Nuveen New Jersey Quality Municipal Income Fund

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09455

Nuveen New Jersey Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

    333 West Wacker Drive, Chicago, Illinois 60606    

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman

Vice President and Secretary

    333 West Wacker Drive, Chicago, Illinois 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: November 30, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

 

 

 

 

 


Item 1. Schedule of Investments

 

 


NXJ
Nuveen New Jersey Quality Muncipal Income Fund
Portfolio of Investments    November 30, 2018
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 150.0% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 150.0% (100.0% of Total Investments)        
    Consumer Discretionary  – 0.5% (0.3% of Total Investments)        
    Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:        
$ 2,460   5.000%, 1/01/32   2/19 at 100.00 Caa2 $1,874,077
1,485   5.125%, 1/01/37   2/19 at 100.00 Caa2 1,061,612
3,945   Total Consumer Discretionary       2,935,689
    Consumer Staples  – 4.5% (3.0% of Total Investments)        
    Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A:        
8,005   4.000%, 6/01/37   6/28 at 100.00 A- 7,760,447
965   5.000%, 6/01/46   6/28 at 100.00 BBB+ 999,673
11,680   5.250%, 6/01/46   6/28 at 100.00 BBB+ 12,396,918
6,930   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46   6/28 at 100.00 BBB 6,949,196
27,580   Total Consumer Staples       28,106,234
    Education and Civic Organizations – 21.5% (14.4% of Total Investments)        
1,760   Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32   12/23 at 100.00 A 1,910,093
1,000   New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation Academy Charter School, Series 2018A, 5.000%, 7/01/50   1/28 at 100.00 BBB- 1,034,620
175   New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A   9/27 at 100.00 BB 167,027
2,025   New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2015, 5.000%, 3/01/25   No Opt. Call A 2,307,852
    New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding Series 2017:        
500   5.000%, 6/01/32   12/27 at 100.00 A 571,675
820   3.000%, 6/01/32   12/27 at 100.00 A 763,838
2,455   New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue Bonds, Tender Option Bond 2016-XF2357, 13.213%, 6/15/46, 144A (IF) (4)   6/23 at 100.00 Aa3 3,413,334
    New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A:        
2,475   5.000%, 7/01/38   7/23 at 100.00 AA- 2,688,394
3,250   5.000%, 7/01/43   7/23 at 100.00 AA- 3,520,075
1


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
$ 1,100   New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39  –  AGM Insured   7/25 at 100.00 AA $1,133,506
5,950   New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 AA- 6,441,767
    New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2015D:        
2,395   5.000%, 7/01/31   7/25 at 100.00 AA- 2,675,167
1,600   5.000%, 7/01/33   7/25 at 100.00 AA- 1,778,096
1,000   5.000%, 7/01/34   7/25 at 100.00 AA- 1,108,800
    New Jersey Educational Facilities Authority, Revenue Bonds, Passaic County Community College, Series 2010C:        
1,500   5.250%, 7/01/32   7/20 at 100.00 A3 1,566,945
1,000   5.375%, 7/01/41   7/20 at 100.00 A3 1,045,280
4,335   New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0099, 10.252%, 7/01/39, 144A (IF)   7/21 at 100.00 AAA 5,235,379
4,000   New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Tender Option Bond Trust 2015-XF0149, 10.505%, 7/01/44, 144A (IF) (4)   7/24 at 100.00 AAA 5,365,840
    New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding Series 2012B:        
550   5.000%, 7/01/37   7/22 at 100.00 A 590,497
1,050   5.000%, 7/01/42   7/22 at 100.00 A 1,125,096
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:        
1,150   5.000%, 7/01/32   7/21 at 100.00 Baa2 1,186,938
740   5.000%, 7/01/37   7/21 at 100.00 Baa2 758,278
    New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F:        
330   3.750%, 7/01/37   7/27 at 100.00 Baa2 304,148
3,830   4.000%, 7/01/42   7/27 at 100.00 Baa2 3,548,112
4,205   5.000%, 7/01/47   7/27 at 100.00 Baa2 4,423,366
1,200   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/35   7/25 at 100.00 A- 1,322,328
775   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2017D, 3.500%, 7/01/44   7/27 at 100.00 A- 723,284
    New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D:        
685   5.000%, 7/01/38   7/23 at 100.00 A- 747,431
1,935   5.000%, 7/01/43   7/23 at 100.00 A- 2,100,965
1,970   New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C, 3.000%, 7/01/46   7/26 at 100.00 A- 1,623,181
2


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A:        
$ 1,060   5.000%, 7/01/37   7/27 at 100.00 A- $1,175,561
2,500   5.000%, 7/01/42   7/27 at 100.00 A- 2,741,950
3,160   5.000%, 7/01/47   7/27 at 100.00 A- 3,447,718
1,050   4.000%, 7/01/47   7/27 at 100.00 A- 1,048,520
1,690   New Jersey Educational Facilities Authority, Revenue Bonds, Stockton University Issue, Refunding Series 2016A, 5.000%, 7/01/41   7/26 at 100.00 A- 1,802,520
975   New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint Elizabeth, Series 2016D, 5.000%, 7/01/46   7/26 at 100.00 BB 926,045
4,560   New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2015C, 5.000%, 7/01/40   7/25 at 100.00 A2 4,990,920
    New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2017B:        
2,000   5.000%, 7/01/42  –  AGM Insured   7/27 at 100.00 AA 2,205,940
2,420   5.000%, 7/01/47  –  AGM Insured   7/27 at 100.00 AA 2,655,224
    New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, Refunding Series 2018A:        
2,500   3.750%, 12/01/30 (Alternative Minimum Tax)   6/28 at 100.00 Aaa 2,473,700
2,560   4.000%, 12/01/32 (Alternative Minimum Tax)   6/28 at 100.00 Aaa 2,601,472
2,000   4.000%, 12/01/33 (Alternative Minimum Tax)   6/28 at 100.00 Aaa 2,027,860
2,135   4.000%, 12/01/35 (Alternative Minimum Tax)   6/28 at 100.00 Aaa 2,149,860
    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A:        
6,180   3.500%, 12/01/32 (Alternative Minimum Tax)   12/25 at 100.00 Aaa 5,983,414
1,430   4.000%, 12/01/39 (Alternative Minimum Tax)   12/25 at 100.00 Aaa 1,426,082
785   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25   12/19 at 100.00 Aaa 803,942
960   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30   12/20 at 100.00 Aaa 1,002,528
875   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2011-1, 5.750%, 12/01/27 (Alternative Minimum Tax)   12/21 at 100.00 Aaa 927,946
    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A:        
2,855   4.250%, 12/01/25 (Alternative Minimum Tax)   12/22 at 100.00 Aaa 2,957,751
940   4.375%, 12/01/26 (Alternative Minimum Tax)   12/22 at 100.00 Aaa 973,079
500   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (Alternative Minimum Tax)   12/22 at 100.00 Aaa 541,000
1,030   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A, 3.750%, 12/01/26 (Alternative Minimum Tax)   12/22 at 100.00 Aaa 1,046,264
3


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Education and Civic Organizations (continued)        
    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A:        
$ 5,000   4.000%, 12/01/28 (Alternative Minimum Tax)   12/24 at 100.00 Aaa $5,171,500
2,575   4.000%, 12/01/30 (Alternative Minimum Tax)   12/24 at 100.00 Aaa 2,621,659
6,855   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2017-C, 4.250%, 12/01/47 (Alternative Minimum Tax)   12/26 at 100.00 Aaa 6,895,993
    New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2015-XF0151:        
966   7.005%, 12/01/23 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 Aaa 1,047,888
865   7.036%, 12/01/24 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 Aaa 932,453
590   7.508%, 12/01/25 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 Aaa 633,182
175   8.000%, 12/01/26 (Alternative Minimum Tax), 144A (IF) (4)   12/22 at 100.00 Aaa 185,976
2,185   9.039%, 12/01/27 (Alternative Minimum Tax), 144A (IF)   12/23 at 100.00 Aaa 2,465,073
2,000   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 15.334%, 6/01/30, 144A (IF) (4)   6/19 at 100.00 AA 2,132,500
400   New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42   7/22 at 100.00 A1 428,044
2,300   New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45   7/25 at 100.00 A1 2,545,916
2,170   Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond 2016-XF2356, 13.225%, 5/01/43, 144A (IF) (4)   5/23 at 100.00 Aa3 2,999,830
126,006   Total Education and Civic Organizations       135,150,622
    Financials – 1.2% (0.8% of Total Investments)        
    New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002:        
5,225   5.750%, 10/01/21   No Opt. Call Ba2 5,447,899
1,500   6.500%, 4/01/28   No Opt. Call Ba2 1,712,190
6,725   Total Financials       7,160,089
    Health Care – 20.4% (13.6% of Total Investments)        
    Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A:        
175   5.000%, 2/15/25   2/24 at 100.00 BBB+ 193,576
220   5.000%, 2/15/26   2/24 at 100.00 BBB+ 241,952
1,320   5.000%, 2/15/27   2/24 at 100.00 BBB+ 1,442,800
1,385   5.000%, 2/15/28   2/24 at 100.00 BBB+ 1,506,465
1,385   5.000%, 2/15/29   2/24 at 100.00 BBB+ 1,499,678
2,500   5.000%, 2/15/32   2/24 at 100.00 BBB+ 2,671,825
3,040   5.000%, 2/15/33   2/24 at 100.00 BBB+ 3,241,795
1,000   5.000%, 2/15/34   2/24 at 100.00 BBB+ 1,062,650
1,950   5.000%, 2/15/35   2/24 at 100.00 BBB+ 2,067,507
4


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
$ 6,100   Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42   2/23 at 100.00 BBB+ $6,550,302
225   New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27   2/19 at 100.00 AA- 225,574
2,500   New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health, Tender Option Bond Trust 2016-XG0047, 15.218%, 7/01/38  –  AGC Insured, 144A (IF) (4)   7/19 at 100.00 AA 2,700,950
    New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:        
2,000   6.000%, 7/01/26   7/21 at 100.00 BB+ 2,122,880
3,425   6.250%, 7/01/35   7/21 at 100.00 BB+ 3,632,212
3,550   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37   2/19 at 100.00 BB+ 3,557,845
1,145   New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24   7/22 at 100.00 A+ 1,247,214
2,525   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41   1/27 at 100.00 AA- 2,523,813
10,000   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44   7/24 at 100.00 A+ 10,745,500
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A:        
1,200   5.000%, 7/01/28   7/27 at 100.00 AA- 1,397,220
4,140   5.000%, 7/01/57   7/27 at 100.00 AA- 4,510,737
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A:        
2,055   5.000%, 7/01/45   7/24 at 100.00 A+ 2,184,095
1,310   4.000%, 7/01/45   7/24 at 100.00 A+ 1,286,682
12,010   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 (UB) (4)   7/27 at 100.00 A2 13,163,080
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2011:        
3,000   5.000%, 7/01/25   7/22 at 100.00 AA- 3,278,610
3,000   5.000%, 7/01/26   7/22 at 100.00 AA- 3,273,210
2,500   5.000%, 7/01/27   7/22 at 100.00 AA- 2,723,175
1,450   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32   7/23 at 100.00 AA- 1,590,563
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A:        
830   5.000%, 7/01/32   7/26 at 100.00 AA 934,464
1,055   5.000%, 7/01/33   7/26 at 100.00 AA 1,181,874
1,370   5.000%, 7/01/34   7/26 at 100.00 AA 1,526,660
5


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A:        
$ 4,235   5.000%, 7/01/39   7/24 at 100.00 A+ $4,621,910
5,955   5.000%, 7/01/43   7/24 at 100.00 A+ 6,435,152
3,945   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital, Series 2013A, 5.500%, 7/01/43   7/23 at 100.00 A+ 4,356,542
780   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43   7/26 at 100.00 A+ 863,827
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016:        
1,600   3.000%, 7/01/32   7/26 at 100.00 BBB- 1,362,368
1,135   4.000%, 7/01/34   7/26 at 100.00 BBB- 1,129,461
1,600   5.000%, 7/01/35   7/26 at 100.00 BBB- 1,708,880
2,700   5.000%, 7/01/36   7/26 at 100.00 BBB- 2,869,803
3,095   5.000%, 7/01/41   7/26 at 100.00 BBB- 3,251,452
5,600   4.000%, 7/01/48   7/26 at 100.00 BBB- 5,237,792
2,345   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke's Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37   8/23 at 100.00 A- 2,355,857
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A:        
5,055   4.125%, 7/01/38  –  AGM Insured   7/25 at 100.00 AA 5,063,998
3,910   5.000%, 7/01/46  –  AGM Insured   7/25 at 100.00 AA 4,221,471
120,320   Total Health Care       127,763,421
    Housing/Multifamily – 3.5% (2.3% of Total Investments)        
1,845   New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Kean Properties LLC - Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47   1/27 at 100.00 BBB- 1,932,268
1,900   New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Rowan Properties LLC - Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48   1/25 at 100.00 BBB- 1,958,083
6,075   New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC - New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47   7/25 at 100.00 BBB- 6,135,750
    New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2:        
2,165   4.350%, 11/01/33 (Alternative Minimum Tax)   11/22 at 100.00 AA 2,218,887
1,235   4.600%, 11/01/38 (Alternative Minimum Tax)   11/22 at 100.00 AA 1,263,763
1,235   4.750%, 11/01/46 (Alternative Minimum Tax)   11/22 at 100.00 AA 1,261,441
4,320   New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45   11/24 at 100.00 AA- 4,326,653
6


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Housing/Multifamily (continued)        
    New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2017D:        
$ 1,125   3.900%, 11/01/32 (Alternative Minimum Tax)   5/26 at 100.00 AA- $1,135,800
1,750   4.250%, 11/01/37 (Alternative Minimum Tax)   5/26 at 100.00 AA- 1,765,453
21,650   Total Housing/Multifamily       21,998,098
    Housing/Single Family – 5.0% (3.3% of Total Investments)        
    New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds, Series 2011A:        
8,330   4.450%, 10/01/25   4/21 at 100.00 Aa2 8,648,456
8,340   4.650%, 10/01/29   4/21 at 100.00 Aa2 8,599,124
    New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A:        
6,915   3.600%, 4/01/33   10/27 at 100.00 AA 6,935,537
3,700   3.750%, 10/01/35   10/27 at 100.00 AA 3,690,713
3,695   New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018B, 3.800%, 10/01/32 (Alternative Minimum Tax)   10/27 at 100.00 AA 3,655,648
30,980   Total Housing/Single Family       31,529,478
    Long-Term Care – 2.5% (1.7% of Total Investments)        
7,835   Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38   2/19 at 100.00 N/R 7,384,723
510   New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44   1/24 at 100.00 N/R 505,762
5,000   New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34   7/23 at 100.00 BBB- 5,135,450
1,410   New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29   7/24 at 100.00 BBB- 1,481,952
1,450   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A   10/26 at 102.00 N/R 1,404,890
16,205   Total Long-Term Care       15,912,777
    Tax Obligation/General – 6.6% (4.4% of Total Investments)        
2,225   Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39  –  AGM Insured   9/24 at 100.00 AA 2,448,657
2,920   Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Correctional Facility Project, Series 2018, 4.000%, 10/01/43  –  BAM Insured, (WI/DD, Settling 12/13/18)   10/28 at 100.00 AA 2,942,601
680   Hamilton Township, Mercer County Board of Education, New Jersey, General Obligation Bonds, Series 2017, 3.250%, 12/15/38   12/27 at 100.00 AA 647,027
7


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
    Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018:        
$ 1,340   3.125%, 3/01/31  –  BAM Insured   3/28 at 100.00 AA $1,299,103
1,110   3.250%, 3/01/32  –  BAM Insured   3/28 at 100.00 AA 1,079,397
1,255   3.500%, 3/01/36  –  BAM Insured   3/28 at 100.00 AA 1,214,928
    Hudson County Improvement Authority, New Jersey, County Guaranteed Governmental Loan Revenue Bonds, Guttenberg General Obligation Bond Project, Series 2018:        
375   3.250%, 8/01/34   8/25 at 100.00 AA 360,844
1,040   5.000%, 8/01/42   8/25 at 100.00 AA 1,143,230
325   Hudson County, New Jersey, General Obligation Bonds, County College, Refunding Series 2017, 4.000%, 2/15/27   No Opt. Call AA 358,137
    Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series 2017A:        
1,000   5.000%, 11/01/29   11/27 at 100.00 AA- 1,159,390
550   5.000%, 11/01/30   11/27 at 100.00 AA- 634,249
515   5.000%, 11/01/31   11/27 at 100.00 AA- 591,791
440   5.000%, 11/01/33   11/27 at 100.00 AA- 504,306
1,100   Linden, New Jersey, General Obligation Bonds, Refunding Series 2011, 4.000%, 5/01/23   5/21 at 100.00 AA- 1,147,289
1,975   Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27   8/20 at 100.00 AA- 2,067,667
2,280   Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38   3/25 at 100.00 AA- 2,519,491
760   Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A, 5.000%, 1/01/37   1/24 at 100.00 AAA 848,555
    New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012:        
465   5.000%, 9/01/28   9/22 at 100.00 A+ 503,995
610   5.000%, 9/01/29   9/22 at 100.00 A+ 660,929
300   5.000%, 9/01/31   9/22 at 100.00 A+ 324,492
250   3.625%, 9/01/34   9/22 at 100.00 A+ 250,550
2,190   New Brunswick, New Jersey, General Obligation Bonds, Cultural Center Project, Series 2017, 4.000%, 9/15/44  –  AGM Insured   9/27 at 100.00 AA 2,234,085
    Sparta Township Board of Education, Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2015:        
1,000   5.000%, 2/15/34   2/25 at 100.00 AA- 1,116,440
1,395   5.000%, 2/15/35   2/25 at 100.00 AA- 1,553,249
5,165   Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc. Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)   12/21 at 100.00 AA+ 5,574,843
2,515   Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41   6/21 at 100.00 Aaa 2,678,827
2,170   Union County, New Jersey, General Obligation Bonds, Refunding Series 2017, 3.000%, 3/01/27   9/25 at 100.00 Aaa 2,204,091
8


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$ 1,515   Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.250%, 1/01/27  –  AGM Insured   No Opt. Call Aa3 $1,812,970
1,435   West Deptford Township, Gloucester County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 9/01/28  –  BAM Insured   9/24 at 100.00 AA 1,506,879
100   Woodbridge Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2010, 5.000%, 7/15/19   No Opt. Call AA+ 101,955
39,000   Total Tax Obligation/General       41,489,967
    Tax Obligation/Limited – 35.3% (23.5% of Total Investments)        
3,775   Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26   No Opt. Call Aaa 4,489,947
4,150   Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22  –  AMBAC Insured   No Opt. Call Aaa 4,647,502
3,000   Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003B, 0.000%, 11/01/25  –  AGM Insured   No Opt. Call AA 2,453,880
3,015   Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28  –  AGM Insured   No Opt. Call AA 3,542,233
    Government of Guam, Business Privilege Tax Bonds, Series 2011A:        
5,005   5.250%, 1/01/36   1/22 at 100.00 A 5,242,437
3,020   5.125%, 1/01/42   1/22 at 100.00 A 3,108,879
500   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/29   1/22 at 100.00 A 520,965
1,110   Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Plaza Project, Refunding Series 2013, 3.250%, 4/01/35   4/22 at 100.00 Aa3 1,074,458
    Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016:        
10,310   5.000%, 5/01/46   5/26 at 100.00 AA 11,357,805
3,700   5.250%, 5/01/51   5/26 at 100.00 AA 4,116,546
    New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:        
310   5.000%, 6/15/21   No Opt. Call BBB+ 326,703
6,400   5.000%, 6/15/25   6/22 at 100.00 BBB+ 6,810,240
3,480   5.000%, 6/15/26   6/22 at 100.00 BBB+ 3,691,097
7,945   5.000%, 6/15/28   6/22 at 100.00 BBB+ 8,369,899
415   5.000%, 6/15/29   6/22 at 100.00 BBB+ 436,207
    New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, Series 2017B:        
370   4.125%, 6/15/39  –  BAM Insured   12/28 at 100.00 AA 370,263
5,425   4.500%, 6/15/40   12/28 at 100.00 A- 5,406,718
5,570   New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30   7/27 at 100.00 BBB+ 5,414,151
9


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
    New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:        
$ 405   5.125%, 6/15/27   2/19 at 100.00 Baa3 $405,219
740   5.125%, 6/15/37   2/19 at 100.00 Baa3 740,266
6,385   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2014UU, 5.000%, 6/15/27   6/24 at 100.00 A- 6,857,937
12,000   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40   6/25 at 100.00 A- 12,646,800
5,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26   6/24 at 100.00 A- 5,407,950
6,000   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25   No Opt. Call A- 6,627,180
    New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:        
1,130   5.000%, 6/15/29   6/26 at 100.00 A+ 1,250,650
655   5.000%, 6/15/30   6/26 at 100.00 A+ 721,312
32,965   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30   No Opt. Call A- 19,322,105
8,100   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22   No Opt. Call A- 8,941,023
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:        
37,565   0.000%, 12/15/32  –  AGM Insured   No Opt. Call AA 20,994,703
39,090   0.000%, 12/15/33  –  AGM Insured   No Opt. Call AA 20,805,652
5,160   0.000%, 12/15/34  –  AGM Insured   No Opt. Call AA 2,604,820
7,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24   No Opt. Call A- 7,730,380
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A:        
145   6.000%, 6/15/35   6/21 at 100.00 A- 155,966
1,520   5.500%, 6/15/41   6/21 at 100.00 A- 1,594,054
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B:        
285   5.500%, 6/15/31   6/21 at 100.00 A- 302,123
4,480   5.250%, 6/15/36   6/21 at 100.00 A- 4,684,154
80   5.000%, 6/15/37   6/21 at 100.00 A- 82,774
1,965   5.000%, 6/15/42   6/21 at 100.00 A- 2,026,485
    New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A:        
1,150   5.000%, 12/15/35   12/28 at 100.00 A- 1,223,370
440   5.000%, 12/15/36   12/28 at 100.00 A- 465,678
4,715   4.250%, 12/15/38   12/28 at 100.00 A- 4,571,617
10


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$ 3,860   Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36   5/25 at 100.00 AA $3,897,095
4,005   Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012, 3.500%, 5/01/35   5/22 at 100.00 Aa2 3,954,056
    Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019:        
285   18.282%, 5/01/28, 144A (IF) (4)   No Opt. Call Aaa 594,413
285   18.338%, 5/01/29, 144A (IF) (4)   No Opt. Call Aaa 606,403
200   18.338%, 5/01/30, 144A (IF) (4)   No Opt. Call Aaa 435,296
370   18.164%, 5/01/31, 144A (IF) (4)   No Opt. Call Aaa 819,498
385   18.255%, 5/01/32, 144A (IF) (4)   No Opt. Call Aaa 880,868
400   18.258%, 5/01/33, 144A (IF) (4)   No Opt. Call Aaa 930,396
415   18.338%, 5/01/34, 144A (IF) (4)   No Opt. Call Aaa 981,940
3,975   Union County Improvement Authority, New Jersey, Lease Revenue Bonds, Plainfield - Park Madison Redevelopment Project, Tender Option Trust 2016-XG0057, 13.123%, 3/01/34, 144A (IF) (4)   No Opt. Call AA+ 6,942,854
258,655   Total Tax Obligation/Limited       221,584,967
    Transportation – 27.8% (18.5% of Total Investments)        
5,550   Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A, 5.250%, 6/01/20  –  NPFG Insured   2/19 at 100.00 Baa2 5,565,207
2,400   Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42   1/23 at 100.00 A1 2,579,592
    Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:        
1,285   5.000%, 1/01/34   1/24 at 100.00 A1 1,416,700
5,890   4.125%, 1/01/39   1/24 at 100.00 A1 5,971,282
7,800   5.000%, 1/01/44   1/24 at 100.00 A1 8,526,102
    Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015:        
1,000   4.000%, 7/01/34  –  BAM Insured   7/25 at 100.00 AA 1,039,850
2,820   4.000%, 7/01/35  –  BAM Insured   7/25 at 100.00 AA 2,923,945
    Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017:        
2,820   5.000%, 7/01/42   7/27 at 100.00 A1 3,150,871
10,210   5.000%, 7/01/47   7/27 at 100.00 A1 11,359,748
    Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2012A:        
2,150   5.000%, 7/01/24   7/22 at 100.00 A1 2,346,553
650   4.000%, 7/01/26   7/22 at 100.00 A1 680,186
625   4.000%, 7/01/27   7/22 at 100.00 A1 651,631
7,035   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40   1/24 at 100.00 A+ 7,609,971
11


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Transportation (continued)        
    Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012:        
$ 1,800   5.000%, 1/01/24   1/23 at 100.00 A $1,967,436
1,635   5.000%, 1/01/25   1/23 at 100.00 A 1,779,812
1,875   5.000%, 1/01/26   1/23 at 100.00 A 2,032,781
3,595   5.000%, 1/01/27   1/23 at 100.00 A 3,880,227
5,555   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)   1/24 at 100.00 BBB 5,989,512
    New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:        
1,000   5.125%, 9/15/23 (Alternative Minimum Tax)   3/19 at 100.00 BB 1,071,010
1,800   5.250%, 9/15/29 (Alternative Minimum Tax)   8/22 at 101.00 BB 1,940,130
2,250   New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)   3/24 at 101.00 BB 2,516,918
    New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017:        
5,660   5.000%, 10/01/37 (Alternative Minimum Tax)   10/27 at 100.00 Ba1 6,003,562
7,440   5.000%, 10/01/47 (Alternative Minimum Tax)   10/27 at 100.00 Ba1 7,807,536
    New Jersey Transit Corporation, Grant Anticipation Notes, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Series 2014A:        
6,000   5.000%, 9/15/20   No Opt. Call A 6,287,280
5,750   5.000%, 9/15/21   No Opt. Call A 6,113,802
6,570   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45   1/25 at 100.00 A+ 7,096,454
3,065   New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29  –  AGM Insured   No Opt. Call AA 3,705,953
7,620   New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28   1/23 at 100.00 A+ 8,324,698
3,625   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 12.284%, 1/01/43, 144A (IF) (4)   7/22 at 100.00 AA- 4,952,765
2,750   Passaic County Improvement Authority, New Jersey, Revenue Bonds, Paterson Parking Deck Facility, Series 2005, 5.000%, 4/15/35  –  AGM Insured   2/19 at 100.00 A2 2,756,242
7,235   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43   12/23 at 100.00 AA- 7,946,924
5,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Seventh Series 2013, 4.000%, 1/15/43 (Alternative Minimum Tax)   1/23 at 100.00 AA- 5,011,100
3,500   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Ninth Series 2018, 5.000%, 7/15/32   7/28 at 100.00 AA- 4,096,680
    Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:        
16,150   5.750%, 12/01/22  –  NPFG Insured (Alternative Minimum Tax)   12/18 at 100.00 Baa1 16,751,749
12,130   5.750%, 12/01/25  –  NPFG Insured (Alternative Minimum Tax)   12/18 at 100.00 Baa1 12,582,328
162,240   Total Transportation       174,436,537
12


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed – 11.1% (7.4% of Total Investments) (5)        
    Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E:        
$ 5,005   5.000%, 1/01/40 (Pre-refunded 1/01/20)   1/20 at 100.00 A+ $5,169,264
1,000   5.000%, 1/01/40 (Pre-refunded 1/01/20)  –  AGM Insured   1/20 at 100.00 AA 1,032,820
25   Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22  –  AMBAC Insured (ETM)   No Opt. Call Aaa 28,049
    New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:        
3,870   5.750%, 6/01/31 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 4,087,533
2,100   5.875%, 6/01/42 (Pre-refunded 6/01/20)   6/20 at 100.00 Aaa 2,221,863
    New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:        
25   6.500%, 12/01/19 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 25,576
100   6.500%, 12/01/20 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 102,305
5   7.125%, 12/01/23 (Pre-refunded 6/01/19)   6/19 at 100.00 N/R 5,130
30   New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31 (Pre-refunded 9/01/21)   9/21 at 100.00 N/R 30,873
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:        
4,165   3.750%, 7/01/27 (ETM)   No Opt. Call N/R 4,529,979
3,375   5.000%, 7/01/31 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R 3,706,661
1,500   5.000%, 7/01/37 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R 1,647,405
    New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center Obligated Group Issue, Refunding Series 2013:        
555   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 626,218
2,570   5.250%, 7/01/31 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 2,905,745
275   5.500%, 7/01/43 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 313,258
1,285   5.500%, 7/01/43 (Pre-refunded 7/01/23)   7/23 at 100.00 N/R 1,466,776
7,670   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21)   7/21 at 100.00 N/R 8,348,181
3,805   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare's Hospital, Series 2004A, 5.250%, 7/01/20  –  AGC Insured (ETM)   No Opt. Call AA 3,997,571
175   New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42 (Pre-refunded 7/01/22)   7/22 at 100.00 N/R 192,832
1,555   New Jersey Sports and Exposition Authority, Convention Center Luxury Tax Bonds, Series 2004, 5.500%, 3/01/22  –  NPFG Insured (ETM)   No Opt. Call Baa2 1,719,799
7,500   New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35 (Pre-refunded 1/01/20)   1/20 at 100.00 A+ 7,750,200
1,650   Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19)  –  AGC Insured   12/19 at 100.00 A3 1,729,084
13


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (5) (continued)        
    North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior Lien Series 2012A:        
$ 1,455   5.000%, 6/01/27 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R $1,595,306
225   5.000%, 6/01/42 (Pre-refunded 6/01/22)   6/22 at 100.00 N/R 246,697
15,840   North Hudson Sewerage Authority, New Jersey, Sewerage Revenue Refunding Bonds, Series 2001A, 0.000%, 8/01/23  –  NPFG Insured (ETM)   No Opt. Call Baa2 14,141,318
2,100   Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42 (Pre-refunded 5/01/20)   5/20 at 100.00 Aa2 2,189,712
67,860   Total U.S. Guaranteed       69,810,155
    Utilities – 4.9% (3.3% of Total Investments)        
13,500   Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax), 144A   7/20 at 100.00 BB- 13,537,800
1,510   Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project), 6.800%, 3/01/21  –  NPFG Insured   No Opt. Call A 1,635,813
    New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A:        
1,000   4.750%, 6/15/32 (Alternative Minimum Tax)   6/22 at 100.00 Baa3 1,026,770
1,225   5.125%, 6/15/43 (Alternative Minimum Tax)   6/22 at 100.00 Baa3 1,260,991
5,100   New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010B, 5.600%, 11/01/34 (Alternative Minimum Tax)   5/20 at 100.00 A+ 5,297,217
2,040   New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)   11/20 at 100.00 A+ 2,108,054
2,700   Passaic County Utilities Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Refunding Series 2018, 5.000%, 3/01/37   No Opt. Call AA 3,216,213
2,530   Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (Alternative Minimum Tax)   No Opt. Call BBB- 2,652,781
29,605   Total Utilities       30,735,639
    Water and Sewer – 5.2% (3.5% of Total Investments)        
    New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C:        
1,460   5.000%, 10/01/23   No Opt. Call A+ 1,629,214
15,670   4.250%, 10/01/47 (Alternative Minimum Tax)   10/22 at 100.00 A+ 15,751,641
1,650   New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Series 2012A, 3.250%, 9/01/31   9/21 at 100.00 AAA 1,660,477
6,270   New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 2016-XF0395, 5.715%, 9/01/21, 144A (IF) (4)   No Opt. Call AAA 6,935,435
14


Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
    North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior Lien Series 2012A:        
$ 2,365   5.000%, 6/01/27   6/22 at 100.00 A $2,553,751
3,775   5.000%, 6/01/42   6/22 at 100.00 A 4,022,980
31,190   Total Water and Sewer       32,553,498
$ 941,961   Total Long-Term Investments (cost $908,818,423)       941,167,171
    Floating Rate Obligations – (1.4)%       (9,005,000)
    Variable Rate Demand Preferred Shares, net of deferred offering costs – (49.8)% (6)       (312,425,198)
    Other Assets Less Liabilities – 1.2% (7)       7,707,525
    Net Asset Applicable to Common Shares – 100%       $ 627,444,498
Investments in Derivatives
Interest Rate Swaps - OTC Cleared            
Notional
Amount
Fund
Pay/Receive
Floating Rate
Floating Rate Index Fixed Rate
(Annualized)
Fixed Rate
Payment
Frequency
Effective
Date (8)
Maturity
Date
Value Premiums
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Variation
Margin
Receivable/
(Payable)
$9,500,000 Receive 3-Month LIBOR 3.050% Semi-Annually 6/04/19 6/04/29 $19,737 $490 $19,247 $(17,632)
Fair Value Measurements
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, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
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 the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $941,167,171 $ — $941,167,171
Investments in Derivatives:        
Interest Rate Swaps*  — 19,247  — 19,247
Total $ — $941,186,418 $ — $941,186,418
    
* Represents net unrealized appreciation (depreciation).
15


NXJ Nuveen New Jersey Quality Muncipal Income Fund (continued)
  Portfolio of Investments November 30, 2018
  (Unaudited)
Income Tax Information
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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.
For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.
Tax cost of investments $899,000,713
Gross unrealized:  
Appreciation $ 40,035,888
Depreciation (6,874,461)
Net unrealized appreciation (depreciation) of investments $ 33,161,427
    
Tax cost of swaps $ 490
Net unrealized appreciation (depreciation) of swaps 19,247
(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 Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 33.2%.  
(7) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable.  
(8) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.  
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.  
LIBOR London Inter-Bank Offered Rate  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
16


Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 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 New Jersey Quality Municipal Income Fund   
By (Signature and Title)    /s/ Gifford R. Zimmerman                                                        
   Gifford R. Zimmerman   
   Vice President and Secretary   

Date: January 29, 2019

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: January 29, 2019      
By (Signature and Title)    /s/ Stephen D. Foy                                                                  
   Stephen D. Foy   
   Vice President and Controller (principal financial officer)   
Date: January 29, 2019