Semi-Annual Report

Table

of Contents

 

Important Notices			3
Common Share Information			4
About the Funds’ Benchmarks			6
Fund Performance, Leverage and Holdings Summaries			7
Portfolios of Investments			26
Statement of Assets and Liabilities			115
Statement of Operations			117
Statement of Changes in Net Assets			119
Statement of Cash Flows			128
Financial Highlights			130
Notes to Financial Statements			142
Shareholder Meeting Report			159
Additional Fund Information			161
Glossary of Terms Used in this Report			162

 

 

 

 

2

Important Notices

Portfolio manager commentaries: The Funds include portfolio manager commentary in their annual shareholder reports. For your Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s annual shareholder report.

Fund changes: For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to Financial Statements section of this report.

Fund principal investment policies and principal risks: Refer to the Shareholder Update section of your Fund’s annual shareholder report for information on the Fund’s principal investment policies and principal risks.

Fund performance: For current information on your Fund’s average annual total returns please refer to the Fund’s website at www.nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

 

3

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of February 28, 2025. 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				NKX				NCA				NAC				NXJ
September							$0.0725				$0.0760				$0.0290				$0.0735				$0.0785
October							0.0725				0.0760				0.0290				0.0735				0.0785
November							0.0725				0.0760				0.0290				0.0735				0.0785
December							0.0725				0.0760				0.0290				0.0735				0.0785
January							0.0725				0.0760				0.0290				0.0735				0.0785
February							0.0725				0.0760				0.0290				0.0735				0.0785
Total Distributions from Net Investment Income							$0.4350				$0.4560				$0.1740				$0.4410				$0.4710
										Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)										NRK				NNY				NAN				NQP
September											$0.0690				$0.0295				$0.0720				$0.0780
October											0.0690				0.0295				0.0720				0.0780
November											0.0690				0.0295				0.0720				0.0780
December											0.0690				0.0295				0.0720				0.0780
January											0.0690				0.0295				0.0720				0.0780
February											0.0690				0.0295				0.0720				0.0780
Total Distributions from Net Investment Income											$0.4140				$0.1770				$0.4320				$0.4680
Yields		NAZ				NKX				NCA				NAC				NXJ				NRK
Market Yield1			6.85%				7.08%				4.03%				7.60%				7.66%				7.70%
Taxable-Equivalent Yield1			12.08%				15.42%				8.77%				16.55%				15.82%				15.95%
Yields														NNY				NAN				NQP
Market Yield1															4.23%				7.31%				7.91%
Taxable-Equivalent Yield1															8.77%				15.13%				14.10%

 

1

Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 43.3%, 54.1%, 54.1%, 54.1%, 51.6%, 51.7%, 51.7%, 51.7% and 43.9% for NAZ, NKX, NCA, NAC, NXJ, NRK, NNY, NAN and NQP, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.

Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time). The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-

 

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closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, NKX was authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NKX, 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. The maximum aggregate offering under these Shelf Offerings, are as shown in the accompanying table.

 

		NKX
Maximum aggregate offering			4,800,000

During the current reporting period, NKX sold common shares through its Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.

 

		NKX
Common shares sold through shelf offering			208,770
Weighted average premium to NAV per common share sold			0.60%

Refer to Notes to Financial Statements for further details of Shelf Offerings and the Fund’s transactions.

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of February 28, 2025 (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

 

		NAZ				NKX				NCA				NAC				NXJ
Common shares cumulatively repurchased and retired			133,000				230,000				-				383,000				1,960,343
Common shares authorized for repurchase			1,155,000				4,750,000				3,310,000				14,470,000				4,120,000
						NRK				NNY				NAN				NQP
Common shares cumulatively repurchased and retired							390,000				-				292,714				900,440
Common shares authorized for repurchase							8,720,000				1,885,000				3,080,000				3,720,000

 

 

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About the Funds’ Benchmarks

S&P Municipal Bond Index: An index designed to measure the performance of the tax-exempt U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Arizona Index: An index designed to measure the performance of the tax-exempt Arizona municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond California Index: An index designed to measure the performance of the tax-exempt California municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond New Jersey Index: An index designed to measure the performance of the tax-exempt New Jersey municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond New York Index: An index designed to measure the performance of the tax-exempt New York municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Pennsylvania Index: An index designed to measure the performance of the tax-exempt Pennsylvania municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

 

6

Fund Performance, Leverage and Holdings Summaries

The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.

Fund Performance

Performance data shown represents past performance and does not predict or guarantee 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.

Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.

Impact of Leverage

One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.

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

In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the opportunity for incremental common share income, particularly over longer-term periods.

Leverage Ratios

Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “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 or borrowings of a Fund. Regulatory Leverage is a part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund, however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage and Regulatory Leverage ratios.

Holding Summaries

The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for individual security information.

For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s, 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.

 

 

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NAZ		Nuveen Arizona Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NAZ at Common Share NAV			11/19/92				(0.04)%				2.17%				(0.65)%				2.26%
NAZ at Common Share Price			11/19/92				12.94%				25.44%				2.76%				3.37%
S&P Municipal Bond Index			–				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond Arizona Index			–				1.46%				3.79%				0.99%				2.32%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Arizona Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$12.17			$12.70				4.35%				(3.07)%

 

8

Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Arizona personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

9

NKX		Nuveen California AMT-Free Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NKX at Common Share NAV			11/21/02				0.27%				2.59%				(1.38)%				2.52%
NKX at Common Share Price			11/21/02				0.01%				19.84%				1.15%				3.75%
S&P Municipal Bond Index			–				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond California Index			–				1.25%				3.01%				0.67%				2.37%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$12.83			$12.88				0.39%				0.45%

 

10

Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

11

NCA		Nuveen California Municipal Value Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NCA at Common Share NAV			10/07/87				1.11%				3.12%				(0.03)%				2.40%
NCA at Common Share Price			10/07/87				(1.75)%				2.49%				(0.29)%				1.65%
S&P Municipal Bond Index			–				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond California Index			–				1.25%				3.01%				0.67%				2.37%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$9.34			$8.64				(7.49)%				(6.24)%

 

12

Leverage and Holdings

 

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

13

NAC		Nuveen California Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NAC at Common Share NAV			5/26/99				0.16%				2.54%				(1.54)%				2.19%
NAC at Common Share Price			5/26/99				2.30%				13.56%				(0.27)%				2.37%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond California Index			—				1.25%				3.01%				0.67%				2.37%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$12.34			$11.61				(5.92)%				(7.83)%

 

14

Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from California personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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NXJ		Nuveen New Jersey Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NXJ at Common Share NAV			3/27/01				0.68%				1.86%				(0.75)%				2.83%
NXJ at Common Share Price			3/27/01				0.18%				9.74%				1.26%				4.04%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond New Jersey Index			—				1.60%				3.33%				1.25%				3.04%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New Jersey Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$13.29			$12.30				(7.45)%				(7.21)%

 

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Leverage and Holdings

 

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New Jersey personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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NRK		Nuveen New York AMT-Free Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NRK at Common Share NAV			11/21/02				0.29%				1.87%				(1.24)%				2.15%
NRK at Common Share Price			11/21/02				0.71%				6.43%				0.05%				2.88%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond New York Index			—				1.24%				3.04%				0.80%				2.28%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$11.63			$10.75				(7.57)%				(8.13)%

 

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Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New York personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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NNY		Nuveen New York Municipal Value Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NNY at Common Share NAV			10/07/87				1.19%				3.09%				0.35%				2.38%
NNY at Common Share Price			10/07/87				(0.48)%				4.97%				(0.74)%				1.92%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond New York Index			—				1.24%				3.04%				0.80%				2.28%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$8.99			$8.36				(7.01)%				(7.56)%

 

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Leverage and Holdings

 

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New York personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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NAN		Nuveen New York Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NAN at Common Share NAV			5/26/99				0.33%				2.14%				(1.14)%				2.02%
NAN at Common Share Price			5/26/99				6.85%				16.04%				0.97%				3.40%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond New York Index			—				1.24%				3.04%				0.80%				2.28%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$12.10			$11.82				(2.31)%				(5.96)%

 

22

Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from New York personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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NQP		Nuveen Pennsylvania Quality Municipal Income Fund Fund Performance, Leverage and Holdings Summaries February 28, 2025

Performance*

 

		Total Returns as of February 28, 2025
		Cumulative								Average Annual
		Inception Date				6-Month				1-Year				5-Year				10-Year
NQP at Common Share NAV			2/21/91				(1.53)%				1.72%				(0.44)%				2.45%
NQP at Common Share Price			2/21/91				(1.56)%				9.45%				0.70%				3.12%
S&P Municipal Bond Index			—				1.41%				3.38%				0.90%				2.40%
S&P Municipal Bond Pennsylvania Index			—				1.66%				3.80%				0.93%				2.53%

*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Pennsylvania Index.

Daily Common Share NAV and Share Price

 

 

Common Share NAV		Common      Share Price				Premium/(Discount) to NAV				Average      Premium/(Discount) to NAV
$12.99			$11.83				(8.93)%				(9.35)%

 

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Leverage and Holdings

 

 

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

2	The Fund may invest up to 20% of its net assets in municipal bonds that are exempt from regular federal income tax, but not from Pennsylvania personal income tax if, in the judgement of the Fund’s sub-adviser, such purchases are expected to enhance the Fund’s after-tax total return potential.

 

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