued)

Permanent differences, primarily due to expiration of capital loss carryforwards, federal taxes paid, taxable market discount and nondeductible offering costs, resulted in reclassifications among the Funds' components of common share net assets as of February 28, 2018, the Funds' last tax year end, as follows:


	NAZ			NUM			NUO			NTX
Paid-in surplus	$	32,721		$	36,889		$	(62,071	)	$	(286,971	)
Undistributed (Over-distribution of) net investment income		(144,625	)		(53,187	)		59,907			286,159
Accumulated net realized gain (loss)		111,904			16,298			2,164			812

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2018, the Funds' last tax year end, were as follows:


	NAZ		NUM		NUO		NTX
Undistributed net tax-exempt income¹	$	126,442	$	301,865	$	95,858	$	218,556
Undistributed net ordinary income²		16,271		—		317,120		4,169
Undistributed net long-term capital gains		—		—		600,437		—

¹		Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2018, paid on March 1, 2018.
²		Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds' last tax year ended February 28, 2018, was designated for purposes of the dividends paid deduction as follows:

	NAZ		NUM		NUO		NTX
Distributions from net tax-exempt income	$	9,082,658	$	16,339,018	$	15,173,143	$	7,717,699
Distributions from net ordinary income²		100,573		—		687,164		35,095
Distributions from net long-term capital gains		—		—		—		—

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

As of February 28, 2018, the Funds' last tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.

		NAZ				NUM				NTX
Capital losses to be carried forward – not subject to expiration		$	2,761,510			$	1,455,956			$	3,092,392

During the Funds' last tax year ended February 28, 2018, the following Funds utilized capital loss carryforwards as follows:

		NAZ				NUO				NTX
Utilized capital loss carryforwards		$	271,128			$	1,725,847			$	424,045

As of February 28, 2018, the Funds' last tax year end, $43,720 of NAZ's capital loss carryforward expired.

7. Management Fees and Other Transactions with Affiliates

Management Fees

Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

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

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets:

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

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of August 31, 2018, the complex-level fee for each Fund was 0.1588%.

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.

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

Inter-Fund Trades	NAZ
Purchases	$	—
Sales		1,864,879

Notes to Financial Statements (Unaudited) (continued)

8. Borrowing Arrangements

Committed Line of Credit

The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The credit facility expires in July 2019 unless extended or renewed.

The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.

During the current fiscal period, none of the Funds utilized this facility.

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each interfund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

9. New Accounting Pronouncements

FASB Accounting Standards Update ("ASU") 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities

The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.

Additional Fund
Information


Board of Trustees
Margo Cook*	Jack B. Evans	William C. Hunter	Albin F. Moschner	John K. Nelson	William J. Schneider
Judith M. Stockdale	Carole E. Stone	Terence J. Toth	Margaret L. Wolff	Robert L. Young

* Interested Board Member.


Fund Manager	Custodian	Legal Counsel	Independent Registered	Transfer Agent and
Nuveen Fund Advisors, LLC	State Street Bank	Chapman and Cutler LLP	Public Accounting Firm	Shareholder Services
333 West Wacker Drive	& Trust Company	Chicago, IL 60603	KPMG LLP	Computershare Trust
Chicago, IL 60606	One Lincoln Street		200 East Randolph Street	Company, N.A.
	Boston, MA 02111		Chicago, IL 60601	250 Royall Street
				Canton, MA 02021
				(800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases

Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock, as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

	NAZ	NUM	NUO	NTX
Common shares repurchased	—	223,183	28,700	—

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

Glossary of Terms Used in this Report

■

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed," with current holders receiving a formula-based interest rate until the next scheduled auction.

■

Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

■

Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.

■

Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

■

Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.

■

Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

■	Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

■	Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

■

Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.

■	Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.

■

S&P Municipal Bond Indexes Arizona, Michigan, Ohio and Texas: Unleveraged, market value-weighted indexes designed to measure the performance of the tax-exempt, investment-grade municipal bond markets in Arizona, Michigan, Ohio and Texas, respectively. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

■	S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

■

Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to finan- cial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.

■

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Annual Investment Management Agreement Approval Process (Unaudited)

At a meeting held on May 22-24, 2018 (the "May Meeting"), the Board of Trustees (each, a "Board," and each Trustee, a "Board Member") of each Fund, including the Board Members who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) (the "Independent Board Members"), approved, for its respective Fund, the renewal of the management agreement (the "Investment Management Agreement") with Nuveen Fund Advisors, LLC (the "Adviser") pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser") pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements" and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser."

In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. ("Broadridge" or "Lipper"), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the "April Meeting"), in part, to review and discuss the performance of the Nuveen funds and the Adviser's evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.

The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board

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

further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel's advice.

In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.

In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser's continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:

Fund Rationalizations - continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;

Product Innovations - developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds ("ETFs") and multi-asset class funds;

Risk Management Enhancements - continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate opera- tional risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;

Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;

·	Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and

·	with respect specifically to closed-end funds, such initiatives also included:

··

Leverage Management Services - continuing activities to expand financing relationships and develop new product struc- tures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;

··

Capital Management Services - continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;

··

Data and Market Analytics - continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;

··

Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trad- ing of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and

··

Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.

The Board also recognized the Adviser's investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.

In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.

The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser's analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members' experience and any changes to the team during the year, the team's assets under management, the stability and history of the organization, the team's investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.

The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the "Performance Peer Group") and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The Board considered the Adviser's analysis of each Nuveen fund's performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board

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

reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds' total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board's Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.

In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder's experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.

In their review of performance, the Independent Board Members focused, in particular, on the Adviser's analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund's performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.

For Nuveen Arizona Quality Municipal Income Fund (the "Arizona Fund"), the Board noted that the Fund ranked in the first quartile of its Performance Peer Group in the one-year period and second quartile in the three- and five-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund's overall performance.

For Nuveen Michigan Quality Municipal Income Fund (the "Michigan Fund"), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one-, three- and five-year periods and outperformed its benchmark in such periods. The Board was satisfied with the Fund's overall performance.

For Nuveen Ohio Quality Municipal Income Fund (the "Ohio Fund"), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one-, three- and five-year periods and outperformed its benchmark in such periods. The Board was satisfied with the Fund's overall performance.

For Nuveen Texas Quality Municipal Income Fund (the "Texas Fund"), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group in the three-year period, the Fund ranked in the second quartile in the one-year period and third quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund's overall performance.

C. Fees, Expenses and Profitability

1. Fees and Expenses

In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund's gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the "Peer Universe") established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund's operating expense ratio as it more directly reflected the shareholder's costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an "Expense Outlier Fund"). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund's higher relative net expense ratio. In addition, although the Board reviewed a fund's total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund's net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.

In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.

The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.

The Independent Board Members noted that: (a) the Arizona Fund, the Michigan Fund and the Ohio Fund each had a net management fee in line with its respective peer average and a net expense ratio below its respective peer average; and (b) the Texas Fund had a net management fee and a net expense ratio below its peer averages.

Based on their review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.

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

The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members considered Nuveen's level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year's profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board's liaisons to review and discuss any proposed changes to the methodology prior to the full Board's review.

In their review, the Independent Board Members evaluated, among other things, Nuveen's adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.

In addition to reviewing Nuveen's profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager's organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen's adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.

Aside from Nuveen's profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.

In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.

Based on a consideration of all the information provided, the Board noted that Nuveen's and the Sub-Adviser's level of profitability was acceptable and not unreasonable in light of the services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. Further, the Independent Board Members recognized the Adviser's continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.

Based on its review, the Board concluded that the current fee arrangements together with the Adviser's reinvestment in its business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.

In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services ("soft dollar transactions"). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted

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

that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.

Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Notes

Nuveen:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end funds

Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

ESA-B-0818D 621981-INV-B-10/19

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)

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

(b)

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)

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

(a)(2)

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

(a)(3)

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

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Arizona Quality Municipal Income Fund

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

Gifford R. Zimmerman

Vice President and Secretary

Date: November 7, 2018

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

By (Signature and Title) /s/ Cedric H. Antosiewicz

Cedric H. Antosiewicz

Chief Administrative Officer

(principal executive officer)

Date: November 7, 2018

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: November 7, 2018