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 811-09297

Nuveen 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: October 31

Date of reporting period: April 30, 2017

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 10
   
Risk Considerations 12
   
Performance Overview and Holding Summaries 13
   
Portfolios of Investments 17
   
Statement of Assets and Liabilities 104
   
Statement of Operations 105
   
Statement of Changes in Net Assets 106
   
Statement of Cash Flows 107
   
Financial Highlights 108
   
Notes to Financial Statements 111
   
Additional Fund Information 125
   
Glossary of Terms Used in this Report 126
   
Reinvest Automatically, Easily and Conveniently 128

 

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Chairman’s Letter to Shareholders

Dear Shareholders,

Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.

The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.

Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and triggered the U.K.’s Brexit remained in the minority during both March’s Dutch general election and May’s French presidential election, easing the political uncertainty surrounding Germany’s elections later this year.

In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.

Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

William J. Schneider
Chairman of the Board
June 23, 2017

 

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Portfolio Managers’ Comments

Nuveen Quality Municipal Income Fund (NAD)
Nuveen AMT-Free Quality Municipal Income Fund (NEA)

These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio manager Christopher L. Drahn, CFA, reviews key investment strategies and the six-month performance of these two national Funds.

Effective November 2, 2016, a secondary benchmark (80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index) was added for both NAD and NEA. The secondary benchmark was added to better reflect the Funds’ mandates in conjunction with the Funds’ reorganizations.

What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?

The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration’s tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration’s term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. During this time, 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. NAD and NEA were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors. Both funds, and in particular NAD, extended durations given the market sell-off in November and early December 2016. In addition, NEA’s weightings in single A and BBB rated bonds rose slightly and NAD’s allocation to BBB rated bonds increased marginally. For NAD, exposure to the airport sector increased modestly due to our purchase of some attractively valued airport bonds subject to the alternative minimum tax (AMT). Otherwise, the Funds generally maintained their overall positioning strategies in terms of credit quality exposures and sector allocations. The sell-off also provided opportunities for tax loss swapping, and both Funds executed numerous trades to take advantage of the prevailing market conditions. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities.

 
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 manager 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.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. 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.

 

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Portfolio Managers’ Comments (continued)

As of April 30, 2017, the Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NAD and NEA also invested in forward interest rates swaps to help reduce price volatility risk due to movements in U.S. interest rates relative to the Funds’ benchmark. These swaps had a negligible impact on performance during the reporting period. NAD closed its swap position before the end of the reporting period.

How did the Funds perform during the six-month reporting period ended April 30, 2017?

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 April 30, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.

For the six months ended April 30, 2017, the total returns on common share NAV for the two Funds trailed the returns for the national S&P Municipal Bond Index and the secondary benchmark, composed of 80% S&P Municipal Bond Investment Grade Index and 20% S&P Municipal Bond High Yield Index.

The Funds’ relative performance was driven largely by their duration and yield curve positioning during the reporting period. Yields on the longer end of the curve rose more than yields on the shorter end, causing longer bonds to underperform. As a result, the Funds’ overweight allocations to the longer end of the yield curve detracted from relative performance for the overall six-month reporting period with November 2016 being the major culprit (as markets more or less stabilized thereafter and performance rebounded). Both NEA and NAD benefited from overweight allocations to the tobacco sector, the top performing sector in the overall municipal bond market in this reporting period. Tobacco securitization bonds were a standout performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette smoking rates have declined less than forecasted. The Funds’ small holdings in Puerto Rico bonds actually contributed positively to performance. Although Puerto Rico credits in general performed poorly in this reporting period, our selections, which include insured bonds and bonds backed by the U.S. government (and not the Commonwealth of Puerto Rico), fared relatively well. In addition, the use of regulatory leverage was another important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.

An Update Involving Puerto Rico

As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.

In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.

 

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In terms of Puerto Rico holdings, shareholders should note that, as of the end of this reporting period, NAD and NEA had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.18% and 0.38%, respectively. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.

A Note About Investment Valuations

The municipal securities held by the Funds are valued by the Funds’ pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund’s portfolio in its entirety. Thus, the current net asset value of a Fund’s shares may be impacted, higher or lower, if the Fund were to change its pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds’ current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Fund’s shares.

 

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Fund Leverage

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of the Funds 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 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 also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, 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. Leverage made a negligible impact on the performance of these Funds over this reporting period.

As of April 30, 2017, the Funds’ percentages of leverage are as shown in the accompanying table.

 

  NAD NEA  
Effective Leverage* 37.87% 37.76%  
Regulatory Leverage* 34.24% 34.78%  

 

* 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.

 

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THE FUNDS’ REGULATORY LEVERAGE

As of April 30, 2017, the Funds have issued and outstanding Variable Rate MuniFund Term Preferred (VMTP) Shares and/or Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table.

 

    VMTP Shares   VRDP Shares        
    Series   Shares
Issued at
Liquidation
Preference
  Series   Shares
Issued at
Liquidation
Preference
  Total  
NAD     2018   $ 407,000,000     1   $ 236,800,000        
      2019   $ 337,000,000     2   $ 267,500,000        
      2019-1   $ 208,500,000     3   $ 127,700,000        
          $ 952,500,000         $ 632,000,000   $ 1,584,500,000  
NEA     2018   $ 535,000,000     1   $ 219,000,000        
      2019   $ 238,000,000     2   $ 130,900,000        
                3   $ 350,900,000        
                4   $ 489,500,000        
                5   $ 100,000,000        
          $ 773,000,000         $ 1,290,300,000   $ 2,063,300,000  

Refer to Notes to Financial Statements, Note 4 — Fund Shares, Preferred Shares for further details on VMTP and VRDP Shares and each Fund’s respective transactions.

 

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Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of April 30, 2017. 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)     NAD     NEA  
November 2016   $ 0.0715   $ 0.0680  
December     0.0680     0.0620  
January     0.0680     0.0620  
February     0.0680     0.0620  
March     0.0640     0.0620  
April 2017     0.0640     0.0620  
Total Distributions from Net Investment Income   $ 0.4035   $ 0.3780  
               
Yields              
Market Yield*     5.55 %   5.49 %
Tax-Equivalent Yield*     7.71 %   7.63 %

 

* Market Yield is based on the Fund’s current annualized monthly dividend 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 federal income tax rate of 28.0%. 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 April 30, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and 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 was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. 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.

 

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COMMON SHARE REPURCHASES

During August 2016, 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 April 30, 2017, 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.

 

  NAD NEA  
Common shares cumulatively repurchased and retired 19,300  
Common shares authorized for repurchase 3,930,000 7,890,000  

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

OTHER COMMON SHARE INFORMATION

As of April 30, 2017, 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.

 

      NAD     NEA  
Common share NAV   $ 15.07   $ 14.73  
Common share price   $ 13.83   $ 13.54  
Premium/(Discount) to NAV     (8.23 )%   (8.08 )%
6-month average premium/(discount) to NAV     (6.66 )%   (7.72 )%

 

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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 Quality Municipal Income Fund (NAD)

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. 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/NAD.

Nuveen AMT-Free Quality Municipal Income Fund (NEA)

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. 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/NEA.

 

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NAD  
  Nuveen Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of April 30, 2017

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 April 30, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NAD at Common Share NAV (1.69)%   (0.93)% 5.24% 5.90%  
NAD at Common Share Price 0.35%   (3.96)% 4.73% 5.59%  
S&P Municipal Bond Index (0.41)%   0.57% 3.33% 4.29%  
NAD Custom Blended Fund Performance Benchmark (0.33)%   0.72% 3.36% 4.31%  

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.

 

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NAD Performance Overview and Holding Summaries as of April 30, 2017 (continued)

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.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 153.0%
Corporate Bonds 0.0%
Investment Companies 0.0%
Short-Term Municipal Bonds 1.9%
Other Assets Less Liabilities 2.5%
Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 157.4%
Floating Rate Obligations (5.4)%
VMTP Shares, net of deferred offering costs (31.3)%
VRDP Shares, net of deferred offering costs (20.7)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 12.8%
AA 23.7%
A 33.4%
BBB 18.9%
BB or Lower 9.3%
N/R (not rated) 1.9%
N/A (not applicable) 0.0%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 22.4%
Health Care 16.8%
Tax Obligation/Limited 14.5%
U.S. Guaranteed 9.8%
Tax Obligation/General 9.5%
Utilities 6.0%
Education and Civic Organizations 5.3%
Consumer Staples 5.2%
Water and Sewer 5.1%
Other 5.4%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 12.6%
California 11.6%
Texas 11.6%
Florida 5.7%
New York 5.3%
Colorado 5.0%
Ohio 4.6%
Nevada 3.0%
New Jersey 2.9%
Pennsylvania 2.9%
Washington 2.8%
Arizona 2.1%
Indiana 1.9%
South Carolina 1.9%
Massachusetts 1.8%
Michigan 1.7%
Louisiana 1.6%
District of Columbia 1.5%
Other 19.5%
Total 100%

 

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NEA  
  Nuveen AMT-Free Quality Municipal Income Fund
  Performance Overview and Holding Summaries as of April 30 ,2017

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 April 30, 2017

 

  Cumulative   Average Annual  
  6-Month   1-Year 5-Year 10-Year  
NEA at Common Share NAV (1.57)%   0.04% 4.84% 5.41%  
NEA at Common Share Price 1.29%   (2.31)% 4.17% 5.11%  
S&P Municipal Bond Index (0.41)%   0.57% 3.33% 4.29%  
NEA Custom Blended Fund Performance Benchmark (0.33)%   0.72% 3.36% 4.31%  

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.

 

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NEA Performance Overview and Holding Summaries as of April 30, 2017 (continued)

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.

The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

 

Fund Allocation  
(% of net assets)  
Long-Term Municipal Bonds 151.2%
Corporate Bonds 0.0%
Common Stocks 0.0%
Short-Term Municipal Bonds 2.8%
Other Assets Less Liabilities 2.1%
Net Assets Plus Floating Rate Obligations, VMTP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs 156.1%
Floating Rate Obligations (2.9)%
VMTP Shares, net of deferred offering costs (20.0)%
VRDP Shares, net of deferred offering costs (33.2)%
Net Assets 100%

 

Portfolio Credit Quality  
(% of total investment exposure)  
AAA/U.S. Guaranteed 12.0%
AA 25.4%
A 33.1%
BBB 19.7%
BB or Lower 8.0%
N/R (not rated) 1.8%
N/A (not applicable) 0.0%
Total 100%

 

Portfolio Composition  
(% of total investments)  
Transportation 18.7%
Health Care 17.6%
Tax Obligation/Limited 16.6%
Tax Obligation/General 11.2%
U.S. Guaranteed 8.0%
Water and Sewer 6.6%
Utilities 6.6%
Education and Civic Organizations 5.8%
Consumer Staples 5.5%
Other 3.4%
Total 100%

 

States and Territories  
(% of total municipal bonds)  
Illinois 13.7%
California 10.4%
Texas 8.4%
Ohio 5.6%
Colorado 5.3%
Florida 5.0%
New York 4.6%
New Jersey 4.4%
Nevada 3.9%
Pennsylvania 3.7%
Michigan 3.1%
Indiana 2.8%
Washington 2.5%
South Carolina 2.0%
Georgia 1.7%
Massachusetts 1.7%
Iowa 1.5%
Other 19.7%
Total 100%

 

16
NUVEEN

 



 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 153.0% (98.8% of Total Investments)            
      MUNICIPAL BONDS – 153.0% (98.8% of Total Investments)            
      Alabama – 0.5% (0.3% of Total Investments)            
      Alabama State Port Authority, Docks Facilities Revenue Bonds, Refunding Series 2017A:            
$ 4,000   5.000%, 10/01/33 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A– $ 4,505,320  
  4,455   5.000%, 10/01/34 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A–   4,993,030  
  4,250   5.000%, 10/01/35 – AGM Insured (Alternative Minimum Tax) 10/27 at 100.00   A–   4,739,770  
  1,000   Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured 7/17 at 100.00   A2   1,003,370  
  1,000   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   1,199,100  
  14,705   Total Alabama         16,440,590  
      Alaska – 0.8% (0.5% of Total Investments)            
      Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham Hydroelectric Project, Refunding Series 2015:            
  1,580   5.000%, 1/01/24 (Alternative Minimum Tax) No Opt. Call   Baa2   1,795,386  
  3,400   5.000%, 1/01/25 (Alternative Minimum Tax) No Opt. Call   Baa2   3,865,460  
  1,000   5.000%, 1/01/28 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,112,560  
  1,075   5.000%, 1/01/29 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   1,183,908  
  300   5.000%, 1/01/31 (Alternative Minimum Tax) 7/25 at 100.00   Baa2   325,959  
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  1,160   4.625%, 6/01/23 6/17 at 100.00   Ba2   1,164,849  
  14,500   5.000%, 6/01/32 7/17 at 100.00   B3   14,104,003  
  1,500   5.000%, 6/01/46 7/17 at 100.00   B3   1,437,420  
  24,515   Total Alaska         24,989,545  
      Arizona – 3.3% (2.1% of Total Investments)            
  980   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–   1,041,074  
  2,500   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Refunding Series 2014A, 5.000%, 12/01/39 12/24 at 100.00   A2   2,762,075  
      Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility Project, Refunding Senior Series 2012A:            
  1,490   5.000%, 7/01/30 7/22 at 100.00   A   1,611,003  
  2,500   5.000%, 7/01/32 7/22 at 100.00   A   2,693,150  
  2,335   5.000%, 7/01/36 7/22 at 100.00   A   2,495,952  
  2,000   Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) 7/17 at 100.00   A3 (4)   2,015,260  
  11,795   Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, 4.000%, 1/01/36 1/27 at 100.00   AA–   12,003,182  
  2,500   Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2218, 12.529%,7/01/31 (Pre-refunded 7/01/17) – AGM Insured (IF) 7/17 at 100.00   AA– (4)   2,559,700  
  11,740   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A+   12,776,405  
      Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A:            
  4,650   5.000%, 7/01/33 7/18 at 100.00   AA–   4,845,440  
  8,200   5.000%, 7/01/38 7/18 at 100.00   AA–   8,544,646  
  7,000   Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B, 5.500%, 7/01/39 – FGIC Insured No Opt. Call   AA   8,820,840  

 

NUVEEN
17


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

  

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Arizona (continued)            
$ 5,000   Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Tender Option Bond Trust 2016-XF0388, 8.465%, 7/01/38 (IF) (5) 7/18 at 100.00   Aa3 $ 5,420,300  
  1,000   Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Series 2010A, 5.250%, 10/01/40 10/20 at 100.00   A–   1,092,120  
  1,000   Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series 2015, 4.000%, 12/01/38 – AGM Insured 12/25 at 100.00   AA   1,013,780  
      Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007:            
  500   5.500%, 12/01/29 No Opt. Call   BBB+   606,810  
  24,765   5.000%, 12/01/37 No Opt. Call   BBB+   29,021,111  
  1,100   Student and Academic Services LLC, Arizona, Lease Revenue Bonds, Northern Arizona University Project, Series 2014, 5.000%, 6/01/34 – BAM Insured 6/24 at 100.00   A2   1,233,595  
  816   Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 7/17 at 100.00   N/R   777,738  
  91,871   Total Arizona         101,334,181  
      Arkansas – 0.1% (0.0% of Total Investments)            
  2,055   Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013, 4.875%, 12/01/43 12/23 at 100.00   A1   2,213,708  
      California – 18.0% (11.6% of Total Investments)            
  1,500   ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.000%, 5/15/30 5/20 at 100.00   AA–   1,718,325  
  185   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured No Opt. Call   Baa2   173,308  
  9,015   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) No Opt. Call   Aaa   8,633,846  
  1,535   Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/37 – NPFG Insured No Opt. Call   A3   653,480  
  13,000   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 9/17 at 100.00   A1   13,078,000  
      Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C:            
  2,945   0.000%, 9/01/27 No Opt. Call   A2   2,067,184  
  7,150   0.000%, 9/01/28 – AGM Insured No Opt. Call   A2   4,762,472  
  2,455   0.000%, 9/01/32 – AGM Insured No Opt. Call   A2   1,310,258  
  200   0.000%, 9/01/35 – AGM Insured No Opt. Call   A2   91,734  
      Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4:            
  10,000   5.000%, 4/01/38 4/23 at 100.00   A1   11,268,900  
  3,500   5.250%, 4/01/53 4/23 at 100.00   A1   3,950,835  
  1,055   Brisbane School District, San Mateo County, California, General Obligation Bonds, Election 2003 Series 2005, 0.000%, 7/01/35 – AGM Insured No Opt. Call   A2   514,534  
  1,640   Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured No Opt. Call   A+   917,892  
  60   Byron Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2007B, 0.000%, 8/01/32 – SYNCORA GTY Insured (ETM) No Opt. Call   Aa3 (4)   39,373  
      Calexico Unified School District, Imperial County, California, General Obligation Bonds, Series 2005B:            
  3,685   0.000%, 8/01/31 – FGIC Insured No Opt. Call   A3   2,215,643  
  4,505   0.000%, 8/01/33 – FGIC Insured No Opt. Call   A3   2,392,741  
  2,820   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26 7/17 at 100.00   B–   2,819,915  

 

18
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 7,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 11/26 at 100.00   AA– $ 7,833,770  
  25,520   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016B, 5.000%, 11/15/46 (UB) (5) 11/26 at 100.00   Aa3   28,559,687  
  5,950   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA–   6,456,702  
  710   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 7/23 at 100.00   AA–   794,994  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  825   8.498%, 8/15/51 (IF) (5) 8/22 at 100.00   Aa3   981,206  
  2,140   8.498%, 8/15/51 (IF) (5) 8/22 at 100.00   Aa3   2,545,188  
  790   8.492%, 8/15/51 (IF) (5) 8/22 at 100.00   Aa3   939,444  
  9,545   California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) 5/18 at 100.00   Aa3   12,301,214  
  3,250   California Municipal Finance Authority, Revenue Bonds, Community Medical Centers, Series 2017A, 5.000%, 2/01/42 2/27 at 100.00   Baa1   3,587,643  
  4,000   California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2015A-1, 3.375%, 7/01/25 (Alternative Minimum Tax) No Opt. Call   A–   4,174,360  
  810   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 11/19 at 100.00   A+ (4)   916,928  
      California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1:            
  1,530   5.750%, 3/01/30 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,728,334  
  1,000   6.000%, 3/01/35 (Pre-refunded 3/01/20) 3/20 at 100.00   A+ (4)   1,136,600  
  815   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   915,327  
  1,585   California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 7/17 at 100.00   AA–   1,589,058  
  65   California State, General Obligation Bonds, Series 1997, 5.000%, 10/01/18 – AMBAC Insured 7/17 at 100.00   AA–   65,237  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  2,100   5.250%, 3/01/30 3/20 at 100.00   AA–   2,329,929  
  3,000   5.500%, 3/01/40 3/20 at 100.00   AA–   3,335,250  
  4,250   5.250%, 11/01/40 11/20 at 100.00   AA–   4,787,965  
  500   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 12/24 at 100.00   BB   535,485  
      California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:            
  6,000   5.000%, 12/01/46 6/26 at 100.00   BB   6,377,160  
  3,070   5.250%, 12/01/56 6/26 at 100.00   BB   3,301,325  
      California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010:            
  900   6.000%, 10/01/29 10/19 at 100.00   BBB+   977,364  
  1,030   6.250%, 10/01/39 10/19 at 100.00   BBB+   1,121,835  
  2,250   California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 11/20 at 100.00   A+   2,465,573  
  1,050   California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   1,136,604  
  1,000   California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47 8/17 at 100.00   Baa2   1,008,440  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  2,640   5.750%, 7/01/30 (6) 7/17 at 100.00   CCC   2,554,570  
  7,230   5.500%, 7/01/39 (6) 7/17 at 100.00   CCC   6,503,457  

 

NUVEEN
19


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 6,025   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4) $ 6,790,778  
  6,550   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (4)   6,924,333  
  4,890   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 0.000%, 8/01/26 – NPFG Insured No Opt. Call   A3   3,777,867  
  1,000   Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 0.000%, 8/01/30 – FGIC Insured No Opt. Call   A2   635,260  
  5,000   Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2007A, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured 8/17 at 100.00   AA (4)   5,053,550  
  5,045   Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Capital Appreciation Series 2011A, 0.000%, 11/01/27 11/21 at 61.42   BBB+   2,583,141  
  1,260   Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 12/21 at 100.00   A+   1,527,485  
  5,000   Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured 8/17 at 100.00   AA (4)   5,055,000  
  2,000   Dublin Unified School District, Alameda County, California, General Obligation Bonds, Series 2007C, 0.000%, 8/01/31 – NPFG Insured 8/17 at 49.41   AA   985,440  
  4,000   East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44 6/24 at 100.00   Aa1   4,567,880  
  3,010   El Camino Community College District, California, General Obligation Bonds, Election of 2002 Series 2012C, 0.000%, 8/01/25 8/22 at 100.00   AA   2,464,046  
  3,500   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   1,753,500  
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
  1,480   5.750%, 1/15/46 1/24 at 100.00   Ba1   1,696,391  
  6,480   6.000%, 1/15/49 1/24 at 100.00   Ba1   7,444,354  
  1,500   Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 8/21 at 100.00   AA–   1,720,380  
  9,930   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 6/25 at 100.00   A+   10,993,600  
      Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:            
  3,455   0.000%, 6/01/24 – AMBAC Insured No Opt. Call   A+   2,837,350  
  3,500   0.000%, 6/01/26 – AGM Insured No Opt. Call   A1   2,696,785  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  25,825   5.000%, 6/01/33 6/17 at 100.00   B+   25,967,036  
  2,825   5.750%, 6/01/47 6/17 at 100.00   B3   2,831,582  
  8,110   5.125%, 6/01/47 6/17 at 100.00   B–   8,109,432  
  175   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4)   175,786  
  495   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (4)   496,658  
  2,500   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   1,439,625  
  9,740   Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) No Opt. Call   AA+ (4)   11,466,023  
  5,000   Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured No Opt. Call   AA   4,205,300  
  1,045   Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/31 – NPFG Insured No Opt. Call   A–   623,928  

 

20
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 90   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax) 5/26 at 100.00   A1 $ 100,538  
      Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:            
  2,000   5.000%, 5/15/41 (Alternative Minimum Tax) 5/26 at 100.00   A1   2,245,740  
  20,015   5.000%, 5/15/46 (Alternative Minimum Tax) 5/26 at 100.00   AA–   22,227,256  
  2,665   Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014B, 5.000%, 7/01/43 1/24 at 100.00   AA–   3,002,309  
  15,000   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 1/21 at 100.00   Aa2   16,687,800  
  2,000   Los Rios Community College District, Sacramento County, California, General Obligation Bonds, Series 2009D, 5.375%, 8/01/34 (Pre-refunded 8/01/19) 8/19 at 100.00   AA– (4)   2,196,280  
  250   Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.000%, 9/01/31 9/21 at 100.00   A–   298,960  
  500   Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 3/20 at 100.00   A1   539,120  
  6,215   Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2011, 5.875%, 8/01/31 8/24 at 100.00   AA   7,682,859  
  5,955   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   4,408,129  
  2,700   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 No Opt. Call   BBB+   3,797,415  
  2,200   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 No Opt. Call   BBB+   3,064,160  
  580   Natomas Union School District, Sacramento County, California, General Obligation Refunding Bonds, Series 1999, 5.950%, 9/01/21 – NPFG Insured No Opt. Call   A3   629,967  
  15,770   Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured No Opt. Call   AA–   18,933,775  
  3,615   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Ba1 (4)   4,126,667  
  1,410   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 5.250%, 11/01/21 11/20 at 100.00   Ba1   1,487,846  
  1,365   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/21 – NPFG Insured No Opt. Call   A2   1,258,940  
  2,000   Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33 (Pre-refunded 2/01/18) 2/18 at 100.00   AA (4)   2,062,640  
  6,195   Peralta Community College District, Alameda County, California, General Obligation Bonds, Series 2007B, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured (UB) (5) 8/17 at 100.00   Aa3 (4)   6,262,278  
  13,145   Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988B, 8.200%, 9/01/23 (ETM) No Opt. Call   AA+ (4)   17,838,554  
  2,500   Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 5.500%, 5/01/32 5/21 at 100.00   A1   2,849,950  
  6,000   Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured (ETM) No Opt. Call   A2 (4)   3,658,080  
  9,900   Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM) No Opt. Call   AA+ (4)   11,770,603  
  2,000   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/41 No Opt. Call   AA–   721,740  
  5,000   Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/41 – AGM Insured (7) 8/36 at 100.00   A1   4,461,450  
  5,000   Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/25 – NPFG Insured No Opt. Call   A1   4,032,950  

 

NUVEEN
21


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 4,615   Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 0.000%, 10/01/38 No Opt. Call   A $ 1,769,391  
  330   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/48 6/23 at 100.00   BBB–   369,597  
  9,900   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax) 5/26 at 100.00   A+   10,998,502  
  660   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 8/19 at 100.00   A– (4)   740,843  
  2,000   San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013C, 0.000%, 8/01/43 8/22 at 29.31   N/R   474,160  
  7,660   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/24 (ETM) No Opt. Call   AA+ (4)   6,747,158  
  2,000   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 1/25 at 100.00   BB+   2,165,240  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  15,350   5.000%, 1/15/44 1/25 at 100.00   BBB–   16,763,735  
  25,840   5.000%, 1/15/50 1/25 at 100.00   BBB–   28,138,210  
      San Jose, California, Airport Revenue Bonds, Refunding Series 2017A:            
  5,000   5.000%, 3/01/41 (Alternative Minimum Tax) 3/27 at 100.00   A–   5,606,400  
  5,000   5.000%, 3/01/47 (Alternative Minimum Tax) 3/27 at 100.00   A–   5,579,950  
  6,660   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/43 No Opt. Call   A1   1,860,471  
  880   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 2/21 at 100.00   A (4)   1,065,117  
  2,460   Santee School District, San Diego County, California, General Obligation Bonds, Capital Appreciation, Election 2006, Series 2008D, 0.000%, 8/01/33 – AGC Insured No Opt. Call   AA   1,317,035  
  5,000   Solano Community College District, Solano and Yolo Counties, California, General Obligation Bonds, Election 2012 Series 2013A, 5.000%, 8/01/43 8/23 at 100.00   Aa3   5,627,250  
  1,145   Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2006C, 0.000%, 11/01/30 – AGM Insured No Opt. Call   A2   711,034  
  1,175   Southern Kern Unified School District, Kern County, California, General Obligation Bonds, Series 2010B, 0.000%, 11/01/35 – AGM Insured No Opt. Call   A1   565,551  
      Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011:            
  1,000   6.375%, 12/01/23 12/21 at 100.00   A+   1,189,780  
  1,000   6.500%, 12/01/24 12/21 at 100.00   A+   1,195,240  
  1,000   6.625%, 12/01/25 12/21 at 100.00   A+   1,197,290  
  1,325   6.750%, 12/01/26 12/21 at 100.00   A+   1,593,631  
  80   Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.000%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax) 7/17 at 100.00   N/R   80,087  
  2,410   Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured No Opt. Call   AA–   1,868,690  
  2,000   West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 8/01/41 8/21 at 100.00   A+   2,227,900  
  3,750   Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2011B, 0.000%, 8/01/36 – AGM Insured (7) 8/31 at 100.00   Aa3   3,045,488  
  3,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2007B, 0.000%, 8/01/33 (Pre-refunded 8/01/17) – AMBAC Insured 8/17 at 45.45   A+ (4)   1,360,080  
  4,000   Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 8/21 at 100.00   Aa2   4,508,400  
  544,455   Total California         547,503,835  

 

22
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado – 7.7% (5.0% of Total Investments)            
$ 1,125   Antelope Heights Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.000%, 12/01/37 – RAAI Insured 12/17 at 100.00   A3 $ 1,126,080  
  3,000   Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/35 – BAM Insured 12/25 at 100.00   A3   3,303,270  
  4,195   Boulder Larimer & Weld Counties School District RE-1J Saint Vrain Valley, Colorado, General Obligation Bonds, Series 2016C, 4.000%, 12/15/34 12/26 at 100.00   AA   4,489,111  
  1,000   Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 7/18 at 100.00   N/R   1,003,640  
  1,775   Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/29 12/22 at 103.00   N/R   1,900,155  
  2,945   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus Project, Series 2013, 7.350%, 8/01/43 8/23 at 100.00   BB   3,392,552  
  1,715   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 8/26 at 100.00   A   1,560,479  
  500   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Liberty Common Charter School, Series 2014A, 5.000%, 1/15/44 1/24 at 100.00   A   531,880  
  1,000   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak Charter School, Refunding Series 2014, 5.000%, 8/15/30 8/24 at 100.00   A   1,098,350  
  3,915   Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 3.250%, 6/01/46 6/26 at 100.00   A   3,338,242  
  1,250   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2012A, 4.500%, 9/01/22 No Opt. Call   A+   1,420,213  
  545   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University Corporation for Atmospheric Research Project, Refunding Series 2017, 3.625%, 9/01/31 9/27 at 100.00   A2   550,739  
  1,465   Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39 8/19 at 100.00   N/R   1,535,818  
  6,910   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.500%, 7/01/34 7/19 at 100.00   BBB+   7,180,457  
  2,300   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   2,354,372  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A:            
  3,020   5.250%, 1/01/40 1/23 at 100.00   BBB+   3,159,826  
  4,890   5.250%, 1/01/45 1/23 at 100.00   BBB+   5,106,431  
  4,600   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 1/24 at 102.00   N/R   4,752,030  
      Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013A:            
  2,670   5.000%, 6/01/28 6/25 at 100.00   Baa2   2,923,436  
  2,395   5.000%, 6/01/40 6/25 at 100.00   Baa2   2,508,451  
  220   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   Baa2   232,929  
  665   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/47 5/27 at 100.00   BB+   695,796  
  2,240   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005B, 5.250%, 3/01/36 – AGM Insured 9/18 at 102.00   Aa3   2,362,797  
  1,150   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured 9/18 at 102.00   Aa3   1,211,468  
  9,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   9,616,950  
  625   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-Term Care National Obligated Group Project, Series 2010A, 6.000%, 11/15/30 (Pre-refunded 11/15/20) 11/20 at 100.00   N/R (4)   726,094  

 

NUVEEN
23


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 735   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28 5/18 at 100.00   A– $ 761,269  
  1,545   Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/29 7/17 at 100.00   Baa2   1,548,507  
  1,000   Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax) No Opt. Call   A–   1,051,240  
  2,000   Colorado Mesa University, Colorado, Enterprise Revenue Bonds, Series 2012B, 4.250%, 5/15/37 5/21 at 100.00   Aa2   2,076,020  
  3,000   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2014, 5.000%, 8/01/44 – AGM Insured 8/24 at 100.00   A2   3,318,480  
  3,250   Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016, 5.000%, 8/01/46 – AGM Insured 8/26 at 100.00   A2   3,637,953  
  2,000   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 11/22 at 100.00   A+   2,276,360  
  1,000   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013A, 5.250%, 11/15/43 (Alternative Minimum Tax) 11/23 at 100.00   A   1,096,680  
  4,515   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   4,991,558  
  1,820   Denver City and County, Colorado, Dedicated Tax Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 8/01/46 8/26 at 100.00   AA–   1,873,908  
      Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:            
  2,955   5.000%, 12/01/28 12/26 at 100.00   BBB–   3,400,230  
  2,000   5.000%, 12/01/29 12/26 at 100.00   BBB–   2,280,180  
  2,200   5.000%, 12/01/35 12/26 at 100.00   BBB–   2,430,956  
  1,605   5.000%, 12/01/40 12/26 at 100.00   BBB–   1,762,611  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 2010A:            
  385   0.000%, 9/01/35 No Opt. Call   BBB+   176,638  
  150   0.000%, 9/01/37 No Opt. Call   BBB+   61,716  
  75   0.000%, 9/01/38 No Opt. Call   BBB+   29,242  
  20   0.000%, 9/01/39 No Opt. Call   BBB+   7,380  
  110   0.000%, 9/01/41 No Opt. Call   BBB+   36,599  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:            
  1,420   0.000%, 9/01/23 – NPFG Insured No Opt. Call   BBB+   1,182,888  
  18,380   0.000%, 9/01/25 – NPFG Insured No Opt. Call   AA–   14,017,137  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  1,045   0.000%, 9/01/29 – NPFG Insured No Opt. Call   BBB+   663,732  
  2,175   0.000%, 9/01/30 – NPFG Insured No Opt. Call   BBB+   1,315,397  
  25,050   0.000%, 9/01/31 – NPFG Insured No Opt. Call   BBB+   14,466,876  
  23,305   0.000%, 9/01/32 – NPFG Insured No Opt. Call   AA–   12,837,091  
  100   0.000%, 9/01/33 – NPFG Insured No Opt. Call   BBB+   52,476  
  12,500   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%, 9/01/38 – NPFG Insured 9/26 at 54.77   BBB+   4,599,000  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  385   0.000%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   257,107  
  60,000   0.000%, 3/01/36 – NPFG Insured No Opt. Call   BBB+   27,595,200  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:            
  345   0.000%, 9/01/28 – NPFG Insured 9/20 at 63.98   BBB+   197,326  
  13,000   0.000%, 9/01/34 – NPFG Insured 9/20 at 45.40   BBB+   5,144,620  
  14,500   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72   BBB+   5,250,450  
  500   Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 5.500%, 5/01/22 (Alternative Minimum Tax) 5/21 at 100.00   Baa2   532,800  
  5,000   Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured 12/17 at 100.00   A3 (4)   5,132,400  

 

24
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 1,860   Metropolitan State University of Denver, Colorado, Institutional Enterprise Revenue Bonds, Aerospace and Engineering Sciences Building Project, Series 2016, 4.000%, 12/01/40 12/25 at 100.00   Aa2 $ 1,908,974  
      Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Series 2016:            
  1,565   5.000%, 12/01/36 12/26 at 100.00   Baa3   1,661,889  
  2,100   5.000%, 12/01/46 12/26 at 100.00   Baa3   2,209,410  
  3,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2009, 6.250%, 12/01/30 (Pre-refunded 12/01/19) – AGC Insured 12/19 at 100.00   AA (4)   3,388,830  
  6,705   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   N/R   7,180,652  
  5,715   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (4)   6,685,693  
  700   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 No Opt. Call   BBB+   963,613  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  2,500   6.500%, 1/15/30 7/20 at 100.00   Baa3   2,809,750  
  3,115   6.000%, 1/15/34 7/20 at 100.00   Baa3   3,450,859  
  2,615   6.000%, 1/15/41 7/20 at 100.00   Baa3   2,889,444  
  1,000   Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, Limited Tax Series 2016A, 5.500%, 12/01/46 12/21 at 103.00   N/R   1,009,340  
      Traditions Metropolitan District 2, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2016:            
  1,050   5.000%, 12/01/32 – BAM Insured 12/26 at 100.00   Baa2   1,183,739  
  1,000   4.125%, 12/01/37 – BAM Insured 12/26 at 100.00   Baa2   1,027,510  
  2,000   Vista Ridge Metropolitan District, In the Town of Erie, Weld County, Colorado, General Obligation Refunding Bonds, Series 2016A, 4.000%, 12/01/36 – BAM Insured 12/26 at 100.00   Baa1   2,012,640  
  1,775   Waterview I Metropolitan District, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/41 12/26 at 100.00   A–   1,970,428  
  309,885   Total Colorado         234,496,364  
      Connecticut – 0.4% (0.3% of Total Investments)            
  3,430   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H, 5.000%, 7/01/24 – AGM Insured 7/22 at 100.00   A2   3,865,919  
      Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Tender Option Bond Trust 2016-XG0059:            
  1,295   14.528%, 1/01/32 (IF) (5) 1/23 at 100.00   A+   1,878,592  
  190   14.403%, 1/01/38 (IF) (5) 1/23 at 100.00   A+   266,521  
  2,500   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 4/20 at 100.00   N/R   2,792,000  
  3,565   Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 4.000%, 4/01/39 4/22 at 100.00   AA   3,675,872  
  4,480   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 0.240%, 7/01/31, PIK, (8) No Opt. Call   N/R   173,810  
  15,460   Total Connecticut         12,652,714  
      Delaware – 0.3% (0.2% of Total Investments)            
  7,255   Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 6/25 at 100.00   A1   7,861,591  
      District of Columbia – 2.3% (1.5% of Total Investments)            
  1,440   District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax) 6/17 at 100.00   AA+   1,443,874  
  5,140   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2001, 6.500%, 5/15/33 No Opt. Call   BBB   5,799,102  

 

NUVEEN
25


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      District of Columbia (continued)            
$ 21,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 7/17 at 100.00   N/R $ 2,943,780  
  23,745   District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Series 1998, 5.500%, 10/01/23 – AGM Insured (UB) No Opt. Call   AA   27,624,933  
      District of Columbia, General Obligation Bonds, Series 1998B:            
  5,000   6.000%, 6/01/19 – NPFG Insured No Opt. Call   AA   5,510,450  
  9,505   6.000%, 6/01/20 – NPFG Insured No Opt. Call   AA   10,876,667  
  16,400   Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 7/17 at 100.00   AA+   16,443,622  
  82,230   Total District of Columbia         70,642,428  
      Florida – 8.8% (5.7% of Total Investments)            
  1,480   Atlantic Beach, Florida, Healthcare Facilities Revenue Refunding Bonds, Fleet Landing Project, Series 2013A, 5.000%, 11/15/37 11/23 at 100.00   BBB   1,565,352  
      Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A:            
  450   5.000%, 9/01/45 9/23 at 100.00   BBB–   453,375  
  875   5.000%, 9/01/48 9/23 at 100.00   BBB–   880,609  
  1,000   Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   A (4)   1,113,490  
  7,500   Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45 (Alternative Minimum Tax) 10/25 at 100.00   A+   8,228,475  
  4,315   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured 10/21 at 100.00   A   4,828,010  
  100   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2012A, 6.125%, 6/15/43 6/22 at 100.00   N/R   106,610  
  4,165   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University Project, Refunding Series 2012A, 5.000%, 4/01/32 4/22 at 100.00   Baa1   4,455,009  
  1,150   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 4/21 at 100.00   Baa1   1,318,268  
  2,000   Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax) 10/21 at 100.00   Aa3   2,274,880  
  3,175   Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series 2010B, 5.000%, 7/01/40 7/20 at 101.00   AA   3,519,202  
  2,500   Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 10/19 at 100.00   AA– (4)   2,734,225  
  3,890   Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, Series 2016A, 5.000%, 10/01/40 (Alternative Minimum Tax) 10/26 at 100.00   AA–   4,348,281  
  6,020   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Senior Lien Series 2015A, 5.000%, 10/01/44 (Alternative Minimum Tax) 10/24 at 100.00   A+   6,548,315  
  10,305   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Series 2015A, 5.000%, 10/01/44 10/24 at 100.00   A–   11,244,402  
  2,290   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 10/24 at 100.00   A+   2,554,037  
  8,000   JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39 4/20 at 100.00   Aa2   8,734,560  
  5,075   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/35 11/24 at 100.00   A2   5,561,896  
  2,605   Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17) 10/17 at 100.00   BBB+ (4)   2,651,135  
  1,500   Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 2013, 3.950%, 12/15/21 (Alternative Minimum Tax) 6/20 at 100.00   BB+   1,539,480  

 

26
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 9,820   Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 2/24 at 100.00   A1 $ 10,842,164  
  2,000   Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017, 5.125%, 7/01/46 7/27 at 100.00   BBB   2,109,380  
  2,930   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2012A, 5.000%, 4/01/42 4/23 at 100.00   A–   3,168,150  
  8,070   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 4/25 at 100.00   A–   8,796,300  
  1,500   Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Nicklaus Children’s Hospital, Refunding Series 2017, 5.000%, 8/01/42 8/27 at 100.00   A+   1,670,535  
  13,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport Hub, Series 2007B, 4.500%, 10/01/31 (Pre-refunded 10/01/17) – NPFG Insured 10/17 at 100.00   A2 (4)   13,202,150  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax) 10/22 at 100.00   A   1,113,590  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00   A   1,117,400  
  4,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36 (Pre-refunded 10/01/19) 10/19 at 100.00   A (4)   4,419,440  
      Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B:            
  4,000   5.000%, 10/01/28 10/20 at 100.00   A   4,457,120  
  7,890   5.000%, 10/01/41 10/20 at 100.00   A   8,547,632  
  5,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2014A, 5.000%, 10/01/35 (Alternative Minimum Tax) 10/24 at 100.00   A   5,552,100  
  3,410   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/38 (Alternative Minimum Tax) 10/25 at 100.00   A   3,793,489  
  2,865   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   3,155,883  
      Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:            
  3,000   5.000%, 7/01/42 7/22 at 100.00   A1   3,335,310  
  2,050   5.000%, 7/01/42 – AGM Insured 7/22 at 100.00   A1   2,279,129  
  1,000   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured 10/20 at 100.00   A+   1,103,180  
  12,370   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   Aa3   13,717,462  
  4,000   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 10/20 at 100.00   A2   4,389,640  
  3,000   Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, Development Unit 46B, Series 2007A, 5.350%, 8/01/41 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (4)   3,034,500  
  2,200   Okeechobee County, Florida, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004A, 1.550%, 7/01/39 (Mandatory put 7/01/21) No Opt. Call   A–   2,174,810  
  1,665   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 10/19 at 100.00   A   1,810,688  
  115   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R   135,103  
  1,300   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, The Waterford Project, Series 2007, 5.875%, 11/15/37 (Pre-refunded 11/15/17) 11/17 at 100.00   A (4)   1,335,672  
  4,635   Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond Series 2014B, 5.000%, 9/01/43 9/24 at 100.00   AA–   5,148,002  
  9,250   Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (4)   9,317,710  

 

NUVEEN
27


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
      South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007:            
$ 1,000   5.000%, 8/15/42 8/17 at 100.00   AA– $ 1,006,670  
  12,805   5.000%, 8/15/42 (UB) (5) 8/17 at 100.00   Aa3   12,890,410  
      South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Refunding Series 2007:            
  22,000   5.000%, 8/15/37 (UB) 8/17 at 100.00   Aa3   22,157,960  
  7,370   5.000%, 8/15/42 (UB) (5) 8/17 at 100.00   Aa3   7,419,158  
  2,500   South Miami Health Facilities Authority, Florida, Revenue Bonds, Baptist Health Systems of South Florida, Tender Option Bond Trust 11151, 15.726%, 8/15/42 (IF) 8/17 at 100.00   Aa3   2,566,700  
  705   Southeast Overtown/Park West Community Redevelopment Agency, Florida, Tax Increment Revenue Bonds, Series 2014A-1, 5.000%, 3/01/30 3/24 at 100.00   BBB+   763,092  
  1,500   Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central Florida Health Alliance Projects, Series 2014A, 5.250%, 7/01/44 1/24 at 100.00   A–   1,610,625  
  700   Tampa, Florida, Cigarette Tax Allocation Bonds, H. Lee Moffitt Cancer Center Project, Refunding & Capital Improvement Series 2012A, 5.000%, 9/01/29 9/22 at 100.00   A+   787,094  
  14,610   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 7/22 at 100.00   A   16,199,860  
  65   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 5/17 at 100.00   N/R   60,449  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (7) 5/19 at 100.00   N/R   116,468  
  85   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (7) 5/22 at 100.00   N/R   37,572  
  120   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (8) 5/18 at 100.00   N/R   1  
  10   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   10,054  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40 5/17 at 100.00   N/R   195,020  
  290   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 5/18 at 100.00   N/R   178,475  
  180   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (8) 5/18 at 100.00   N/R   93,427  
  195   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (8) 5/18 at 100.00   N/R   2  
  1,060   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 5/17 at 100.00   N/R   1,053,587  
  6,510   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 6/25 at 100.00   A–   7,173,434  
  251,560   Total Florida         268,706,208  
      Georgia – 1.9% (1.2% of Total Investments)            
  1,820   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 7/25 at 100.00   A+   2,085,028  
  835   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 (Pre-refunded 1/01/19) 1/19 at 100.00   A2 (4)   917,465  
  1,510   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured 11/19 at 100.00   A+   1,660,849  
      Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:            
  3,065   5.000%, 11/01/31 5/25 at 100.00   A+   3,603,398  
  5,000   5.000%, 11/01/32 5/25 at 100.00   A+   5,846,750  

 

28
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 5,000   Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real Estate Foundation LLC Project, Senior Series 2007A, 5.250%, 7/15/38 (Pre-refunded 7/15/17) – AMBAC Insured 7/17 at 100.00   N/R (4) $ 5,046,550  
  2,000   Dalton Development Authority, Georgia, Revenue Certificates, Hamilton Health Care System Inc., Series 1996, 5.500%, 8/15/26 – NPFG Insured No Opt. Call   A3   2,321,140  
  590   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 2/20 at 100.00   A   633,353  
  1,910   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,098,078  
  710   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 2/20 at 100.00   AA–   760,417  
  2,290   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/37 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (4)   2,531,137  
  10,260   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A+   11,101,113  
  1,000   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/20 No Opt. Call   BBB+   1,079,170  
  3,035   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA (4)   3,248,239  
  1,550   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20 – AMBAC Insured No Opt. Call   Aa1   1,677,441  
  3,265   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B, 5.000%, 7/01/41 7/26 at 100.00   AA–   3,740,123  
  5,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   AA   5,731,550  
  1,220   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.250%, 10/01/27 10/21 at 100.00   Baa2   1,342,488  
  1,425   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   AA–   1,542,862  
  51,485   Total Georgia         56,967,151  
      Guam – 0.1% (0.1% of Total Investments)            
  765   Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31 1/22 at 100.00   A   799,609  
  1,770   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 7/20 at 100.00   BBB–   1,876,536  
  1,220   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   1,339,462  
  3,755   Total Guam         4,015,607  
      Hawaii – 0.9% (0.6% of Total Investments)            
  13,000   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2013A, 5.500%, 7/01/43 7/23 at 100.00   A+   14,623,960  
  11,205   Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative Minimum Tax) 7/25 at 100.00   A   12,331,887  
  24,205   Total Hawaii         26,955,847  
      Idaho – 0.4% (0.3% of Total Investments)            
  6,560   Idaho Health Facilities Authority, Hospital Revenue Bonds, CHE Trinity Health Group, Series 2017ID, 5.000%, 12/01/46 6/27 at 100.00   AA–   7,319,386  
      Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding Series 2016:            
  1,795   5.000%, 9/01/23 No Opt. Call   BB+   1,961,271  
  1,000   5.000%, 9/01/29 9/26 at 100.00   BB+   1,088,240  

 

NUVEEN
29


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Idaho (continued)            
      Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights Mitigation Series 2012A:            
$ 1,155   4.750%, 9/01/26 9/22 at 100.00   A3 $ 1,259,193  
  310   5.000%, 9/01/32 9/22 at 100.00   A3   334,816  
  10,820   Total Idaho         11,962,906  
      Illinois – 19.3% (12.5% of Total Investments)            
  3,000   Bensenville, Illinois, General Obligation Bonds, Series 2011A, 5.000%, 12/15/30 – AGM Insured 12/21 at 100.00   AA   3,218,670  
  6,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   6,208,260  
  1,470   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   B3   1,189,524  
  9,250   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   8,953,444  
  2,400   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   2,229,672  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:            
  10,000   0.000%, 12/01/20 – FGIC Insured No Opt. Call   B+   8,960,300  
  10,130   0.000%, 12/01/24 – FGIC Insured No Opt. Call   B+   7,572,783  
  7,140   0.000%, 12/01/25 – FGIC Insured No Opt. Call   B+   5,045,767  
  4,325   0.000%, 12/01/29 – FGIC Insured No Opt. Call   B+   2,420,962  
  4,235   0.000%, 12/01/31 – FGIC Insured No Opt. Call   B+   2,111,359  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
  15,000   0.000%, 12/01/21 – FGIC Insured No Opt. Call   B+   12,909,600  
  10,000   0.000%, 12/01/23 – FGIC Insured No Opt. Call   B+   7,863,700  
  8,845   5.500%, 12/01/26 – FGIC Insured No Opt. Call   B+   9,570,467  
  7,900   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A1   8,436,568  
  2,150   Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, Fullerton/Milwaukee Redevelopment Project, Series 2011A, 6.830%, 3/15/24 7/17 at 100.00   Ba3   2,156,202  
      Chicago, Illinois, FHA/GNMA Multifamily Housing Revenue Bonds, Archer Court Apartments, Series 1999A:            
  210   5.500%, 12/20/19 (Alternative Minimum Tax) 10/17 at 100.00   AA–   210,582  
  1,210   5.600%, 12/20/29 (Alternative Minimum Tax) 10/17 at 100.00   AA–   1,211,912  
  1,925   5.650%, 12/20/40 (Alternative Minimum Tax) 10/17 at 100.00   AA–   1,927,175  
  2,245   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax) 1/25 at 100.00   A   2,411,938  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  4,115   0.000%, 1/01/33 – FGIC Insured No Opt. Call   BBB–   1,968,451  
  29,600   0.000%, 1/01/38 – FGIC Insured No Opt. Call   BBB–   10,814,064  
  7,040   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   7,376,090  
  3,880   Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 7/17 at 100.00   BBB–   3,890,127  
  22,750   Chicago, Illinois, General Obligation Refunding Bonds, Emergency Telephone System, Series 1999, 5.500%, 1/01/23 – FGIC Insured No Opt. Call   AA–   24,729,476  
  6,280   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 1/22 at 100.00   Ba1   6,400,074  
  6,410   Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2001A, 5.500%, 1/01/30 – NPFG Insured No Opt. Call   A3   7,438,485  
  1,500   Chicago, Illinois, Water Revenue Bonds, Senior Lien Series 2001, 5.750%, 11/01/30 – AMBAC Insured No Opt. Call   Baa2   1,747,995  
  13,310   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 11/20 at 100.00   A2   14,126,036  

 

30
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002:            
$ 2,785   5.500%, 11/01/36 11/23 at 100.00   A $ 3,048,990  
  700   4.500%, 11/01/36 11/24 at 100.00   A   723,422  
  5,000   4.450%, 11/01/36 11/25 at 102.00   A   5,195,850  
  410   Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont School Project, Series 2015A, 6.000%, 12/01/45 12/25 at 100.00   N/R   411,451  
  13,955   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%, 5/01/45 (UB) (5) 5/25 at 100.00   Aa2   15,334,312  
  2,000   Illinois Finance Authority, Revenue Bonds, Art Institute of Chicago, Series 2016, 4.000%, 3/01/38 3/26 at 100.00   A1   2,035,740  
  4,985   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/32 9/22 at 100.00   BBB   5,278,916  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  4,750   5.000%, 9/01/39 9/24 at 100.00   BBB   4,954,108  
  6,000   5.000%, 9/01/42 9/24 at 100.00   BBB   6,223,440  
  4,125   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 11/19 at 100.00   Aa2   4,523,269  
  4,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB) 8/18 at 100.00   AA–   4,157,880  
  2,120   Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured 2/18 at 100.00   A (4)   2,193,394  
  3,875   Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 1/01/37 (Pre-refunded 1/01/18) 1/18 at 100.00   A (4)   3,997,876  
      Illinois Finance Authority, Revenue Bonds, Northwest Community Hospital, Refunding Series 2016A:            
  11,520   4.000%, 7/01/37 7/26 at 100.00   A+   11,440,625  
  6,140   4.000%, 7/01/38 7/26 at 100.00   A2   6,079,091  
  280   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   308,319  
  615   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   700,836  
  1,925   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) 11/17 at 100.00   A (4)   1,976,937  
  10,745   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 11/25 at 100.00   A   11,645,646  
  12,125   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 5/20 at 100.00   AA–   12,888,024  
  2,500   Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 5.000%, 2/15/33 2/27 at 100.00   BBB–   2,677,800  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  50   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   57,450  
  4,995   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   BBB– (4)   5,739,255  
      Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A:            
  415   5.500%, 7/01/28 7/23 at 100.00   A–   474,831  
  390   6.000%, 7/01/43 7/23 at 100.00   A–   446,495  
  100   Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   110,318  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:            
  90   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   99,131  
  2,810   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   BBB– (4)   3,099,936  

 

NUVEEN
31


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:            
$ 65   5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   A2 (4) $ 67,800  
  1,735   5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   A2 (4)   1,808,980  
  1,000   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Refunding Series 2006B, 5.250%, 11/01/35 (Pre-refunded 11/01/18) – NPFG Insured 11/18 at 100.00   AA– (4)   1,064,450  
  1,120   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 5/19 at 100.00   Aaa   1,243,334  
  4,250   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015B, 5.000%, 11/15/39 5/25 at 100.00   A+   4,609,890  
  4,975   Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (4)   5,033,606  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:            
  4,000   6.000%, 8/15/23 8/18 at 100.00   BBB+   4,201,600  
  5,000   5.500%, 8/15/30 8/18 at 100.00   BBB+   5,157,500  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:            
  560   5.000%, 8/15/35 8/25 at 100.00   Baa1   605,752  
  3,745   5.000%, 8/15/44 8/25 at 100.00   Baa1   3,955,544  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:            
  2,000   6.875%, 8/15/38 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   2,260,160  
  3,000   7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (4)   3,398,370  
  1,000   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 3/20 at 100.00   A2   1,078,570  
  930   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 8/20 at 100.00   AA–   1,013,291  
  470   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2009B, 5.000%, 8/15/26 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4)   527,688  
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 2/21 at 100.00   Aa3 (4)   2,891,025  
  500   Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26 7/17 at 100.00   N/R   500,595  
  3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Refunding Series 2015A, 5.000%, 10/01/46 10/25 at 100.00   AA–   3,345,810  
  1,225   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2007, 5.000%, 7/01/19 (Pre-refunded 7/01/17) 7/17 at 100.00   AA– (4)   1,234,053  
  11,140   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA+   12,000,340  
  5,900   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 5/17 at 100.00   Baa3   5,906,372  
  2,000   Illinois Health Facilities Authority, Revenue Bonds, Midwest Care Center I Inc., Series 2001, 5.950%, 2/20/36 8/17 at 100.00   Aa1   2,007,640  
  1,830   Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 6/15/32 – AGM Insured 6/24 at 100.00   BBB–   2,000,282  
      Illinois State, General Obligation Bonds, February Series 2014:            
  3,500   5.250%, 2/01/30 2/24 at 100.00   BBB   3,615,885  
  4,000   5.250%, 2/01/31 2/24 at 100.00   BBB   4,111,840  
  3,200   5.250%, 2/01/32 2/24 at 100.00   BBB   3,276,480  
  2,000   5.250%, 2/01/33 2/24 at 100.00   BBB   2,039,700  
  1,575   5.250%, 2/01/34 2/24 at 100.00   BBB   1,602,641  
  2,000   5.000%, 2/01/39 2/24 at 100.00   BBB   2,002,120  
  8,250   Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 1/26 at 100.00   BBB   8,347,845  

 

32
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 4,225   Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/37 6/26 at 100.00   BBB $ 3,683,397  
  450   Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 5/24 at 100.00   BBB   450,527  
  1,500   Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/37 11/26 at 100.00   BBB   1,503,375  
      Illinois State, General Obligation Bonds, October Series 2016:            
  3,790   5.000%, 2/01/26 No Opt. Call   BBB   3,971,768  
  3,510   5.000%, 2/01/28 2/27 at 100.00   BBB   3,651,313  
  2,375   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 8/22 at 100.00   BBB   2,461,593  
      Illinois State, General Obligation Bonds, Series 2013:            
  2,500   5.250%, 7/01/31 7/23 at 100.00   BBB   2,564,700  
  1,520   5.500%, 7/01/38 7/23 at 100.00   BBB   1,577,821  
  1,430   Illinois State, Sales Tax Revenue Bonds, Build Illinois Series 2011, 3.750%, 6/15/25 6/21 at 100.00   AA+   1,500,857  
  1,395   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   1,541,838  
  4,685   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   5,205,269  
  4,435   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 1/26 at 100.00   AA–   4,942,852  
  1,815   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) 1/23 at 100.00   Aa3   2,579,714  
  1,875   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0052, 15.417%, 1/01/38 (IF) 1/23 at 100.00   Aa3   2,664,450  
  2,000   Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, Series 2006, 0.000%, 12/01/21 – NPFG Insured No Opt. Call   Aa3   1,786,380  
  3,000   Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) 7/17 at 100.00   N/R   1,314,240  
      Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:            
  850   5.250%, 1/01/25 (10) 7/17 at 100.00   D   247,843  
  2,750   5.250%, 1/01/30 (10) 7/17 at 100.00   D   801,845  
  1,510   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured 1/21 at 100.00   A2   1,627,871  
  1,525   McCook, Illinois, General Obligation Bonds, Series 2008, 5.200%, 12/01/30 12/18 at 100.00   A–   1,601,372  
  9,000   McHenry County Community Unit School District 200, Woodstock, Illinois, General Obligation Bonds, Series 2006B, 0.000%, 1/15/23 – FGIC Insured No Opt. Call   Aa2   7,782,840  
  1,890   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2015B, 5.000%, 6/15/52 12/25 at 100.00   BBB–   1,880,682  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 12/25 at 100.00   BBB–   5,272,950  
  10,050   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 6/20 at 100.00   BBB–   10,275,020  
  1,050   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 6/20 at 100.00   BBB–   1,095,003  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:            
  6,015   0.000%, 12/15/21 – NPFG Insured No Opt. Call   BBB–   5,260,118  
  12,250   0.000%, 12/15/22 – NPFG Insured No Opt. Call   BBB–   10,302,495  
  23,575   0.000%, 12/15/23 – NPFG Insured No Opt. Call   BBB–   19,051,193  
  10,775   0.000%, 12/15/24 – NPFG Insured No Opt. Call   BBB–   8,331,338  
  2,685   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 6/20 at 100.00   BBB–   2,688,678  

 

NUVEEN
33


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
$ 6,765   0.000%, 12/15/23 – NPFG Insured No Opt. Call   BBB– $ 5,466,864  
  5,000   0.000%, 12/15/34 – NPFG Insured No Opt. Call   BBB–   2,240,650  
  1,100   0.000%, 12/15/35 – NPFG Insured No Opt. Call   BBB–   465,036  
  3,805   0.000%, 6/15/41 – NPFG Insured No Opt. Call   BBB–   1,198,575  
  3,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM) No Opt. Call   AA+ (4)   3,812,370  
      Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010:            
  1,550   5.250%, 6/01/21 No Opt. Call   A   1,768,767  
  4,000   6.250%, 6/01/24 7/17 at 100.00   A   4,014,720  
  800   6.000%, 6/01/28 6/21 at 100.00   A–   911,080  
      Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999:            
  22,650   5.750%, 6/01/19 – AGM Insured No Opt. Call   Aa3   24,754,865  
  3,500   5.750%, 6/01/23 – AGM Insured No Opt. Call   Aa3   4,151,735  
  2,395   Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/22 – AGM Insured No Opt. Call   AA   2,060,898  
      Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:            
  2,250   5.000%, 3/01/29 3/25 at 100.00   A3   2,556,990  
  3,505   5.000%, 3/01/40 – AGM Insured 3/25 at 100.00   A2   3,862,650  
      University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:            
  1,580   6.000%, 10/01/32 10/23 at 100.00   A3   1,836,039  
  9,625   6.250%, 10/01/38 10/23 at 100.00   A3   11,147,868  
  2,745   6.000%, 10/01/42 10/23 at 100.00   A3   3,119,802  
  4,930   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured No Opt. Call   A2   3,927,780  
  12,775   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured (ETM) No Opt. Call   Ba1 (4)   11,134,307  
  2,475   Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Series 2000B, 0.000%, 11/01/18 – AGM Insured No Opt. Call   A2   2,415,278  
  622,075   Total Illinois         588,297,804  
      Indiana – 3.0% (1.9% of Total Investments)            
  6,180   Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point Community School Corporation, Series 2000, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   A3   5,442,108  
  1,555   Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, Refunding Series 2012B, 5.000%, 2/01/28 2/22 at 100.00   A–   1,709,551  
  1,050   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 10/19 at 100.00   B–   1,040,550  
  2,865   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   3,087,983  
  1,500   Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 3/20 at 100.00   N/R (4)   1,663,680  
  7,480   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 5.000%, 12/01/40 6/25 at 100.00   AA–   8,387,623  
      Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A:            
  3,015   5.000%, 7/01/44 (Alternative Minimum Tax) 7/23 at 100.00   BBB   3,209,739  
  6,545   5.000%, 7/01/48 (Alternative Minimum Tax) 7/23 at 100.00   BBB   6,967,742  
  1,500   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013B, 5.000%, 7/01/40 (Alternative Minimum Tax) 7/23 at 100.00   BBB   1,596,885  

 

34
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana (continued)            
$ 4,670   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 5.250%, 12/01/38 12/19 at 100.00   AA– $ 5,047,710  
  2,500   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37 12/20 at 100.00   AA–   2,745,875  
      Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014:            
  1,305   5.250%, 9/01/34 (Alternative Minimum Tax) 9/24 at 100.00   B–   1,377,806  
  3,790   5.250%, 9/01/40 (Alternative Minimum Tax) 9/24 at 100.00   B–   3,965,553  
  15,900   5.000%, 9/01/46 (Alternative Minimum Tax) 9/24 at 100.00   B–   16,275,558  
  5,115   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/41 10/26 at 100.00   A   5,743,787  
  2,750   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   3,059,733  
  4,500   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 4.000%, 10/01/42 10/22 at 100.00   A2   4,563,495  
      Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E:            
  475   5.250%, 11/01/25 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   Aa3 (4)   495,876  
  530   5.250%, 11/01/29 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   Aa3 (4)   553,294  
  2,225   5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   Aa3 (4)   2,322,322  
  4,375   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 7/26 at 100.00   A+   4,929,925  
  1,700   Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36 3/18 at 100.00   Aaa   1,756,032  
  3,985   Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 7.000%, 1/01/44 (Alternative Minimum Tax) 1/24 at 100.00   N/R   4,773,153  
  85,510   Total Indiana         90,715,980  
      Iowa – 1.7% (1.1% of Total Investments)            
  1,500   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 8/22 at 100.00   Ba2   1,505,715  
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  1,990   5.000%, 12/01/19 No Opt. Call   B–   2,038,656  
  5,645   5.500%, 12/01/22 12/18 at 100.00   B–   5,743,731  
  1,335   5.250%, 12/01/25 12/23 at 100.00   B–   1,353,930  
  1,710   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 6/18 at 105.00   B–   1,744,952  
  3,000   Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 5.500%, 12/01/25 12/19 at 100.00   A   3,199,050  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  24,420   5.500%, 6/01/42 7/17 at 100.00   B2   24,419,756  
  12,100   5.625%, 6/01/46 7/17 at 100.00   B2   12,100,242  
  51,700   Total Iowa         52,106,032  
      Kansas – 0.4% (0.3% of Total Investments)            
  1,240   Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.000%, 9/01/26 9/21 at 100.00   Aa3   1,418,163  
  1,540   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.500%, 11/15/29 11/19 at 100.00   AA   1,685,222  
  610   Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 9/17 at 100.00   A+   615,710  
  390   Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2008, 5.000%, 9/01/29 (Pre-refunded 9/01/17) 9/17 at 100.00   N/R (4)   395,565  

 

NUVEEN
35


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kansas (continued)            
$ 2,420   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/17 at 100.00   BB+ $ 2,420,968  
  530   Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 4/20 at 100.00   BBB   546,536  
  45   Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) No Opt. Call   Aaa   47,052  
  5,000   Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/32 9/22 at 100.00   A3   5,570,950  
  11,775   Total Kansas         12,700,166  
      Kentucky – 1.9% (1.2% of Total Investments)            
      Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A:            
  2,000   6.000%, 6/01/30 6/20 at 100.00   Baa3   2,211,480  
  5,500   6.500%, 3/01/45 6/20 at 100.00   Baa3   6,131,345  
  5,510   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.250%, 8/15/46 8/21 at 100.00   A3   5,799,110  
  1,000   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured 6/18 at 100.00   A3   1,041,100  
  2,730   Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   2,884,300  
      Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A:            
  505   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   A3 (4)   512,171  
  1,785   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   A3 (4)   1,810,347  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  4,790   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3   3,975,269  
  3,655   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   3,046,114  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  8,360   5.750%, 7/01/49 7/23 at 100.00   Baa3   9,192,572  
  585   6.000%, 7/01/53 7/23 at 100.00   Baa3   654,504  
  9,195   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30 6/21 at 100.00   A   10,154,222  
  2,500   Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc. Project, Refunding & Improvement Series 2008A, 6.000%, 5/01/38 5/18 at 100.00   Baa3   2,585,575  
      Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011:            
  5,000   6.250%, 3/01/31 3/21 at 100.00   A3   5,657,050  
  1,375   6.500%, 3/01/41 3/21 at 100.00   A3   1,546,738  
  54,490   Total Kentucky         57,201,897  
      Louisiana – 2.4% (1.6% of Total Investments)            
  5,275   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R   5,652,479  
  2,665   East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2014B, 5.000%, 2/01/39 2/25 at 100.00   AA–   2,968,890  
  3,130   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   A2   3,536,524  
  1,000   Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 11/17 at 100.00   Baa3   1,022,130  
      Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32            
  5,200   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 2014A, 5.000%, 2/01/44 2/24 at 100.00   A+   5,655,780  

 

36
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Louisiana (continued)            
$ 1,380   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 8/20 at 100.00   Baa3 $ 1,561,028  
  8,655   Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) 7/23 at 100.00   N/R   9,326,195  
  845   Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2016A, 5.000%, 11/01/45 11/25 at 100.00   Baa1   898,539  
  7,900   Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured 6/17 at 100.00   A3 (4)   7,934,128  
  4,305   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (4)   5,217,230  
  330   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A3   360,901  
      New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B:            
  6,235   5.000%, 1/01/40 (Alternative Minimum Tax) 1/25 at 100.00   A–   6,754,625  
  6,895   5.000%, 1/01/45 (Alternative Minimum Tax) 1/25 at 100.00   A–   7,450,530  
  1,000   New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2012, 5.000%, 12/01/28 – AGM Insured 12/22 at 100.00   A2   1,132,750  
  5,350   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   5,867,559  
  1,200   New Orleans, Louisiana, Water Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/24 at 100.00   A–   1,320,732  
  485   Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series 2010, 4.000%, 12/01/40 (Mandatory put 6/01/22) No Opt. Call   Baa2   510,734  
  5,655   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00   A–   6,346,437  
  67,505   Total Louisiana         73,517,191  
      Maine – 0.7% (0.4% of Total Investments)            
  2,775   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 7/23 at 100.00   Baa3   2,838,381  
      Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A:            
  3,820   4.000%, 7/01/41 7/26 at 100.00   Baa3   3,292,114  
  2,800   4.000%, 7/01/46 7/26 at 100.00   Baa3   2,353,540  
  2,000   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series 2013, 5.000%, 7/01/43 7/23 at 100.00   A+   2,221,480  
      Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011:            
  3,000   6.750%, 7/01/36 7/21 at 100.00   Ba2   3,258,960  
  2,260   6.750%, 7/01/41 7/21 at 100.00   Ba2   2,452,394  
  1,720   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A1   1,872,392  
      Maine Turnpike Authority, Special Obligation Bonds, Series 2014:            
  1,290   5.000%, 7/01/33 7/24 at 100.00   A–   1,450,063  
  1,020   5.000%, 7/01/34 7/24 at 100.00   A–   1,141,686  
  20,685   Total Maine         20,881,010  
      Maryland – 0.4% (0.3% of Total Investments)            
  5,000   Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series 2014C, 5.000%, 7/01/44 1/25 at 100.00   AA–   5,597,100  
  2,200   Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/27 – SYNCORA GTY Insured 6/17 at 100.00   BB   2,204,972  
  450   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.000%, 7/01/25 7/21 at 100.00   BBB   516,488  
  515   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/19 at 100.00   BB+   528,864  

 

NUVEEN
37


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maryland (continued)            
$ 1,790   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/39 7/24 at 100.00   A3 $ 1,947,126  
  2,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 5.750%, 1/01/33 (Pre-refunded 1/01/18) 1/18 at 100.00   BBB (4)   2,063,300  
  11,955   Total Maryland         12,857,850  
      Massachusetts – 2.8% (1.8% of Total Investments)            
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A:            
  1,160   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (4)   1,219,392  
  2,840   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   2,985,408  
      Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B:            
  4,410   5.000%, 1/01/32 1/20 at 100.00   A3   4,802,225  
  7,500   5.000%, 1/01/37 1/20 at 100.00   A3   8,113,650  
  650   Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2007A, 6.750%, 10/15/37 10/17 at 100.00   N/R   655,785  
  830   Massachusetts Development Finance Agency, Health Care Facility Revenue Bonds, Adventcare Project, Series 2010, 7.625%, 10/15/37 10/20 at 100.00   N/R   894,458  
  750   Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012C, 5.250%, 11/01/42 (Alternative Minimum Tax) 11/17 at 100.00   BB–   752,903  
  825   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   874,319  
  11,870   Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 10/26 at 100.00   A+   13,390,310  
      Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Tender Option Bond Trust 2016-XG0070:            
  505   14.388%, 10/01/48 (IF) (5) 10/23 at 100.00   A1   729,069  
  930   14.310%, 10/01/48 (IF) (5) 10/23 at 100.00   A1   1,342,139  
  3,200   Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 4.500%, 1/01/45 1/25 at 100.00   Baa2   3,230,848  
  1,220   Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A, 5.125%, 1/01/25 1/23 at 100.00   BBB–   1,351,626  
  2,300   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A2   2,567,260  
  2,500   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 4.000%, 7/01/41 7/26 at 100.00   BBB+   2,443,000  
      Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015:            
  1,145   5.000%, 9/01/40 9/25 at 100.00   BBB   1,240,676  
  1,280   5.000%, 9/01/45 9/25 at 100.00   BBB   1,383,155  
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2:            
  620   5.125%, 7/01/33 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   650,541  
  500   5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   524,630  
      Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, Refunding Series 2009A:            
  3,450   5.750%, 7/01/39 7/19 at 100.00   BBB   3,721,239  
  6,075   5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   6,681,771  
  2,635   Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) 12/18 at 100.00   AA–   2,705,776  
  700   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   757,078  
  5,930   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   6,675,638  

 

38
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
$ 1,100   Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/24 – NPFG Insured No Opt. Call   A3 $ 953,986  
  370   Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 (Pre-refunded 8/01/17) 8/17 at 100.00   AA– (4)   374,218  
  5,590   Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25 8/17 at 100.00   AA+   5,651,043  
  6,700   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   7,454,219  
  77,585   Total Massachusetts         84,126,362  
      Michigan – 2.7% (1.7% of Total Investments)            
  3,535   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   3,818,366  
  2,435   Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   A– (4)   2,564,712  
  1,600   Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%, 7/01/31 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (4)   1,689,888  
  2,020   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   2,197,013  
  2,235   Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2001C, 4.750%, 7/01/29 – BHAC Insured 7/18 at 100.00   A–   2,319,237  
  3,665   Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.500%, 7/01/41 7/21 at 100.00   AA–   4,172,346  
  1,500   Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Series 2012, 5.000%, 11/15/42 11/22 at 100.00   A+   1,636,215  
  405   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured 7/24 at 100.00   A2   449,744  
  2,690   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-3, 5.000%, 7/01/32 – AGM Insured 7/24 at 100.00   A2   3,036,714  
  1,000   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 7/01/36 – NPFG Insured 7/24 at 100.00   A3   1,094,400  
      Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015:            
  2,500   5.000%, 12/01/31 6/22 at 100.00   AA–   2,808,450  
  3,670   5.000%, 12/01/32 6/22 at 100.00   AA–   4,113,483  
  2,000   Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/31 10/22 at 100.00   AAA   2,303,640  
  500   Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 5.000%, 7/01/22 7/17 at 100.00   AAA   509,105  
  5,000   Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 11/26 at 100.00   Aa2   5,051,400  
  2,500   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 5.000%, 10/15/23 – AGC Insured 10/19 at 100.00   AA–   2,719,075  
  1,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-I-A, 5.375%, 10/15/41 10/21 at 100.00   A+   1,121,570  
      Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:            
  5,000   5.000%, 4/15/28 10/25 at 100.00   A+   5,849,550  
  10,000   5.000%, 4/15/34 10/25 at 100.00   A+   11,262,100  
  3,495   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (4)   3,897,205  
  5,200   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 6/22 at 100.00   AA–   5,548,036  

 

NUVEEN
39


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 1,165   Michigan Strategic Fund, Limited Obligation Revenue Bonds, Michigan House of Representatives Facilities, Series 2008A, 5.250%, 10/15/23 (Pre-refunded 10/15/18) – AGC Insured 10/18 at 100.00   AA (4) $ 1,237,987  
  5,000   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   5,219,750  
  1,150   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   1,261,355  
  3,000   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A, 5.000%, 12/01/37 12/22 at 100.00   A–   3,203,070  
      Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D:            
  950   5.000%, 12/01/40 12/25 at 100.00   A–   1,040,155  
  1,200   5.000%, 12/01/45 12/25 at 100.00   A–   1,309,272  
  74,415   Total Michigan         81,433,838  
      Minnesota – 1.8% (1.2% of Total Investments)            
  310   Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 8/26 at 100.00   BB+   276,526  
  1,000   City of Vergas, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Refunding Series 2016, 4.250%, 8/01/43 8/24 at 100.00   N/R   876,370  
  1,000   Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/29 6/17 at 100.00   N/R   1,000,770  
  8,655   Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series 1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM) No Opt. Call   AA+ (4)   9,967,790  
  500   Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 2016A, 4.000%, 7/01/37 7/25 at 100.00   BB+   461,430  
  2,000   Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.875%, 11/01/40 11/18 at 102.00   BB+   2,063,120  
  6,375   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 11/18 at 100.00   A2 (4)   6,926,756  
  3,000   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2010A, 5.000%, 1/01/35 1/20 at 100.00   AA–   3,259,410  
  2,295   Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C, 5.000%, 1/01/46 1/27 at 100.00   AA–   2,621,923  
      Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2016D:            
  470   5.000%, 1/01/32 (Alternative Minimum Tax) 1/27 at 100.00   A+   528,647  
  450   5.000%, 1/01/35 (Alternative Minimum Tax) 1/27 at 100.00   A+   498,735  
  580   5.000%, 1/01/37 (Alternative Minimum Tax) 1/27 at 100.00   A+   639,334  
  750   5.000%, 1/01/41 (Alternative Minimum Tax) 1/27 at 100.00   A+   831,225  
      Minnesota Higher Education Facilities Authority, Revenue Bonds, Carleton College, Refunding Series 2017:            
  1,580   4.000%, 3/01/42 (WI/DD, Settling 5/24/17) 3/27 at 100.00   Aa2   1,636,864  
  3,850   4.000%, 3/01/47 (WI/DD, Settling 5/24/17) 3/27 at 100.00   Aa2   3,972,507  
      Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:            
  700   5.000%, 10/01/34 10/24 at 100.00   A2   786,604  
  500   5.000%, 10/01/35 10/24 at 100.00   A2   559,750  
  1,000   Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18 No Opt. Call   AA+   1,051,190  
  2,000   Saint Louis Park, Minnesota, Health Care Facilities Revenue Bonds, Park Nicollet Health Services, Refunding Series 2009, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 7/19 at 100.00   Aaa   2,201,120  

 

40
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
      Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong College Prep Academy Project, Series 2016A:            
$ 2,205   5.500%, 9/01/36 9/26 at 100.00   BB+ $ 2,227,293  
  2,500   5.750%, 9/01/46 9/26 at 100.00   BB+   2,534,275  
      Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013:            
  500   5.000%, 5/01/33 5/23 at 100.00   N/R   502,055  
  1,000   5.125%, 5/01/48 5/23 at 100.00   N/R   994,860  
  1,520   Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Community of Peace Academy Project, Refunding Series 2015A, 5.000%, 12/01/50 12/24 at 100.00   BBB–   1,566,390  
  400   Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012, 5.000%, 9/01/26 3/20 at 102.00   N/R   413,880  
  750   St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A, 5.000%, 11/15/29 11/25 at 100.00   BB+   827,160  
  3,835   Washington County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2007A, 3.500%, 2/01/28 8/17 at 100.00   AAA   3,847,464  
  2,000   Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46 1/24 at 100.00   Aa3   2,214,740  
  51,725   Total Minnesota         55,288,188  
      Mississippi – 0.9% (0.6% of Total Investments)            
  620   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/17 at 100.00   Baa3   622,592  
      Mississippi Development Bank, Special Obligation Bonds, City of Jackson General Obligation Street Resurfacing Project, Series 2009:            
  1,325   5.500%, 1/01/23 (Pre-refunded 1/01/19) 1/19 at 100.00   Baa2 (4)   1,424,004  
  850   5.800%, 1/01/24 (Pre-refunded 1/01/19) 1/19 at 100.00   Baa2 (4)   917,737  
      Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A:            
  7,500   5.000%, 9/01/36 9/26 at 100.00   A–   8,338,950  
  15,500   5.000%, 9/01/46 9/26 at 100.00   A–   16,924,915  
  25,795   Total Mississippi         28,228,198  
      Missouri – 2.2% (1.4% of Total Investments)            
  890   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 10/18 at 100.00   Aa3   938,087  
  1,000   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016, 5.000%, 8/01/28 8/26 at 100.00   Baa1   1,127,390  
  1,500   Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38 (Pre-refunded 8/01/18) 8/18 at 100.00   Baa1 (4)   1,587,615  
  2,000   Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 3.625%, 5/01/30 5/25 at 100.00   N/R   1,877,740  
  500   Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33 11/24 at 100.00   AA+   533,390  
  2,000   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A–   2,155,120  
  400   Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 5.000%, 4/01/46 4/26 at 100.00   N/R   357,108  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  7,000   0.000%, 4/15/27 – AMBAC Insured No Opt. Call   A1   5,075,770  
  5,000   0.000%, 4/15/28 – AMBAC Insured No Opt. Call   A1   3,476,500  
  5,000   0.000%, 4/15/29 – AMBAC Insured No Opt. Call   A1   3,323,850  

 

NUVEEN
41


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
$ 1,650   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call   A3 $ 1,748,555  
  1,000   Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016, 5.000%, 11/15/34 5/26 at 100.00   A+   1,123,700  
  3,080   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB   3,338,258  
  1,260   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   1,400,011  
      Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:            
  1,045   5.000%, 11/15/44 11/23 at 100.00   A2   1,134,713  
  11,090   5.000%, 11/15/48 11/23 at 100.00   A2   12,018,898  
  10,645   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016B, 5.000%, 2/01/46 2/26 at 100.00   BBB+   11,223,130  
  400   Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St. Louis Project, Series 2015, 3.500%, 6/15/30 6/22 at 100.00   Baa2   389,976  
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A:            
  725   4.000%, 10/01/36 4/27 at 100.00   A1   747,171  
  3,510   5.000%, 10/01/42 4/27 at 100.00   A1   3,973,320  
  3,775   Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/26 4/21 at 100.00   A2   4,187,608  
  1,000   North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 7/17 at 100.00   N/R   1,001,270  
  2,000   Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 12/21 at 100.00   AA   2,045,720  
  490   Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 4.250%, 7/01/29 – FGIC Insured (Alternative Minimum Tax) 7/22 at 100.00   A–   505,719  
  575   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 9/22 at 100.00   BBB–   583,027  
  375   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   A–   419,359  
  67,910   Total Missouri         66,293,005  
      Nebraska – 0.4% (0.2% of Total Investments)            
  2,300   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/32 9/22 at 100.00   BBB+   2,494,649  
      Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:            
  1,635   4.125%, 11/01/36 11/25 at 100.00   A–   1,670,332  
  470   5.000%, 11/01/45 11/25 at 100.00   A–   513,174  
  2,860   Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured 7/17 at 100.00   AA (4)   2,879,391  
      University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008:            
  1,250   5.000%, 5/15/33 (Pre-refunded 5/15/18) 5/18 at 100.00   AA (4)   1,303,663  
  2,100   5.000%, 5/15/38 (Pre-refunded 5/15/18) 5/18 at 100.00   AA (4)   2,190,153  
  10,615   Total Nebraska         11,051,362  
      Nevada – 4.7% (3.0% of Total Investments)            
  9,000   Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) 7/19 at 100.00   Aa1 (4)   9,812,610  
  39,625   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   44,067,755  

 

42
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada (continued)            
$ 2,500   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Refunding Series 2015C, 5.000%, 7/01/26 No Opt. Call   A+ $ 2,990,300  
      Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:            
  5,210   5.250%, 7/01/39 – AGM Insured 1/20 at 100.00   Aa3   5,643,055  
  9,725   5.250%, 7/01/42 1/20 at 100.00   A+   10,528,091  
  15,000   Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, Series 2007B, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) 7/17 at 100.00   A3 (4)   15,112,050  
  5,800   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   6,634,620  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:            
  9,000   5.000%, 6/01/32 12/24 at 100.00   AA   10,358,730  
  7,835   5.000%, 6/01/39 12/24 at 100.00   AA   8,834,903  
  2,600   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 6/22 at 100.00   AA   2,910,206  
  2,280   North Las Vegas, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 5.000%, 10/01/25 – NPFG Insured 7/17 at 100.00   B+   2,280,570  
  10,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 7/17 at 100.00   B+   10,002,600  
  10,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (5) 7/17 at 100.00   A3 (4)   10,077,900  
  2,050   Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 7/21 at 100.00   AA   2,292,946  
  130,625   Total Nevada         141,546,336  
      New Hampshire – 0.4% (0.2% of Total Investments)            
  5,000   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (4)   5,596,300  
  3,500   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Catholic Medical Center, Series 2012, 4.000%, 7/01/32 7/22 at 100.00   Baa1   3,552,185  
  1,110   New Hampshire Health and Education Facilities Authority, Revenue Bonds, Dartmouth College, Tender Option Bond Trust 2016-XL0025, 12.729%, 6/01/39 (Pre-refunded 6/01/19) (IF) (5) 6/19 at 100.00   Aa1 (4)   1,402,929  
  9,610   Total New Hampshire         10,551,414  
      New Jersey – 4.5% (2.9% of Total Investments)            
  905   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+   1,006,432  
      New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013:            
  1,965   5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   2,148,177  
  2,805   5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   3,094,644  
  2,685   5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   BBB   2,940,075  
  6,770   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured No Opt. Call   A3   7,957,458  
  2,825   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU, 5.000%, 6/15/30 6/24 at 100.00   BBB+   2,891,331  
  2,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 12/26 at 100.00   BBB+   2,140,260  
  555   New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A, 5.750%, 6/01/31 6/20 at 100.00   Baa3   601,437  
  6,030   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 No Opt. Call   BBB+   6,389,690  

 

NUVEEN
43


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
$ 900   New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19) 6/19 at 100.00   N/R (4) $ 1,020,411  
  1,480   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   1,518,006  
  8,415   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+   9,335,096  
  2,000   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/32 (Pre-refunded 7/01/21) 7/21 at 100.00   A+ (4)   2,345,020  
  1,235   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   1,336,431  
  665   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option Bond Trust 2016-XG0001, 17.160%, 6/01/30 (IF) (5) 6/19 at 100.00   BBB+   853,381  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:            
  2,020   5.000%, 6/15/28 6/26 at 100.00   Baa1   2,168,935  
  3,340   5.000%, 6/15/29 6/26 at 100.00   Baa1   3,559,739  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/26 No Opt. Call   BBB+   645,850  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:            
  21,120   0.000%, 12/15/28 – AMBAC Insured No Opt. Call   BBB+   12,799,987  
  10,000   0.000%, 12/15/32 – AGM Insured No Opt. Call   A–   4,938,500  
  20,000   0.000%, 12/15/33 – AGM Insured No Opt. Call   A–   9,349,600  
  25,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call   BBB+   10,080,750  
  30,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call   BBB+   11,411,400  
  4,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 1999A, 5.750%, 6/15/18 No Opt. Call   BBB+   4,159,320  
  7,330   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 6/21 at 100.00   BBB+   7,693,202  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 6/22 at 100.00   BBB+   1,001,730  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:            
  1,690   5.250%, 6/15/33 6/25 at 100.00   BBB+   1,755,589  
  2,840   5.000%, 6/15/45 6/25 at 100.00   BBB+   2,847,356  
  700   New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40 1/19 at 100.00   A2   740,488  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (5) 7/22 at 100.00   A2   1,843,551  
  570   Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 5/23 at 100.00   A+   630,597  
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:            
  1,240   4.500%, 6/01/23 6/17 at 100.00   Baa2   1,247,750  
  7,080   4.625%, 6/01/26 6/17 at 100.00   Ba3   7,094,585  
  6,420   4.750%, 6/01/34 6/17 at 100.00   B3   6,285,116  
  2,000   5.000%, 6/01/41 6/17 at 100.00   B3   1,968,520  
  189,900   Total New Jersey         137,800,414  
      New Mexico – 0.4% (0.2% of Total Investments)            
      Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A:            
  880   5.125%, 6/01/17 5/17 at 100.00   A3   883,256  
  1,295   5.125%, 6/01/19 7/17 at 100.00   A3   1,299,636  
  2,000   Farmington, New Mexico, Pollution Control Revenue Bonds, Public Service Company of New Mexico San Juan Project, Refunding Series 2010D, 5.900%, 6/01/40 6/20 at 100.00   Baa2   2,210,160  

 

44
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Mexico (continued)            
$ 5,585   Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured No Opt. Call   A2 $ 6,788,568  
  9,760   Total New Mexico         11,181,620  
      New York – 8.1% (5.3% of Total Investments)            
  3,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 1/27 at 100.00   BBB–   3,286,140  
  6,600   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/44 No Opt. Call   BBB–   1,995,048  
      Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:            
  4,605   6.000%, 7/15/30 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   5,198,354  
  3,065   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (4)   3,480,338  
  490   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 7/25 at 100.00   BBB+   540,950  
  3,125   Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2013A, 5.000%, 7/01/44 7/23 at 100.00   A–   3,417,625  
  5,005   Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar College, Series 2007, 5.000%, 7/01/46 (Pre-refunded 7/01/17) 7/17 at 100.00   AA– (4)   5,041,336  
      Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2015A:            
  1,680   4.125%, 5/01/42 5/25 at 100.00   A–   1,724,990  
  3,195   5.000%, 5/01/43 5/25 at 100.00   A–   3,503,797  
  600   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/34 6/27 at 100.00   BB+   653,562  
  5,325   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/41 3/21 at 100.00   Aa1   5,883,220  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  2,600   5.750%, 2/15/47 2/21 at 100.00   A   2,957,682  
  3,100   5.250%, 2/15/47 2/21 at 100.00   A   3,443,604  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:            
  2,000   5.000%, 2/15/47 – FGIC Insured 6/17 at 100.00   A   2,014,260  
  16,845   4.500%, 2/15/47 – NPFG Insured 6/17 at 100.00   A2   16,878,522  
      Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:            
  3,000   5.000%, 9/01/39 9/24 at 100.00   A–   3,332,040  
  1,155   4.000%, 9/01/39 – AGM Insured 9/24 at 100.00   A–   1,188,287  
  860   5.000%, 9/01/44 9/24 at 100.00   A–   952,235  
  2,925   Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2009A, 5.500%, 4/01/24 (Pre-refunded 4/01/19) 4/19 at 100.00   A– (4)   3,175,907  
  10,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series 2012A, 0.000%, 11/15/32 No Opt. Call   AA   5,998,000  
  1,000   Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 5.000%, 11/15/34 11/19 at 100.00   AA   1,092,370  
  750   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   A   841,125  
  5,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/38 5/23 at 100.00   A   5,540,450  
      New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:            
  500   5.750%, 10/01/37 (8) 10/17 at 102.00   N/R   160,810  
  1,000   5.875%, 10/01/46 (8) 10/17 at 102.00   N/R   321,620  
  4,755   New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 3/19 at 100.00   A3   5,250,756  

 

NUVEEN
45


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 3,400   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+ $ 3,835,200  
  2,500   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 6/19 at 100.00   AA+   2,711,875  
  5,900   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 6/23 at 100.00   AA+   6,570,063  
  500   New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 2015-XF0097, 15.317%, 6/15/39 (IF) 6/19 at 100.00   Aa1   658,140  
  5,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   5,675,400  
  2,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1, 5.000%, 5/01/40 5/26 at 100.00   Aa1   2,288,220  
  3,760   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1, 5.000%, 2/01/43 2/27 at 100.00   Aa1   4,309,674  
  2,060   New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 12/26 at 100.00   AA   2,353,159  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24 7/17 at 100.00   AA   5,017  
  2,000   New York Convention Center Development Corporation, New York, Revenue Bonds, Hotel Unit Fee Secured Refunding Series 2015, 5.000%, 11/15/45 11/25 at 100.00   Aa3   2,264,120  
  565   New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B, 6.500%, 6/01/35 7/17 at 100.00   Baa1   565,158  
  25,170   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R   26,795,227  
      New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011:            
  1,560   5.000%, 11/15/44 11/21 at 100.00   A   1,720,976  
  4,350   5.750%, 11/15/51 11/21 at 100.00   A   4,958,043  
  7,500   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   BBB+   9,110,475  
  5,260   New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 5.000%, 8/01/31 (Alternative Minimum Tax) 8/21 at 100.00   BB–   5,538,044  
      New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A:            
  2,000   4.000%, 7/01/35 – AGM Insured (Alternative Minimum Tax) 7/24 at 100.00   BBB   2,017,320  
  10,800   5.000%, 7/01/41 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   11,645,316  
  10,000   5.000%, 7/01/46 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   10,750,200  
  19,560   5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   Baa3   21,260,155  
  500   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2014A, 5.125%, 7/01/31 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   543,805  
  3,000   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured 8/17 at 100.00   Aa3 (4)   3,037,590  
  1,310   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax) 12/23 at 100.00   AA–   1,427,153  
  4,320   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 12/23 at 100.00   AA–   4,921,776  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  5,000   6.500%, 12/01/28 7/17 at 100.00   BBB   5,084,000  
  590   5.500%, 12/01/31 12/20 at 100.00   BBB   652,676  
  1,670   6.000%, 12/01/36 12/20 at 100.00   BBB   1,882,290  
  3,045   6.000%, 12/01/42 12/20 at 100.00   BBB   3,423,920  
  5,145   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.900%, 12/01/17 – NPFG Insured (Alternative Minimum Tax) 7/17 at 100.00   BBB+   5,195,421  

 

46
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 1,170   Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc. Project, Refunding Series 2010, 5.875%, 12/01/30 12/20 at 100.00   BBB– $ 1,284,215  
      Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A:            
  2,750   5.000%, 1/01/32 (Alternative Minimum Tax) 1/26 at 100.00   Baa1   3,078,048  
  3,800   5.000%, 1/01/33 (Alternative Minimum Tax) 1/26 at 100.00   Baa1   4,232,136  
  238,370   Total New York         247,667,840  
      North Carolina – 1.8% (1.2% of Total Investments)            
  2,850   Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (5) 1/18 at 100.00   Aa3 (4)   3,102,824  
      Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A:            
  1,500   5.250%, 1/15/24 (Pre-refunded 1/15/18) – AGC Insured 1/18 at 100.00   AA– (4)   1,547,040  
  3,000   5.000%, 1/15/47 (Pre-refunded 1/15/18) 1/18 at 100.00   AA– (4)   3,088,740  
  12,250   Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A, 5.125%, 4/01/43 4/23 at 100.00   A–   13,201,211  
  1,500   North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College, Series 2008A, 6.125%, 6/01/35 (Pre-refunded 6/01/18) 6/18 at 100.00   BBB (4)   1,585,560  
      North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015:            
  3,555   5.000%, 12/31/37 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   3,824,931  
  3,480   5.000%, 6/30/54 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   3,659,394  
  10,300   North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 1993B, 6.000%, 1/01/22 – CAPMAC Insured (ETM) (UB) (5) No Opt. Call   A3 (4)   12,405,526  
      North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A:            
  5,000   5.000%, 10/01/27 10/22 at 100.00   A2   5,656,800  
  3,400   5.000%, 10/01/31 10/22 at 100.00   A2   3,783,044  
  1,570   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/31 10/24 at 102.00   N/R   1,641,733  
  500   North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/32 1/26 at 100.00   A   578,755  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (4)   2,049,169  
  50,805   Total North Carolina         56,124,727  
      North Dakota – 0.4% (0.2% of Total Investments)            
  675   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 5.000%, 7/01/38 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (4)   790,378  
  6,100   Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 11/21 at 100.00   A+   7,186,349  
  1,875   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/32 12/21 at 100.00   Baa1   2,016,338  
  700   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) 12/26 at 100.00   N/R   699,888  
  9,350   Total North Dakota         10,692,953  
      Ohio – 7.1% (4.6% of Total Investments)            
  6,000   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 11/26 at 100.00   Baa1   6,590,220  

 

NUVEEN
47


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
$ 5,155   5.375%, 6/01/24 6/17 at 100.00   Caa1 $ 4,963,337  
  16,425   5.125%, 6/01/24 6/17 at 100.00   Caa1   15,814,647  
  17,205   5.875%, 6/01/30 6/17 at 100.00   Caa1   16,461,056  
  11,785   5.750%, 6/01/34 6/17 at 100.00   Caa1   11,303,111  
  12,645   6.000%, 6/01/42 6/17 at 100.00   B–   12,431,679  
  2,345   6.500%, 6/01/47 6/17 at 100.00   B–   2,351,472  
  18,640   5.875%, 6/01/47 6/17 at 100.00   B–   18,041,470  
  24,910   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   24,953,343  
      Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:            
  7,125   5.250%, 11/01/29 11/20 at 100.00   A   7,873,054  
  3,335   5.500%, 11/01/40 11/20 at 100.00   A   3,684,408  
      Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:            
  1,000   5.750%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   A (4)   1,150,390  
  1,665   5.500%, 11/01/40 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (4)   1,901,180  
  4,795   Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 6/23 at 100.00   Baa2   5,029,284  
  760   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–   818,642  
  5,000   Hamilton County, Ohio, Hospital Facilities Revenue Bonds, TriHealth, Inc. Obligated Group Project, Series 2017A, 5.000%, 8/15/42 8/27 at 100.00   A+   5,570,250  
  1,000   JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA   1,106,910  
  16,820   JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (UB) (5) 1/23 at 100.00   Aa3   18,618,226  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
  1,315   15.402%, 1/01/38 (IF) (5) 1/23 at 100.00   Aa3   1,877,347  
  625   15.402%, 1/01/38 (IF) (5) 1/23 at 100.00   Aa3   892,275  
  975   15.402%, 1/01/38 (IF) (5) 1/23 at 100.00   Aa3   1,391,949  
  265   15.296%, 1/01/38 (IF) (5) 1/23 at 100.00   Aa3   377,458  
  8,360   Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2015, 5.000%, 8/15/45 8/25 at 100.00   A3   9,030,639  
  7,495   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00   A1   8,643,684  
  1,000   Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.125%, 8/01/31 8/21 at 100.00   A2   1,084,310  
  2,695   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 7/17 at 100.00   BBB+   2,701,091  
  2,000   Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/33 2/23 at 100.00   Ba2   2,088,360  
  3,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) No Opt. Call   CCC+   2,795,490  
  1,800   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 No Opt. Call   Ba1   1,867,230  
  1,000   Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2011A, 5.375%, 12/01/30 12/20 at 100.00   A2   1,110,320  
  4,350   Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2015A, 5.000%, 12/01/44 6/25 at 100.00   A2   4,806,228  
  1,210   Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/39 (Alternative Minimum Tax) 6/25 at 100.00   Baa2   1,297,931  

 

48
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1:            
$ 1,500   5.250%, 2/15/39 2/23 at 100.00   A+ $ 1,702,200  
  10,530   5.000%, 2/15/48 2/23 at 100.00   A+   11,528,665  
  3,710   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 2/31 at 100.00   A+   3,452,860  
  1,800   Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2004, 2.250%, 7/01/21 No Opt. Call   A–   1,777,950  
  135   Warren County, Ohio, Limited Tax General Obligations, Series 1997, 5.500%, 12/01/17 7/17 at 100.00   Aaa   135,527  
  210,375   Total Ohio         217,224,193  
      Oklahoma – 0.7% (0.5% of Total Investments)            
  2,000   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 8/21 at 100.00   N/R   2,288,400  
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   AA– (4)   1,768,298  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:            
  6,620   5.000%, 2/15/37 5/17 at 100.00   A2   6,625,958  
  1,290   5.000%, 2/15/42 5/17 at 100.00   A2   1,291,071  
  3,000   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax) 6/23 at 100.00   Baa1   3,390,810  
  4,985   Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2015A, 5.000%, 6/01/45 – BAM Insured (Alternative Minimum Tax) 6/24 at 100.00   Baa1   5,379,363  
  1,000   Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 11/25 at 102.00   BBB–   1,077,220  
  20,570   Total Oklahoma         21,821,120  
      Oregon – 1.5% (0.9% of Total Investments)            
      Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Convertible Deferred Interest Series 2017D:            
  835   0.000%, 6/15/35 (WI/DD, Settling 5/11/17) 6/27 at 100.00   Aa1   920,571  
  1,495   0.000%, 6/15/36 (WI/DD, Settling 5/11/17) (7) 6/27 at 100.00   Aa1   1,646,070  
  4,875   Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Saint Charles Health System, Inc., Series 2016A, 5.000%, 1/01/48 1/26 at 100.00   A2   5,336,419  
  2,000   Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014C, 5.000%, 4/01/25 4/24 at 100.00   Aa2   2,399,820  
  5,940   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 6/26 at 100.00   A1   6,655,948  
  1,500   Oregon Health and Science University, Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/39 7/26 at 100.00   AA–   1,705,470  
      Port of Portland, Oregon, International Airport Revenue Bonds, Series 2017-24B:            
  6,000   5.000%, 7/01/42 (Alternative Minimum Tax) 1/27 at 100.00   AA–   6,712,080  
  7,500   5.000%, 7/01/47 (Alternative Minimum Tax) 1/27 at 100.00   AA–   8,322,900  
  9,500   Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 5/26 at 100.00   A+   10,472,800  
  39,645   Total Oregon         44,172,078  
      Pennsylvania – 4.4% (2.9% of Total Investments)            
  1,100   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 11/19 at 100.00   Caa1   1,152,162  
  2,000   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A, 5.375%, 8/15/29 8/19 at 100.00   A+   2,159,040  
  1,960   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 5/21 at 100.00   A1   2,231,460  
  2,570   Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (4)   2,978,142  

 

NUVEEN
49


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 100   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1/19 at 100.00   BBB+ $ 107,741  
  900   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   976,257  
  1,000   Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%, 10/01/30 (Pre-refunded 10/01/18) 10/18 at 100.00   BBB (4)   1,071,450  
      Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017:            
  3,500   5.000%, 7/01/37 7/27 at 100.00   A   4,013,800  
  8,385   5.000%, 7/01/42 7/27 at 100.00   A   9,545,903  
      Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008:            
  320   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   340,429  
  1,670   5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 12/18 at 100.00   A2 (4)   1,776,613  
  510   Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured 12/18 at 100.00   A2   537,530  
      Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:            
  5,400   0.000%, 12/01/33 No Opt. Call   A   2,805,894  
  11,000   0.000%, 12/01/38 No Opt. Call   A   4,516,930  
  5,375   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 12/23 at 100.00   A   5,924,916  
  1,665   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (4)   1,886,528  
  3,430   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 1/25 at 100.00   Baa2   3,634,840  
  2,000   Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 11/26 at 100.00   A–   2,163,980  
  235   Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 11/24 at 100.00   N/R   250,526  
  400   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R (4)   458,552  
  6,250   Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 4.650%, 10/01/31 (Pre-refunded 6/20/17) (Alternative Minimum Tax) (UB) (5) 6/17 at 100.00   Aa2 (4)   6,255,063  
  4,310   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 12/20 at 100.00   A2   4,810,348  
  940   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   1,080,887  
  16,750   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) 12/27 at 100.00   A–   20,128,140  
  4,305   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 6/25 at 100.00   A   4,718,366  
  2,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien Series 2014A-1, 5.000%, 12/01/38 12/24 at 100.00   A–   2,198,420  
  14,500   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2   18,107,165  
  6,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 5.000%, 12/01/45 12/25 at 100.00   A–   6,785,625  
  5,000   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 5.000%, 12/01/46 12/25 at 100.00   A3   5,405,650  
  1,595   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   1,773,162  
  1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (4)   1,665,668  

 

50
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 2,350   Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community Hospital Project, Refunding & Improvement Series 2011, 5.500%, 8/01/20 No Opt. Call   A– $ 2,548,458  
  9,800   Westmoreland County Municipal Authority, Pennsylvania, Municipal Service Revenue Bonds, Series 2016, 5.000%, 8/15/38 – BAM Insured 8/25 at 100.00   AA   10,985,016  
  128,995   Total Pennsylvania         134,994,661  
      Puerto Rico – 0.3% (0.2% of Total Investments)            
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 7/17 at 100.00   A2   4,425,216  
  800   Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Refunding Series 2002D, 5.450%, 7/01/31 – AMBAC Insured 7/17 at 100.00   D   803,952  
  14,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – FGIC Insured No Opt. Call   C   3,344,040  
  19,100   Total Puerto Rico         8,573,208  
      Rhode Island – 0.5% (0.3% of Total Investments)            
  7,230   Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Series 2013, 5.000%, 9/01/43 9/23 at 100.00   AA+   8,179,516  
  3,320   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 5/26 at 100.00   BBB+   3,528,396  
  34,970   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 6/17 at 12.63   CCC+   3,515,534  
  45,520   Total Rhode Island         15,223,446  
      South Carolina – 2.9% (1.9% of Total Investments)            
  2,500   Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A, 5.000%, 2/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   AA+ (4)   2,842,900  
  1,950   Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Refunding Series 2010A, 5.000%, 11/01/37 11/20 at 100.00   AA–   2,101,203  
  3,180   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 5/26 at 100.00   A1   3,509,639  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  21,565   0.000%, 1/01/30 – AMBAC Insured No Opt. Call   A–   13,728,279  
  1,250   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A3   768,925  
  1,640   South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, Furman University, Refunding Series 2015, 5.000%, 10/01/45 10/25 at 100.00   A1   1,842,278  
  875   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 8/21 at 100.00   BBB+   1,019,358  
  9,000   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 12/26 at 100.00   A1   9,634,680  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C:            
  12,805   5.000%, 12/01/39 12/24 at 100.00   A1   13,661,783  
  8,830   5.000%, 12/01/46 12/24 at 100.00   A1   9,396,974  
  5,500   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A1   5,869,985  
  3,455   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   A1   3,769,094  
  14,765   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00   A1   15,989,757  
  5,000   South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative Minimum Tax) 7/25 at 100.00   A+   5,459,150  
  92,315   Total South Carolina         89,594,005  

 

NUVEEN
51

 



 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      South Dakota – 0.4% (0.3% of Total Investments)            
$ 1,300   Deadwood, South Dakota, Sales Tax Revenue Bonds, Series 2009B, 6.250%, 12/01/28 12/19 at 100.00   N/R $ 1,371,734  
  1,460   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   1,577,472  
  7,185   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+   7,845,014  
  1,000   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Vocational Education 8/18 at 100.00   AA+ (4)   1,057,110  
      Program, Series 2008, 5.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured            
  10,945   Total South Dakota         11,851,330  
      Tennessee – 2.0% (1.3% of Total Investments)            
  9,460   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   9,922,310  
  3,125   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding Series 2010A, 6.000%, 7/01/38 7/20 at 100.00   BBB+   3,407,750  
  150   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured 7/23 at 100.00   Baa1 (4)   150,539  
  17,000   Knox County Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Covenant Health, Refunding Series 2016A, 5.000%, 1/01/47 1/27 at 100.00   A   18,826,480  
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont University Project, Series 2012:            
  3,000   5.000%, 11/01/23 11/21 at 100.00   Baa1   3,325,950  
  3,200   5.000%, 11/01/24 11/21 at 100.00   Baa1   3,551,776  
  3,400   5.000%, 11/01/25 11/21 at 100.00   Baa1   3,746,018  
  535   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A3   592,175  
  10,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   AA (4)   10,934,400  
  4,000   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/26 No Opt. Call   BBB+   4,749,840  
  53,870   Total Tennessee         59,207,238  
      Texas – 16.5% (10.6% of Total Investments)            
  4,280   Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, First Tier Series 2006A, 5.000%, 1/01/34 – SYNCORA GTY Insured 6/17 at 100.00   Ba1   4,286,334  
  3,040   Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative Minimum Tax) 11/24 at 100.00   A   3,327,432  
  4,500   Austin, Texas, Airport System Revenue Bonds, Series 2017B, 5.000%, 11/15/46 (Alternative Minimum Tax) 11/26 at 100.00   A   5,005,125  
  13,705   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (5) 11/25 at 100.00   AA–   15,547,774  
  5,000   Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A, 5.000%, 11/15/43 5/23 at 100.00   AA–   5,599,100  
  1,000   Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014, 5.000%, 7/10/37 – BAM Insured 7/23 at 100.00   A2   1,099,860  
  15,000   Board of Regents of the University of Texas System, Revenue Financing System Bonds, Refunding Series 2016F, 5.000%, 8/15/47 (UB) No Opt. Call   AAA   19,287,000  
  3,225   Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (8) No Opt. Call   N/R   32  
  4,670   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (8) No Opt. Call   N/R   47  

 

52
NUVEEN

 



 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Bryan, Brazos County, Texas, Electric System Revenue Bonds, Refunding Series 2012:            
$ 1,000   5.000%, 7/01/28 7/22 at 100.00   A2 $ 1,132,560  
  1,000   5.000%, 7/01/29 7/22 at 100.00   A2   1,127,100  
  5,500   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   6,085,530  
      Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A:            
  765   5.000%, 1/01/43 1/23 at 100.00   Baa2   822,742  
  1,100   5.000%, 1/01/43 – AGM Insured 1/23 at 100.00   A2   1,180,102  
  1,250   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010, 5.750%, 1/01/25 (Pre-refunded 1/01/20) 1/20 at 100.00   Baa2 (4)   1,397,500  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  1,000   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   1,166,150  
  3,380   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (4)   3,971,770  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A:            
  2,600   5.000%, 1/01/35 7/25 at 100.00   Baa2   2,902,484  
  3,035   5.000%, 1/01/45 7/25 at 100.00   Baa2   3,346,998  
  1,000   Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public Schools, Series 2013, 6.000%, 8/15/43 8/23 at 100.00   BBB   1,139,590  
  2,500   Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 1/01/36 1/21 at 100.00   A1   2,753,200  
  2,770   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) 11/21 at 100.00   A   2,981,379  
  8,100   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 5.125%, 11/01/43 (Alternative Minimum Tax) 11/22 at 100.00   A   8,760,555  
  3,500   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A, 5.000%, 11/01/42 11/20 at 100.00   A   3,846,500  
  10,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E, 5.000%, 11/01/42 (Alternative Minimum Tax) 11/21 at 100.00   A   10,737,000  
  9,000   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%, 11/01/42 (Alternative Minimum Tax) 11/21 at 100.00   A   9,663,300  
  200   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   210,362  
  6,090   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 10/23 at 100.00   BBB   6,654,848  
  9,120   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 10/23 at 100.00   AA+   10,314,994  
  4,105   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) 10/23 at 100.00   AA   6,257,128  
  2,140   Grapevine-Colleyville Independent School District, Tarrant and Dallas Counties, Texas, General Obligation Bonds, Capital Appreciation, Refunding Series 1998, 0.000%, 8/15/25 No Opt. Call   AAA   1,746,047  
  2,960   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   B3   3,038,174  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  3,480   5.000%, 12/01/45 6/25 at 100.00   AA   3,803,918  
  1,895   4.000%, 12/01/45 6/25 at 100.00   AA   1,918,498  
  1,615   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%, 6/01/28 6/23 at 100.00   Baa3   1,768,990  
  500   Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Contractual Obligation Series 2014, 5.000%, 11/01/29 11/24 at 100.00   Aa2   585,890  

 

NUVEEN
53

 



 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

                   
  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:            
$ 510   0.000%, 11/15/41 – AGM Insured 11/31 at 62.66   A2 $ 170,952  
  1,020   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2   325,513  
  1,255   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2   380,679  
  3,305   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2   953,955  
  4,460   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2   1,219,765  
  6,500   0.000%, 11/15/47 – AGM Insured 11/31 at 46.45   A2   1,599,650  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:            
  150   0.000%, 11/15/24 – NPFG Insured No Opt. Call   A3   114,282  
  4,440   0.000%, 11/15/29 – NPFG Insured No Opt. Call   A3   2,675,233  
  730   0.000%, 11/15/30 – NPFG Insured No Opt. Call   A3   418,881  
  7,570   0.000%, 11/15/31 – NPFG Insured No Opt. Call   A3   4,138,141  
  600   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/33 11/24 at 100.00   BBB   670,620  
  1,000   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 2014A, 5.000%, 11/15/30 11/24 at 100.00   A–   1,143,060  
  2,305   Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien Series 2001A, 0.000%, 11/15/20 – NPFG Insured No Opt. Call   A2   2,153,101  
  3,000   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured 7/17 at 100.00   A3   3,021,090  
  380   Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 7/24 at 100.00   BB–   405,555  
  3,790   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 (Pre-refunded 5/15/19) – AGC Insured 5/19 at 100.00   AA (4)   4,103,660  
  210   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2009A, 5.125%, 11/15/32 – AGC Insured 5/19 at 100.00   AA   226,195  
  3,500   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 11/20 at 100.00   AA   3,976,770  
  4,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA   4,486,000  
  225   Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2007A, 5.000%, 3/01/32 – NPFG Insured 7/17 at 100.00   A3   225,709  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  3,250   0.000%, 9/01/25 – AMBAC Insured No Opt. Call   A2   2,496,943  
  4,130   0.000%, 9/01/26 – AMBAC Insured No Opt. Call   A2   3,074,331  
  3,130   0.000%, 9/01/30 – AMBAC Insured No Opt. Call   A–   1,884,730  
  12,030   0.000%, 9/01/31 – AMBAC Insured No Opt. Call   A–   6,898,844  
  12,030   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured (ETM) No Opt. Call   Aa1 (4)   10,897,015  
  4,680   Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 1998A, 0.000%, 12/01/22 – AGM Insured No Opt. Call   AA+   4,138,384  
  1,000   Humble Independent School District, Harris County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/22 (Pre-refunded 2/15/18) – AGC Insured 2/18 at 100.00   AA (4)   1,034,570  
      Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A:            
  8,000   4.000%, 8/15/37 8/25 at 100.00   AAA   8,397,360  
  2,275   5.000%, 8/15/40 8/25 at 100.00   AAA   2,605,125  
  65   Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23 8/17 at 100.00   AAA   65,801  
  1,500   Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008, 5.000%, 8/15/23 (Pre-refunded 8/15/17) 8/17 at 100.00   N/R (4)   1,518,780  

  

54
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 4,800   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   BBB $ 5,197,728  
  6,500   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2016, 5.000%, 5/15/46 5/26 at 100.00   A   7,271,810  
  9,180   Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A   10,897,578  
  2,000   McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013, 6.125%, 12/01/38 12/25 at 100.00   Ba2   2,181,000  
  1,210   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 10/18 at 103.00   BB–   1,268,879  
  1,735   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   A2   1,858,497  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  4,030   0.000%, 9/01/43 (7) 9/31 at 100.00   AA   4,181,246  
  8,470   0.000%, 9/01/45 (7) 9/31 at 100.00   AA   9,572,032  
  2,000   North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%, 9/01/41 (UB) (5) 9/21 at 100.00   AA   2,303,140  
  205   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 1/19 at 100.00   A   220,404  
  895   North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (4)   972,686  
  7,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 1/25 at 100.00   A   8,592,710  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A:            
  145   5.750%, 1/01/40 – AGC Insured 1/18 at 100.00   A1   149,119  
  270   5.750%, 1/01/40 – BHAC Insured 1/18 at 100.00   A1   277,671  
  1,120   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) 1/18 at 100.00   AA+ (4)   1,156,691  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A:            
  540   5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   A1 (4)   557,690  
  415   5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 1/18 at 100.00   A1 (4)   428,595  
  835   5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured 1/18 at 100.00   A1 (4)   862,355  
  10,260   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A   11,351,254  
  10,625   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   A– (4)   10,973,075  
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
  13,355   5.000%, 1/01/33 1/25 at 100.00   A–   15,114,788  
  1,770   5.000%, 1/01/34 1/25 at 100.00   A–   1,994,206  
  3,500   Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series 2008A, 5.250%, 2/15/34 (Pre-refunded 2/15/18) 2/18 at 100.00   AA+ (4)   3,622,395  
  1,000   Round Rock Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, School Building Series 2009, 5.000%, 8/01/27 8/18 at 100.00   AA   1,048,990  
  4,000   Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (8) No Opt. Call   N/R   40  
  4,375   Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XF0389, 8.465%, 11/15/47 (IF) (5) 11/17 at 100.00   Aa2   4,517,100  
  1,300   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Series 2009B, 5.250%, 9/01/26 – AGC Insured 9/19 at 100.00   A2   1,396,044  

 

NUVEEN
55

 



 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
$ 355   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (4) $ 404,047  
  4,445   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   5,059,121  
  2,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 8/26 at 100.00   AA   2,239,600  
  650   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 No Opt. Call   BBB+   786,156  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  5,910   5.000%, 12/15/23 12/22 at 100.00   BBB   6,678,064  
  2,050   5.000%, 12/15/26 12/22 at 100.00   BBB   2,265,353  
  1,000   5.000%, 12/15/27 12/22 at 100.00   BBB   1,100,150  
  12,745   5.000%, 12/15/29 12/22 at 100.00   BBB   13,883,766  
  2,000   5.000%, 12/15/31 12/22 at 100.00   BBB   2,159,460  
  19,735   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016, 5.000%, 12/31/50 (Alternative Minimum Tax) 12/25 at 100.00   Baa3   21,077,177  
  1,620   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   BBB–   1,825,837  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010:            
  1,000   7.000%, 6/30/34 6/20 at 100.00   Baa3   1,138,500  
  1,000   7.000%, 6/30/40 6/20 at 100.00   Baa3   1,134,540  
      Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013:            
  1,335   7.000%, 12/31/38 (Alternative Minimum Tax) 9/23 at 100.00   BBB–   1,525,077  
  4,040   6.750%, 6/30/43 (Alternative Minimum Tax) 9/23 at 100.00   BBB–   4,670,078  
  1,000   Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 8/17 at 100.00   BBB (4)   1,012,430  
  3,335   Texas State, General Obligation Bonds, Water Financial Assistance, Tender Option Bond Trust 2015-XF0075, 11.944%, 8/01/39 (IF) 8/19 at 100.00   Aaa   4,118,992  
  9,430   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   10,303,501  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B:            
  8,335   0.000%, 8/15/36 8/24 at 59.60   A–   3,705,324  
  10,960   5.000%, 8/15/37 8/24 at 100.00   A–   12,211,632  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  2,100   5.000%, 8/15/33 8/24 at 100.00   BBB   2,332,617  
  15,750   5.000%, 8/15/42 8/24 at 100.00   BBB   17,195,378  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  7,714   0.000%, 8/15/21 – AMBAC Insured No Opt. Call   A–   7,108,447  
  9,980   0.000%, 8/15/23 – AMBAC Insured No Opt. Call   A–   8,541,483  
  21,170   0.000%, 8/15/24 – AMBAC Insured No Opt. Call   A–   17,360,459  
      Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A:            
  2,285   0.000%, 8/15/21 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   2,139,948  
  2,020   0.000%, 8/15/23 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   1,793,154  
  3,830   0.000%, 8/15/24 – AMBAC Insured (ETM) No Opt. Call   A3 (4)   3,293,034  
  220   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 11/20 at 100.00   BBB   249,280  
  905   Travis County Health Facilities Development Corporation, Texas, Revenue Bonds, Westminster Manor, Series 2010, 7.000%, 11/01/30 (Pre-refunded 11/01/20) 11/20 at 100.00   N/R (4)   1,078,823  

 

56
NUVEEN

 



 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 605   Winter Garden Housing Finance Corporation, Texas, GNMA/FNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1994, 6.950%, 10/01/27 (Alternative Minimum Tax) 10/17 at 100.00   CC $ 606,785  
      Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:            
  5,165   0.000%, 8/15/34 No Opt. Call   AAA   2,295,636  
  6,135   0.000%, 8/15/37 No Opt. Call   AAA   2,284,981  
  517,424   Total Texas         500,433,260  
      Utah – 1.7% (1.1% of Total Investments)            
  1,000   Central Utah Water Conservancy District, Water Revenue Bonds, Series 2012C, 5.000%, 10/01/42 10/22 at 100.00   AA+   1,126,620  
  26,000   Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017A, 5.000%, 7/01/47 (Alternative Minimum Tax) 7/27 at 100.00   A2   29,289,520  
  2,000   Utah County, Utah, Hospital Revenue Bonds, IHC Health Services Inc., Series 2012, 5.000%, 5/15/43 5/21 at 100.00   AA+   2,192,920  
  5,795   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Hawthorn Academy Project, Series 2016, 5.000%, 10/15/46 4/26 at 100.00   AA   6,342,048  
  4,110   Utah Transit Authority, Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 6/15/42 6/22 at 100.00   A+   4,475,585  
  4,500   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre-refunded 6/15/18) 6/18 at 100.00   Aa2 (4)   4,716,135  
  3,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured 6/18 at 100.00   Aa2 (4)   3,135,660  
  46,405   Total Utah         51,278,488  
      Virginia – 2.2% (1.4% of Total Investments)            
  1,000   Amherst Industrial Development Authority, Virginia, Revenue Bonds, Sweet Briar College, Series 2006, 5.000%, 9/01/26 7/17 at 100.00   B   953,380  
  515   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) 7/28 at 100.00   BBB   403,863  
  3,000   Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17) 10/17 at 100.00   BBB (4)   3,053,820  
  1,000   Fairfax County Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage – Cedar Ridge Project, Series 2007, 4.850%, 10/01/48 (Alternative Minimum Tax) 7/17 at 100.00   AA+   1,001,390  
  2,400   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   2,677,296  
  4,500   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Refunding Series 2013A, 5.000%, 10/01/30 (Alternative Minimum Tax) 10/23 at 100.00   A1   5,065,695  
  5,000   Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/39 10/20 at 100.00   A1   5,510,650  
  5,625   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   5,902,088  
  2,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured No Opt. Call   A3   884,840  
  5,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured Prince William County Industrial Development Authority, Virginia, Health Care Facilities 10/26 at 100.00   A3   6,394,200  
      Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B:            
  2,000   4.000%, 11/01/33 11/22 at 100.00   A+   2,075,100  
  3,000   5.000%, 11/01/46 11/22 at 100.00   A+   3,231,450  
  6,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/17 at 100.00   B–   5,761,800  

 

NUVEEN
57

 



NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Virginia (continued)            
$ 4,535   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 1/22 at 100.00   BBB– $ 4,739,166  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  3,670   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,129,301  
  14,930   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   16,332,226  
  64,175   Total Virginia         68,116,265  
      Washington – 4.4% (2.8% of Total Investments)            
  7,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 11/26 at 100.00   Aa1   8,056,930  
  11,345   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/19 – NPFG Insured No Opt. Call   Aa3   11,014,180  
  2,000   Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Refunding Series 2014A, 5.000%, 7/01/40 7/24 at 100.00   AA–   2,257,780  
  3,750   FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 6/19 at 100.00   AA   4,039,763  
  2,375   Grant County Public Utility District 2, Washington, Revenue Bonds, Priest Rapids Hydroelectric Project, Refunding Series 2015A, 5.000%, 1/01/41 1/26 at 100.00   Aa3   2,665,890  
  2,270   Port Everett, Washington, Revenue Bonds, Refunding Series 2016, 5.000%, 12/01/46 6/26 at 100.00   A1   2,531,254  
  10,000   Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 5/01/43 6/23 at 100.00   A2   10,804,800  
  5,195   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   5,957,782  
  1,590   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2012, 5.000%, 12/01/42 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   1,844,813  
  4,000   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/32 10/22 at 100.00   AA–   4,427,240  
  1,000   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   1,104,160  
  11,500   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2015A, 5.000%, 10/01/45 (UB) 4/25 at 100.00   AA   12,760,170  
  845   Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 7/19 at 100.00   Baa1   919,056  
  1,155   Washington State Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services Association, Series 2009, 6.250%, 7/01/24 (Pre-refunded 7/01/19) 7/19 at 100.00   N/R (4)   1,282,731  
  4,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (4)   4,409,080  
  3,500   Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 12/17 at 100.00   N/R (4)   3,598,070  
  1,935   Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 8/17 at 100.00   BBB   1,956,595  
  320   Washington State Housing Finance Commission, Revenue Bonds, Riverview Retirement Community, Refunding Series 2012, 5.000%, 1/01/48 1/23 at 100.00   BBB–   323,283  
  6,480   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%, 6/01/24 – NPFG Insured No Opt. Call   AA+   5,582,844  
  11,050   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call   AA+   10,669,326  
  3,350   Washington, General Obligation Compound Interest Bonds, Series 1999S-2, 0.000%, 1/01/18 – AGM Insured No Opt. Call   AA+   3,329,867  
      Washington, General Obligation Compound Interest Bonds, Series 1999S-3:            
  17,650   0.000%, 1/01/20 No Opt. Call   AA+   17,041,958  
  18,470   0.000%, 1/01/21 No Opt. Call   AA+   17,518,056  
  130,780   Total Washington         134,095,628  

 

58
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      West Virginia – 0.4% (0.3% of Total Investments)            
$ 1,965   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32 9/19 at 100.00   Baa1 $ 2,091,723  
  1,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 10/18 at 100.00   N/R   1,022,960  
  7,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   7,839,230  
  2,000   West Virginia Hospital Finance Authority, Revenue Bonds, West Virginia University Health System Obligated Group, Improvement Series 2017A, 5.000%, 6/01/42 6/27 at 100.00   A   2,210,140  
  11,965   Total West Virginia         13,164,053  
      Wisconsin – 1.6% (1.1% of Total Investments)            
  2,230   Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   A3 (4)   2,422,694  
  880   Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 11/24 at 100.00   N/R   934,604  
  4,400   Public Finance Authority of Wisconsin, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Refunding Series 2016A-2, 2.875%, 5/01/27 (Alternative Minimum Tax) 5/26 at 100.00   A–   4,324,320  
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 7/23 at 100.00   A   5,471,100  
  410   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Bellin Memorial Hospital Inc., Series 2003, 5.500%, 2/15/19 – AMBAC Insured No Opt. Call   A2   423,473  
  1,035   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.125%, 4/01/36 4/20 at 100.00   A–   1,082,817  
  1,685   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2016, 4.000%, 7/01/46 7/26 at 100.00   A–   1,656,406  
  4,330   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Childrens Hospital of Wisconsin Inc., Series 2008B, 5.500%, 8/15/29 2/20 at 100.00   Aa3   4,722,688  
  4,995   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 9/17 at 100.00   BBB+   5,027,517  
  2,750   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A+   2,999,480  
  1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/32 2/22 at 100.00   A–   1,346,388  
  6,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A, 5.000%, 2/15/46 2/26 at 100.00   A–   6,408,780  
      Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:            
  6,745   6.000%, 5/01/36 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (4)   7,410,597  
  5,100   6.250%, 5/01/37 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (4)   5,628,564  
  46,810   Total Wisconsin         49,859,428  
$ 4,745,310   Total Municipal Bonds (cost $4,347,193,000)         4,656,615,263  

 

  Principal                    
  Amount (000)   Description (1) Coupon   Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)                
      Transportation – 0.0% (0.0% of Total Investments)                
$ 761   Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) 5.50%   7/15/19   N/R $ 472,112  
  204   Las Vegas Monorail Company, Senior Interest Bonds, (11), (12) 5.50%   7/15/55   N/R   102,386  
$ 965   Total Corporate Bonds (cost $81,088)             574,498  

 

NUVEEN
59


 


 

NAD Nuveen Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Shares   Description (1), (13)   Value  
      INVESTMENT COMPANIES – 0.0% (0.0% of Total Investments)      
  8,812   BlackRock MuniHoldings Fund Inc. $ 146,720  
  32,524   Invesco Quality Municipal Income Trust   405,899  
      Total Investment Companies (cost $530,611)   552,619  
      Total Long-Term Investments (cost $4,347,804,699)   4,657,742,380  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 1.9% (1.2% of Total Investments)            
      MUNICIPAL BONDS – 1.9% (1.2% of Total Investments)            
      Illinois – 0.3% (0.1% of Total Investments)            
$ 7,295   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Floater Series 2015-XM0053, 1.150%, 12/01/49 (14) 12/24 at 100.00   A-1 $ 7,295,000  
      Texas – 1.5% (1.0% of Total Investments)            
  10,100   Harris County Industrial Development Corporation, Texas, Solid Waste Revenue Bond, Exxon Corporation Project, Variable Rate Demand Obligations, Series 1997, 0.710%, 4/01/32 (14) 7/17 at 100.00   A-1+   10,100,000  
  20,000   Lower Neches Valley Authority, Texas, Industrial Development Corporation Exempt Facilities Revenue Bonds, Exxon Mobil Project, Variable Rate Demand Obligations, Series 2001B, 0.780%, 11/01/29 (14) 7/17 at 100.00   A-1+   20,000,000  
  16,500   Rockwall Independent School District, Rockwall County, Texas, General Obligation Bonds, School Building, Variable Rate Demand Obligation, Series 2006, 0.900%, 8/01/37 (14) 7/17 at 100.00   A-1+   16,500,000  
  46,600   Total Texas         46,600,000  
      Utah – 0.1% (0.1% of Total Investments)            
  3,000   Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003D, 0.790%, 5/15/36 (14) 7/17 at 100.00   A-1+   3,000,000  
$ 56,895   Total Short-Term Investments (cost $56,895,000)         56,895,000  
      Total Investments (cost $4,404,699,699) – 154.9%         4,714,637,380  
      Floating Rate Obligations – (5.4)%         (163,300,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (31.3)% (15)         (952,457,132 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (20.7)% (16)         (629,086,240 )
      Other Assets Less Liabilities – 2.5%         73,044,031  
      Net Assets Applicable to Common Shares – 100%       $ 3,042,838,039  

 

60
NUVEEN


 


 

(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) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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) 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8) 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.
(9) On January 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 7.125% to 5.700% and again on November 11, 2015, further reduced the security’s interest rate of accrual from 5.700% to 4.275%.
(10) On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(11) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(12) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(13) A copy of the most recent financial statements for these investment companies can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.
(14) Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(15) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 20.2%.
(16) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.3%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(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.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
PIK All or a portion of this security is payment-in-kind.

 

See accompanying notes to financial statements.

 

NUVEEN
61


 


 

NEA    
  Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 151.2% (98.2% of Total Investments)            
      MUNICIPAL BONDS – 151.2% (98.2% of Total Investments)            
      Alabama – 1.1% (0.7% of Total Investments)            
$ 4,250   Infirmary Health System Special Care Facilities Financing Authority of Mobile, Alabama, Revenue Bonds, Infirmary Health System, Inc., Series 2016A, 5.000%, 2/01/41 2/26 at 100.00   A– $ 4,606,915  
      Jefferson County, Alabama, General Obligation Warrants, Series 2004A:            
  1,395   5.000%, 4/01/22 – NPFG Insured 7/17 at 100.00   A3   1,399,701  
  1,040   5.000%, 4/01/23 – NPFG Insured 7/17 at 100.00   A3   1,043,505  
  25,890   Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 No Opt. Call   A3   31,044,699  
  4,900   Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill College Project, Series 2015, 5.875%, 4/15/45 4/25 at 100.00   N/R   4,909,114  
  37,475   Total Alabama         43,003,934  
      Alaska – 0.8% (0.5% of Total Investments)            
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
  17,040   5.000%, 6/01/32 7/17 at 100.00   B3   16,574,638  
  16,570   5.000%, 6/01/46 7/17 at 100.00   B3   15,878,700  
  33,610   Total Alaska         32,453,338  
      Arizona – 2.2% (1.4% of Total Investments)            
  1,460   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–   1,550,987  
      Arizona State, Certificates of Participation, Series 2010A:            
  2,800   5.250%, 10/01/28 – AGM Insured 10/19 at 100.00   Aa3   3,055,052  
  3,500   5.000%, 10/01/29 – AGM Insured 10/19 at 100.00   Aa3   3,793,650  
  7,500   Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 1/20 at 100.00   A1   8,212,575  
  7,115   Lake Havasu City, Arizona, Wastewater System Revenue Bonds, Refunding Senior Lien Series 2015B, 5.000%, 7/01/43 – AGM Insured 7/25 at 100.00   A2   7,958,910  
      Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A:            
  3,000   4.000%, 1/01/36 1/27 at 100.00   AA–   3,052,950  
  10,000   5.000%, 1/01/38 (UB) (4) 1/27 at 100.00   AA–   11,335,800  
  10,780   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A+   11,731,656  
      Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, Series 2005B:            
  6,545   5.500%, 7/01/37 – FGIC Insured No Opt. Call   AA   8,176,865  
  10,000   5.500%, 7/01/40 – FGIC Insured No Opt. Call   AA   12,621,200  
  11,320   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   13,265,455  
  74,020   Total Arizona         84,755,100  
      Arkansas – 0.1% (0.1% of Total Investments)            
  5,080   Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%, 5/01/28 – ACA Insured 7/17 at 100.00   N/R   4,548,226  
      California – 15.7% (10.2% of Total Investments)            
  3,500   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured 10/17 at 100.00   BBB+ (5)   3,568,110  
  22,880   Alameda Corridor Transportation Authority, California, Revenue Bonds, Senior Lien Series 1999A, 0.000%, 10/01/32 – NPFG Insured No Opt. Call   A3   12,696,112  

 

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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 4,225   Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/28 – AGM Insured No Opt. Call   AA $ 3,026,579  
  15,870   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured No Opt. Call   AA   14,895,580  
  3,450   Antelope Valley Joint Union High School District, Los Angeles and Kern Counties, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/29 – NPFG Insured No Opt. Call   A1   2,200,893  
      Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1:            
  2,500   5.125%, 4/01/39 (Pre-refunded 4/01/19) 4/19 at 100.00   Aa3 (5)   2,697,375  
  2,500   5.625%, 4/01/44 (Pre-refunded 4/01/19) 4/19 at 100.00   Aa3 (5)   2,721,150  
      Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4:            
  5,000   5.000%, 4/01/38 4/23 at 100.00   A1   5,634,450  
  6,500   5.250%, 4/01/53 4/23 at 100.00   A1   7,337,265  
  10,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2014F-1, 5.000%, 4/01/54 4/24 at 100.00   Aa3   11,031,500  
  8,000   Beverly Hills Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009, 0.000%, 8/01/33 No Opt. Call   AA+   4,536,400  
      Burbank Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2015A:            
  2,250   0.000%, 8/01/32 2/25 at 100.00   AA–   1,845,608  
  1,350   0.000%, 8/01/33 2/25 at 100.00   AA–   1,098,455  
  7,845   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 12/18 at 100.00   B3   7,985,269  
  2,910   California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29 (Pre-refunded 12/01/18) 12/18 at 100.00   AA+ (5)   3,102,497  
  2,090   California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2009-AF, 5.000%, 12/01/29 12/18 at 100.00   Aa1   2,222,569  
  3,250   California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H, 5.000%, 5/01/22 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   AA (5)   3,387,930  
      California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount University, Series 2001A:            
  3,255   0.000%, 10/01/23 – NPFG Insured No Opt. Call   A2   2,826,772  
  5,890   0.000%, 10/01/24 – NPFG Insured No Opt. Call   A2   4,931,108  
  7,615   0.000%, 10/01/25 – NPFG Insured No Opt. Call   A2   6,107,839  
  1,350   0.000%, 10/01/39 – NPFG Insured No Opt. Call   A2   523,422  
  3,330   California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40 11/21 at 100.00   AA–   3,756,407  
      California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A:            
  10,000   5.000%, 8/15/51 8/22 at 100.00   AA   11,003,200  
  3,000   5.000%, 8/15/51 (UB) (4) 8/22 at 100.00   A3   3,300,960  
  2,550   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2009B, 5.500%, 10/01/39 10/19 at 100.00   AA–   2,767,158  
  530   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/37 7/23 at 100.00   AA–   593,446  
  1,710   California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A, 5.000%, 11/15/40 11/21 at 100.00   Aa3   1,911,370  
      California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049:            
  525   8.498%, 8/15/51 (IF) (4) 8/22 at 100.00   Aa3   624,404  
  1,285   8.498%, 8/15/51 (IF) (4) 8/22 at 100.00   Aa3   1,528,302  
  485   8.492%, 8/15/51 (IF) (4) 8/22 at 100.00   Aa3   576,747  

 

NUVEEN
63


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 5,355   California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2015-XF0078, 12.265%, 11/15/48 (IF) 5/18 at 100.00   AA– $ 6,901,310  
  2,330   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 7/20 at 100.00   Baa2   2,534,364  
  965   California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 10/26 at 100.00   BBB–   1,028,642  
  2,930   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   3,290,683  
      California State, Economic Recovery Revenue Bonds, Refunding Series 2009A:            
  2,540   5.250%, 7/01/21 (Pre-refunded 7/01/19) 7/19 at 100.00   AA+ (5)   2,773,959  
  1,460   5.250%, 7/01/21 (Pre-refunded 7/01/19) 7/19 at 100.00   AA+ (5)   1,594,481  
  5,000   California State, General Obligation Bonds, Refunding Various Purpose Series 2017, 4.000%, 8/01/36 8/26 at 100.00   AA–   5,204,050  
  5   California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 7/17 at 100.00   AA–   5,016  
      California State, General Obligation Bonds, Various Purpose Series 2007:            
  9,730   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (5)   9,768,044  
  6,270   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   AA+ (5)   6,294,516  
  20,000   California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39 11/19 at 100.00   AA–   22,420,400  
      California State, General Obligation Bonds, Various Purpose Series 2010:            
  7,000   5.250%, 3/01/30 3/20 at 100.00   AA–   7,766,430  
  4,250   5.250%, 11/01/40 11/20 at 100.00   AA–   4,787,965  
  10,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 10/21 at 100.00   AA–   11,138,500  
  6,270   California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System Obligated Group, Series 2010, 5.250%, 11/01/30 11/20 at 100.00   A+   6,870,729  
  10,000   California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 8/20 at 100.00   AA–   11,348,700  
  3,000   California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35 7/18 at 100.00   A3   3,148,950  
      California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:            
  3,895   5.750%, 7/01/30 (6) 7/17 at 100.00   CCC   3,768,958  
  5,000   5.500%, 7/01/35 (6) 7/17 at 100.00   CCC   4,730,200  
  6,000   5.500%, 7/01/39 (6) 7/17 at 100.00   CCC   5,397,060  
  1,550   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (5)   1,638,583  
  10,445   Castaic Lake Water Agency, California, Certificates of Participation, Water System Improvement Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured No Opt. Call   AA   7,013,400  
  4,775   Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) No Opt. Call   A3 (5)   3,986,218  
  5,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured 8/18 at 100.00   AA+ (5)   5,264,800  
  3,330   Contra Costa Community College District, Contra Costa County, California, General Obligation Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38 8/23 at 100.00   AA   3,790,772  
  7,240   Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured 8/17 at 56.01   AA   4,043,612  
  2,500   Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured 7/17 at 100.00   A   2,508,100  
  7,775   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured No Opt. Call   BBB–   3,895,275  

 

64
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
      Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:            
$ 910   6.850%, 1/15/42 1/31 at 100.00   Ba1 $ 752,452  
  3,350   5.750%, 1/15/46 1/24 at 100.00   Ba1   3,839,804  
  8,350   6.000%, 1/15/49 1/24 at 100.00   Ba1   9,592,647  
  30,000   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/21 (ETM) No Opt. Call   AA+ (5)   28,563,000  
  3,120   Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 – AMBAC Insured 9/17 at 100.00   A   3,160,186  
  13,500   Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured No Opt. Call   AA   10,401,883  
  10,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 6/22 at 100.00   B3   10,139,200  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  19,725   5.000%, 6/01/33 6/17 at 100.00   B3   19,833,488  
  940   5.750%, 6/01/47 6/17 at 100.00   B3   942,190  
  2,850   5.125%, 6/01/47 6/17 at 100.00   B–   2,849,801  
  60   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (5)   60,269  
  2,415   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17) 6/17 at 100.00   N/R (5)   2,423,090  
  3,850   Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 7/15/40 (Pre-refunded 7/15/21) 7/21 at 100.00   Aaa   4,615,188  
  5,000   Huntington Beach Union High School District, Orange County, California, General Obligation Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured No Opt. Call   AA–   2,879,250  
  3,040   Kern Community College District, California, General Obligation Bonds, Safety, Repair & Improvement, Election 2002 Series 2006, 0.000%, 11/01/23 – AGM Insured No Opt. Call   AA   2,652,066  
  350   La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM) No Opt. Call   Aaa   355,404  
  1,500   Lincoln Unified School District, Placer County, California, Community Facilities District 1, Special Tax Bonds, Series 2005, 0.000%, 9/01/26 – AMBAC Insured No Opt. Call   N/R   964,845  
  5,000   Los Angeles Community College District, California, General Obligation Bonds, Series 2007C, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – FGIC Insured 8/17 at 100.00   AA+ (5)   5,055,100  
  395   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Second Series 1993, 4.750%, 10/15/20 (ETM) 7/17 at 100.00   N/R (5)   396,288  
  995   Los Angeles Department of Water and Power, California, Electric Plant Revenue Bonds, Series 1994, 5.375%, 2/15/34 (ETM) 7/17 at 100.00   Aa3 (5)   998,821  
  2,495   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A, 5.375%, 7/01/34 1/19 at 100.00   Aa2   2,682,350  
  10,000   Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41 1/21 at 100.00   Aa2   11,125,200  
  2,490   Madera Unified School District, Madera County, California, General Obligation Bonds, Election 2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured No Opt. Call   A3   1,851,215  
  10,335   Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 8/35 at 100.00   AA   7,650,380  
  5,500   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39 No Opt. Call   BBB+   7,660,400  
  745   Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A, 5.125%, 12/01/23 – AMBAC Insured (ETM) 7/17 at 100.00   N/R (5)   837,186  
  14,100   New Haven Unified School District, California, General Obligation Bonds, Refunding Series 2009, 0.000%, 8/01/34 – AGC Insured No Opt. Call   Aa3   7,170,837  

 

NUVEEN
65


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 3,515   Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 5.875%, 12/01/30 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (5) $ 4,188,474  
  2,500   Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/29 No Opt. Call   Aa3   1,685,750  
      Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Refunding Series 1995:            
  3,765   7.200%, 8/01/17 – NPFG Insured No Opt. Call   A3   3,824,073  
  5,000   7.400%, 8/01/25 – NPFG Insured No Opt. Call   A3   6,003,100  
  1,490   Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM) No Opt. Call   Aa1 (5)   1,856,004  
  1,745   Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured 8/32 at 100.00   AAA   2,182,768  
  1,000   Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Series 2005B, 0.000%, 8/01/29 – AGM Insured No Opt. Call   AA   674,300  
  5,000   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/30 11/20 at 100.00   Ba1   5,399,350  
  2,000   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured No Opt. Call   A2   1,648,180  
  10,755   Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election of 2004, Series 2007A, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – NPFG Insured 8/17 at 100.00   AA– (5)   10,871,797  
  9,320   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 – AGC Insured No Opt. Call   A2   4,868,488  
      Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms Improvement Area 4, Series 2005A:            
  1,335   5.000%, 9/01/25 9/17 at 100.00   N/R   1,343,904  
  410   5.100%, 9/01/30 9/17 at 100.00   N/R   412,107  
  5,480   Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) No Opt. Call   AA+ (5)   6,567,616  
  2,000   Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47 7/17 at 100.00   Baa2   2,007,680  
  1,800   Rialto Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011A, 0.000%, 8/01/28 No Opt. Call   A1   1,266,768  
  1,000   Rim of the World Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured 8/21 at 100.00   A2   1,108,360  
  760   Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44 6/23 at 100.00   BBB–   852,173  
  5,085   San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) No Opt. Call   AA+ (5)   6,028,268  
  2,250   San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 12/21 at 100.00   Ba2   2,622,375  
  1,830   San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Tender Option Bond Trust 2015-XF0098, 17.423%, 8/01/39 (Pre-refunded 8/01/19) (IF) 8/19 at 100.00   AA– (5)   2,561,634  
  4,000   San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 5/23 at 100.00   A+   4,399,880  
      San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A:            
  10,595   5.000%, 1/15/44 1/25 at 100.00   BBB–   11,570,800  
  32,725   5.000%, 1/15/50 1/25 at 100.00   BBB   35,635,560  
  7,210   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured No Opt. Call   BBB–   6,012,203  
  10,000   San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured 7/17 at 100.00   A3   10,035,100  

 

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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 12,580   San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured 8/17 at 100.00   A3 $ 12,654,977  
  2,965   San Juan Unified School District, Sacramento County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured No Opt. Call   AA–   2,086,648  
  4,455   San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/21 – NPFG Insured No Opt. Call   AAA   4,155,312  
  4,005   San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured No Opt. Call   AA+   3,159,825  
  15,750   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/39 – AGM Insured No Opt. Call   AA   6,285,353  
      San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015:            
  5,000   0.000%, 8/01/46 No Opt. Call   A1   1,174,700  
  6,570   0.000%, 8/01/47 No Opt. Call   A1   1,450,787  
  2,210   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 7/17 at 100.00   B+   2,215,702  
  2,630   Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Series 2001B, 0.000%, 9/01/25 – FGIC Insured No Opt. Call   A3   2,147,106  
  3,900   West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/19) – AGM Insured 8/19 at 100.00   A2 (5)   4,742,166  
  653,910   Total California         608,504,422  
      Colorado – 8.1% (5.3% of Total Investments)            
  1,085   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 7/17 at 100.00   BBB–   1,086,790  
  500   Blue Lake Metropolitan District No. 2 , Lochbuie, Colorado, Limited Tax General Obligation Bonds, Series 2016A, 5.750%, 12/01/46 12/21 at 103.00   N/R   504,165  
      Centerra Metropolitan District 1, Loveland, Colorado, Special Revenue Bonds, Refunding & Improvement Series 2017:            
  1,575   5.000%, 12/01/37 12/22 at 103.00   N/R   1,589,632  
  3,620   5.000%, 12/01/47 12/22 at 103.00   N/R   3,628,398  
  1,250   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A, 5.375%, 12/01/33 12/23 at 100.00   BBB   1,391,525  
  115   Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2014, 5.000%, 12/01/43 12/23 at 100.00   BB   117,547  
  6,350   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 7/17 at 100.00   BBB+   6,364,732  
  2,295   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2011A, 5.000%, 2/01/41 2/21 at 100.00   BBB+   2,349,254  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   5,221,300  
  7,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XG0007, 12.809%, 10/01/41 (Pre-refunded 4/29/18) – AGM Insured (IF) (4) 4/18 at 100.00   BBB+ (5)   8,558,700  
  5,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado Project, Series 2013A, 5.000%, 12/01/36 12/23 at 100.00   A+   5,546,600  
  750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2012, 5.125%, 1/01/37 5/17 at 100.00   N/R   750,473  
  3,050   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 1/24 at 102.00   N/R   3,150,803  
  1,825   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2012, 5.000%, 12/01/42 6/22 at 100.00   Baa2   1,871,045  

 

NUVEEN
67


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series 2013, 5.625%, 6/01/43 6/23 at 100.00   Baa2 $ 1,058,770  
  750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Frasier Meadows Project, Refunding & Improvement Series 2017A, 5.250%, 5/15/37 5/27 at 100.00   BB+   790,088  
  1,500   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Parkview Medical Center, Refunding Series 2015B, 4.000%, 9/01/34 9/25 at 100.00   A3   1,519,065  
  25,750   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   27,515,161  
  3,250   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29 9/17 at 100.00   BBB+   3,278,990  
      Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005:            
  235   5.250%, 6/01/23 7/17 at 100.00   Baa2   235,745  
  175   5.000%, 6/01/29 7/17 at 100.00   Baa2   175,397  
  1,500   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2016B, 5.000%, 3/01/41 3/27 at 100.00   A+   1,695,240  
      Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Series 2016:            
  7,115   5.000%, 8/01/41 – AGM Insured 8/26 at 100.00   A2   7,994,343  
  7,000   5.000%, 8/01/46 – AGM Insured 8/26 at 100.00   A2   7,835,590  
  11,140   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37 11/22 at 100.00   A+   12,623,514  
  12,900   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   14,261,595  
      Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016:            
  3,000   5.000%, 12/01/34 12/26 at 100.00   BBB–   3,330,300  
  2,400   5.000%, 12/01/36 12/26 at 100.00   BBB–   2,643,792  
  1,610   5.000%, 12/01/40 12/26 at 100.00   BBB–   1,768,102  
  13,920   E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 – NPFG Insured No Opt. Call   BBB+   12,563,496  
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
  6,200   0.000%, 9/01/22 – NPFG Insured No Opt. Call   BBB+   5,432,750  
  45,540   0.000%, 9/01/30 – NPFG Insured No Opt. Call   BBB+   27,541,681  
  16,635   0.000%, 9/01/32 – NPFG Insured No Opt. Call   BBB+   9,163,057  
  49,250   0.000%, 9/01/33 – NPFG Insured No Opt. Call   BBB+   25,844,430  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:            
  9,310   0.000%, 9/01/28 – NPFG Insured No Opt. Call   BBB+   6,217,311  
  2,900   0.000%, 9/01/34 – NPFG Insured No Opt. Call   BBB+   1,443,156  
  18,500   0.000%, 3/01/36 – NPFG Insured No Opt. Call   BBB+   8,508,520  
      E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:            
  3,800   0.000%, 9/01/27 – NPFG Insured 9/20 at 67.94   BBB+   2,314,428  
  13,300   0.000%, 9/01/31 – NPFG Insured 9/20 at 53.77   BBB+   6,297,284  
  6,250   0.000%, 9/01/32 – NPFG Insured 9/20 at 50.83   BBB+   2,784,125  
  10,000   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72   BBB+   3,621,000  
  1,000   Lorson Ranch Metropolitan District 2, El Paso County, Colorado, Limited Tax General Obligation Bonds, Series 2016, 5.000%, 12/01/36 12/26 at 100.00   BBB+   1,094,410  
  1,000   Louisville, Boulder County, Colorado, General Obligation Bonds, Limited Tax, Series 2017, 4.000%, 12/01/36 (WI/DD, Settling 5/23/17) 12/26 at 100.00   AA+   1,043,480  
  1,245   Palisade Metropolitan District 2, Broomfield County, Colorado, General Obligation Limited Tax and Revenue Bonds, Series 2016, 4.375%, 12/01/31 12/21 at 103.00   N/R   1,146,807  
  17,735   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   BBB   18,993,121  
  2,640   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (5)   3,088,404  

 

 

68
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
$ 630   Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 5.375%, 6/01/31 6/20 at 100.00   A $ 694,323  
      Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010:            
  15,000   6.500%, 1/15/30 7/20 at 100.00   Baa3   16,858,500  
  4,150   6.000%, 1/15/41 7/20 at 100.00   Baa3   4,585,543  
  3,250   Thompson Crossing Metropolitan District 2, Johnstown, Larimer County, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016B, 5.000%, 12/01/46 – AGM Insured 12/26 at 100.00   AA   3,566,420  
  4,000   University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42 11/22 at 100.00   AA–   4,447,000  
  14,500   University of Colorado, Enterprise System Revenue Bonds, Series 2014A, 5.000%, 6/01/46 6/24 at 100.00   AA+   16,163,293  
  2,175   Weld County School District RE1, Colorado, General Obligation Bonds, Series 2017, 5.000%, 12/15/30 – AGM Insured 12/26 at 100.00   AA   2,578,419  
  382,170   Total Colorado         314,847,614  
      Connecticut – 0.3% (0.2% of Total Investments)            
  1,650   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1, 5.000%, 7/01/46 7/26 at 100.00   A–   1,831,781  
  7,165   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 7/25 at 100.00   A–   7,928,359  
  8,815   Total Connecticut         9,760,140  
      Delaware – 0.4% (0.2% of Total Investments)            
  1,000   Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc., Series 2010A, 5.000%, 10/01/40 – NPFG Insured 10/20 at 100.00   Aa2   1,083,950  
  3,250   Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013, 5.000%, 7/01/32 7/23 at 100.00   BBB–   3,404,343  
  9,070   Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55 6/25 at 100.00   A1   9,828,343  
  13,320   Total Delaware         14,316,636  
      District of Columbia – 1.7% (1.1% of Total Investments)            
  1,250   District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC Issue, Series 2013, 5.000%, 10/01/45 10/22 at 100.00   BB+   1,114,650  
  107,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 7/17 at 16.83   N/R   14,999,260  
  15,150   District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – AMBAC Insured (7) 4/21 at 100.00   A   15,589,954  
      District of Columbia, Revenue Bonds, Georgetown University, Series 2017:            
  3,500   5.000%, 4/01/35 4/27 at 100.00   A   4,015,970  
  3,500   5.000%, 4/01/36 4/27 at 100.00   A   4,003,195  
      Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A:            
  15,000   4.500%, 10/01/30 – AMBAC Insured 7/17 at 100.00   A   15,033,450  
  11,200   4.500%, 10/01/30 – AMBAC Insured 7/17 at 100.00   AA+   11,229,792  
  156,600   Total District of Columbia         65,986,271  
      Florida – 7.6% (5.0% of Total Investments)            
  2,800   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2016, 5.000%, 9/01/46 9/23 at 100.00   BBB–   2,819,992  
  2,080   Brevard County School Board, Florida, Certificates of Participation, Series 2007C, 5.000%, 7/01/21 (Pre-refunded 7/01/17) – AMBAC Insured 7/17 at 100.00   Aa3 (5)   2,095,288  
  2,000   Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A, 5.250%, 10/01/34 (Pre-refunded 10/01/18) 10/18 at 100.00   AA+ (5)   2,122,740  

 

NUVEEN
69


 


 

NEA    
  Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 11,000   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured 10/21 at 100.00   A $ 12,307,790  
  2,830   City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 Clay County, Florida, Utility System Revenue Bonds, Refunding Series 2007: 9/25 at 100.00   AA–   3,130,348  
  1,500   5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB) 11/17 at 100.00   AA (5)   1,531,785  
  3,000   5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB) 11/17 at 100.00   AA (5)   3,063,570  
  3,010   Cocoa, Florida, Water and Sewerage System Revenue Bonds, Refunding Series 2003, 5.500%, 10/01/23 – AMBAC Insured No Opt. Call   AA   3,487,988  
  3,570   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, Refunding Series 2013, 6.125%, 11/01/43 11/23 at 100.00   BBB–   3,994,509  
      Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, Refunding Series 2013A:            
  8,555   6.000%, 4/01/42 4/23 at 100.00   Baa1   9,714,716  
  4,280   5.625%, 4/01/43 4/23 at 100.00   Baa1   4,757,905  
      Florida Municipal Loan Council, Revenue Bonds, Series 2000B:            
  1,040   0.000%, 11/01/25 – NPFG Insured No Opt. Call   A3   784,898  
  1,590   0.000%, 11/01/26 – NPFG Insured No Opt. Call   A3   1,149,427  
  2,500   Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond Trust 2016-XF2347, 15.623%, 6/01/38 – AGC Insured (IF) (4) 6/18 at 101.00   Aa1   3,016,200  
  5,000   Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Refunding Series 2008A, 5.000%, 7/01/35 (Pre-refunded 7/01/17) 7/17 at 101.00   AA (5)   5,086,500  
  1,500   Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series 2009A, 5.000%, 1/15/29 1/19 at 100.00   AAA   1,594,950  
  2,070   Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured 6/18 at 100.00   AA (5)   2,172,610  
      Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B:            
  5,730   5.000%, 10/01/40 10/24 at 100.00   A+   6,390,669  
  12,885   5.000%, 10/01/44 10/24 at 100.00   A+   14,343,711  
  400   Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 5.000%, 10/01/30 10/22 at 100.00   A+   451,728  
  1,530   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 2011, 5.000%, 11/15/24 11/21 at 100.00   A2   1,707,817  
  2,500   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 11/24 at 100.00   A2   2,700,300  
      Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A:            
  3,810   5.000%, 2/01/40 – AGM Insured 2/24 at 100.00   A1   4,216,337  
  19,145   5.000%, 2/01/44 – AGM Insured 2/24 at 100.00   AA   21,137,801  
      Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish Health System Inc. Project, Series 2017:            
  205   5.000%, 7/01/32 7/27 at 100.00   BBB   219,858  
  2,000   5.125%, 7/01/38 7/27 at 100.00   BBB   2,126,220  
  5,035   5.125%, 7/01/46 7/27 at 100.00   BBB   5,310,364  
  1,200   Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 6.000%, 2/01/30 – AGM Insured 2/21 at 100.00   A1   1,373,484  
  7,390   Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of Miami, Series 2015A, 5.000%, 4/01/45 4/25 at 100.00   A–   8,055,100  
  10,000   Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/35 7/20 at 100.00   A2   10,989,600  
  1,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00   A   1,117,400  

 

70
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 5,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 10/19 at 100.00   A $ 5,466,650  
  7,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/41 10/20 at 100.00   A   8,272,200  
      Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B:            
  3,000   5.000%, 10/01/26 10/20 at 100.00   A   3,347,070  
  2,500   5.000%, 10/01/27 10/20 at 100.00   A   2,787,475  
  4,000   5.000%, 10/01/35 – AGM Insured 10/20 at 100.00   A2   4,383,440  
  1,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/41 10/26 at 100.00   A   1,681,830  
  4,000   Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1, 5.625%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA (5)   4,220,840  
  1,850   Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 5.000%, 10/01/37 10/22 at 100.00   A2   2,037,831  
      Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012:            
  5,500   5.000%, 7/01/31 7/22 at 100.00   A1   6,177,655  
  3,000   5.000%, 7/01/42 7/22 at 100.00   A1   3,335,310  
  11,300   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 7/01/35 (Pre-refunded 7/01/18) – AGM Insured 7/18 at 100.00   A1 (5)   11,841,496  
  5,770   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   A+   6,398,526  
  1,665   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2009, 5.125%, 10/01/26 10/19 at 100.00   A   1,810,688  
  750   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 4/22 at 100.00   A   804,330  
  10,170   Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%, 10/01/29 – FGIC Insured 10/17 at 100.00   AA   10,330,582  
  4,000   Orlando, Florida, Tourist Development Tax Revenue Bonds, Senior Lien 6th Cent Contract Payments, Series 2008A, 5.250%, 11/01/23 – AGC Insured 11/17 at 100.00   BBB   4,080,560  
  255   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca Raton Project, Series 2014A, 7.250%, 6/01/34 6/22 at 102.00   N/R   299,577  
  3,000   Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 8/01/27 (Pre-refunded 8/01/17) – NPFG Insured 8/17 at 100.00   AA– (5)   3,032,670  
  4,000   Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project, Series 2009, 5.250%, 10/01/33 10/19 at 100.00   AAA   4,348,600  
      Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B:            
  5,000   5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (5)   5,036,600  
  4,700   5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   A3 (5)   4,734,404  
  435   Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 9/18 at 100.00   A1 (5)   460,008  
  45   Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured 9/18 at 100.00   A1   47,362  
  1,385   Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007, 5.000%, 5/01/30 – RAAI Insured 5/18 at 100.00   A3   1,409,224  
  2,490   Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) No Opt. Call   AA– (5)   2,656,780  
  6,625   South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/33 5/25 at 100.00   Aa3   6,807,916  
      South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007:            
  3,500   5.000%, 8/15/37 8/17 at 100.00   AA–   3,525,130  
  2,455   5.000%, 8/15/42 (UB) (4) 8/17 at 100.00   Aa3   2,471,375  

 

NUVEEN
71


 


 

NEA    
  Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 1,200   Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 10/01/19) – AGC Insured 10/19 at 100.00   AA (5) $ 1,311,816  
  5,000   Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008, 5.000%, 10/01/34 (Pre-refunded 10/01/18) 10/18 at 100.00   AA+ (5)   5,281,500  
      Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose Bonds, Stadium Project, Series 1995:            
  910   5.750%, 10/01/20 – NPFG Insured No Opt. Call   AA–   986,850  
  2,785   5.750%, 10/01/25 – NPFG Insured No Opt. Call   AA–   3,267,724  
  3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2   3,672,306  
  4,000   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2016A, 4.000%, 11/15/46 5/26 at 100.00   Aa2   4,030,200  
  9,720   Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 5.000%, 7/01/42 7/22 at 100.00   A   10,777,730  
  1,500   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured 10/21 at 100.00   A–   1,677,480  
  2,000   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle Aeronautical University, Series 2015B, 5.000%, 10/15/45 4/25 at 100.00   Baa1   2,146,500  
  7,400   Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University Inc. Project, Series 2015, 5.000%, 6/01/45 6/25 at 100.00   A–   8,154,134  
  274,365   Total Florida         296,083,974  
      Georgia – 2.7% (1.7% of Total Investments)            
  6,950   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010A, 5.000%, 1/01/40 – AGM Insured 1/20 at 100.00   Aa3   7,526,225  
  7,230   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/42 1/22 at 100.00   AA–   7,948,807  
  3,050   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%, 11/01/39 – AGM Insured 11/19 at 100.00   A+   3,356,129  
      Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015:            
  3,400   5.000%, 11/01/33 5/25 at 100.00   A+   3,957,124  
  2,040   5.000%, 11/01/35 5/25 at 100.00   A+   2,352,059  
  5,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – FGIC Insured No Opt. Call   A+   5,784,450  
  1,535   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 8/20 at 100.00   AA   1,626,732  
  2,000   DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 9/20 at 100.00   BBB–   2,197,140  
  5,725   Fayette County Hospital Authority, Georgia, Revenue Anticipation Certificates, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   AA–   6,355,723  
  2,360   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 2/20 at 100.00   AA–   2,519,678  
  7,640   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2010B, 5.250%, 2/15/45 (Pre-refunded 2/15/20) 2/20 at 100.00   N/R (5)   8,444,492  
  12,590   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 2/25 at 100.00   AA   14,676,791  
  7,500   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 2/27 at 100.00   AA–   8,640,750  
  7,905   Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 5.000%, 7/01/60 7/25 at 100.00   A2   8,553,052  
  3,055   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (Pre-refunded 2/01/18) 2/18 at 100.00   AAA   3,150,469  

 

72
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Georgia (continued)            
$ 1,350   Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured No Opt. Call   AA+ $ 1,664,928  
  2,500   Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 8/01/18) – AGC Insured 8/18 at 100.00   AA (5)   2,675,650  
  8,230   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2015, 5.000%, 10/01/40 10/25 at 100.00   Baa2   8,734,828  
  2,615   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   AA–   2,831,287  
  92,675   Total Georgia         102,996,314  
      Guam – 0.1% (0.1% of Total Investments)            
  4,060   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   BBB–   4,457,555  
      Hawaii – 0.1% (0.1% of Total Investments)            
  275   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.875%, 7/01/43 7/23 at 100.00   BB   298,394  
  4,225   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, Series 2015A, 4.000%, 7/01/40 7/25 at 100.00   A1   4,286,685  
  4,500   Total Hawaii         4,585,079  
      Idaho – 0.1% (0.1% of Total Investments)            
  2,110   Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 5.000%, 3/01/47 – AGM Insured 3/22 at 100.00   A–   2,251,687  
  2,750   Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood Terrace Project, Series 2002A-1, 7.250%, 3/20/37 7/17 at 101.00   A1   2,784,898  
  4,860   Total Idaho         5,036,585  
      Illinois – 21.0% (13.6% of Total Investments)            
      Bolingbrook, Illinois, General Obligation Refunding Bonds, Refunding Series 2002B:            
  4,595   0.000%, 1/01/32 – FGIC Insured No Opt. Call   A2   2,564,102  
  4,000   0.000%, 1/01/34 – FGIC Insured No Opt. Call   A2   2,018,160  
  11,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement Revenues, Series 2016, 6.000%, 4/01/46 4/27 at 100.00   A   11,381,810  
  2,940   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011A, 5.000%, 12/01/41 12/21 at 100.00   B3   2,379,048  
  11,450   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   11,082,913  
  1,785   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   1,658,319  
  10,510   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured No Opt. Call   B+   9,767,153  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A:            
  19,600   0.000%, 12/01/20 – FGIC Insured No Opt. Call   B+   17,562,188  
  1,000   5.500%, 12/01/26 – FGIC Insured No Opt. Call   B+   1,082,020  
  3,500   Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 6/01/26 – AGM Insured 6/21 at 100.00   A2   3,797,255  
  5,785   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 5.250%, 12/01/40 12/21 at 100.00   A1   6,177,917  
  9,285   Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 5.250%, 12/01/49 12/24 at 100.00   AA   10,165,868  

 

NUVEEN
73


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,985   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien Refunding Series 2013B, 5.000%, 1/01/26 1/23 at 100.00   A $ 2,277,649  
  13,100   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 1/20 at 100.00   AA   14,167,517  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  32,170   0.000%, 1/01/21 – FGIC Insured No Opt. Call   BBB–   28,845,874  
  32,670   0.000%, 1/01/22 – FGIC Insured No Opt. Call   BBB–   28,073,331  
  22,670   0.000%, 1/01/25 – FGIC Insured No Opt. Call   BBB–   16,879,629  
  10,565   Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 1/27 at 100.00   BBB–   11,069,373  
  5,540   Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 1/18 at 100.00   BBB–   5,656,008  
  5,000   Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41 1/22 at 100.00   Ba1   5,095,600  
  5,000   Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City Colleges, Series 2013, 5.250%, 12/01/43 12/23 at 100.00   BBB   5,226,150  
  4,865   Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation Bonds, Series 2001, 0.000%, 12/01/20 – FGIC Insured No Opt. Call   Aa2   4,501,439  
  2,575   Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured No Opt. Call   A3   2,318,324  
  3,615   Cook County Community High School District 219, Niles Township, Illinois, General Obligation Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM) No Opt. Call   N/R (5)   3,437,070  
      Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A:            
  3,500   5.250%, 11/15/22 11/20 at 100.00   A2   3,852,905  
  12,425   5.250%, 11/15/33 11/20 at 100.00   A2   13,186,777  
      DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:            
  8,000   0.000%, 11/01/18 No Opt. Call   AAA   7,815,200  
  15,285   0.000%, 11/01/19 No Opt. Call   AAA   14,599,009  
  5,265   Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 5.500%, 11/01/36 11/23 at 100.00   A   5,764,069  
  5,020   Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 5.000%, 6/01/42 6/22 at 100.00   Aa2   5,421,700  
  4,200   Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 9/22 at 100.00   BBB   4,375,350  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A:            
  8,750   5.000%, 9/01/39 9/24 at 100.00   BBB   9,125,988  
  11,030   5.000%, 9/01/42 9/24 at 100.00   BBB   11,440,757  
  1,500   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 11/19 at 100.00   Aa2   1,644,825  
  2,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 8/15/47 – AGC Insured (UB) 8/18 at 100.00   AA–   2,078,940  
  3,040   Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured 2/18 at 100.00   A (5)   3,145,245  
  2,910   Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 5/22 at 100.00   Baa1   3,009,493  
  6,000   Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 4/19 at 100.00   A1   6,350,100  
      Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016:            
  11,165   5.000%, 12/01/40 6/26 at 100.00   A3   11,929,579  
  9,000   5.000%, 12/01/46 6/26 at 100.00   A3   9,574,110  
  3,000   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 4.000%, 8/15/33 8/22 at 100.00   Aa2   3,108,570  
  1,100   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076, 15.417%, 8/15/43 (IF) 8/22 at 100.00   Aa2   1,462,824  
  1,575   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   1,734,296  
  3,460   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   3,942,912  

 

74
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,970   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37 (Pre-refunded 11/15/17) 11/17 at 100.00   A (5) $ 2,023,151  
  8,540   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A, 5.000%, 11/15/45 11/25 at 100.00   A   9,255,823  
      Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C:            
  3,500   5.000%, 2/15/32 2/27 at 100.00   BBB–   3,769,430  
  1,000   5.000%, 2/15/41 2/27 at 100.00   BBB–   1,050,520  
  27,135   4.000%, 2/15/41 2/27 at 100.00   BBB–   23,933,070  
      Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:            
  85   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   97,665  
  8,400   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   BBB– (5)   9,651,600  
  2,215   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 6.000%, 7/01/43 7/23 at 100.00   A–   2,535,865  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:            
  205   5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   A2 (5)   213,829  
  2,995   5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   A2 (5)   3,123,995  
      Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A:            
  2,250   6.000%, 8/15/23 8/18 at 100.00   BBB+   2,363,400  
  8,645   5.500%, 8/15/30 8/18 at 100.00   BBB+   8,917,318  
  4,135   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 8/25 at 100.00   Baa1   4,367,470  
  8,040   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 – AGM Insured 8/21 at 100.00   A2   9,140,756  
      Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C:            
  1,000   5.500%, 8/15/41 (Pre-refunded 2/15/21) 2/21 at 100.00   AA– (5)   1,156,410  
  2,500   5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (4) 2/21 at 100.00   Aa3 (5)   2,891,025  
  15,510   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA–   16,707,837  
  5,245   Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.526%, 7/01/46 (Pre-refunded 7/01/17) (IF) (4) 7/17 at 100.00   AA– (5)   5,322,521  
  4,915   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 5/17 at 100.00   Baa3   4,920,308  
  3,540   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., University Center Project, Series 2006B, 5.000%, 5/01/25 7/17 at 100.00   Baa3   3,544,248  
  1,375   Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A, 6.250%, 4/01/18 – AGM Insured (ETM) No Opt. Call   AA (5)   1,438,470  
  1,475   Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System, Series 1993C, 6.000%, 4/01/18 No Opt. Call   Aa2   1,544,546  
  5,000   Illinois State, General Obligation Bonds, February Series 2014, 5.000%, 2/01/39 2/24 at 100.00   BBB   5,005,300  
  1,750   Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/32 1/26 at 100.00   BBB   1,770,755  
  5,420   Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/39 5/24 at 100.00   BBB   5,426,341  
  5,000   Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/34 11/26 at 100.00   BBB   5,022,500  
  3,510   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/28 2/27 at 100.00   BBB   3,651,313  
  10,000   Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured 1/20 at 100.00   BBB   10,618,600  
  2,515   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24 8/22 at 100.00   BBB   2,628,502  
  2,000   Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34 Illinois State, General Obligation Bonds, Series 2012A: 9/18 at 100.00   BBB   2,004,500  
  2,500   5.000%, 3/01/25 3/22 at 100.00   BBB   2,589,300  
  4,500   5.000%, 3/01/27 3/22 at 100.00   BBB   4,613,085  
                   

 

NUVEEN
75


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,620   Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 7/23 at 100.00   BBB $ 1,681,625  
  5,030   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   5,559,458  
      Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2014B:            
  8,000   5.000%, 1/01/38 1/24 at 100.00   AA–   8,884,320  
  6,500   5.000%, 1/01/39 1/24 at 100.00   AA–   7,210,255  
  10,040   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   AA–   11,154,942  
  8,890   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B, 5.000%, 1/01/40 1/26 at 100.00   AA–   9,907,994  
  1,115   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 2015-XF0051, 15.366%, 1/01/38 (IF) 1/23 at 100.00   Aa3   1,584,783  
  11,050   Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 – FGIC Insured No Opt. Call   BBB   12,848,830  
      Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation Refunding Bonds, Series 2001B:            
  3,230   0.000%, 11/01/19 – AGM Insured No Opt. Call   A2   3,070,503  
  1,740   0.000%, 11/01/21 – AGM Insured No Opt. Call   A2   1,551,680  
  4,020   Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB) No Opt. Call   A2   4,548,871  
      Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:            
  855   5.250%, 1/01/25 (8) 7/17 at 100.00   D   249,301  
  1,750   5.250%, 1/01/30 (8) 7/17 at 100.00   D   510,265  
  5,000   Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 5.250%, 1/01/39 – AGM Insured 1/21 at 100.00   A2   5,390,300  
  17,945   McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured No Opt. Call   A3   16,069,746  
  2,910   McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured No Opt. Call   Aa2   2,676,880  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Series 2015A, 5.500%, 6/15/53 12/25 at 100.00   BBB–   5,272,950  
  15,585   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2010A, 5.500%, 6/15/50 6/20 at 100.00   BBB–   15,933,948  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1:            
  33,000   0.000%, 6/15/45 – AGM Insured No Opt. Call   BBB–   8,466,480  
  5,355   0.000%, 6/15/46 – AGM Insured No Opt. Call   BBB–   1,301,586  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A:            
  9,400   0.000%, 12/15/18 – NPFG Insured No Opt. Call   BBB–   9,095,910  
  16,570   0.000%, 12/15/20 – NPFG Insured No Opt. Call   BBB–   15,036,612  
  5,010   0.000%, 12/15/21 – NPFG Insured No Opt. Call   BBB–   4,381,245  
  23,920   0.000%, 12/15/22 – NPFG Insured No Opt. Call   BBB–   20,117,198  
  13,350   0.000%, 12/15/24 – NPFG Insured No Opt. Call   BBB–   10,322,354  
  5,100   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured No Opt. Call   BBB–   5,774,781  
  5,180   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM) No Opt. Call   BBB– (5)   5,964,459  
  2,330   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2010B-2, 5.000%, 6/15/50 6/20 at 100.00   BBB–   2,333,192  

 

76
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
$ 6,500   0.000%, 6/15/25 – NPFG Insured (7) 6/22 at 101.00   BBB– $ 7,320,755  
  8,000   0.000%, 6/15/26 – NPFG Insured (7) 6/22 at 101.00   BBB–   8,925,840  
  5,725   0.000%, 6/15/27 – NPFG Insured (7) 6/22 at 101.00   BBB–   6,358,013  
  3,700   0.000%, 6/15/30 – NPFG Insured No Opt. Call   BBB–   2,112,552  
  28,000   0.000%, 12/15/35 – AGM Insured No Opt. Call   BBB–   11,880,400  
  3,280   0.000%, 6/15/37 – NPFG Insured No Opt. Call   BBB–   1,268,573  
  11,715   0.000%, 12/15/38 – NPFG Insured No Opt. Call   BBB–   4,194,673  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2012B, 5.000%, 6/15/52 (UB) (4) 6/22 at 100.00   BB+   4,975,350  
  10,650   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM) No Opt. Call   AA+ (5)   13,533,914  
      Midlothian, Illinois, General Obligation Bonds, Series 2010A:            
  2,685   5.000%, 2/01/30 – AGM Insured 2/20 at 100.00   AA   2,781,955  
  2,080   5.250%, 2/01/34 – AGM Insured 2/20 at 100.00   AA   2,166,466  
  17,865   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured No Opt. Call   AA   21,191,640  
  2,300   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured No Opt. Call   Aa3   3,050,950  
  4,125   Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, Inc., Series 2013, 7.625%, 11/01/48 11/23 at 100.00   AA   5,402,430  
      Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015:            
  2,000   5.000%, 3/01/18 No Opt. Call   A3   2,062,980  
  2,250   5.000%, 3/01/29 3/25 at 100.00   A3   2,556,990  
  7,000   5.000%, 3/01/31 3/25 at 100.00   A3   7,857,150  
  2,685   Sterling, Whiteside County, Illinois, General Obligation Bonds, Recovery Zone Facility Series 2010A, 5.250%, 5/01/31 – AGM Insured 5/20 at 100.00   AA   2,942,679  
  2,000   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.250%, 10/01/38 10/23 at 100.00   A3   2,316,440  
  4,810   Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured No Opt. Call   A2   3,832,175  
  2,550   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured No Opt. Call   A3   2,209,550  
  780   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call   A3 (5)   708,864  
  1,895   Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.250%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   A2 (5)   2,292,969  
  867,390   Total Illinois         810,890,595  
      Indiana – 4.3% (2.8% of Total Investments)            
  6,000   Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University Project, Series 2014, 5.000%, 10/01/44 10/24 at 100.00   A2   6,526,560  
  7,910   Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 11/19 at 100.00   Aa3   8,509,657  
      Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A:            
  5,000   4.000%, 5/01/35 5/23 at 100.00   A   5,034,550  
  5,420   5.000%, 5/01/42 5/23 at 100.00   A   5,841,839  
      Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A:            
  3,400   5.000%, 12/01/40 6/25 at 100.00   AA–   3,812,556  
  1,875   4.000%, 12/01/40 6/25 at 100.00   AA–   1,898,250  
  1,500   Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured 6/22 at 100.00   Ba1   1,504,815  

 

NUVEEN
77


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Indiana (continued)            
$ 8,630   Indiana Finance Authority, Revenue Bonds, Community Foundation of Northwest Indiana Obligated Group, Series 2012, 5.000%, 3/01/41 3/22 at 100.00   A+ $ 9,217,358  
      Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A:            
  6,290   5.250%, 12/01/38 12/19 at 100.00   AA–   6,798,735  
  10,000   5.250%, 12/01/38 (UB) (4) 12/19 at 100.00   Aa3   10,808,800  
  2,500   Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 5.000%, 12/01/37 12/20 at 100.00   AA–   2,745,875  
  11,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, First Lien Green Series 2016A, 5.000%, 10/01/46 10/26 at 100.00   A   12,230,680  
  5,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2011B, 5.000%, 10/01/41 10/21 at 100.00   A3   5,563,150  
  5,000   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2012A, 5.000%, 10/01/37 10/22 at 100.00   A2   5,547,300  
  13,215   Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   A   14,822,076  
  4,320   Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM) 7/17 at 100.00   AA– (5)   4,335,984  
  22,580   Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 7/26 at 100.00   A+   25,444,045  
  3,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A, 5.000%, 1/01/31 7/21 at 100.00   A+   3,307,410  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:            
  9,255   0.000%, 2/01/25 – AMBAC Insured No Opt. Call   A   7,497,198  
  9,560   0.000%, 2/01/26 – AMBAC Insured No Opt. Call   A   7,447,336  
  585   Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (5)   629,015  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:            
  2,415   5.500%, 1/01/38 – AGC Insured 1/19 at 100.00   AA   2,570,816  
  4,025   5.500%, 1/01/38 – AGC Insured (UB) 1/19 at 100.00   A   4,284,693  
  975   5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured (UB) 1/19 at 100.00   A1 (5)   1,048,359  
  2,000   Michigan City School Building Corporation, Porter and LaPorte Counties, Indiana, First Mortgage Bonds, Series 2007, 5.000%, 1/15/25 (Pre-refunded 7/15/17) – NPFG Insured 7/17 at 100.00   A3 (5)   2,017,920  
  4,300   Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame du Lac Project, Refunding Series 2009, 5.000%, 3/01/36 3/18 at 100.00   Aaa   4,441,728  
  500   Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 9/01/47 (Pre-refunded 9/01/17) 9/17 at 100.00   N/R (5)   508,355  
  1,580   Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series 2005Z, 0.000%, 1/15/28 – AGM Insured No Opt. Call   A2   1,172,091  
  157,835   Total Indiana         165,567,151  
      Iowa – 2.4% (1.5% of Total Investments)            
  4,000   Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36 (Pre-refunded 6/15/20) 6/20 at 100.00   A2 (5)   4,488,680  
      Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013:            
  2,690   5.000%, 12/01/19 No Opt. Call   B–   2,755,771  
  7,255   5.500%, 12/01/22 12/18 at 100.00   B–   7,381,890  
  16,130   5.250%, 12/01/25 12/23 at 100.00   B–   16,358,723  
  2,310   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26 6/18 at 105.00   B–   2,357,216  

 

78
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa (continued)            
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
$ 13,950   5.375%, 6/01/38 7/17 at 100.00   B2 $ 13,950,000  
  12,830   5.500%, 6/01/42 7/17 at 100.00   B2   12,829,872  
  5,675   5.625%, 6/01/46 7/17 at 100.00   B2   5,675,114  
  16,100   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/17 at 100.00   B2   16,100,000  
      Xenia Rural Water District, Iowa, Water Revenue Bonds, Refunding Capital Loan Note Series 2016:            
  4,700   5.000%, 12/01/36 12/26 at 100.00   BBB+   5,149,649  
  4,000   5.000%, 12/01/41 12/26 at 100.00   BBB+   4,342,480  
  89,640   Total Iowa         91,389,395  
      Kansas – 0.2% (0.1% of Total Investments)            
  2,000   Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38 11/22 at 100.00   A2   2,165,760  
  3,000   Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2012A, 5.000%, 11/15/28 5/22 at 100.00   AA   3,406,290  
  2,740   Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 7/17 at 100.00   BB+   2,741,096  
  7,740   Total Kansas         8,313,146  
      Kentucky – 1.5% (0.9% of Total Investments)            
  6,010   Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured No Opt. Call   A3   4,015,942  
  4,525   Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 6/20 at 100.00   Baa3   5,044,425  
  2,000   Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 8/21 at 100.00   A3   2,085,360  
  1,000   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 6/18 at 100.00   A3   1,040,110  
      Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A:            
  1,100   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   A3 (5)   1,115,620  
  3,900   5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   A3 (5)   3,955,380  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:            
  5,000   0.000%, 7/01/43 (7) 7/31 at 100.00   Baa3   4,149,550  
  8,610   0.000%, 7/01/46 (7) 7/31 at 100.00   Baa3   7,175,660  
      Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A:            
  2,655   5.750%, 7/01/49 7/23 at 100.00   Baa3   2,919,411  
  430   6.000%, 7/01/53 7/23 at 100.00   Baa3   481,088  
  4,630   Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31 6/21 at 100.00   A   5,105,131  
  2,980   Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 6/22 at 100.00   BBB+   3,131,354  
  9,635   Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/35 (Pre-refunded 6/01/22) 6/22 at 100.00   N/R (5)   11,262,448  
  4,330   Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Refunding Series 2013B, 5.000%, 1/01/23 – AGM Insured 1/20 at 100.00   A2   4,724,636  
  56,805   Total Kentucky         56,206,115  
      Louisiana – 1.9% (1.2% of Total Investments)            
  8,210   Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US) LLC Project, Series 2013, 6.000%, 7/01/36 7/23 at 100.00   N/R   8,797,508  

 

NUVEEN
79


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Louisiana (continued)            
$ 670   Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 1/21 at 100.00   A2 (5) $ 782,104  
  1,870   Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special Sales Tax Revenue Bonds, Series 2017B, 5.000%, 12/01/42 – AGM Insured 12/27 at 100.00   A2   2,112,876  
  5,000   Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 – AGM Insured 10/20 at 100.00   AA   5,709,300  
  1,695   Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A3   1,848,482  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Refunding Series 2016:            
  1,850   4.000%, 5/15/35 5/26 at 100.00   A3   1,868,186  
  2,000   5.000%, 5/15/47 5/26 at 100.00   A3   2,142,520  
  5,750   Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 5/21 at 100.00   A3 (5)   6,968,425  
  13,590   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36 7/23 at 100.00   A3   14,862,568  
  5,000   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/45 5/20 at 100.00   Aa3   5,414,550  
  12,000   New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015A, 5.000%, 1/01/45 1/25 at 100.00   A–   13,092,120  
  6,280   New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 6/24 at 100.00   A–   6,887,527  
  1,355   Shreveport, Louisiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40 12/25 at 100.00   A–   1,520,676  
  65,270   Total Louisiana         72,006,842  
      Maine – 0.4% (0.2% of Total Investments)            
  7,000   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 7/23 at 100.00   Baa3   7,062,440  
  6,300   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/41 7/26 at 100.00   Baa3   6,429,717  
  1,050   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 7/21 at 100.00   Ba2   1,139,387  
  14,350   Total Maine         14,631,544  
      Maryland – 0.6% (0.4% of Total Investments)            
  8,610   Baltimore, Maryland, Revenue Bonds, Water Projects, Subordinate Series 2017A, 5.000%, 7/01/41 1/27 at 100.00   AA–   9,805,843  
  3,730   Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured 6/17 at 100.00   BB   3,738,430  
  1,000   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 6.250%, 7/01/31 7/21 at 100.00   BBB   1,132,050  
  3,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 7/22 at 100.00   A–   3,817,310  
  2,575   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008, 6.000%, 1/01/28 (Pre-refunded 1/01/18) 1/18 at 100.00   BBB (5)   2,660,825  
  2,000   Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Series 2015, 5.000%, 12/01/44 6/25 at 100.00   AA–   2,229,140  
  21,415   Total Maryland         23,383,598  
      Massachusetts – 2.6% (1.7% of Total Investments)            
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A:            
  970   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (5)   1,019,664  
  2,385   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   2,507,112  

 

80
NUVEEN


 


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Massachusetts (continued)            
$ 5,500   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 1/20 at 100.00   Aa2 $ 6,008,860  
  14,375   Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 1/20 at 100.00   A+   15,551,161  
  1,250   Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 11/23 at 100.00   A–   1,390,125  
  1,430   Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta Energy Project, Series 2012B, 4.875%, 11/01/42 11/17 at 100.00   BB–   1,432,531  
  930   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 7/25 at 100.00   BBB   985,595  
  3,500   Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2016BB-1, 5.000%, 10/01/46 10/26 at 100.00   A+   3,948,280  
  1,100   Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N, 5.000%, 12/01/46 12/26 at 100.00   A   1,219,229  
      Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015:            
  8,800   5.000%, 1/01/45 1/25 at 100.00   Baa2   9,460,440  
  2,070   4.500%, 1/01/45 1/25 at 100.00   Baa2   2,089,955  
  2,700   Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E, 5.000%, 11/01/43 11/23 at 100.00   A2   3,013,740  
      Massachusetts Development Finance Agency, Revenue Bonds, Western New England University, Series 2015:            
  1,380   5.000%, 9/01/40 9/25 at 100.00   BBB   1,495,313  
  1,545   5.000%, 9/01/45 9/25 at 100.00   BBB   1,669,512  
  3,000   Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured No Opt. Call   A+   3,969,540  
  4,500   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J-1, 5.000%, 7/01/39 7/19 at 100.00   AA–   4,816,215  
  3,335   Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Trust 2015-XF0047, 11.949%, 7/01/34 (IF) 7/19 at 100.00   Aa3   4,064,765  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (5)   524,630  
  1,800   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 7/20 at 100.00   BBB–   1,922,832  
  900   Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 7/21 at 100.00   A3   973,386  
  6,840   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   Aa2   7,700,062  
      Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A:            
  3,235   5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured 8/17 at 100.00   Aa2 (5)   3,275,502  
  15   5.000%, 8/15/37 (Pre-refunded 8/15/17) – AMBAC Insured 8/17 at 100.00   Aa2 (5)   15,188  
  3,335   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2015-XF2187, 11.965%, 8/15/37 (Pre-refunded 8/15/17) – AGM Insured (IF) (4) 8/17 at 100.00   Aa2 (5)   3,460,196  
  7,500   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XF2223, 8.536%, 8/15/24 (IF) 8/22 at 100.00   Aa2   10,074,300  
  8,050   Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41 7/21 at 100.00   A+   8,956,189  
  500   Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured 11/20 at 100.00   A3 (5)   564,905  
  91,445   Total Massachusetts         102,109,227  
      Michigan – 4.5% (2.9% of Total Investments)            
  5,335   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A–   5,762,654  

 

NUVEEN
81


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 2,830   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call   A3 $ 3,382,444  
  10,000   Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 7/21 at 100.00   A–   10,876,300  
      Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General Obligation Bonds, Devos Place Project, Series 2001:            
  7,660   0.000%, 12/01/21 No Opt. Call   AAA   6,993,657  
  7,955   0.000%, 12/01/22 No Opt. Call   AAA   7,053,460  
  8,260   0.000%, 12/01/23 No Opt. Call   AAA   7,127,719  
  8,575   0.000%, 12/01/24 No Opt. Call   AAA   7,177,275  
  10,000   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Refunding Senior Lien Series 2016C, 5.000%, 7/01/35 7/26 at 100.00   A–   11,201,300  
  27,960   Great Lakes Water Authority, Michigan, Water Supply Revenue Bonds, Senior Lien Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A   30,879,022  
  895   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 5/20 at 100.00   A2   961,588  
  1,105   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 5/20 at 100.00   A2 (5)   1,235,954  
  405   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1, 5.000%, 7/01/37 – AGM Insured 7/24 at 100.00   A2   449,744  
  1,300   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 7/22 at 100.00   A–   1,382,641  
  9,965   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 12/21 at 100.00   AA–   11,172,459  
  35   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (5)   40,575  
  3,000   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/31 6/22 at 100.00   AA–   3,370,140  
  9,000   Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 11/26 at 100.00   Aa2   9,092,520  
  1,315   Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 1/22 at 100.00   BBB   1,381,934  
      Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I:            
  17,000   5.000%, 4/15/31 10/25 at 100.00   A+   19,552,040  
  1,615   5.000%, 4/15/38 10/25 at 100.00   A+   1,797,366  
  11,345   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A3 (5)   12,650,583  
  2,000   Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 6/22 at 100.00   AA–   2,133,860  
  4,575   Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 6/18 at 100.00   B2   4,776,071  
  5,780   Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 3/22 at 100.00   A1   6,327,135  
  2,500   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.375%, 8/01/29 (Pre-refunded 8/01/19) 8/19 at 100.00   A1 (5)   2,792,000  
  2,300   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   2,522,709  
  2,200   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45 12/25 at 100.00   A–   2,400,332  
  164,910   Total Michigan         174,493,482  
      Minnesota – 0.9% (0.6% of Total Investments)            
  285   Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory Academy, Refunding Series 2016A, 4.000%, 8/01/36 8/26 at 100.00   BB+   254,226  

 

82
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Minnesota (continued)            
$ 4,005   City of Milaca, Minnesota Refunding Revenue Bonds, Grandview Christian Home Project, Series 2016, 5.000%, 10/01/41 10/24 at 102.00   N/R $ 3,979,688  
  2,130   Dakota County Community Development Agency, Minnesota, Senior Housing Revenue Bonds, Walker Highview Hills LLC Project, Refunding Series 2016A, 3.500%, 8/01/25 8/22 at 100.00   N/R   2,047,654  
      Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C:            
  3,500   5.000%, 1/01/41 1/27 at 100.00   AA–   4,014,220  
  5,000   5.000%, 1/01/46 1/27 at 100.00   AA–   5,712,250  
      Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A:            
  1,000   5.000%, 12/01/42 12/26 at 100.00   Aa3   1,151,200  
  1,355   5.000%, 12/01/47 12/26 at 100.00   Aa3   1,553,833  
  4,230   Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2016A, 4.125%, 9/01/47 9/24 at 102.00   BBB–   4,022,392  
  3,000   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/30 7/25 at 100.00   A   3,443,730  
      St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast Inc., Series 2015A:            
  580   5.000%, 11/15/21 No Opt. Call   BB+   644,925  
  550   5.250%, 11/15/35 11/20 at 100.00   BB+   585,998  
  3,595   5.000%, 11/15/40 11/25 at 100.00   BB+   3,807,608  
  5,315   5.000%, 11/15/44 11/25 at 100.00   BB+   5,625,449  
  34,545   Total Minnesota         36,843,173  
      Mississippi – 0.4% (0.2% of Total Investments)            
  9,705   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 10/17 at 100.00   Baa3   9,745,567  
  3,855   Mississippi State, General Obligation Bonds, Refunding Series 2006D, 5.000%, 11/01/21 (Pre-refunded 11/01/17) – NPFG Insured 11/17 at 100.00   AA (5)   3,937,112  
  13,560   Total Mississippi         13,682,679  
      Missouri – 2.2% (1.4% of Total Investments)            
  2,585   Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 10/22 at 100.00   Aa3   2,854,254  
      Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016:            
  2,470   4.000%, 8/01/33 8/26 at 100.00   Baa1   2,500,430  
  4,590   5.000%, 8/01/35 8/26 at 100.00   Baa1   4,982,675  
  5,140   4.000%, 8/01/38 8/26 at 100.00   Baa1   5,096,104  
      Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1:            
  8,150   0.000%, 4/15/27 – AMBAC Insured No Opt. Call   A1   5,909,647  
  5,000   0.000%, 4/15/31 – AMBAC Insured No Opt. Call   A1   3,031,800  
  1,000   Kansas City School District, Missouri, Certificates of Participation, Series 2016, 3.000%, 4/01/32 4/26 at 100.00   A   954,600  
  500   Kansas City, Missouri, Water Revenue Bonds, Series 2017A, 3.250%, 12/01/34 12/26 at 100.00   Aa2   499,435  
  550   Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 6.000%, 6/01/20 No Opt. Call   A3   582,852  
      Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Health System, Inc., Series 2016:            
  1,000   4.000%, 11/15/33 5/26 at 100.00   A+   1,038,470  
  1,350   5.000%, 11/15/35 5/26 at 100.00   A+   1,510,299  
  1,400   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/42 6/27 at 100.00   A1   1,557,052  
  11,985   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 5/23 at 100.00   BBB   12,989,942  
  17,300   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 11/23 at 100.00   A2   18,749,046  

 

NUVEEN
83


 


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri (continued)            
      Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A:            
$ 1,100   5.000%, 2/01/36 2/26 at 100.00   BBB+ $ 1,170,499  
  2,550   5.000%, 2/01/46 2/26 at 100.00   BBB+   2,688,491  
  4,685   Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A, 5.000%, 10/01/42 4/27 at 100.00   A1   5,303,420  
  7,085   Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds, Refunding Series 2016A, 5.000%, 12/01/34 6/26 at 100.00   A2   8,018,236  
      Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016C:            
  1,675   4.000%, 12/01/31 12/25 at 100.00   AA   1,751,832  
  2,535   5.000%, 12/01/32 12/25 at 100.00   AA   2,897,835  
  220   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 9/23 at 100.00   A–   246,024  
  82,870   Total Missouri         84,332,943  
      Montana – 0.1% (0.1% of Total Investments)            
  1,475   Kalispell, Montana, Housing and Healthcare Facilities Revenue Bonds, Immanuel Lutheran Corporation, Series 2017A, 5.250%, 5/15/47 (WI/DD, Settling 5/18/17) 5/25 at 102.00   N/R   1,511,875  
  2,000   Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated Group, Refunding Series 2016, 5.000%, 2/15/41 2/27 at 100.00   A–   2,241,620  
  3,475   Total Montana         3,753,495  
      Nebraska – 1.0% (0.6% of Total Investments)            
  2,620   Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 9/22 at 100.00   BBB+   2,783,593  
  3,000   Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Series 2017, 5.000%, 11/15/47 5/27 at 100.00   A1   3,343,380  
      Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015:            
  700   5.000%, 11/01/45 11/25 at 100.00   A–   764,302  
  1,400   5.000%, 11/01/48 11/25 at 100.00   A–   1,525,398  
  2,280   Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 11/21 at 100.00   A–   2,432,258  
  4,000   Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37 9/22 at 100.00   AA   4,539,080  
  5,110   Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 4/01/38 10/26 at 100.00   A   5,733,829  
  5,290   Nebraska Public Power District, General Revenue Bonds, Refunding Series 2007B, 4.650%, 1/01/32 (Pre-refunded 7/01/17) – AGM Insured 7/17 at 100.00   AA (5)   5,325,866  
  10,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A, 5.000%, 2/01/42 2/22 at 100.00   AA   11,119,400  
  34,400   Total Nebraska         37,567,106  
      Nevada – 5.9% (3.9% of Total Investments)            
  3,000   Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/38 (Pre-refunded 7/01/19) 7/19 at 100.00   Aa1 (5)   3,270,870  
  3,540   Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2010D, 5.000%, 7/01/24 1/20 at 100.00   AA–   3,885,150  
  2,600   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – AGM Insured 7/19 at 100.00   Aa3   2,820,532  
  27,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   30,027,240  

 

84
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada (continued)            
      Clark County, Nevada, General Obligation Bonds, Limited Tax Bond Bank Additionally Secured by Pledged Revenues, Refunding Series 2009:            
$ 3,520   5.000%, 6/01/27 6/19 at 100.00   AA+ $ 3,793,469  
  3,695   5.000%, 6/01/28 6/19 at 100.00   AA+   3,982,065  
  3,880   5.000%, 6/01/29 6/19 at 100.00   AA+   4,168,051  
      Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B:            
  4,915   5.000%, 7/01/25 1/20 at 100.00   AA+   5,391,509  
  4,160   5.000%, 7/01/26 1/20 at 100.00   AA+   4,560,982  
      Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A:            
  12,265   5.250%, 7/01/39 – AGM Insured 1/20 at 100.00   Aa3   13,284,467  
  35,860   5.250%, 7/01/42 1/20 at 100.00   A+   38,821,319  
      Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18 Inspirada, Refunding Series 2016:            
  2,300   4.000%, 9/01/26 No Opt. Call   N/R   2,312,029  
  1,525   4.000%, 9/01/27 9/26 at 100.00   N/R   1,514,218  
  2,660   4.000%, 9/01/29 9/26 at 100.00   N/R   2,610,311  
  2,920   4.000%, 9/01/30 9/26 at 100.00   N/R   2,847,555  
  10,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 5.000%, 6/01/38 6/21 at 100.00   AA   11,107,400  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:            
  5,000   5.000%, 6/01/32 12/24 at 100.00   AA   5,754,850  
  10,000   5.000%, 6/01/33 12/24 at 100.00   AA   11,458,200  
  7,170   5.000%, 6/01/39 12/24 at 100.00   Aa1   8,085,035  
  11,915   5.000%, 6/01/39 (UB) 12/24 at 100.00   AA   13,435,592  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Tender Option Bond Trust 2015-XF0233:            
  1,000   15.544%, 6/01/39 (IF) 12/24 at 100.00   AA   1,510,480  
  1,250   15.443%, 6/01/39 (IF) 12/24 at 100.00   AA   1,888,100  
  1,250   15.443%, 6/01/39 (IF) 12/24 at 100.00   AA   1,888,100  
  2,500   15.443%, 6/01/39 (IF) 12/24 at 100.00   AA   3,776,200  
  3,995   15.335%, 6/01/39 (IF) 12/24 at 100.00   AA   6,033,089  
  4,100   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 5.000%, 6/01/42 6/22 at 100.00   AA   4,589,171  
  3,760   Reno, Nevada, Capital Improvement Revenue Bonds, Series 2005B, 0.000%, 6/01/37 – FGIC Insured 6/24 at 49.90   A3   1,308,555  
  5,380   Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) 7/17 at 100.00   A3 (5)   5,421,803  
  20,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Refunding Series 2007A, 5.250%, 7/01/31 (Pre-refunded 7/01/17) – BHAC Insured (UB) (4) 7/17 at 100.00   A3 (5)   20,155,800  
  8,540   Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority, Refunding Series 2011, 5.000%, 7/01/32 7/21 at 100.00   AA   9,552,075  
  209,700   Total Nevada         229,254,217  
      New Hampshire – 0.2% (0.2% of Total Investments)            
  8,000   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   BBB (5)   8,954,080  
      New Jersey – 6.7% (4.4% of Total Investments)            
      New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:            
  2,675   5.000%, 7/01/22 – NPFG Insured 7/17 at 100.00   A3   2,737,970  
  4,445   5.000%, 7/01/23 – NPFG Insured 7/17 at 100.00   A3   4,549,635  
  1,200   5.000%, 7/01/29 – NPFG Insured 7/17 at 100.00   A3   1,228,248  
  6,050   5.250%, 7/01/33 – NPFG Insured 7/17 at 100.00   A3   6,204,033  
  6,975   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 3/21 at 100.00   BBB+   7,243,328  

 

NUVEEN
85

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
      New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014UU:            
$ 5,515   5.000%, 6/15/30 6/24 at 100.00   BBB+ $ 5,644,492  
  5,000   5.000%, 6/15/40 6/24 at 100.00   BBB+   5,014,550  
  20,890   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2016BBB, 5.500%, 6/15/30 12/26 at 100.00   BBB+   22,423,953  
  10,600   New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 No Opt. Call   BBB+   11,232,290  
  2,020   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   2,071,874  
  2,500   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A, 5.000%, 7/01/37 7/27 at 100.00   A+   2,827,725  
  720   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+   812,088  
  10,970   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+   12,169,460  
  695   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   BBB   752,080  
      New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1:            
  3,050   5.000%, 6/15/28 6/26 at 100.00   Baa1   3,274,877  
  7,795   5.000%, 6/15/29 6/26 at 100.00   Baa1   8,307,833  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A:            
  5,000   0.000%, 12/15/26 No Opt. Call   BBB+   3,229,250  
  16,495   0.000%, 12/15/33 No Opt. Call   BBB+   6,883,034  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:            
  1,815   0.000%, 12/15/26 – AMBAC Insured No Opt. Call   AA+   1,372,685  
  10,000   0.000%, 12/15/30 – FGIC Insured No Opt. Call   A3   5,485,600  
  38,000   0.000%, 12/15/33 – AGM Insured No Opt. Call   A–   17,764,240  
  45,000   0.000%, 12/15/35 – AMBAC Insured No Opt. Call   BBB+   18,145,350  
  10,000   0.000%, 12/15/36 – AMBAC Insured No Opt. Call   BBB+   3,803,800  
  4,500   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C, 5.500%, 12/15/18 – AGM Insured No Opt. Call   A–   4,780,980  
  10,500   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/34 – AMBAC Insured 12/17 at 100.00   A2   10,728,795  
  5,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23 No Opt. Call   BBB+   5,390,150  
  2,310   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.500%, 6/15/31 6/21 at 100.00   BBB+   2,424,461  
  1,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 6/22 at 100.00   BBB+   1,001,730  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA:            
  5,500   5.000%, 6/15/29 6/23 at 100.00   BBB+   5,676,165  
  7,500   5.500%, 6/15/39 6/23 at 100.00   BBB+   7,856,625  
  14,000   New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured No Opt. Call   A2   17,156,720  
  5,000   New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36 1/19 at 100.00   A2   5,284,000  
  1,315   New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 14.537%, 1/01/43 (IF) (4) 7/22 at 100.00   AA   1,843,551  
  3,000   Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, Series 2005A, 0.000%, 9/01/25 – NPFG Insured No Opt. Call   Aa2   2,349,450  

 

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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New Jersey (continued)            
      Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L:            
$ 2,000   5.000%, 5/01/38 5/23 at 100.00   A+ $ 2,227,720  
  910   5.000%, 5/01/43 5/23 at 100.00   A+   1,006,742  
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:            
  1,415   4.500%, 6/01/23 6/17 at 100.00   Baa2   1,423,844  
  1,785   4.625%, 6/01/26 6/17 at 100.00   Ba3   1,788,677  
  14,255   5.000%, 6/01/29 6/17 at 100.00   B2   14,284,365  
  14,425   4.750%, 6/01/34 6/17 at 100.00   B3   14,121,931  
  8,000   5.000%, 6/01/41 6/17 at 100.00   B3   7,874,080  
  319,825   Total New Jersey         260,398,381  
      New Mexico – 0.1% (0.1% of Total Investments)            
  2,725   Rio Rancho, New Mexico, Water and Wastewater System Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured 5/19 at 100.00   A2   2,934,525  
      New York – 6.8% (4.4% of Total Investments)            
  9,880   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Refunding Series 2016A, 5.000%, 7/15/42 1/27 at 100.00   BBB–   10,822,354  
  7,000   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 0.000%, 7/15/45 No Opt. Call   BBB–   1,997,170  
  3,000   Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 4/21 at 100.00   AAA   3,364,320  
  7,435   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.500%, 7/01/43 (Pre-refunded 7/01/20) – AGM Insured 7/20 at 100.00   A2 (5)   8,415,453  
  12,830   Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/50 7/25 at 100.00   A–   14,091,702  
  3,200   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2012A, 5.000%, 7/01/42 7/22 at 100.00   AA–   3,585,952  
  4,000   Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2013A, 5.000%, 7/01/43 7/23 at 100.00   AA–   4,534,480  
  1,000   Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/33 6/27 at 100.00   BB+   1,093,630  
  14,075   Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group C, 5.000%, 2/15/36 2/25 at 100.00   Aa1   16,050,004  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A:            
  3,400   5.750%, 2/15/47 2/21 at 100.00   A   3,867,738  
  10,115   5.250%, 2/15/47 2/21 at 100.00   A   11,236,147  
      Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:            
  4,330   5.000%, 2/15/47 – FGIC Insured 6/17 at 100.00   A   4,360,873  
  13,150   4.500%, 2/15/47 – NPFG Insured 6/17 at 100.00   A2   13,176,169  
      Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:            
  1,045   4.000%, 9/01/39 – AGM Insured 9/24 at 100.00   A–   1,075,117  
  780   5.000%, 9/01/44 9/24 at 100.00   A–   863,655  
  7,240   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 5/21 at 100.00   A–   8,028,508  
  15,100   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 5.000%, 9/01/42 9/22 at 100.00   A–   16,595,351  
  3,500   Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.750%, 8/15/30 2/21 at 100.00   AA   4,035,605  
  1,000   Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2013A, 5.000%, 7/01/43 7/23 at 100.00   AA–   1,120,310  
  2,100   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 12/20 at 100.00   AA+   2,368,800  

 

NUVEEN
87

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      New York (continued)            
$ 4,400   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 6/19 at 100.00   AA+ $ 4,772,900  
  7,225   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46 6/23 at 100.00   AA+   8,045,543  
  5,000   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series EE, 5.000%, 6/15/37 6/27 at 100.00   AA+   5,792,050  
  5,000   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 5/23 at 100.00   Aa1   5,675,400  
  2,060   New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 12/26 at 100.00   AA   2,353,159  
  10   New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26 7/17 at 100.00   AA–   10,037  
  5   New York City, New York, General Obligation Bonds, Fiscal Series 1997H, 6.125%, 8/01/25 7/17 at 100.00   AA   5,021  
      New York City, New York, General Obligation Bonds, Fiscal Series 2002G:            
  10   5.000%, 8/01/17 7/17 at 100.00   AA   10,034  
  80   5.750%, 8/01/18 7/17 at 100.00   AA   80,318  
  23,920   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R   25,464,514  
  6,385   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 11/21 at 100.00   A   7,277,495  
  10,000   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   BBB+   12,147,300  
  4,045   New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Tender Option Bond Trust 2016-XL0002, 12.032%, 6/15/26 (IF) (4) 6/22 at 100.00   Aaa   6,036,151  
  35   New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured 5/17 at 100.00   A2   35,105  
  8,000   New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A, 5.000%, 1/01/51 (UB) (4) 1/26 at 100.00   A3   8,815,280  
  2,105   Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (5)   2,469,376  
  3,925   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/38 12/23 at 100.00   AA–   4,471,753  
      Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010:            
  8,550   5.500%, 12/01/31 12/20 at 100.00   BBB   9,458,267  
  3,710   6.000%, 12/01/42 12/20 at 100.00   BBB   4,171,672  
  9,950   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Tender Option Bond Trust 2016-XL0003, 6.545%, 11/15/21 (IF) (4) No Opt. Call   AA–   12,336,010  
  5,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 5/25 at 100.00   AA–   5,637,750  
      Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2013A:            
  10,725   0.000%, 11/15/31 No Opt. Call   A+   6,580,860  
  1,105   0.000%, 11/15/32 No Opt. Call   A+   648,933  
  245,425   Total New York         262,978,266  
      North Carolina – 1.3% (0.8% of Total Investments)            
  3,555   Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2016-XL0012, 12.056%, 7/01/38 (IF) (4) 7/20 at 100.00   Aaa   4,655,273  
  1,775   Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue Bonds, Tender Option Bond Trust 2016-XG0005, 13.476%, 1/15/47 (Pre-refunded 1/15/18) (IF) (4) 1/18 at 100.00   Aa3 (5)   1,932,460  
  5,550   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39 (Pre-refunded 1/15/18) 1/18 at 100.00   AA– (5)   5,714,169  

 

88
NUVEEN
 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Carolina (continued)            
$ 1,000   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42 1/21 at 100.00   AA– $ 1,104,780  
  9,485   North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2015B, 5.000%, 10/01/55 (UB) (4) 10/25 at 100.00   Aa1   10,699,554  
  3,560   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 6/19 at 100.00   Aa2 (5)   3,852,561  
  5,000   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   AA   5,538,500  
  1,455   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, Refunding Series 2012A, 5.000%, 6/01/36 6/22 at 100.00   A+   1,587,827  
      North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Refunding Series 2012A:            
  3,300   5.000%, 10/01/31 10/22 at 100.00   A2   3,671,778  
  1,500   5.000%, 10/01/38 10/22 at 100.00   A2   1,650,705  
      North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007:            
  1,495   4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB) 10/17 at 100.00   N/R (5)   1,518,382  
  2,505   4.500%, 10/01/31 (UB) 10/17 at 100.00   Aa3   2,531,854  
  2,720   North Carolina Medical Care Commission, Retirement Facilities First Mortgage Revenue Bonds, Southminster Project, Refunding Series 2016, 5.000%, 10/01/37 10/24 at 102.00   N/R   2,804,456  
  1,900   North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   BBB– (5)   2,049,169  
  44,800   Total North Carolina         49,311,468  
      North Dakota – 0.4% (0.3% of Total Investments)            
  5,080   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Refunding Series 2012A, 4.500%, 7/01/32 (Pre-refunded 7/01/22) 7/22 at 100.00   N/R (5)   5,784,494  
      Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011:            
  1,500   6.000%, 11/01/28 11/21 at 100.00   A+   1,766,640  
  3,910   6.250%, 11/01/31 11/21 at 100.00   A+   4,606,332  
  1,015   Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2012, 5.000%, 12/01/35 12/21 at 100.00   Baa1   1,083,919  
  900   Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17) 12/26 at 100.00   N/R   899,856  
  1,420   Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC Project, Series 2013, 7.750%, 9/01/38 (9) 9/23 at 100.00   N/R   710,000  
  13,825   Total North Dakota         14,851,241  
      Ohio – 8.6% (5.6% of Total Investments)            
  6,000   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Refunding & Improvement Series 2016, 5.250%, 11/15/46 11/26 at 100.00   Baa1   6,590,220  
  320   Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 5/22 at 100.00   A1   340,806  
      Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and Improvement Series 2012A:            
  650   5.000%, 5/01/33 5/22 at 100.00   A2   708,773  
  860   4.000%, 5/01/33 5/22 at 100.00   A2   877,613  
  800   5.000%, 5/01/42 5/22 at 100.00   A2   861,928  
  10,000   Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Refunding & Improvement Series 2015A, 5.000%, 11/01/43 11/24 at 100.00   A2   10,948,300  
  9,405   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 2/18 at 100.00   N/R (5)   9,733,893  
  595   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 2/18 at 100.00   A   612,499  

 

NUVEEN
89

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
$ 4,570   5.375%, 6/01/24 6/17 at 100.00   Caa1 $ 4,400,087  
  26,435   5.125%, 6/01/24 6/17 at 100.00   Caa1   25,452,675  
  9,665   5.875%, 6/01/30 6/17 at 100.00   Caa1   9,247,085  
  37,175   5.750%, 6/01/34 6/17 at 100.00   Caa1   35,654,914  
  11,345   6.000%, 6/01/42 6/17 at 100.00   B–   11,153,610  
  1,500   6.500%, 6/01/47 6/17 at 100.00   B–   1,504,140  
  22,450   5.875%, 6/01/47 6/17 at 100.00   B–   21,729,131  
  14,570   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   Caa1   14,595,352  
  6,000   Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.250%, 11/01/29 11/20 at 100.00   A   6,629,940  
  17,540   Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, School Improvement Series 2014, 5.000%, 12/01/51 6/23 at 100.00   Aa3   19,398,714  
  5,975   Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43 6/23 at 100.00   Baa2   6,266,939  
  1,465   Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2012A, 5.000%, 11/01/42 5/22 at 100.00   Aa2   1,581,907  
  6,345   Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 11/21 at 100.00   Aa2   6,880,581  
  10,000   Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 5.500%, 4/01/39 4/19 at 100.00   A2   10,589,300  
      Hamilton County, Ohio, Healthcare Revenue Bonds, Life Enriching Communities, Refunding & Improvement Series 2016:            
  3,425   5.000%, 1/01/46 1/26 at 100.00   BBB–   3,556,623  
  6,000   5.000%, 1/01/51 1/26 at 100.00   BBB–   6,221,880  
      JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A:            
  6,920   5.000%, 1/01/38 1/23 at 100.00   AA   7,659,817  
  14,850   5.000%, 1/01/38 (UB) (4) 1/23 at 100.00   Aa3   16,437,614  
      JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 2016-XG0052:            
  875   15.402%, 1/01/38 (IF) (4) 1/23 at 100.00   Aa3   1,249,185  
  1,050   15.402%, 1/01/38 (IF) (4) 1/23 at 100.00   Aa3   1,499,022  
  2,305   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00   A1   2,658,264  
  6,000   Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured No Opt. Call   A2   7,299,360  
  4,640   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 7/17 at 100.00   BBB+   4,650,486  
  21,000   Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2014, 5.000%, 11/15/49 11/24 at 100.00   AA+   23,542,890  
  5,500   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 No Opt. Call   Ba1   5,705,425  
  7,500   Ohio State, Hospital Facility Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2009A, 5.500%, 1/01/39 1/19 at 100.00   AA–   8,008,425  
  19,515   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   A+   21,365,803  
  7,550   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 2/31 at 100.00   A+   7,026,710  

 

90
NUVEEN

 

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
      Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and Improvement Series 2012:            
$ 135   5.750%, 12/01/32 12/22 at 100.00   BB $ 147,689  
  130   6.000%, 12/01/42 12/22 at 100.00   BB   142,770  
  4,190   Springboro Community City School District, Warren County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured No Opt. Call   Aa3   5,093,364  
  3,670   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   3,768,833  
  318,920   Total Ohio         331,792,567  
      Oklahoma – 0.3% (0.2% of Total Investments)            
  1,675   Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 8/18 at 100.00   AA– (5)   1,768,298  
  4,000   Oklahoma Development Finance Authority, Revenue Bonds, Provident Oklahoma Education Resources Inc.- Cross Village Student Housing Project, Series 2017, 5.000%, 8/01/47 8/27 at 100.00   BBB–   4,312,680  
      Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:            
  2,600   5.000%, 2/15/37 5/17 at 100.00   A2   2,602,340  
  2,210   5.000%, 2/15/42 5/17 at 100.00   A2   2,211,834  
  1,125   Tulsa County Industrial Authority, Oklahoma, Senior Living Community Revenue Bonds, Montereau, Inc. Project, Refunding Series 2017, 5.250%, 11/15/37 11/25 at 102.00   BBB–   1,211,873  
  11,610   Total Oklahoma         12,107,025  
      Oregon – 1.0% (0.7% of Total Investments)            
      Columbia County School District 502 Saint Helens, Oregon, General Obligation Bonds, Series 2017:            
  1,310   5.000%, 6/15/38 6/27 at 100.00   Aa1   1,526,176  
  1,705   5.000%, 6/15/39 6/27 at 100.00   Aa1   1,981,517  
  7,420   Oregon Facilities Authority, Revenue Bonds, Legacy Health Project, Refunding Series 2016A, 5.000%, 6/01/46 6/26 at 100.00   A1   8,314,333  
      Oregon Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2016A:            
  6,240   5.000%, 10/01/35 10/26 at 100.00   BBB+   6,818,011  
  2,260   5.000%, 10/01/46 10/26 at 100.00   BBB+   2,423,104  
  1,500   Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32 7/22 at 100.00   AA–   1,677,060  
  8,890   Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 2013A, 5.000%, 11/15/38 11/23 at 100.00   Aa1   10,294,264  
  5,265   Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Refunding Series 2016A, 5.000%, 5/15/46 5/26 at 100.00   A+   5,804,136  
  34,590   Total Oregon         38,838,601  
      Pennsylvania – 5.7% (3.7% of Total Investments)            
      Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of Pittsburgh Medical Center, Series 2009A:            
  1,250   5.500%, 8/15/34 8/19 at 100.00   A+   1,350,350  
  3,000   5.625%, 8/15/39 8/19 at 100.00   A+   3,240,060  
      Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue Bonds, Series 1998:            
  3,125   0.000%, 5/15/22 – AGM Insured No Opt. Call   A2   2,787,094  
  3,125   0.000%, 5/15/23 – AGM Insured No Opt. Call   A2   2,693,594  
  3,135   0.000%, 5/15/24 – AGM Insured No Opt. Call   A2   2,616,032  
  3,155   0.000%, 5/15/26 – AGM Insured No Opt. Call   A2   2,432,694  
  4,145   0.000%, 11/15/26 – AGM Insured No Opt. Call   A2   3,138,470  
  2,800   0.000%, 5/15/28 – AGM Insured No Opt. Call   A2   1,993,880  
  3,000   0.000%, 11/15/28 – AGM Insured No Opt. Call   A2   2,096,520  
  7,000   Chester County Health and Educational Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 5/20 at 100.00   Aa3   7,503,930  

 

NUVEEN
91

 

 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 2,150   Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%, 6/01/42 6/22 at 100.00   A2 $ 2,321,011  
  1,880   Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19 7/17 at 100.00   Ba1   1,886,392  
  26,595   Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017, 5.000%, 7/01/42 7/27 at 100.00   A   30,277,078  
  3,500   Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40 – AGM Insured 1/20 at 100.00   A2   3,803,590  
  1,050   Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 1997B, 5.700%, 7/01/27 – AMBAC Insured No Opt. Call   A1   1,286,135  
  4,000   Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%, 12/01/44 – AGM Insured 12/21 at 100.00   A2   4,160,800  
      Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Capital Appreciation Series 2013B:            
  4,480   0.000%, 12/01/31 No Opt. Call   A   2,588,454  
  5,180   0.000%, 12/01/32 No Opt. Call   A   2,856,148  
  9,270   Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, Series 2013A, 5.125%, 12/01/47 12/23 at 100.00   A   10,218,414  
  1,040   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20) 8/20 at 100.00   N/R (5)   1,178,372  
  5,000   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45 1/25 at 100.00   Baa2   5,298,600  
  3,000   Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 11/26 at 100.00   A–   3,245,970  
  630   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK, (9) 7/17 at 100.00   N/R   251,201  
  61   Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK, (9) 7/17 at 100.00   N/R   24,510  
  1,700   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1, 4.000%, 11/01/32 11/22 at 100.00   Ba1   1,513,000  
  5,725   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 12/20 at 100.00   A2   6,389,615  
  1,250   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5)   1,437,350  
  2,000   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41 12/21 at 100.00   A2   2,167,660  
  3,115   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/36 12/22 at 100.00   A2   3,445,252  
  16,805   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38 (7) 12/27 at 100.00   A–   20,194,232  
  4,105   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Refunding Subordinate Second Series 2016B-2, 5.000%, 6/01/39 6/26 at 100.00   A3   4,510,369  
  5,575   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 12/25 at 100.00   A1   6,138,577  
  6,340   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2016A-1, 5.000%, 12/01/41 6/26 at 100.00   A1   7,007,285  
  19,250   Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 6/01/33 – AGM Insured 6/26 at 100.00   A2   24,038,823  
  26,765   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   29,754,651  
  505   Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 7/22 at 100.00   Ba1   540,941  

 

92
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 1,425   Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 (Pre-refunded 8/01/20) 8/20 at 100.00   A– (5) $ 1,665,668  
  3,410   Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM) No Opt. Call   A1 (5)   4,220,659  
  3,415   Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 8/20 at 100.00   A1   3,742,738  
  1,125   Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A, 5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 12/21 at 100.00   AA (5)   1,316,115  
  1,930   Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2012B, 4.000%, 1/01/33 1/23 at 100.00   BB+   1,868,877  
  206,011   Total Pennsylvania         219,201,111  
      Puerto Rico – 0.6% (0.4% of Total Investments)            
  625   Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/25 – NPFG Insured 7/17 at 100.00   C   632,050  
  1,000   Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – NPFG Insured No Opt. Call   C   1,061,220  
  1,305   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/23 – NPFG Insured No Opt. Call   A3   1,381,682  
  1,000   Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured No Opt. Call   C   1,067,070  
  4,300   Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 4.500%, 12/01/23 7/17 at 100.00   A2   4,425,216  
  5,880   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.125%, 8/01/42 – AGM Insured 8/20 at 100.00   C   6,129,136  
  63,225   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured No Opt. Call   C   7,819,668  
  1,190   Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured (ETM) No Opt. Call   A3 (5)   1,199,425  
  78,525   Total Puerto Rico         23,715,467  
      Rhode Island – 0.9% (0.6% of Total Investments)            
  9,500   Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue Bonds, Brown University, Refunding Series 2007, 5.000%, 9/01/37 9/17 at 100.00   AA+   9,628,155  
  1,315   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Refunding Series 2016, 5.000%, 5/15/39 5/26 at 100.00   BBB+   1,397,543  
  202,100   Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 0.000%, 6/01/52 6/17 at 12.63   CCC+   20,317,113  
  2,235   Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Revenue Bonds, Series 2016A, 5.000%, 10/01/40 4/26 at 100.00   A   2,495,467  
  215,150   Total Rhode Island         33,838,278  
      South Carolina – 3.0% (2.0% of Total Investments)            
  6,820   Lexington County Health Services District, Inc., South Carolina, Hospital Revenue Bonds, Lexington Medical Center, Series 2016, 5.000%, 11/01/46 5/26 at 100.00   A1   7,526,961  
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  26,955   0.000%, 1/01/31 – AMBAC Insured No Opt. Call   A–   16,337,965  
  15,420   0.000%, 1/01/32 – AMBAC Insured No Opt. Call   A–   8,945,605  
  4,610   Rock Hill, South Carolina, Combined Utility System Revenue Bonds, Series 2016, 5.000%, 1/01/47 1/26 at 100.00   A3   5,079,805  
  375   South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 8/21 at 100.00   BBB+   436,868  
  10,000   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 12/26 at 100.00   A1   10,705,200  

 

NUVEEN
93


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      South Carolina (continued)            
$ 7,850   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 2014C, 5.000%, 12/01/46 12/24 at 100.00   A1 $ 8,354,049  
  6,790   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 5.125%, 12/01/43 12/23 at 100.00   A1   7,246,763  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A:            
  2,000   5.000%, 12/01/49 6/24 at 100.00   A1   2,118,620  
  17,240   5.500%, 12/01/54 6/24 at 100.00   A1   18,807,288  
  20,035   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E, 5.250%, 12/01/55 12/25 at 100.00   A1   21,696,903  
  4,800   South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40 10/19 at 100.00   A   5,176,896  
  4,500   Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding Bonds, Series 2012A, 5.000%, 4/15/32 4/22 at 100.00   A2   4,940,460  
  127,395   Total South Carolina         117,373,383  
      South Dakota – 0.5% (0.3% of Total Investments)            
  8,800   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health System, Series 2014, 5.000%, 7/01/44 7/24 at 100.00   A1   9,619,016  
  1,510   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2014B, 5.000%, 11/01/44 11/24 at 100.00   A+   1,631,495  
  8,260   South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A+   9,018,764  
  18,570   Total South Dakota         20,269,275  
      Tennessee – 1.2% (0.8% of Total Investments)            
  10,670   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   BBB+   11,191,443  
  2,470   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured 10/19 at 100.00   A2   2,689,756  
  770   Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series 2004, 5.000%, 10/01/22 (Pre-refunded 10/01/19) – AGM Insured 10/19 at 100.00   A2 (5)   841,171  
  2,065   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 8/22 at 100.00   BBB+   2,192,947  
  200   Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) – NPFG Insured 7/23 at 100.00   Baa1 (5)   200,718  
      Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2016:            
  5,000   5.000%, 9/01/36 9/26 at 100.00   BBB+   5,505,050  
  1,000   5.000%, 9/01/47 9/26 at 100.00   BBB+   1,083,590  
      Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series 2017:            
  445   5.000%, 4/01/31 4/27 at 100.00   BBB+   498,569  
  1,745   5.000%, 4/01/36 4/27 at 100.00   BBB+   1,913,724  
      Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Lipscomb University, Refunding & Improvement Series 2016A:            
  1,160   5.000%, 10/01/41 10/26 at 100.00   BBB   1,275,165  
  2,055   5.000%, 10/01/45 10/26 at 100.00   BBB   2,253,883  
  11,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, 5.000%, 7/01/46 7/26 at 100.00   A3   12,175,570  
  6,000   Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 6.000%, 12/01/19 – AMBAC Insured 12/17 at 100.00   N/R   6,314,640  
  44,580   Total Tennessee         48,136,226  

 

94
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas – 12.4% (8.0% of Total Investments)            
$ 14,615   Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 (UB) (4) 11/25 at 100.00   AA– $ 16,580,133  
  3,035   Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – AGM Insured 8/19 at 100.00   A–   3,250,060  
  1,000   Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34 7/17 at 100.00   A2   1,006,370  
  2,500   Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 4/20 at 100.00   Baa1   2,766,150  
  1,000   Cedar Hill Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2002, 0.000%, 8/15/32 – FGIC Insured No Opt. Call   A3   594,820  
  1,330   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/43 1/23 at 100.00   Baa2   1,430,388  
      Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011:            
  2,080   5.750%, 1/01/31 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   2,407,018  
  1,000   6.000%, 1/01/41 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   1,166,150  
  6,940   6.250%, 1/01/46 (Pre-refunded 1/01/21) 1/21 at 100.00   Baa2 (5)   8,155,055  
  7,750   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/45 7/25 at 100.00   Baa2   8,546,700  
      Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education Charter School, Series 2013A:            
  1,925   4.350%, 12/01/42 12/22 at 100.00   BBB–   1,910,235  
  1,000   4.400%, 12/01/47 12/22 at 100.00   BBB–   991,650  
  2,500   Comal Independent School District, Comal, Bexar, Guadalupe, Hays, and Kendall Counties, Texas, General Obligation Bonds, Series 2005A, 0.000%, 2/01/23 No Opt. Call   Aaa   2,240,025  
  10,000   Dallas, Texas, Waterworks and Sewer System Revenue Bonds, Refunding Series 2007, 4.375%, 10/01/32 (Pre-refunded 10/01/17) – AMBAC Insured (UB) 10/17 at 100.00   AA+ (5)   10,150,400  
  6,340   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 11/21 at 100.00   A   7,007,031  
  160   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   168,290  
  3,700   El Paso Independent School District, El Paso County, Texas, General Obligation Bonds, School Building Series 2017, 5.000%, 8/15/42 8/26 at 100.00   Aaa   4,238,165  
  1,500   El Paso, Texas, Airport Revenue Bonds, El Paso International Airport Series 2011, 5.250%, 8/15/33 8/20 at 100.00   A   1,646,100  
      Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B:            
  16,920   5.000%, 4/01/53 10/23 at 100.00   AA+   19,137,028  
  15,000   5.000%, 4/01/53 (UB) 10/23 at 100.00   AA   16,965,450  
  6,610   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond Trust 2015-XF0228, 15.548%, 4/01/53 (IF) 10/23 at 100.00   AA   10,075,425  
      Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015:            
  2,320   5.000%, 12/01/45 6/25 at 100.00   AA   2,535,946  
  2,845   4.000%, 12/01/45 6/25 at 100.00   AA   2,880,278  
  4,040   Harris County, Texas, Toll Road Revenue Bonds, Subordinate Lien Unlimited Tax Tender Options Bond Trust 2015-XF2184, 12.715%, 8/15/28 – AGM Insured (IF) (4) No Opt. Call   AAA   7,262,223  
      Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A:            
  1,195   0.000%, 11/15/41 – AGM Insured 11/31 at 62.66   A2   400,564  
  2,390   0.000%, 11/15/42 – AGM Insured 11/31 at 59.73   A2   762,721  
  2,660   0.000%, 11/15/43 – AGM Insured 11/31 at 56.93   A2   806,858  
  7,260   0.000%, 11/15/44 – AGM Insured 11/31 at 54.25   A2   2,095,526  
  10,440   0.000%, 11/15/45 – AGM Insured 11/31 at 51.48   A2   2,855,236  
  7,165   0.000%, 11/15/49 – AGM Insured 11/31 at 41.91   A2   1,586,546  
  3,000   0.000%, 11/15/52 – AGM Insured 11/31 at 35.81   A2   564,420  

 

NUVEEN
95


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 3,885   Houston Independent School District Public Facility Corporation, Harris County, Texas, Lease Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured No Opt. Call   AA $ 3,740,517  
  4,930   Houston, Texas, Airport System Revenue Bonds, Refunding Senior Lien Series 2009A, 5.500%, 7/01/39 7/18 at 100.00   AA–   5,173,838  
  5,500   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2007B, 5.000%, 7/01/25 – NPFG Insured 7/17 at 100.00   A3   5,538,665  
  4,550   Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012B, 5.000%, 7/01/31 7/22 at 100.00   A   5,103,508  
  990   Houston, Texas, Airport System Revenue Bonds, Subordinate Lien Series 2000B, 5.450%, 7/01/24 – AGM Insured No Opt. Call   A   1,162,983  
  2,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2011A, 5.250%, 11/15/30 11/20 at 100.00   AA   2,272,440  
  6,000   Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 5.000%, 11/15/40 11/21 at 100.00   AA   6,729,000  
      Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:            
  1,495   0.000%, 9/01/23 – AGM Insured No Opt. Call   A2   1,248,998  
  10,850   0.000%, 9/01/25 – AMBAC Insured No Opt. Call   A–   8,238,405  
  1,715   0.000%, 9/01/32 – AMBAC Insured No Opt. Call   A–   936,184  
  2,870   Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/46 8/21 at 100.00   A   3,171,178  
  2,340   Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2011, 5.000%, 3/01/41 – AGM Insured 3/21 at 100.00   A1   2,591,456  
      Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A:            
  2,725   5.000%, 8/15/40 8/25 at 100.00   AAA   3,120,425  
  4,000   4.000%, 8/15/41 8/25 at 100.00   AAA   4,169,160  
      Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:            
  195   0.000%, 8/15/39 8/17 at 27.35   AAA   53,060  
  780   0.000%, 8/15/41 8/17 at 24.20   AAA   187,684  
      Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Series 2008:            
  4,805   0.000%, 8/15/39 (Pre-refunded 8/15/17) 8/17 at 27.35   N/R (5)   1,310,083  
  19,020   0.000%, 8/15/41 (Pre-refunded 8/15/17) 8/17 at 24.20   N/R (5)   4,587,814  
  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   BBB   3,248,580  
  8,305   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 5/25 at 100.00   A   9,239,728  
      McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:            
  1,780   5.750%, 12/01/33 12/25 at 100.00   Ba2   1,934,379  
  1,800   6.125%, 12/01/38 12/25 at 100.00   Ba2   1,962,900  
      Midtown Redevelopment Authority, Texas, Tax Increment Contract Revenue, Refunding Series 2017:            
  16,285   5.000%, 1/01/36 1/27 at 100.00   A3   18,020,655  
  10,040   5.000%, 1/01/38 – AGM Insured 1/27 at 100.00   A2   11,187,974  
  850   New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue Bonds, Methodist Retirement Communities Crestview Project, Series 2016, 5.000%, 11/15/31 11/24 at 102.00   BB+   874,030  
  4,290   North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 12/15/36 – AGM Insured 12/21 at 100.00   A2   4,671,767  
      North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C:            
  1,880   0.000%, 9/01/43 (7) 9/31 at 100.00   AA   1,950,556  
  7,990   0.000%, 9/01/45 (7) 9/31 at 100.00   AA   9,029,579  

 

96
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  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 4,000   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I, 6.500%, 1/01/43 1/25 at 100.00   A $ 4,910,120  
  2,125   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/28 – AGC Insured No Opt. Call   A1   1,494,428  
      North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B:            
  10,260   5.000%, 1/01/40 1/23 at 100.00   A   11,351,254  
  12,205   5.000%, 1/01/45 1/25 at 100.00   A   13,522,530  
  3,380   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   A– (5)   3,490,729  
      North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A:            
  6,285   5.000%, 1/01/33 1/25 at 100.00   A–   7,113,174  
  4,410   5.000%, 1/01/34 1/25 at 100.00   A–   4,968,615  
  4,000   5.000%, 1/01/35 1/25 at 100.00   A–   4,489,240  
  2,250   Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s University Project, Series 2016, 4.000%, 6/01/36 6/26 at 100.00   Baa2   2,232,113  
  1,000   Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series 2001C, 5.200%, 5/01/28 (9) No Opt. Call   N/R   10  
  3,170   Southwest Higher Education Authority Inc., Texas, Revenue Bonds, Southern Methodist University, Series 2010, 5.000%, 10/01/41 10/20 at 100.00   AA–   3,489,314  
  2,410   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 11/21 at 100.00   AA–   2,656,784  
  3,480   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 9/23 at 100.00   A   3,857,963  
      Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:            
  430   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   N/R (5)   489,409  
  5,350   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (5)   6,089,156  
  4,000   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43 8/23 at 100.00   AA–   4,390,760  
  2,500   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 8/26 at 100.00   AA   2,799,500  
  5,750   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Series 2007B, 5.000%, 11/15/47 11/17 at 100.00   AA   5,843,380  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  14,815   5.000%, 12/15/27 12/22 at 100.00   BBB   16,298,722  
  7,925   5.000%, 12/15/28 12/22 at 100.00   BBB   8,675,735  
  6,550   5.000%, 12/15/30 12/22 at 100.00   BBB   7,103,606  
  2,340   5.000%, 12/15/32 12/22 at 100.00   BBB   2,516,647  
  2,500   Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 2012A, 5.000%, 4/01/31 4/22 at 100.00   AAA   2,879,225  
  17,760   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   19,405,109  
  7,345   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37 8/24 at 100.00   A–   8,183,799  
      Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C:            
  3,650   5.000%, 8/15/33 8/24 at 100.00   BBB   4,054,311  
  1,600   5.000%, 8/15/37 8/24 at 100.00   BBB   1,754,384  
  48,905   5.000%, 8/15/42 8/24 at 100.00   BBB   53,393,012  
  4,000   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   3,140,480  

 

NUVEEN
97


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
      Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:            
$ 4,000   0.000%, 8/15/32 8/20 at 53.57   AAA $ 2,005,200  
  5,675   0.000%, 8/15/36 No Opt. Call   AAA   2,239,979  
  489,160   Total Texas         478,477,195  
      Utah – 0.9% (0.6% of Total Investments)            
  5,760   Central Weber Sewer Improvement District, Utah, Sewer Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 – AGC Insured 3/20 at 100.00   AA   6,238,253  
  12,335   Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 8/19 at 100.00   AA+   13,129,867  
      Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B:            
  3,560   5.000%, 7/01/42 7/27 at 100.00   A2   4,092,576  
  1,975   5.000%, 7/01/47 7/27 at 100.00   A2   2,260,980  
  2,000   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/25 (Pre-refunded 6/15/17) – NPFG Insured 6/17 at 67.78   A1 (5)   1,353,360  
  4,255   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38 (Pre- refunded 6/15/18) 6/18 at 100.00   Aa2 (5)   4,459,368  
  4,250   Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded 6/15/18) – AGM Insured 6/18 at 100.00   Aa2 (5)   4,442,185  
  34,135   Total Utah         35,976,589  
      Vermont – 0.4% (0.3% of Total Investments)            
  5,000   University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2007, 5.000%, 10/01/43 – AGM Insured 10/17 at 100.00   Aa3   5,078,950  
      University of Vermont and State Agricultural College, Revenue Bonds, Refunding Series 2015:            
  1,000   4.000%, 10/01/40 10/25 at 100.00   A+   1,024,440  
  10,000   5.000%, 10/01/45 10/25 at 100.00   A+   11,078,300  
  16,000   Total Vermont         17,181,690  
      Virginia – 2.1% (1.4% of Total Investments)            
  430   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (7) 7/28 at 100.00   BBB   337,206  
  1,800   Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Obligated Group, Series 2013, 5.000%, 11/01/30 11/22 at 100.00   A   2,007,972  
  11,960   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   12,549,150  
  18,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) 10/28 at 100.00   BBB+   20,487,420  
  7,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured No Opt. Call   A3   3,096,940  
  32,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 10/26 at 100.00   A3   40,922,880  
  2,000   Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Bonds, Novant Health Obligated Group-Prince William Hospital, Refunding Series 2013B, 4.000%, 11/01/33 11/22 at 100.00   A+   2,075,100  
  245   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 7/20 at 100.00   A1   260,719  
  5   Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) 7/20 at 100.00   A1 (5)   5,592  
  73,440   Total Virginia         81,742,979  
      Washington – 3.9% (2.5% of Total Investments)            
  7,000   Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise Tax Bonds, Green Series 2016S-1, 5.000%, 11/01/41 11/26 at 100.00   Aa1   8,056,930  

 

98
NUVEEN


 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Washington (continued)            
$ 12,235   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured No Opt. Call   Aa3 $ 9,359,775  
  2,575   King County Public Hospital District 1, Washington, Limited Tax General Obligation Bonds, Refunding Series 2008A, 5.000%, 12/01/37 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   A2 (5)   2,689,562  
  15,000   King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 1/22 at 100.00   Aa2   16,468,200  
  3,000   King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 7/01/17) – AGM Insured 7/17 at 100.00   Aa2 (5)   3,021,960  
  2,500   King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 (Pre-refunded 1/01/19) 1/19 at 100.00   Aa2 (5)   2,677,750  
  3,000   Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2015A, 5.000%, 4/01/40 10/24 at 100.00   A+   3,356,400  
  1,250   Seattle Housing Authority, Washington, Pooled Housing Revenue Bonds, Refunding Series 2014, 5.000%, 12/01/44 12/23 at 100.00   AA   1,367,238  
  3,910   Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17 No Opt. Call   AA   3,911,408  
  12,515   Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, Series 2013A, 5.000%, 12/01/38 6/23 at 100.00   A+   13,810,801  
  5,000   University of Washington, General Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/37 (Pre-refunded 6/01/17) – AMBAC Insured 6/17 at 100.00   AA+ (5)   5,019,200  
  8,310   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A3   9,027,070  
  4,415   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (5)   5,063,254  
      Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A:            
  4,000   5.000%, 10/01/32 10/22 at 100.00   AA–   4,427,240  
  10,000   4.250%, 10/01/40 10/22 at 100.00   AA–   10,327,500  
  3,135   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding Series 2012B, 5.000%, 10/01/30 10/22 at 100.00   Aa2   3,531,107  
  8,230   Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 2012A, 5.000%, 10/01/42 10/22 at 100.00   Aa2   9,087,237  
  7,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A3 (5)   7,715,890  
  8,000   Washington State Health Care Facilities Authority, Revenue Bonds, MultiCare Health System, Series 2008A, 5.250%, 8/15/34 (Pre-refunded 8/15/18) – AGM Insured 8/18 at 100.00   A3 (5)   8,428,240  
  1,000   Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 12/17 at 100.00   N/R (5)   1,028,020  
  500   Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian Retirement Communities Northwest Project, Refunding Series 2016A, 5.000%, 1/01/46 1/25 at 102.00   BB+   502,635  
  4,065   Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33 (Pre-refunded 1/01/18) 1/18 at 100.00   AA+ (5)   4,178,820  
  9,000   Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003C, 0.000%, 6/01/28 – FGIC Insured No Opt. Call   AA+   6,642,360  
  10,855   Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured No Opt. Call   AA+   10,481,045  
  146,495   Total Washington         150,179,642  
      West Virginia – 0.7% (0.4% of Total Investments)            
      West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A:            
  3,000   5.375%, 6/01/38 6/23 at 100.00   A   3,356,700  
  16,845   5.500%, 6/01/44 6/23 at 100.00   A   18,864,545  
  3,000   West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured No Opt. Call   N/R   3,312,240  
  22,845   Total West Virginia         25,533,485  

 

NUVEEN
99
 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin – 2.1% (1.4% of Total Investments)            
$ 4,100   University of Wisconsin Hospitals and Clinics Authority, Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/38 4/23 at 100.00   AA– $ 4,506,966  
  10,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 5/26 at 100.00   Aa2   10,045,100  
  1,240   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39 4/20 at 100.00   A2   1,337,489  
  6,775   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2012A, 5.000%, 7/15/25 7/21 at 100.00   A2   7,553,448  
  2,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2013A, 5.125%, 4/15/31 4/23 at 100.00   A2   2,765,100  
  1,015   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Series 2012A, 5.000%, 4/01/42 10/22 at 100.00   AA–   1,093,764  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A+   1,090,720  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B:            
  1,000   5.000%, 2/15/27 2/22 at 100.00   A–   1,099,080  
  1,000   5.000%, 2/15/28 2/22 at 100.00   A–   1,094,440  
  4,735   5.000%, 2/15/40 2/22 at 100.00   A–   5,015,880  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2016A:            
  8,500   5.000%, 2/15/42 2/26 at 100.00   A–   9,105,115  
  6,500   5.000%, 2/15/46 2/26 at 100.00   A–   6,942,845  
  7,625   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00   A3   8,095,463  
  1,660   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured No Opt. Call   Aa3   1,806,180  
  2,650   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 8/22 at 100.00   N/R (5)   3,118,043  
  9,115   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33 5/19 at 100.00   AA–   9,931,795  
      Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:            
  955   5.750%, 5/01/33 (Pre-refunded 5/01/19) 5/19 at 100.00   N/R (5)   1,044,512  
  5,000   6.250%, 5/01/37 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (5)   5,518,200  
  75,370   Total Wisconsin         81,164,140  
      Wyoming – 0.5% (0.3% of Total Investments)            
  4,080   Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 7/19 at 100.00   A3   4,384,694  
  9,626   Sweetwater County, Wyoming, Hospital Revenue Bonds, Memorial Hospital Project, Refunding Series 2013A, 5.000%, 9/01/37 9/23 at 100.00   BBB–   10,049,270  
      Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center Project, Series 2011B:            
  2,000   5.500%, 12/01/27 12/21 at 100.00   BBB+   2,227,980  
  1,000   6.000%, 12/01/36 12/21 at 100.00   BBB+   1,110,080  
  16,706   Total Wyoming         17,772,024  
$ 6,224,912   Total Municipal Bonds (cost $5,419,704,677)         5,848,487,534  

 

100
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  Principal                  
  Amount (000)   Description (1) Coupon Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0% (0.0% of Total Investments)              
      Transportation – 0.0% (0.0% of Total Investments)              
$ 1,117   Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) 5.50% 7/15/19   N/R $ 693,090  
  299   Las Vegas Monorail Company, Senior Interest Bonds, (10), (11) 5.50% 7/15/55   N/R   150,307  
$ 1,416   Total Corporate Bonds (cost $119,051)           843,397  

 

  Shares   Description (1)           Value  
      COMMON STOCKS – 0.0% (0.0% of Total Investments)              
      Airlines – 0.0% (0.0% of Total Investments)              
  38,589   American Airlines Group Inc., (12)         $ 1,644,663  
      Total Common Stocks (cost $1,056,972)           1,644,663  
      Total Long-Term Investments (cost $5,420,880,700)         $ 5,850,975,594  

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 2.8% (1.8% of Total Investments)            
      MUNICIPAL BONDS – 2.8% (1.8% of Total Investments            
      Alaska – 0.6% (0.4% of Total Investments)            
$ 22,545   Valdez, Alaska, Marine Terminal Revenue Bonds, Exxon Pipeline Company Project, Variable Rate Demand Obligations, Series 1993A, 0.760%, 12/01/33 (13) 7/17 at 100.00   A-1+ $ 22,545,000  
      California – 0.3% (0.2% of Total Investments)            
  8,000   Los Angeles Department of Water and Power Revenue Bonds, California, Tender Option Bond Obligations, Variable Rate Demand Obligations, 0.550%, 7/01/35 (13) 7/17 at 100.00   A-1   8,000,000  
  5,500   Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Tender Option Bond Floaters 11953X, Variable Rate Demand Obligations, 1.000%, 8/01/35 (13) 8/20 at 100.00   A-1   5,500,000  
  13,500   Total California         13,500,000  
      Illinois – 0.1% (0.1% of Total Investments)            
  4,200   Peoria County, Illinois, General Obligation Bonds, Alternate Revenue Source, Tender Option Bond Trust R-14004, Variable Rate Demand Obligations, 1.050%, 12/15/41 (13) 12/20 at 100.00   A-1   4,200,000  
      Michigan – 0.3% (0.2% of Total Investments)            
  10,000   University of Michigan, General Revenue Bonds, Variable Rate Demand Obligations, Refunding Series 2012B, 0.630%, 4/01/42 (13) 7/17 at 100.00   A-1+   10,000,000  
      Missouri – 0.1% (0.0% of Total Investments)            
  2,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligations, Series 2000B, 0.750%, 3/01/40 (13) 10/17 at 100.00   A-1   2,000,000  
      New York – 0.3% (0.2% of Total Investments)            
  12,300   New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Variable Rate Demand Obligations, Series BB-2, 0.700%, 6/15/49 (13) 7/17 at 100.00   A-1   12,300,000  
      Texas – 0.6% (0.4% of Total Investments)            
  23,100   Gulf Coast Industrial Development Authority, Texas, Revenue Bonds, ExxonMobil Project, Variable Rate Demand Obligations, Series 2012, 0.740%, 11/01/41 (13) 7/17 at 100.00   A-1+   23,100,000  

 

NUVEEN
101


 

NEA Nuveen AMT-Free Quality Municipal Income Fund  
  Portfolio of Investments (continued) April 30, 2017 (Unaudited)

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Utah – 0.5% (0.3% of Total Investments)            
$ 15,440   Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003C, 0.740%, 5/15/36 (13) 7/17 at 100.00   A-1+ $ 15,440,000  
  3,000   Murray City, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Variable Rate Demand Obligations, Series 2003D, 0.740%, 5/15/36 (13) 7/17 at 100.00   A-1+   3,000,000  
  18,440   Total Utah         18,440,000  
$ 106,085   Total Short-Term Investments (cost $106,085,000)         106,085,000  
      Total Investments (cost $5,526,965,700) – 154.0%         5,957,060,594  
      Floating Rate Obligations – (2.9)%         (113,455,000 )
      Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (20.0)% (14)         (772,961,914 )
      Variable Rate Demand Preferred Shares, net of deferred offering costs – (33.2)% (15)         (1,282,145,328 )
      Other Assets Less Liabilities – 2.1% (16)         80,893,708  
      Net Assets Applicable to Common Shares – 100%       $ 3,869,392,060  

 

Investments in Derivatives as of April 30, 2017

Interest Rate Swaps (OTC Uncleared)

 

      Fund       Fixed Rate   Optional     Unrealized  
    Notional Pay/Receive Floating Rate Fixed Rate   Payment Effective Termination Termination   Appreciation  
Counterparty   Amount Floating Rate Index (Annualized ) Frequency Date (17) Date Date   (Depreciation)  
JPMorgan Chase Bank, N.A. $ 82,000,000 Receive Weekly USD-SIFMA 2.138 % Quarterly 4/27/18 5/27/18 4/27/30 $ (726,580)  
JPMorgan Chase Bank, N.A.   25,400,000 Receive Weekly USD-SIFMA 1.255   Quarterly 7/31/17 8/31/17 7/31/28   1,681,710  
  $ 107,400,000                 $ 955,130  

 

102
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(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) The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. 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 derivatives and/or 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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(6) The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(7) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8) On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(9) 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.
(10) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(11) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(12) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120– day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(13) Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(14) Variable Rate MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 13.0%.
(15) Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 21.5%.
(16) Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
(17) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each contract.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(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.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-SIFMA United States Dollar-Securities Industry and Financial Market Association.
PIK All or a portion of this security is payment-in-kind.

 

See accompanying notes to financial statements.

 

NUVEEN
103

 



 

Statement of    
  Assets and Liabilities April 30, 2017 (Unaudited)

 

      NAD     NEA  
Assets              
Long-term investments, at value (cost $4,347,804,699 and $5,420,880,700, respectively)   $ 4,657,742,380   $ 5,850,975,594  
Short-term investments, at value (cost approximates value)     56,895,000     106,085,000  
Cash         7,169,711  
Unrealized appreciation on interest rate swaps, net         955,130  
Receivable for:              
Dividends and interest     63,151,028     75,117,257  
Investments sold     33,889,000     19,251,627  
Other assets     1,153,380     1,754,013  
Total assets     4,812,830,788     6,061,308,332  
Liabilities              
Cash overdraft     519,340      
Floating rate obligations     163,300,000     113,455,000  
Payable for:              
Dividends     12,249,333     15,442,924  
Interest     1,608     771  
Investments purchased     8,838,741     3,441,102  
Variable Rate MuniFund Term Preferred (“VMTP”) Shares, net of deferred offering costs (liquidation preference $952,500,000 and $773,000,000, respectively)     952,457,132     772,961,914  
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $632,000,000 and $1,290,300,000, respectively)     629,086,240     1,282,145,328  
Accrued expenses:              
Management fees     2,218,958     2,792,572  
Trustees fees     665,768     873,191  
Other     655,629     803,470  
Total liabilities     1,769,992,749     2,191,916,272  
Net assets applicable to common shares   $ 3,042,838,039   $ 3,869,392,060  
Common shares outstanding     201,882,267     262,776,347  
Net asset value (“NAV”) per common share outstanding   $ 15.07   $ 14.73  
Net assets applicable to common shares consist of:              
Common shares, $0.01 par value per share   $ 2,018,823   $ 2,627,763  
Paid-in surplus     2,779,313,486     3,514,798,763  
Undistributed (Over-distribution of) net investment income     (2,659,939 )   (1,548,233 )
Accumulated net realized gain (loss)     (45,772,012 )   (77,536,257 )
Net unrealized appreciation (depreciation)     309,937,681     431,050,024  
Net assets applicable to common shares   $ 3,042,838,039   $ 3,869,392,060  
Authorized shares:              
Common     Unlimited     Unlimited  
Preferred     Unlimited     Unlimited  

See accompanying notes to financial statements.

 

104
NUVEEN


 

Statement of    
  Operations Six Months Ended April 30, 2017 (Unaudited)

 

      NAD     NEA  
Investment Income   $ 104,342,511   $ 131,174,021  
Expenses              
Management fees     13,390,052     16,799,959  
Interest expense and amortization of offering costs     11,557,035     12,715,242  
Liquidity fees     2,749,680     5,198,310  
Remarketing fees     317,754     598,456  
Custodian fees     243,976     294,880  
Trustees fees     81,186     102,593  
Professional fees     109,433     143,044  
Shareholder reporting expenses     140,088     173,269  
Shareholder servicing agent fees     97,394     105,341  
Stock exchange listing fees     21,036     28,863  
Investor relations expenses     205,678     264,835  
Other     263,109     573,448  
Total expenses     29,176,421     36,998,240  
Net investment income (loss)     75,166,090     94,175,781  
Realized and Unrealized Gain (Loss)              
Net realized gain (loss) from:              
Investments     (4,243,647 )   (7,998,060 )
Swaps     (97,584 )   4,430,000  
Change in net unrealized appreciation (depreciation) of:              
Investments     (127,076,954 )   (162,359,177 )
Swaps     1,380,160     3,279,944  
Net realized and unrealized gain (loss)     (130,038,025 )   (162,647,293 )
Net increase (decrease) in net assets applicable to common shares from operations   $ (54,871,935 ) $ (68,471,512 )

See accompanying notes to financial statements.

 

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105


 

Statement of    
  Changes in Net Assets (Unaudited)

 

    NAD   NEA  
    Six Months Ended   Year Ended   Six Months Ended   Year Ended  
      4/30/17     10/31/16     4/30/17     10/31/16  
Operations                          
Net investment income (loss)   $ 75,166,090   $ 45,307,287   $ 94,175,781   $ 73,608,490  
Net realized gain (loss) from:                          
Investments     (4,243,647 )   (11,413,917 )   (7,998,060 )   1,687,966  
Swaps     (97,584 )       4,430,000     (10,768,831 )
Change in net unrealized appreciation (depreciation) of:                          
Investments     (127,076,954 )   (47,355,106 )   (162,359,177 )   (33,319,919 )
Swaps     1,380,160     (1,380,160 )   3,279,944     4,531,818  
Net increase (decrease) in net assets applicable to common shares from operations     (54,871,935 )   (14,841,896 )   (68,471,512 )   35,739,524  
Distributions to Common Shareholders                          
From net investment income     (81,458,447 )   (53,330,854 )   (99,329,459 )   (80,907,076 )
Decrease in net assets applicable to common shares from distributions to common shareholders     (81,458,447 )   (53,330,854 )   (99,329,459 )   (80,907,076 )
Capital Share Transactions                          
Common shares issued in the reorganizations         2,640,733,876         2,913,513,674  
Net increase (decrease) in net assets applicable to common shares from capital share transactions         2,640,733,876         2,913,513,674  
Net increase (decrease) in net assets applicable to common shares     (136,330,382 )   2,572,561,126     (167,800,971 )   2,868,346,122  
Net assets applicable to common shares at the beginning of period     3,179,168,421     606,607,295     4,037,193,031     1,168,846,909  
Net assets applicable to common shares at the end of period   $ 3,042,838,039   $ 3,179,168,421   $ 3,869,392,060   $ 4,037,193,031  
Undistributed (Over-distribution of) net investment income at the end of period   $ (2,659,939 ) $ 3,632,418   $ (1,548,233 ) $ 3,605,445  

See accompanying notes to financial statements.

 

106
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Statement of    
  Cash Flows Six Months Ended April 30, 2017 (Unaudited)

 

      NAD     NEA  
Cash Flows from Operating Activities:              
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations   $ (54,871,935 ) $ (68,471,512 )
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     (597,941,914 )   (577,470,505 )
Proceeds from sales and maturities of investments     609,540,034     682,236,127  
Proceeds from (Purchases of) short-term investments, net     75,185,000     (26,875,000 )
Proceeds from (Payments for) swap contracts, net     (97,584 )   4,430,000  
Payment-in-kind distributions     (5,130 )   (16,871 )
Taxes paid     (1,276 )   (3,459 )
Amortization (Accretion) of premiums and discounts, net     (3,628,273 )   (9,168,270 )
Amortization of deferred offering costs     162,645     210,261  
(Increase) Decrease in:              
Cash collateral at brokers     1,356,720      
Receivable for dividends and interest     (945,756 )   (427,780 )
Receivable for investments sold     (15,383 )   66,343,718  
Other assets     (40,435 )   (10,950 )
Increase (Decrease) in:              
Payable for interest     (1,325,102 )   (1,124,094 )
Payable for investments purchased     (57,194,060 )   (79,015,933 )
Payable for offering costs     (184,670 )   (255,000 )
Payable for variation margin on swap contracts     (33,674 )    
Accrued management fees     (161,673 )   (165,570 )
Accrued Trustees fees     (10,456 )   (16,165 )
Accrued other expenses     (652,790 )   (164,653 )
Net realized (gain) loss from:              
Investments     4,243,647     7,998,060  
Swaps     97,584     (4,430,000 )
Change in net unrealized appreciation (depreciation) of:              
Investments     127,076,954     162,359,177  
Swaps(1)         (3,279,944 )
Net cash provided by (used in) operating activities     100,552,473     152,681,637  
Cash Flows from Financing Activities:              
Increase (Decrease) in:              
Cash overdraft     519,340     (6,987,599 )
Floating rate obligations     (23,869,000 )   (36,769,000 )
Cash distributions paid to common shareholders     (83,643,696 )   (101,755,327 )
Net cash provided by (used in) financing activities     (106,993,356 )   (145,511,926 )
Net Increase (Decrease) in Cash     (6,440,883 )   7,169,711  
Cash at the beginning of period     6,440,883      
Cash at the end of period   $   $ 7,169,711  

 

Supplemental Disclosure of Cash Flow Information     NAD     NEA  
Cash paid for interest (excluding amortization of offering costs)   $ 12,719,492   $ 13,597,346  

 

(1) Excluding over-the-counter cleared swaps.

See accompanying notes to financial statements.

 

NUVEEN
107


 

Financial  
  Highlights (Unaudited)

Selected data for a common share outstanding throughout each period:

 

                            Less Distributions to              
          Investment Operations   Common Shareholders   Common Share  
                        From              
    Beginning   Net   Net       From   Accumu-              
    Common   Investment   Realized/       Net   lated Net           Ending  
    Share   Income   Unrealized       Investment   Realized       Ending   Share  
    NAV   (Loss ) Gain (Loss ) Total   Income   Gains   Total   NAV   Price  
NAD                                                        
Year Ended 10/31:                              
2017(e)   $ 15.75   $ 0.37   $ (0.65 ) $ (0.28 ) $ (0.40 ) $   $ (0.40 ) $ 15.07   $ 13.83  
2016     15.44     0.71     0.45     1.16     (0.85 )       (0.85 )   15.75     14.19  
2015     15.64     0.84     (0.17 )   0.67     (0.87 )       (0.87 )   15.44     14.05  
2014     14.42     0.87     1.25     2.12     (0.90 )       (0.90 )   15.64     14.16  
2013     16.05     0.81     (1.56 )   (0.75 )   (0.88 )       (0.88 )   14.42     12.92  
2012     14.39     0.86     1.76     2.62     (0.92 )   (0.04 )   (0.96 )   16.05     15.76  
                                                         
NEA                                                        
Year Ended 10/31:                              
2017(e)     15.36     0.36     (0.61 )   (0.25 )   (0.38 )       (0.38 )   14.73     13.54  
2016     14.82     0.72     0.58     1.30     (0.76 )       (0.76 )   15.36     13.75  
2015     15.13     0.77     (0.28 )   0.49     (0.80 )       (0.80 )   14.82     13.26  
2014     13.73     0.79     1.43     2.22     (0.82 )       (0.82 )   15.13     13.75  
2013     15.49     0.72     (1.66 )   (0.94 )   (0.82 )       (0.82 )   13.73     12.37  
2012     14.70     0.78     0.85     1.63     (0.84 )       (0.84 )   15.49     15.80  

 

(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.

 

108
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                Common Share Supplemental Data/  
                Ratios Applicable to Common Shares  
    Common Share                          
    Total Returns         Ratios to Average Net Assets(b)      
                           
        Based                  
    Based   on   Ending       Net   Portfolio  
    on   Share   Net       Investment   Turnover  
    NAV (a) Price (a) Assets (000 ) Expenses (c) Income (Loss ) Rate (d)
                                       
                                       
      (1.69 )%   0.35 % $ 3,042,838     1.95 %*   5.03 %*   13 %
      7.54     6.88     3,179,168     1.90     4.64     11  
      4.43     5.57     606,607     1.41     5.41     15  
      15.19     17.10     614,452     1.73     5.82     9  
      (4.87 )   (12.81 )   566,487     1.99     5.21     11  
      18.67     22.59     630,515     2.04     5.55     12  
                                       
                                       
      (1.57 )   1.29     3,869,392     1.95 *   4.96 *   10  
      8.84     9.33     4,037,193     1.77     4.59     12  
      3.38     2.30     1,168,847     1.46     5.16     18  
      16.58     18.31     1,193,109     1.60     5.48     13  
      (6.25 )   (16.89 )   1,083,339     1.97     5.14     26  
      11.32     20.64     344,487     2.13     5.13     26  

 

(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:

 

NAD        
Year Ended 10/31:        
2017(e)     0.98 %*
2016     0.90  
2015     0.47  
2014     0.75  
2013     1.03  
2012     1.03  

 

NEA        
Year Ended 10/31:        
2017(e)     0.97 %*
2016     0.78  
2015     0.50  
2014     0.61  
2013     0.87  
2012     1.07  

 

(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 April 30, 2017.
* Annualized.

See accompanying notes to financial statements.

 

NUVEEN
109


Financial Highlights (Unaudited) (continued)

 

                            MTP,  
                            VMTP and/or  
                            VRDP Shares  
    MTP Shares   VMTP Shares   VRDP Shares   at the End  
    at the End of Period(a)   at the End of Period   at the End of Period   of Period  
                            Asset  
    Aggregate   Asset   Aggregate   Asset   Aggregate   Asset   Coverage  
    Amount   Coverage   Amount   Coverage   Amount   Coverage   Per $1  
    Outstanding   Per $10   Outstanding   Per $100,000   Outstanding   Per $100,000   Liquidation  
      (000 )   Share     (000 )   Share     (000 )   Share     Preference  
NAD                                            
Year Ended 10/31:                                            
2017(b)   $   $   $ 952,500   $ 292,038   $ 632,000   $ 292,038   $ 2.92  
2016             952,500     300,642     632,000     300,642     3.01  
2015             265,000     328,908              
2014             265,000     331,869              
2013     144,300     31.40     120,400     314,011             3.14  
2012     144,300     33.82     120,400     338,200             3.38  
                                             
NEA                                            
Year Ended 10/31:                                            
2017(b)             773,000     287,534     1,290,300     287,534     2.88  
2016             773,000     295,667     1,290,300     295,667     2.96  
2015             151,000     333,349     349,900     333,349     3.33  
2014             151,000     338,193     349,900     338,193     3.38  
2013     83,000     31.65     67,600     316,451     349,900     316,451     3.16  
2012     83,000     32.87     67,600     328,743             3.29  

 

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

 

      2014     2013     2012  
NAD                    
Series 2015 (NAD PRC)                    
Ending Market Value per Share   $   $ 10.06   $ 10.10  
Average Market Value per Share     10.04 ^   10.08     10.09  

 

NEA                    
Series 2015 (NEA PRCCL)                    
Ending Market Value per Share   $   $ 10.07   $ 10.16  
Average Market Value per Share     10.05 ^   10.10     10.14  

 

^ For the period November 1, 2013 through December 20, 2013.
(b) For the six months ended April 30, 2017.

 

110
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Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

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

 

  Nuveen Quality Municipal Income Fund (NAD)
  Nuveen AMT-Free Quality Municipal Income Fund (NEA)

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NAD and NEA were organized as Massachusetts business trusts on January 15, 1999 and July 29, 2002, respectively.

The end of the reporting period for the Funds is April 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2017 (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 regular federal income tax, and in the case of NEA the alternative minimum tax (“AMT”) applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities 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’ outstanding when-issued/delayed delivery purchase commitments were as follows:

 

      NAD     NEA  
Outstanding when-issued/delayed delivery purchase commitments   $ 8,838,741   $ 3,441,102  

Investment Income
Dividend income is recorded on the ex-dividend date. Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

 

NUVEEN
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Notes to Financial Statements (Unaudited) (continued)

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 Derivative 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).

 

112
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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.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

Investments in investment companies are valued at their respective net asset value (“NAV”) on valuation date and are generally classified as Level 1.

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.

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 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:

 

NAD     Level 1     Level 2     Level 3     Total  
Long-Term Investments:                          
Municipal Bonds*   $   $ 4,656,615,263   $   $ 4,656,615,263  
Corporate Bonds**             574,498 ***   574,498  
Investment Companies     552,619             552,619  
Short-Term Investments:                          
Municipal Bonds*         56,895,000         56,895,000  
Total   $ 552,619   $ 4,713,510,263   $ 574,498   $ 4,714,637,380  
NEA                          
Long-Term Investments:                          
Municipal Bonds*   $   $ 5,848,487,534   $   $ 5,848,487,534  
Corporate Bonds**             843,397 ***   843,397  
Common Stocks**     1,644,663             1,644,663  
Short-Term Investments:                          
Municipal Bonds*         106,085,000         106,085,000  
Investments in Derivatives:                          
Interest Rate Swaps****         955,130         955,130  
Total   $ 1,644,663   $ 5,955,527,664   $ 843,397   $ 5,958,015,724  

 

* Refer to the Fund’s Portfolio of Investments for state classifications.
** Refer to the Fund’s Portfolio of Investments for industry classifications.
*** Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
**** Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

 

NUVEEN
113


Notes to Financial Statements (Unaudited) (continued)

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”).

 

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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 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     NAD     NEA  
Floating rate obligations: self-deposited Inverse Floaters   $ 163,300,000   $ 113,455,000  
Floating rate obligations: externally-deposited Inverse Floaters     107,210,000     170,435,000  
Total   $ 270,510,000   $ 283,890,000  

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     NAD     NEA  
Average floating rate obligations outstanding   $ 175,047,210   $ 130,460,442  
Average annual interest rate and fees     1.26 %   1.28 %

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.

 

NUVEEN
115


Notes to Financial Statements (Unaudited) (continued)

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     NAD     NEA  
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters   $ 97,515,000   $ 70,305,000  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters     52,740,000     93,185,000  
Total   $ 150,255,000   $ 163,490,000  

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 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.

Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”).

The amount of the payment obligation is based on the notional amount and the termination date of the contract. Interest rate swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.

Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. For an over-the-counter (“OTC”) swap that is not cleared through a clearing house (“OTC Uncleared”), the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net).”

Upon the execution of an OTC swap cleared through a clearing house (“OTC Cleared”), the Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash deposited by the Fund to cover initial margin requirements on open swap contracts, if any, is recognized as a component of “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in OTC Cleared swaps obligate the Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day’s “mark-to-market” of the swap contract. If the Fund has unrealized appreciation, the clearing broker will credit the Fund’s account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund’s account with an amount equal to the depreciation. These daily cash settlements are also known as “variation margin.” Variation margin for OTC Cleared swaps is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. Upon the execution of an OTC Uncleared swap, neither the Fund nor the counterparty is required to deposit initial margin as the trades are recorded bilaterally between both parties to the swap contract, and the terms of the variation margin are subject to a predetermined threshold negotiated by the Fund and the counterparty. Variation margin for OTC Uncleared swaps is recognized as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” as described in the preceding paragraph.

 

116
NUVEEN


The net amount of periodic payments settled in cash are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contracts are treated as ordinary income or expense, respectively. Changes in the value of the swap contracts during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps” on the Statement of Operations. In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as “Interest rate swaps premiums paid and/or received” on the Statement of Assets and Liabilities.

During the current fiscal period, each Fund invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Funds’ benchmark.

The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

      NAD     NEA  
Average notional amount of interest rate swap contracts outstanding*   $ 5,200,000   $ 153,266,667  

 

* The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

          Location on the Statement of Assets and Liabilities
          Asset Derivatives   (Liability) Derivatives  
Underlying   Derivative                        
Risk Exposure   Instrument   Location     Value   Location   Value  
NEA                                
Interest rate   Swaps (OTC Uncleared)   Unrealized appreciation on   $ 1,681,710     $  
          interest rate swaps, net                    
Interest rate   Swaps (OTC Uncleared)   Unrealized appreciation on     (726,580 )      
          interest rate swaps, net                    
Total               $ 955,130         $  

The following table presents the Funds’ swap contracts subject to netting agreements and the collateral delivered related to those swap contracts, as of end of the reporting period.

 

        Gross   Gross   Amounts   Net Unrealized            
        Unrealized   Unrealized   Netted on   Appreciation   Collateral        
        Appreciation on   (Depreciation) on Statements of   (Depreciation) on Pledged      
        Interest   Interest   Assets and   Interest   to (from ) Net  
Fund      Counterparty   Rate Swaps ** Rate Swaps ** Liabilities   Rate Swaps   Counterparty   Exposure  
NEA     JPMorgan Chase Bank, N.A.   $ 1,681,710   $ (726,580 ) $ (726,580 ) $ 955,130   $ (955,130 ) $  
                                             

** Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.

            Net Realized   Change in Net Unrealized  
    Underlying   Derivative   Gain (Loss) from Appreciation (Depreciation) of
Fund   Risk Exposure   Instrument   Swaps   Swaps  
NAD     Interest Rate     Swaps   $ (97,584 ) $ 1,380,160  
NEA     Interest Rate     Swaps     4,430,000     3,279,944  

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.

 

NUVEEN
117


Notes to Financial Statements (Unaudited) (continued)

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 Share Transactions
Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:

    NAD   NEA  
      Six Months     Year     Six Months     Year  
      Ended     Ended     Ended     Ended  
      4/30/17     10/31/16     4/30/17     10/31/16  
Common shares issued in the reorganizations         162,585,915         183,893,286  

Preferred Shares

Variable Rate MuniFund Term Preferred Shares
The 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, VMTP Shares outstanding, at liquidation preference, for each Fund were as follows:

        Shares   Liquidation  
Fund   Series   Outstanding   Preference  
NAD     2019-1     2,085   $ 208,500,000  
      2019     3,370     337,000,000  
      2018     4,070     407,000,000  
NEA     2019     2,380     238,000,000  
      2018     5,350     535,000,000  

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 series of VMTP Shares are as follows:

 

        Term   Premium  
Fund   Series   Redemption Date   Expiration Date  
NAD     2019-1     November 1, 2019     September 30, 2017  
      2019     August 1, 2019     June 30, 2017  
      2018     December 1, 2018     August 31, 2016  
NEA     2019     June 1, 2019     May 31, 2017  
      2018     December 1, 2018     August 31, 2016  

 

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The average liquidation preference of VMTP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

 

      NAD     NEA  
Average liquidation preference of VMTP Shares outstanding   $ 952,500,000   $ 773,000,000  
Annualized dividend rate     1.62 %   1.61 %

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 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 cost” 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 Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.

As of the end of the reporting period, details of the Funds’ VRDP Shares outstanding were as follows:

      Shares     Liquidation        
Fund   Series   Outstanding   Preference   Maturity  
NAD     1     2,368   $ 236,800,000     September 11, 2026  
      2     2,675   $ 267,500,000     September 11, 2026  
      3     1,277   $ 127,700,000     September 11, 2026  
NEA     1     2,190   $ 219,000,000     June 1, 2040  
      2     1,309   $ 130,900,000     December 1, 2040  
      3     3,509   $ 350,900,000     March 1, 2040  
      4     4,895   $ 489,500,000     September 11, 2026  
      5     1,000   $ 100,000,000     October 1, 2046  

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of 0.10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.

NEA’s Series 5 VRDP Shares are considered to be Special Rate Period VRDP, which are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or be supported by a liquidity provider. During the 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 each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.

 

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Notes to Financial Statements (Unaudited) (continued)

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as follows:

      NAD     NEA  
Average liquidation preference of VRDP Shares outstanding   $ 632,000,000   $ 1,290,300,000  
Annualized dividend rate     0.85 %   0.85 %

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 Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “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, each 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.

Preferred Share Transactions
Transactions in preferred shares for the Funds during the Funds’ current and prior fiscal periods, where applicable, are noted in the following tables.

Transactions in VMTP Shares for the Funds, where applicable, were as follows:

    Year Ended  
    October 31, 2016  
NAD     Series     Shares     Amount  
VMTP Shares issued in connection with the reorganization     2017     435   $ 43,500,000  
      2018     4,070     407,000,000  
VMTP Shares issued     2019-1     2,085     208,500,000  
      2019     3,370     337,000,000  
VMTP Shares exchanged     2016     (2,650 )   (265,000,000 )
      2017     (435 )   (43,500,000 )
Net increase (decrease)           6,875   $ 687,500,000  

 

    Year Ended  
    October 31, 2016  
NEA     Series     Shares     Amount  
VMTP Shares issued in connection with the reorganization     2018     5,350   $ 535,000,000  
VMTP Shares issued     2019     2,380     238,000,000  
VMTP Shares exchanged     2016     (1,510 )   (151,000,000 )
Net increase (decrease)           6,220   $ 622,000,000  

 

Transactions in VRDP Shares for the Funds, where applicable, were as follows:

    Year Ended  
    October 31, 2016  
NAD     Series     Shares     Amount  
VRDP Shares issued in connection with the reorganization     1     2,368   $ 236,800,000  
      2     2,675     267,500,000  
      3     1,277     127,700,000  
Net increase (decrease)           6,320   $ 632,000,000  

 

    Year Ended  
    October 31, 2016  
NEA     Series     Shares     Amount  
VRDP Shares issued in connection with the reorganization     3     3,509   $ 350,900,000  
      4     4,895     489,500,000  
VRDP Shares issued     5     1,000     100,000,000  
Net increase (decrease)           9,404   $ 940,400,000  

 

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5. Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions) during the current fiscal period were as follows:

 

      NAD     NEA  
Purchases   $ 597,941,914   $ 577,470,505  
Sales and maturities     609,540,034     682,236,127  

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 income tax, and in the case of NEA the AMT applicable to individuals, 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.

As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

      NAD     NEA  
Cost of investments   $ 4,242,948,024   $ 5,409,453,859  
Gross unrealized:              
Appreciation   $ 341,602,211   $ 462,763,901  
Depreciation     (33,212,230 )   (28,612,837 )
Net unrealized appreciation (depreciation) of investments   $ 308,389,981   $ 434,151,064  

Permanent differences, primarily due to federal taxes paid, nondeductible offering costs, nondeductible reorganization expenses, reorganization adjustments, taxable market discount and expiration of capital loss carryforwards resulted in reclassifications among the Funds’ components of common share net assets as of October 31, 2016, the Funds’ last tax year end, as follows:

      NAD     NEA  
Paid-in-surplus   $ 12,838,718   $ 36,204,696  
Undistributed (Over-distribution of) net investment income     6,752,599     9,175,296  
Accumulated net realized gain (loss)     (19,591,317 )   (45,379,992 )

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2016, the Funds’ last tax year end, were as follows:

      NAD     NEA  
Undistributed net tax-exempt income1   $ 11,709,846   $ 12,165,214  
Undistributed net ordinary income2          
Undistributed net long-term capital gains          

 

1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2016, and paid on November 1, 2016.
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

 

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Notes to Financial Statements (Unaudited) (continued)

The tax character of distributions paid during the Funds’ last tax year ended October 31, 2016, was designated for purposes of the dividends paid deduction as follows:

      NAD     NEA  
Distributions from net tax-exempt income   $ 46,309,674   $ 72,826,597  
Distributions from net ordinary income2     32,795     359,191  
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 October 31, 2016, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

      NAD3     NEA3  
Expiration: October 31, 2018   $ 76,136   $ 3,341,464  
Not subject to expiration     32,726,521     64,837,795  
Total   $ 32,802,657   $ 68,179,259  

 

3 A portion of NAD’s and NEA’s capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.

As of October 31, 2016, the Funds’ last tax year end, the Funds’ capital loss carryforwards expired as follows:

      NAD     NEA  
Expired capital loss carryforwards   $ 12,473,180   $ 2,466,776  

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: 

Averaged Daily Managed Assets* Fund-Level Fee  
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  

 

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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 Managed Asset Breakpoint Level* Effective 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 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 April 30, 2017, the complex-level fee for each Fund was 0.1610%.

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 Funds engaged in inter-fund trades pursuant to these procedures as follows:

Inter-Fund Trades     NAD     NEA  
Purchases   $ 16,417,777   $ 16,343,524  
Sales     16,343,524     21,788,622  

8. Borrowing Arrangements

Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2016 (the only date utilized during the current fiscal period), the Funds borrowed the following amounts from the Unsecured Credit Line, at an annualized interest rate of 2.02% on their outstanding balance.

      NAD     NEA  
Outstanding balance at December 31, 2016   $ 14,673,732   $ 12,157,651  

Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), established a 364-day, approximately $2.5 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 remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.

 

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Notes to Financial Statements (Unaudited) (continued)

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 1.25% per annum or (b) the Fed Funds rate plus 1.25% 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.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2015-03: Interest-Imputation of Interest
The Funds have adopted the disclosure provisions of ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30) — Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs to be presented in the Statement of Assets and Liabilities as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of ASU 2015-03, debt issuance costs were required to be presented in the Statement of Assets and Liabilities as a deferred charge (i.e., an asset). ASU 2015-03 is limited to simplifying the presentation of debt issuance costs. ASU 2015-03 does not affect the recognition and measurement of debt issuance costs.

Amendments to Regulation S-X
In October 2016, the Securities and Exchange Commission (SEC) adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.

Accounting Standards Update 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board (“FASB”) 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.

10. Subsequent Events

Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

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 May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. As of the time this shareholder report was prepared, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

 

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Additional Fund Information

 

Board of Trustees          
William Adams IV* Margo Cook** Jack B. Evans William C. Hunter David J. Kundert 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 and retired from the Fund’s Board of Trustees effective June 30, 2017.
** Interested Board Member.
*** Effective July 1, 2017.

 

         
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 State Street Bank
Chicago, IL 60606 One Lincoln Street   200 East Randolph Drive & Trust Company
  Boston, MA 02111   Chicago, IL 60601 Nuveen Funds
        P.O. Box 43071
        Providence, RI 02940-3071
        (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.

 

      NAD     NEA  
Common shares repurchased          

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.

 

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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.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
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.
   
NAD and NEA Custom Blended Fund Performance Benchmark: The Fund Performance Benchmark is an unleveraged index consisting of the returns of the S&P Municipal Bond Index prior to 9/12/16 and thereafter the returns of an 80%/20% blend of the S&P Municipal Bond Investment Grade Index and the S&P Municipal Bond High Yield Index, respectively. The S&P Municipal Bond Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds. The S&P Municipal Bond Investment Grade Index is an unmanaged, market value-weighted index designed to measure the performance of tax-exempt municipal bonds rated investment grade by Standard & Poor’s, Moody’s and/or Fitch. The S&P

 

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  Municipal Bond High Yield Index is an unmanaged, market value-weighted index designed to measure the performance of the tax-exempt, high yield municipal bonds. Index returns assume compounding and do not include the effects of any fees or expenses.
   
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 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 financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
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.

 

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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.

 

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Notes

 

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Notes

 

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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 management arm 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/cef

 

Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com

 

ESA-B-0417D 184323-INV-B-06/18 


 
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. 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 Quality Municipal Income Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary

Date: July 6, 2017
 
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: July 6, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
 (principal financial officer)

Date: July 6, 2017